Carl Levin on Corporations Democratic Sr Senator (MI)

Goldman Sachs cheated their clients using fiduciary info

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.

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

• Declare a debtor eligible only for Chapter 13, as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income
• Place domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy
• Require debtors to pay for and attend credit counseling prior to filing for bankruptcy
• Cap home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy.

Voted YES on restricting rules on personal bankruptcy.

Expand microloans to small businesses.

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.

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

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."

Expand lending caps for credit unions to small business.

Congressional Summary:

• Amends the Federal Credit Union Act to limit loans outstanding to either 1.75 times the net worth, or 12.25% of the total assets of the credit union.
• Authorizes insured credit unions to make business loans up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria.
• Directs the development of a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations.

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.

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

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) (+)

Enforce against corporate offshore tax haven banking.

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.

• treat foreign corporations controlled primarily in the US, as domestic corporations for tax purposes
• require tax withholding agents and financial institutions to report certain information about owners of foreign-owned financial accounts,
• treat swap payments sent offshore as taxable US source income,
• increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability
• prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit
• requires corporations registered with the SEC to report annually, on a country-by country basis, on employees, pre-tax gross revenues, and payments made to foreign governments
• authorizes a fine of up to $1 million for failure to disclose any holding or transaction involving a foreign entity that would otherwise be subject to disclosure requirements
• publishes a rule requiring investment advisors to establish anti-money laundering programs and submit suspicious activity reports
• Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities.

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."

Prevent 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.