A top Republican lawmaker told bankers Wednesday that Congress would seek “rifle-shot” changes to President Obama’s financial reform law, even while acknowledging that the sweeping overhaul of Dodd-Frank the GOP had hoped for would struggle to pass the Senate.

Noting that Democrats have the ability to block all-in-one regulatory relief legislation in the Senate, House Financial Services Chairman Jeb Hensarling said that if “a rifle-shot bill” clears the Senate, “we will move on the House side to meet it.”