Lobbyists for big banks are gearing up for a new battle.

A bipartisan group of Senators, led by Sen. Elizabeth Warren (D-Mass.) and Sen. John McCain (R-Az.), have introduced the 21st Century Glass-Steagall Act, a modern version of the Depression-era Banking Act of 1933. The bill would separate traditional banks (which are backed by the FDIC) from "riskier financial institutions" that include companies focused on investment banking, private equity and more. This isn't the first time Congress has tried to revive a version of Glass-Steagall but all previous efforts have failed.

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The Daily Ticker asked Olivier Knox, chief Washington correspondent for Yahoo! News, if he thinks this bill can pass the Senate: "I don't think it will." But he says lobbyists for the financial services industry seem worried. "They certainly seem to be taking it seriously."

So what's different this time? "A new class of democratic Senators who are interested in reining in Wall Street," says Knox. And the leader of that group is Sen. Warren.

"There is no single magic bullet to stop 'too big to fail,'" she said in an interview this morning on CNBC. "But the central premise behind a 21st century Glass-Steagall is to say, 'If you want to get out there and take risks, go and do it. But what you can't do is you can't get access to FDIC-insured deposits when you do.'"

Pushed on the topic of regulation, Sen. Warren told the Squawk Box crew: "You are not going to defend the proposition that regulation never worked. It did work."

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