A bill authored by the chairman of the U.S. House of Representatives' Financial Services Committee, Barney Frank (D-Mass), seeks to legalize online gambling in the United States.
The legislation would make the Treasury Department responsible for creating regulations and a licensing system for Internet gambling operators. According to Frank, the bill would "enable Americans to bet online and put an end to an inappropriate interference with their personal freedom."
Frank plans to introduce a separate bill that would stop federal authorities from enforcing a 2006 law that banned online gambling in the United States. That law bans credit card companies, banks and other institutions from knowingly handling Internet gambling payments for bets.
Online bets on horse racing is currently the only legal form of Internet gambling in the Unites States. Illegal online gambling is now a multi-billion industry.
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