Barney Frank, the chairman of the House Financial Services Committee, introduced two new bills on Wednesday designed to stop the implementation of the UIGEA and establish a framework for gambling operators to obtain federal licenses and take bets from Americans.

The Internet Gambling Regulation Consumer Protection & Enforcement Act would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the U.S., on the condition that they maintain effective protections against underage gambling, compulsive gambling, money laundering and fraud, and enforce prohibitions or restrictions on types of gambling prohibited by states, and Indian Tribes.

Click the link to read Frank's full press release.