Sen. Elizabeth Warren, D-Mass., is known for stirring up controversy and debate, but she has secured some bipartisan support in her latest initiative to fix the size of mega banks that interwine their commercial banking activities with investments.
Sen. Warren, along with Sen. John McCain, R-Ariz., and a few other Democrats proposed legislation that aims to bring parts of the repealed Glass-Steagall Act back to life, the Los Angeles Times reports.
Specifically, the lawmakers want to reinstate a provision that keeps banks from handling deposits while also dipping in risky investments and trades.
The Los Angeles Times had more on the proposed legislation:
Warren, an outspoken liberal, and McCain, a conservative who was his party's 2008 presidential nominee, are an unlikely pair.
But they are united in the belief that separating traditional deposit-taking from investment activities would reduce risk in the banking system and lessen the chance of future bailouts.
The two were joined by Sens. Maria Cantwell (D-Wash.) and Angus King (I-Maine) in introducing the 21st Century Glass-Steagall Act. Sen. Tom Harkin (D-Iowa) proposed similar legislation in May.