On Tuesday U.S. Representative Barney Frank, chairman of the House of Representatives Financial Services Committee, stated that next week he will introduce a bill to overthrow an infamous and long pestered U.S. ban on online gambling. According to Frank the bill aimed at overturning the law which was imposed during the Bush reign and which hurt U.S. trading ties with Europe is being drafted this week.

The delay in the bill proposal was attributed to other important issues the committee addressed to wrestle against the financial crisis.

Earlier last month the European Commission stated in a draft report that U.S. Justice Department prosecution of European online gambling companies were in breach of America’s commitments under the World Trade Organization. Still the commission said it would seek peaceful adjustment with the U.S. instead of filing a WTO complaint.

As a result of U.S. legislation that prevented banks and credit card companies to process payments for online gambling sites European companies suffered losses of billions of dollars. As a consequence such big players as PartyGaming and 888.com flew from the country. Yet these companies still may face U.S. criminal prosecution for their previous activities in the U.S. before 2006.