Six months ago President Bush signed a law making online gambling illegal. Now, Rep. Barney Frank (D-MA) is trying to reverse the policy, saying it's time to legalize and regulate it, according to CNET.

The original prohibition was not passed on its own, but rather was attached the measure to an unrelated port security bill.

Frank, who is also chairman of the House Financial Services Committe, argues that since most states already accept gambling at some level, the U.S. should legalize and regulate its online equivalents. Frank would put the U.S. Treasury in charge of policing and keeping a look-out for minors and compulsive gamblers.

Today almost all government gambling revenue - out of a $73 billion industry - goes to individual states. Banning internet gambling was immensely popular among statehouses in the 16 states that have commercial casinos. Measures putting a federal finger in the revenue pie of swing states such as Florida, Pennsylvania and Michigan - all members of the club - could prove politically costly.