Representative Barney Frank said on Tuesday that he is finalizing a new Bill that, if approved, would overturn the Unlawful Internet Gambling Enforcement Act. The much anticipated Bill will be proposed next week.

"We'll be introducing it next week and I plan to move on it," said Frank, while speaking at the Reuters Global Financial Regulation Summit in Washington. The announcement comes as no surprise to those who have been following the online gambling saga in the US.

Back in 2006, the Republican-led Congress passed the UIGEA. It's purpose was supposed to be to make Internet gambling illegal. The law has caused more controversy than good in the years since its inception.

Online gambling has actually grown since the UIGEA was put in place,

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