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I'd rather work for a repeal of the UIGEA rather than an even bigger legal monster to replace it...
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Given the margin of victory of HR 4411, IMHO it may be tricky to get a veto-proof majority in favor of a straight-up repeal. IGREA basically addresses all the B.S. arguments of our opponents while creating an environment that could be more conducive to us getting the fish (many didn't like sending their money offshore, and others thought it was rigged). Perhaps you'll consider some of the merits of IGREA.
Frank did an interview for Holdemradio.com yesterday. It's excellent....twenty minutes of discussion on every facet of IGREA. It's at
www.holdemradio.com/podcasts/media/mp3s/BarneyFrank.mp3 . It should clarify some questions you may have relative to the intent of the regulatory plan.