LIVE UPDATES - Possible markup session for the Barney Frank bill

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Bachus says 12 year olds in Flordia are already addicted to online gambling, and he can see this happening all over the country.

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Now Rep. Sherman from California says he had opposed the bill, but he supports it now to get a handle on the "bad actors" within in the industry, and because the government needs the revenue.

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Sherman is introducing an amendment where you've intentionally violated gambling laws, or avoided gambling laws, can not get a U.S. license. He says those that have been making money by evading or breaking U.S. law doesn't make sense.

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FullTilt, PokerStars -- he's talking about you.

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Bachus is back. He says under this bill, a 12 year-old can find himself in front of a computer and gamble 24 hours a day, 7 days a week.

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Bachus does say he's going to support the Sherman amendment.

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Bachus also sounds like he's going to lose this vote, so he's angling for the bill that suits his interest bet.

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The amendment passed by voice vote.

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Amendment from Rep. King is up.

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King is a Republican from New York. He's offering an amendment that would explicitly forbid sports betting on the Internet (except for horse racing).

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Frank just called out the NFL for being horrified that if the bill passed, people might actually bet on sports. Frank doesn't want to be "the one that introduces the phenomena of sports betting" so he'll support it. Who says Congressional hearings can't be funny.

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Bachus is big on commending people today. He's just commended the two authors of this amendment. That's three commendations offered by Bachus today so far.

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Bachus is urging support for this amendment as well. But he warns that college kids are going to gamble more, and there has been an uptick in gambling related suicides and that will likely continue.

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Bachus hitting the kids gambling theme again, 12-year-olds in Orlando are gambling online.

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Bachus says he's not opposed to the game of poker. Doesn't like young people gambling. Doesn't like firms breaking U.S. law. Doesn't like these same firms engaging in character assassination of members of Congress.

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A representative just called this a jobs bill for bookies. If the amendment didn't pass, thousands of bookies would be out of work. Hilarious! Same representative says he wants the whole bill to pass for consumer protection purposes.

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Frank's just trying to embarrass the NFL right now. He just asked what a point spread was, and whether it existed before Internet gambling.

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Bachus coming to the defense of the NFL. "Pete Rose could have gone on the Internet to make bets and no one would have known he made the bets."

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The unnamed representative from California says Rose did bet, and he did bet anonymously through bookies. Says this bill is about protecting consumers and gamblers where now there are no protections.

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The amendment passed by voice vote.