Sens. Elizabeth Warren Elizabeth WarrenGOP set to release controversial Biden report Biden's fiscal program: What is the likely market impact? Warren, Schumer introduce plan for next president to cancel ,000 in student debt MORE (D-Mass.) and John McCain John Sidney McCainMomentum growing among Republicans for Supreme Court vote before Election Day McConnell urges GOP senators to 'keep your powder dry' on Supreme Court vacancy McSally says current Senate should vote on Trump nominee MORE (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices.

Glass-Steagall was first passed in 1933 but repealed during the Clinton administration, leading many progressives to argue that it contributed to the 2008 financial collapse.

Warren and McCain, along with their cosponsors, Sens. Angus King Angus KingShakespeare Theatre Company goes virtual for 'Will on the Hill...or Won't They?' On The Trail: How Nancy Pelosi could improbably become president Angus King: Ending election security briefings 'looks like a pre-cover-up' MORE (I-Maine) and Maria Cantwell Maria Elaine CantwellHillicon Valley: Zuckerberg acknowledges failure to take down Kenosha military group despite warnings | Election officials push back against concerns over mail-in voting, drop boxes Bipartisan senators call for investigation of popular fertility app The Hill's Coronavirus Report: Mike Roman says 3M on track to deliver 2 billion respirators globally and 1 billion in US by end of year; US, Pfizer agree to 100M doses of COVID-19 vaccine that will be free to Americans MORE (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government bailout.

ADVERTISEMENT

The bill, which they first introduced in the last Congress, would separate traditional banking with checking and savings accounts from financial institutions that offer services such as investment banking, which are riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, an ardent Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis, and they continue to engage in dangerous practices that could once again crash our economy."

McCain said the repeal of Glass-Steagall led to "a culture of dangerous greed and excessive risk-taking" in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

Many of President Clinton's former advisers vehemently deny claims that repealing the law brought on the financial crisis, instead pointing to problems in the housing market and risky lending by banks.