House Financial Services Committee Chairman Jeb Hensarling plansto release his revised proposal to scrap much of the Dodd-Frank Actby the end of the month.

The Texas Republican's new bill would give banks relief fromannual stress tests that assess whether they can survive financialmeltdowns and would strip the Consumer Financial Protection Bureauof key powers. It's an update of legislation he proposed last year,dubbed the Financial Choice Act, that stalled in Congress.

Hensarling outlined changes he plans to include in his updatedversion in a Tuesday memo to other lawmakers. He still faces longodds to getting the bill passed, especially in the Senate, where itwill probably need some Democratic support.