Two US Senators have introduced a bipartisan bill that would restrict financial firms from performing commercial and investmentbanking, undertaking brokerage activities and stop them from engaging in insurance activities.

Washington State Democrat Maria Cantwell and Arizona Republican – and former Presidential candidate – John McCain, introduced the bill which would essentially resistant the Depression-era Glass-Steagall Act. The Act was repealed a decade ago by then-President Bill Clinton, but could be a blow for financial institutions like Goldman Sachs, JPMorgan Chase, Citigroup and Wells Fargo which conduct both commercial and investment banking activities.

In a press release on her website, Cantwell said that under the bill, major financial firms currently operating both commercial banks and investment houses will have to make a decision on whether to focus on commercial banking or investment banking.  In most of these institutions, the investment banks and the commercial banks will both be very valuable independently and profitable for their stockholders.