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Carl Levin on Corporations

Democratic Sr Senator (MI)


Goldman Sachs cheated their clients using fiduciary info

Levin was looking to prove in public hearings exactly why Goldman Sachs was under investigation. Levin needed a CEO. Blankfein, atop the much reviled and feared Goldman, was his sterling opportunity.

His committee's investigators had internal e-mails showing that Goldman traders knew that the Abacus securities were actually ticking time bombs. The large firms are designed to gain "information advantage" as a fiduciary and, day to day, simply to decide how to use it to crush competitors on the trading floor. After Levin grilled Blankfein about how Goldman traded against clients and for itself using the information gleaned from clients, or relationships with the government, Blankfein demurred that "we do other things in the firm; we are a fiduciary."

Source: Confidence Men, by Ron Suskind, p.400-404 , Sep 20, 2011

Voted YES on repealing tax subsidy for companies which move US jobs offshore.

Amendment to repeal the tax subsidy for certain domestic companies which move manufacturing operations and American jobs offshore.
Reference: Tax Subsidy for Domestic Companies Amendment; Bill S AMDT 210 to S Con Res 18 ; vote number 2005-63 on Mar 17, 2005

Voted NO on reforming bankruptcy to include means-testing & restrictions.

Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy) to one under either Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Voting YES would:
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005; Bill S 256 ; vote number 2005-44 on Mar 10, 2005

Voted YES on restricting rules on personal bankruptcy.

Vote to pass a bill that would require debtors able to repay $10,000 or 25 percent of their debts over five years to file under Chapter 13 bankruptcy (reorganization and repayment) rather than Chapter 7 (full discharge of debt).
Reference: Bill HR 333 ; vote number 2001-236 on Jul 17, 2001

Expand microloans to small businesses.

Levin co-sponsored the Microloan Program Improvement Act

    Amends provisions of the Small Business Act concerning the Microloan program (a program of start-up loans to small businesses) to:
  1. remove the requirement that such loans be short-term;
  2. allow up to 35 (currently 25) percent of grant funds made to intermediaries to be used to provide technical assistance to small businesses that are prospective borrowers under the program; and
  3. authorize the Administrator of the Small Business Administration to use up to $1 million of the annual appropriations for technical assistance grants to subcontract with one or more national trade associations of eligible intermediaries or other knowledgeable entities to provide peer-to-peer capacity building and training to lenders and organizations seeking to become lenders under the program.
Source: Bill sponsored by 19 Senators 01-S174 on Jan 24, 2001

Rated 39% by the US COC, indicating a mixed business voting record.

Levin scores 39% by US Chamber of Commerce on business policy

Whether you own a business, represent one, lead a corporate office, or manage an association, the Chamber of Commerce of the United States of AmericaSM provides you with a voice of experience and influence in Washington, D.C., and around the globe.

Our members include businesses of all sizes and sectors—from large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.

Mission Statement:

"To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility."
The ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
Source: COC website 03n-COC on Dec 31, 2003

Expand lending caps for credit unions to small business.

Levin co-sponsored Small Business Lending Enhancement Act

Congressional Summary:

Supporter's Comments: (by CUNA, a pro-credit union organization)
America's small businesses are the engine of growth of our nation's economy. The effects of the financial crisis of the past few years have spread to all types of lending, resulting in a reduction in the availability of business credit. At a time when banks are withdrawing credit from America's small businesses, credit unions have actually been expanding credit to small businesses, but with more credit unions approaching the cap, this growth is threatened. Congress should enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions

Opponent's Comments: (by the Independent Community Banks of America, Nov. 15, 2012)
The tax-subsidized credit union industry is pressing for doubling the statutory cap Congress placed on member business loans. Shifting assets from tax-paying banks to tax-exempt credit unions would reduce tax revenue to the government; the CBO estimates the revenue impact at $354 million over 10 years. We believe that banks are currently meeting the needs of credit-worthy businesses, as substantiated by numerous business surveys.

Source: HR1418 /S2231 12-S2231 on Mar 22, 2012

Rated 86% by UFCW, indicating an anti-management/pro-labor record.

Levin scores 86% by UFCW on labor-management issues

The United Food and Commercial Workers International Union (UFCW) is North America's Neighborhood Union--1.3 million members with UFCW locals in all 50 states, Puerto Rico and Canada. Our members work in supermarkets, drug stores, retail stores, meatpacking and meat processing plants, food processing plants, and manufacturing workers who make everything from fertilizer to shoes. We number over 60,000 strong with 25,000 workers in chemical production and 20,000 who work in garment and textile industries.

    The UFCW Senate scorecard is based on these key votes:
  1. American Jobs Act (+)
  2. Balanced Budget Amendment (-)
  3. Rejecting Cut, Cap, and Balance (+)
  4. Repeal Health Care Law (-)
  5. Sen. Am. 14 Wicker Am. to S 223, excluding unionization at TSA (-)
  6. Sen. Am. 740 McCain Am. to HR 2112, defunding TAA (-)
  7. Trade Adjustment Assistance Extension Act (TAA) (+)
Source: UFCW website 12-UFCW-S on May 2, 2012

Enforce against corporate offshore tax haven banking.

