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

The Texas Republican's new bill would give banks relief from annual stress tests that assess whether they can survive financial meltdowns and would strip the Consumer Financial Protection Bureau of 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 updated version in a Tuesday memo to other lawmakers. He still faces long odds to getting the bill passed, especially in the Senate, where it will probably need some Democratic support.