US Sen. Elizabeth Warren (D-MA) and others on Thursday introduced a new bill that revives the call to bust up the nation’s largest banks and financial institutions by once again demanding a separation between the traditional banking practices of savings and loans from the far riskier behavior taken on by large investment, complex trading, and hedge fund operations.

The legislation, called the 21st Century Glass-Steagall Act, is designed as the modern version of the Banking Act of 1933 (the original Glass-Steagall) whose repeal in 1999 many credit with ushering in the banking deregulations that spawned the housing crisis and financial collapse of 2008.

Despite repeated efforts to “break up the big banks” by public interest groups and some legislators, all of those efforts—despite the destructive recession, foreclosure crisis, and unemployment epidemic—have been thwarted by the politically powerful financial industry represented by Wall Street lobbyists and others.