Legislation that would lift an online gambling ban imposed by Congress last year was introduced on Thursday by the chairman of the House Financial Services Committee.

Calling the Internet gambling prohibition "imprudently adopted," Democratic Rep. Barney Frank of Massachusetts outlined a bill to make it legal again for banks and credit card companies to make payments to online gambling sites.

"The fundamental issue here is a matter of individual freedom," Frank told a news conference, adding his committee would hold a hearing on the matter in June.

The bill includes provisions for licensing and regulating online gambling companies to protect against underage gambling, compulsive gambling, money-laundering and fraud.

But Frank conceded, "The votes aren't there to change it right away" and he listed only 11 co-sponsors in the 435-member House for lifting the ban.

Frank said his proposal could face opposition from religious conservatives, and from some liberals who find gambling "tacky." However, he also said the ban imposed by Congress had awakened many voters to the issue and predicted support for the bill could grow.