Senate lawmakers have introduced a bill that would force struggling companies to file for bankruptcy protection in a courtroom close to their headquarters, closing a controversial loophole that has enabled the country’s biggest restructurings to unfold in New York and Delaware.

On Monday, Sens. John Cornyn (R., Texas) and Elizabeth Warren (D., Mass.) said in a joint statement that the bill is meant to allow workers at bankrupt companies, small businesses, retirees and others to “participate in cases that will have tremendous impacts on their lives.”