Thanks to new legislation introduced into Congress by Rep. Barney Frank (D-Mass.), Chairman of the House Financial Services Committee, Americans could soon be able to legally gamble online.

The Internet Gambling Regulation, Consumer Protection, & Enforcement Act of 2009 would allow online gaming sites to operate legally if they are licensed and authorized.

"My fundamental reasons for doing this are that the government should not interfere with people's liberty unless there is a good reason," Frank said in a press conference held Tuesday.  "I don't understand why this principle that an individual should be free to make their own choices does not apply to individual adults to gamble with their own money," he continued.

The bill would empower the Department of Treasury to regulate and license online gambling companies. The financial condition and corporate structure of those companies would also be subject to regulation by the Treasury, and Treasury could terminate or revoke the licenses of companies that fail to qualify or comply with established guidelines.

The bill would require gambling companies to have certain “safeguards” designed to ensure that gamblers are of legal age, and that each bet is placed within appropriate jurisdictions where gambling is legal. The bill would also seek to establish measures that protect gamblers’ privacy and fight against fraud, money laundering and compulsive Internet gambling.

Frank is also seeking to delay The Unlawful Internet Gambling Enforcement Act [UIGEA], which was passed in 2006, from going into effect until Congress is able to come to an agreement on gambling policy. That law prohibits banks and credit card companies from processing wagers and transactions at online gambling sites.