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

Balanced deficit reduction - July 2012 newsletterOver 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 Sen. Levin's newspaper column on how to avoid the looming automatic cuts to important defense and domestic priorities »

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

PSI HSBC hearing - July 2012 newsletterAn 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

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