Based on the legislation, called "The Assault Weapons Ban of 2013,"Americans would be able to keep certain weapons if they were already in their possession when the bill was enacted, and exemptions would be made for specific hunting and sporting weapons, as well as antique or disabled weapons.
Sen. Feinstein’s bill comes as gun control advocates say the political environment is more favorable for new gun control laws than it has been in years.
The California Democrat was joined by Rep. Carolyn McCarthy, D-N.Y., and five other Democratic lawmakers, along with gun violence victims, as they unveiled a bill that would reinstate the assault weapons ban, which went into effect in 1994 but lapsed in 2004.
Obama called on Congress to pass the assault weapons and high-capacity magazine ban on Jan. 16, as well as a requirement for universal background checks for gun sales and other measures. Citing the Newtown, Conn., massacre that occurred last month, the president said that "if there's even one thing we can do to reduce this violence, if there's even one life that can be saved, then we've got an obligation to try."
The White House chose not to draft its own bill but said it supports Feinstein's effort and has worked with her office in crafting the new version.
Read Sen. Dianne Feinstein’s gun bill here.