Barney Frank, Chairman of the House Financial Services Committee announced this morning that he plans to introduce a bill this week targetted at repealing the current ban on online gambling in the United States, also know as the UIGEA (Unlawful Internet Gambling Enforcement Act). The act was passed last October when President Bush signed the legislation affectively making financial transactions related to online gambling illegal.

In a community bankers group conference this morning, Frank elaborated on his feelings surrounding the bill. “Why anyone thinks it is any of my business why some adult wants to gamble is absolutely beyond me.” Frank also added further that he would introduce the legislation tommorow (Thursday) assuming there were no delays.

This is an important step forward in restoring the gaming market to the United States and hopefully will gain some traction in Congress over the coming week. As soon as we hear more you will be the first to know.