Payments System Protection Act of 2008

[AI summary unavailable — showing source text] Payments System Protection Act of 2008 - Prohibits the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from proposing, prescribing, or implementing any regulation against funding unlawful Internet gambling, including proposed regulations published in the Federal Register on October 4, 2007, except to the extent such regulation: (1) pertains to wagering prohibited under specified law relating to professional and amateur sports protection, or (2) is developed on the record jointly by the Secretary and the Board, after opportunity for an agency hearing with an administrative law judge (or similar official), complete with a definition of "unlawful Internet gambling," and after conducting a full economic impact study of the proposed regulations under the Regulatory Flexibility Act.…