About time. Never should have been passed in the first place. It was, in reality, the "Make FDR Retire" Amendment.
However, it takes two-thirds of each house to pass, and then 3/4 of the states to approve. Congress is in no mood to give up its power, even for Obama. Conyers will schedule hearings, if any, on his own timetable. And it's doubtful that 3/4 of state legislatures would approve either.