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by Patrick Thibodeau

(IDG) -- After defeating an electronic signature bill in the U.S. House earlier this week, Democratic leaders said today they have reached a bipartisan compromise and will support a revised bill.

The compromise strips out some of the bill's more controversial measures, said Eric London, a spokesman for House minority leader Sen. Richard Gephardt (D-Mo.).

"Democrats wanted very much to get it done, and now there is bipartisan compromise that we can put forward. We think we will be able to do it this year," said London. Action is expected next week.

Electronic signature legislation, which would put electronic signatures on legal par with written signatures, failed in the House this week when a 234-122 vote fell four votes shy of the two-thirds majority needed for approval.

Late last night, Senate Judiciary Committee members Spencer Abraham (R - Mich.) and Patrick Leahy (D - Vt.) reached an agreement on the bill, which has since been introduced in the House.

Approval of the measure is being urged by industry groups and some national corporations, which say the lack of a uniform legal standard on electronic signatures is impeding interstate commerce.