WASHINGTON (AP) - The chair of the House of Representatives financial services committee is considering legislation that would overturn the ban on online gambling passed by Congress last fall.

A spokesman for Rep. Barney Frank, a Massachusetts Democrat, said Wednesday the congressman may introduce a bill to reverse the Internet gambling law, but he stressed there is nothing concrete yet.

"There's no draft, no text - this is very much still in the thinking stage," said Steve Adamske.

The Financial Times quoted Frank on Wednesday saying that the Unlawful Internet Gambling Enforcement Act is "preposterous" and one of the "stupidest" laws ever passed.

Attached to a larger security bill last October, the act makes it illegal for U.S. banks and credit-card companies to process payments to online gambling businesses outside the United States.

The legislation caught many British-based companies off guard, causing companies like Sportingbet PLC and Leisure & Gaming PLC to sell their U.S. operations.

Poker Players Alliance, a lobby group pushing for a repeal of the ban, earlier this month hired former Republican senator Alfonse D'Amato to chair its board. The group, funded by online gambling businesses, was formed in 2005 to oppose regulation of Internet gambling.

However, a move to overturn the law would face long odds, said Anthony Cabot, a lawyer who specializes in gambling issues.

"It's very difficult to get legislators to support something that could be perceived as pro-gambling, particularly at the federal level," Cabot said.

"I think the congressman has a difficult battle ahead of him."