On July 11th, Senators Elizabeth Warren, John McCain, Maria Cantwell, and Angus King introduced the "21st Century Glass-Steagall Act", a modern version of the Banking Act of 1933 (Glass-Steagall). The bill would separate traditional commercial and retail banks that are insured by the FDIC from those financial institutions that offer services such as investment banking, insurance, swaps dealing, and hedge fund and private equity activities. Warren Press Release.