Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee, said on Tuesday he would introduce legislation next week to overturn a three-year-old U.S. ban on Internet gambling.

The legislation, likely to be opposed by anti-gambling Republicans, would overturn a law imposed during the Bush administration that has hurt U.S. trade ties with the European Union. Frank said the bill was being drafted this week.

We'll be introducing it next week and I plan to move on it, said Frank, a Democrat, speaking at the Reuters Global Financial Regulation Summit in Washington.

(For summit blog: