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2008 Ron Paul Chapter 19
Statement Before the Financial Services Committee, On UIGEA
Congressman Ron Paul
Statement before the Financial Services Committee
Subcommittee on Domestic & International Monetary Policy
U.S.
House of
Representatives
Hearing
on
Proposed UIGEA Regulations
April 2, 2008
2008 Ron Paul 19:1
Mr. Chairman,
2008 Ron Paul 19:2
I stand opposed to the regulations being discussed today
because I opposed the underlying bill upon which these regulations are
based.
The ban on Internet gambling infringes upon two freedoms that
are
important to many Americans: the ability to do with their money as they
see fit,
and the freedom from government interference with the Internet.
2008 Ron Paul 19:3
The proper role of the federal government is not that of a
nanny, protecting citizens from any and every potential negative
consequence of
their actions.
Although I personally
believe gambling to be a dumb waste of money, American citizens should
be just
as free to spend their money playing online poker as they should be
able to buy
a used car, enter into a mortgage, or invest in a hedge fund.
Risk is inherent in any economic activity, and it is not for the
government to determine which risky behaviors Americans may or may not
engage in.
2008 Ron Paul 19:4
The Internet is a powerful tool, and any censorship of
Internet activity sets a dangerous precedent.
Many Americans rely on the Internet for activities as varied as
watching
basketball games, keeping up on international news broadcasts, or
buying food
and clothing.
In the last few years
we have seen ominous signs of the federal government’s desire to
control the
Internet.
The ostensible reasons are
to protect Americans from sex offenders, terrorists, and the evils of
gambling,
but once the door is open to government intrusion, there is no telling
what
legitimate activity, especially political activity, might fall afoul of
government authorities.
2008 Ron Paul 19:5
The regulations and underlying bill also force financial
institutions to act as law enforcement officers.
This is another pernicious trend that has accelerated in the
aftermath of
the Patriot Act, the deputization of private businesses to perform
intrusive
enforcement and surveillance functions that the federal government is
unwilling
to perform on its own.
2008 Ron Paul 19:6
In conclusion, I urge my colleagues to oppose these new
regulations and support Chairman Frank’s HR 2046, of which I am a
cosponsor.
Although this bill has been criticized by some for its
regulatory
aspects, this act does not create any new federal laws and merely
ensures that
Internet gambling firms comply with existing federal law.
The passage of HR 2046 would restore the right of Americans to
decide for
themselves whether or not to gamble online.
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