Levin sponsored Stop Tax Haven Abuse Act

Congressional Summary:Stop Tax Haven Abuse Act: to impose restrictions on foreign jurisdictions or financial institutions operating in the US that are of prime money laundering concern or that significantly impede US tax enforcement.

Proponent's argument for bill: (by Jubilee USA Network, a religious antipoverty organization):

"The religious community couldn't be more pleased with this vital legislation that protects poor people inside and outside our borders. This legislation means that corporations can't rob billions of dollars from poor people across the globe. A critical piece of the legislation is country-by-country reporting of corporate payments to governments. Reporting at this level sheds light on the tax dodging that hurts all of us."

Source: H.R.1554 / S.268 13-S268 on Apr 15, 2013

Prevent money laundering by disclosing corporate owners.

Levin sponsored preventing money laundering by disclosing corporate owners

A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.

Source: S.2956 2008-S2956 on May 1, 2008

Other candidates on Corporations: Carl Levin on other issues:
MI Gubernatorial:
Jennifer Granholm
Mark Schauer
Rick Snyder
MI Senatorial:
Debbie Stabenow
Gary Peters
Matt Wiedenhoeft
Terri Lynn Land

MI politicians
MI Archives

Retiring in 2014 election:
GA:Chambliss(R)
IA:Harkin(D)
MI:Levin(D)
MT:Baucus(D)
NE:Johanns(R)
SD:Johnson(D)
WV:Rockefeller(D)

Retired as of Jan. 2013:
AZ:Kyl(R)
CT:Lieberman(D)
HI:Akaka(D)
ME:Snowe(R)
ND:Conrad(D)
NE:Nelson(D)
NM:Bingaman(D)
TX:Hutchison(R)
VA:Webb(D)
WI:Kohl(D)
Senate Retirements 2014:
GA:Chambliss(R)
IA:Harkin(D)
MI:Levin(D)
MT:Baucus(D)
NE:Johanns(R)
OK:Coburn(R)
SD:Johnson(D)
WV:Rockefeller(D)

Senate races Nov. 2014:
AK: Begich(D) vs.Miller(R) vs.Treadwell(R) vs.Sullivan(R)
AL: Sessions(R,unopposed)
AR: Pryor(D) vs.Cotton(R)
CO: Udall(D) vs.Gardner(R) vs.Baumgardner(R) vs.Buck(R) vs.Hill(R) vs.Stephens(R)
DE: Coons(D) vs.O`Donnell(R)
GA: Nunn(D) vs.Perdue(R) vs.Kingston(R) vs.Gingrey(R) vs.Handel(R) vs.Broun(R)
HI: Schatz(D) vs.Hanabusa(D) vs.Cavasso(R)
IA: Braley(D) vs.Ernst(R) vs.Whitaker(R) vs.Clovis(R)
ID: Risch(R) vs.Mitchell(D)
IL: Durbin(D) vs.Oberweis(R) vs.Hansen(L) vs.Truax(R)
KS: Roberts(R) vs.Tiahrt(R) vs.Wolf(R) vs.Taylor(D) vs.Orman(I)
KY: McConnell(R) vs.Bevin(R) vs.Grimes(D)
LA: Landrieu(D) vs.Cassidy(R) vs.Maness(R)
MA: Markey(D) vs.Herr(R) vs.Skarin(I) vs.Gomez(R)
ME: Collins(R) vs.D`Amboise(R) vs.Bellows(D)
MI: Land(R) vs.Peters(D) vs.Wiedenhoeft(R)
MN: Franken(D) vs.McFadden(R) vs.Abeler(R) vs.Ortman(R)
MS: Cochran(R) vs.Childers(D) vs.McDaniel(R)
MT: Walsh(D) vs.Daines(R) vs.Edmunds(R) vs.Bohlinger(D)
NC: Hagan(D) vs.Tillis(R)
NE: Sasse(R) vs.Domina(D) vs.Haugh(L) vs.Osborn(R)
NH: Shaheen(D) vs.Brown(R) vs.Smith(R) vs.Rubens(R) vs.Testerman(R) vs.Martin(R)
NJ: Booker(D) vs.Bell(R) vs.Sabrin(R)
NM: Udall(D) vs.Weh(R) vs.Clements(R)
OK-2: Lankford(R) vs.Johnson(D) vs.Shannon(R)
OK-6: Inhofe(R) vs.Silverstein(D)
OR: Merkley(D) vs.Wehby(R) vs.Conger(R)
RI: Reed(D) vs.Zaccaria(R)
SC-2: Scott(R) vs.Dickerson(D) vs.Wade(D)
SC-6: Graham(R) vs.Hutto(D) vs.Ravenel(I) vs.Stamper(D) vs.Mace(R) vs.Bright(R)
SD: Rounds(R) vs.Weiland(D) vs.Pressler(I)
TN: Alexander(R) vs.Carr(R) vs.Adams(D)
TX: Cornyn(R) vs.Alameel(D) vs.Roland(L) vs.Stockman(R)
VA: Warner(D) vs.Gillespie(R) vs.Sarvis(L)
WV: Capito(R) vs.Tennant(D) vs.Raese(R) vs.McGeehan(R)
WY: Enzi(R) vs.Cheney(R) vs.Hardy(D)
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Page last updated: Aug 04, 2014