From Reuters:

The Internet Gambling Regulation Consumer Protection & Enforcement Act would establish a federal regulatory and enforcement framework for online gaming.

Frank said the bill would give the U.S. Treasury Department the authority to establish regulations and license Internet gambling operators.

The Treasury would also have the authority to revoke or terminate the license of any operator that violates the law. Enforcement actions could also include fines, according to the bill.

“The government should not interfere with people’s liberties,” said Frank.

The Massachusetts Democrat also told reporters he is introducing separate legislation to freeze the implementation of online gambling regulations under a Bush administration-era law.

He added that he has not spoken to members in the Senate or the White House about the issue but plans to do so soon.

If this sort of thing excites you, there is plenty more info online:

Bill unveiled to reverse U.S. online gambling ban