[JeffreyS]

We want to bring your attention to legislation introduced last week by Rep. Jim McDermott (D-Wash.) that directs a potential $40 billion over the next 10 years to be spent on educational assistance for foster care youth and job training for those in the declining sectors of the economy. The legislation, Investing in our Human Resources Act of 2008 (H.R. 6501), would be funded through new revenue generated by regulated Internet gambling activities.

A recent tax revenue analysis prepared by PricewaterhouseCoopers found that revenues from regulated Internet gambling could be between $8.7 billion and $42.8 billion over 10 years. This legislation directs these revenues be allocated annually to each state through a new Transitional Assistance Trust Fund. A state would be entitled to receive its allotment based on its percentage of the total population.

Rep. McDermott circulated a letter to all members of Congress, which includes a chart indicating projected allocations of funding by state.

For more information on this legislation and the push to regulate Internet gambling, we encourage you to visit Safe and Secure Internet Gambling Initiative.

Thanks,

Jeffrey Sandman
Safe and Secure Internet Gambling Initiative