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The issue of space time gauge invariance for the bosonic string has beenearlier addressed using the loop variable formalism.  In this paper the question of obtaining a gauge invariant action for the openbosonic string is discussed. The derivative w.r.t $ln a$ (where $a$ is a worldsheet cutoff) of the partition function - which is first normalized by dividingby the integral of the two point function of a marginal operator - is acandidate for the action. Applied to the zero-momentum tachyon it gives atachyon potential that is similar to those that have been obtained usingWitten's background independent formalism. This procedure is easily made gaugeinvariant in the loop variable formalism by replacing $ln a$ by $\Sigma$ whichis the generalization of the Liouville mode that occurs in this formalism. Wealso describe a method of resumming the Taylor expansion that is done in theloop variable formalism. This allows one to see the pole structure of stringamplitudes that would not be visible in the original loop variable formalism.

Gauge Invariant Action for the Open Bosonic String