July 2012 Newsletter
Issues Update
In the last few weeks, Sen. Levin continued his fight for balanced deficit reduction to avoid damaging automatic budget cuts; released a report on dangerously lax anti-money laundering controls at one of the world's largest banks; and supported legislation to reauthorize agriculture programs, make important transportation investments, and avoid a looming increase in student-loan interest rates.
How to pass the deficit reduction test
Over the next few months, Congress faces a vitally important test. The question is whether we can balance the need to reduce the deficit with the need to protect important priorities at home and abroad. There is a narrow path to passing that test, but we must try.
Read more from Sen. Levin on the need for balanced deficit reduction »
Global bank exposed U.S. to transactions linked to terrorism, drug cartels and crime
An investigation by the Senate Permanent Subcommittee on Investigations, which Sen. Levin chairs, found that global bank HSBC's weak safeguards allowed its U.S. unit to engage in transactions that risked helping Mexican drug cartels, Iranian banks banned from the U.S. financial system, and banks linked to terrorist groups, including al Qaeda. The investigation also found the agency responsible for oversight of HSBC failed to stop the abuses. "HSBC's compliance culture has been pervasively polluted for a long time," Sen. Levin said.
Read the press release on the HSBC investigation »
Read the executive summary [PDF - 639 KB] of the subcommittee's report »
Read the full text [PDF - 2 MB] of the subcommittee's report »
Watch an archived webcast of the subcommittee's hearing »
More news from Senator Levin
- Sen. Levin supported passage of a farm bill that makes important reforms to agriculture programs.
- He called for the Senate to open debate on the DISCLOSE Act, which would require disclosure of what is now secret, unlimited spending on political campaigns.
- He called on pipeline company Enbridge to demonstrate to Michigan's people that it has changed its ways after federal regulators issued a critical report on the company's 2010 oil spill near Marshall.
- He welcomed a congressional package of legislation that avoided an interest rate increase on college loans, extended important investments in transportation, and extended the federal flood insurance program.
- He and Sen. Debbie Stabenow welcomed a positive report on Michigan State University's progress in preparing to build the Facility for Rare Isotope Beams, a world-class nuclear research facility.
- He joined fellow senators in calling for an investigation of allegations that a bank sought to manipulate a key interest rate benchmark that determines the rates American pay on millions of mortgages and other loans.
- He helped commemorate the Juneteenth anniversary.
- He welcomed passage of legislation he authored to help the Great Lakes Shipwreck Museum in the Upper Peninsula expand while protecting important nearby habitat.
- He and Sen. Stabenow welcomed the announcement of new airline service to Alpena through the Essential Air Service program.
- He called for reforms after the Senate Permanent Subcommittee on Investigations released a report detailing how thousands of people who received federal mortgage assistance owed the government back taxes.
- He welcomed federal grants that will help Detroit avoid firefighter layoffs; make important transportation investments in Muskegon and Detroit; help fire departments in Grand Rapids, Cutlerville and Bloomfield Township; help Michigan veterans get access to important transit services; and fund improvements at airports in Grand Rapids and Chippewa County.