A failed module usually occurs on 96 and 98 models. (Check your doorplate and note the date of manufacture of your vehicle.) Since it's a 93 or 97. I would first investigate a faulty ignition switch. Some have diagnosed the problem with an old fashioned empirical test: if the ABS/TRACS light is on, turn off the car, jiggle the key in the ignition, restart. Did this turn off the light?

If it's the ABS module, you could have the car scanned for codes - there are telltale codes for a failed module. (In the 1998's, for example, the telltale code is for a failed RR wheel sensor - that's the circuit that gets broken on the ABS board for this model year.)

Of course, you could have a fouled sensor (or circuit).
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David
1998 S70 T5SE // misc mods (mostly lighting) // red calipers
1992 940 GLE // Hella Micro DE foglights and 170K