A bill that would allow gamblers to transfer money from their bank accounts directly to online gambling sites is picking up some congressional momentum.

The legislation, introduced by U.S. Rep. Barney Frank, D-Mass., in April, also provides for the federal regulation and licensing of Internet gambling. U.S. Rep. Jim McDermott, D-Wash., a co-sponsor of the bill, has introduced a companion bill that would tax reported gambling earnings and produce what he estimates is between $6 billion and $25 billion in federal revenue over the first five years.

Under Frank’s bill, states and Indian tribes would have the option to prohibit Internet gambling within their borders. And, sports leagues, both professional and collegiate, could prohibit wagers on their games. The bill also requires safeguards to counteract underage gambling and gambling addiction.

Thirty-six representatives have pledged their support as co-sponsors so far, including U.S. Rep. William Delahunt, D-Mass., who represents the Cape and Islands.

There are three other bills under review connected to online betting. Frank’s bill, which has the most co-sponsors, is still in the Financial Services Committee, which he chairs and which oversees the banking industry.

It has major support from the gambling industry, as well as payment companies such as Visa USA. The bill would actually repeal a 2006 federal ban on the knowing transfer of funds between American banking institutions and businesses that conduct gambling. In the 38 states, including Massachusetts, where Internet gambling is legal, gamblers can use their credit cards but not their debit cards.

Banks have been forced to play “the morality police,” said Steve Kenneally, vice president of payments and technology policy for America’s Community Bankers, a national trade association for banks. Rules from the Federal Reserve and the Treasury were expected in July, said Kenneally, but banks have not yet received them.

While not openly in support of the bill, Kenneally said something must be done to ease the burden on the banks.

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