Update: The U.S. Senate rejected Grassley's proposal 52 to 48 on Wednesday.

Sens. Ted Cruz, R-Texas, and Chuck Grassley, R-Iowa, will announce a substitute amendment to gun control measures the Senate is considering Wednesday.

The announcement will take place Wednesday morning on Capitol Hill.

A statement from Cruz’s office said the senators’ proposal will preserve the Second Amendment while fixing the National Instant Criminal Background Check System, or NICS. It will also provide resources to deal with mental health and school safety and protect veterans from false health determinations.

Their bill will also tackle gun trafficking and straw purchasing, they say.

Read the bill below:

   Grassley-Cruz Substitute Gun Bill & Summary