a.) Is he repealing the bill?
b.) Is he repealing the credit cards part of the bill?
c.) Is he introducing a new bill?
First he will be introducing the idea of a repeal to his fellow representatives to see if there is any interest in a repeal. The interest will be determined by how much his fellow congressmen have been hearing from the people by means of phone calls, letters, and other forms of communication from groups, banks, and other people saying they are against the UIGEA.
If there is enough interest he will be writing a bill that will focus on repealing the part of the UIGEA that says credit cards must not allow Internet gambling transactions, which is the entire meat of the bill. If he succeeds, credit cards will have a choice whether they would like to accept Internet gambling transactions or not. IMO, if Frank gets that kind of repeal, the world of Internet gambling will be more open than it was before the UIGEA was passed.
Also, Frank pretty much has put this whole thing on the public. It is up to our community to get the message out there. If the public shows true and serious signs that they want a repeal, Frank will get it. If not, forget about the future of Internet gambling.