The banking industry is cheering the assault on the 2006 federal crackdown on Internet gambling by  House Financial Services panel Chairman Barney Frank (D-Mass.) and Rep. Ron Paul (R-Texas).

Frand and Paul introduced their bill on Friday, less than two weeks after federal officials testified to Frank’s committee that they were struggling to craft rules barring payments to illegal online gambling sites and banking industry representatives blasted the proposed rules as too onerous.

“I don’t know what can be done or will be done legislatively, but we certainly appreciate the interest,” said the top lobbyist for the American Bankers Association , Floyd Stoner, of the Frank-Paul legislation.

Source: TheHill.com