Seemingly always a champion for online gambling, Barney Frank, the United States' House Financial Services Committee Chairman, has once again introduced legislation that would look to legalize online gambling—Frank said he would seek to reverse the Unlawful Internet Gambling Enforcement Act of 2006 at a later date.

Named The Internet Gambling Regulation Consumer Protection & Enforcement Act, it proposes the issuing of online gambling licenses and would "enable Americans to bet online and put an end to an inappropriate interference with their personal freedom," Frank said.

Frank also said that the United States' Treasury Department would be given power to set up regulations and hand out licenses to online gambling companies that qualify; the dept. could also revoke licenses as well

Licenses wouldn't be issued to just anyone however, as ones hoping to receive license would be subject to stringent background checks.

Only those who exhibit characteristics of honesty and integrity and are in good standing legally and financially would be considered for license.

Also, "operators will have to demonstrate that they have sufficient expertise in online gambling and sufficient financing to take bets, and that they have the systems and technology in place to combat money laundering and fraud, enforce relevant federal, state and Indian tribal laws including tax collection on bets, and to protect children and problem gamblers," said the eGaming Review.

Many opponents cite underage gambling, fraud and ID theft as the many warts on the face of online gambling but according to Frank, his proposal takes all of these into consideration.

According to Reuters, "Frank said safeguards are in place to make sure wagers are of legal age, protect privacy and combat fraud and money laundering."

Frank does have some strong backers as Harrah's Entertainment, Youbet.com and the Poker Players Alliance are all on side while the American Gambling Association says it is "neutral on the issue of online gambling."