U.S. Representative Barney Frank will unveil legislation on Wednesday to roll back a U.S. ban on online gambling, he said in a statement on Tuesday.

The new bill would exempt operators that are licensed and regulated from the ban enacted in 2006, Frank said.

The Massachusetts Democrat said his legislation will enable Americans to bet online and put an end to an inappropriate interference with their personal freedom.

The Frank bill is likely to be opposed by anti-gambling Republicans. The ban was imposed during the Bush administration and has damaged U.S.-European Union trade ties.

European online gambling firms lost billions of euros in value after Congress made it illegal for banks and credit card companies to make payments to online gambling sites.

Republicans controlled the White House and Congress when the law was approved. Now, Democrats are in control in both branches of the government, but it is unclear how the Obama administration will handle the issue.

Companies involved in the issue include PartyGaming Plc and 888.com.

(Reporting by Kevin Drawbaugh; Editing by Tim Dobbyn)