"I want it undone," Frank, chairman of the House Financial Services Committee, told reporters during a news conference.
The sudden ban annoyed many entrepreneurs in the European Union which is the home turf for online gambling firms that were forced to withdraw from the U.S.
Another Challenge
The EU's internal market chief Charlie McCreevy has said he may challenge the ban at the World Trade Organization. The WTO has ruled against the U.S. previously in gaming cases, specifically in its tussle with Antigua.The WTO said the ban, signed by President Bush, unexpectedly, violates international trade law, for it allows online bets for horse racing, but not at casinos.
Last week, Rep. Frank held talks with McCreevy during his visit to Europe. Rep. Frank said the new bill will be introduced or registered within a couple of weeks to determine the level of support in the House of Representatives.
Storm of Unhappiness
"I think a reconsideration among my colleagues is beginning," Rep. Frank said. "If the storm of public unhappiness is great enough then I will try to substantially revise that ban."Internationally, online poker players were lobbying for an exemption from the ban just for their game but Frank said the ban should be lifted for all online gaming.
"I am not going to draw a distinction between poker and blackjack," Rep. Frank said.
The ban has harmed the stocks of online gambling companies, including the U.K.'s PartyGaming Plc, but Rep. Frank said he may not be able to tackle the whole online gambling issue.
"My committee only has jurisdiction over credit cards. I can't do more than repeal the ban on the use of credit cards. We don't have jurisdiction generally over the Internet or other aspects of this," Rep. Frank said.
The U.S. bill forbids credit card firms in the United States from taking money for bets on Internet sites, the Congressman noted.
The Caribbean states have been "the major complainants" about the ban, he added.
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