By LeAnne Rogers
OBSERVER STAFF WRITER
Not surprisingly, Sen. Carl Levin is working full time on issues relating to the biggest problem facing Michigan.
“The thing that is going on 24/7 is the auto industry. Everyone in the Michigan, Ohio and Indiana delegations — the auto states, we call them — is so involved, I can’t say,” said the Michigan Democrat, who spoke at a luncheon hosted by the Garden City Kiwanis Club.
The most important accomplishment of the delegation has been giving President Barack Obama and his administration a better understanding on the importance of the auto industry and manufacturing overall, Levin said.
“My brother and I worked in auto plants. We take it personally when colleagues have a negative stereotype about the auto industry,” said Levin. “No other country in the world would allow its auto industry to go down. In Japan, auto workers are literally on the government payroll — they won’t let the industry go with this worldwide economic slump.”
By Eugene Mulero
May 4, 2009
Ask most lawmakers and they will tell you that the political elements are aligned this Congress for military acquisition reform.
This year, both chambers rolled out legislation to overhaul how the Pentagon buys major weapons, and that is due in large part to Sen. Carl Levin (D-Mich.), who has emerged as a key ally to President Barack Obama on military matters.
By EVAN PEREZ
Fresh off a U.S. victory over Swiss bank UBS AG, which admitted in a recent plea deal with the Justice Department that it aided tax evasion by wealthy American clients, Congress and the White House are trying to press a wider crackdown on the lucrative tax haven business.
Director Would Review Spending on U.S. Weapon Systems
By Ellen Nakashima
Washington Post Staff Writer
Wednesday, March 4, 2009; Page D02
A bill to end cost overruns in major weapons systems would create a powerful new Pentagon position — director of independent cost assessments — to review cost analyses and estimates, separately from the military branch requesting the program.
By JENNY STRASBURG
A bill proposed last week to regulate hedge funds in the U.S. could require them to start talking more — including about their investors.
The Hedge Fund Transparency Act was introduced by Sen. Carl Levin, a Michigan Democrat, and Sen. Charles Grassley, an Iowa Republican. One part of the bill that caused a buzz among hedge-fund managers and lawyers over the weekend is a new requirement that hedge-fund investors’ names be routinely and publicly disclosed.
By STEPHEN LABATON
Two senior senators introduced legislation on Thursday to impose government oversight of hedge funds.
The legislation by Senator Carl Levin, Democrat of Michigan, and Senator Charles E. Grassley, Republican of Iowa, was filed as the Obama administration was preparing a broader legislative overhaul of the regulatory system, including an effort to more tightly regulate hedge funds.
David Shepardson / Detroit News Washington Bureau
WASHINGTON — Major oil companies “are getting away with murder” and “gouging” consumers as the price of oil continues to soar, Michigan Sen. Carl Levin said at a press conference today. (more…)
Senate armed services panel chair to ask Pentagon today to drop funds bid for rebuilding of police stations. (more…)
Americans are struggling with a very rocky economy while they are also holding almost $1 trillion in credit card debt. In most cases, those cards provide a little flexibility with the monthly bills. But an increasing number of people are defaulting because of the “tricks and traps” — soaring interest rates and hidden fees — in the credit card business. (more…)
By Barrie Barber, The Saginaw News, February 20, 2008
In the midst of the worst foreclosure crisis since the Great Depression, U.S. Sen. Carl Levin says federal lawmakers are looking for answers.
By John Poirier, Reuters, 02/08/2008
Congress is likely to move toward final legislation this year to reform often-criticized marketing and billing practices by credit card companies, a senior U.S. lawmaker said on Friday.
By Kevin Drawbaugh, Reuters, 02/08/2008
Wealthy Americans dodge more than $100 billion a year in taxes by hiding assets in the Cayman Islands and other offshore tax havens, said a senior lawmaker on Friday who is trying to put a stop to it. (more…)
Credit issuers jack up rates, even if you pay on time
USA Today Editorial, Dec. 11, 2007
Retroactive ‘risk-based’ pricing is unfair; Congress should outlaw it.
Bonnie Rushing, a paralegal in Naples, Fla., sounds like just the sort of customer any bank would want to cultivate. She told Congress last week that she has never missed or even been late on her credit card payments, despite a financial setback last year. (more…)
Credit card companies must end deceptive practices or face tighter regulation
Detroit Free Press, December 9, 2007
It was not easy for Janet Hard to air her family’s financial laundry in the very public setting of a U.S. Senate hearing last week. But the Freeland, Mich., woman helped expose one of the more onerous and underpublicized practices of credit card companies.
The Detroit News, Tuesday, December 11, 2007Editorial
U.S. Sen. Carl Levin has doggedly uncovered a slew of unfair and suspect practices in the credit card industry. The Michigan Democrat wants satisfactory responses from banks but is also ready with tougher consumer protection laws if needed.
12.04.07, 6:00 AM ET
Ho ho ho. Just in time for the holiday spending season, members of Congress are skewering credit card companies for pushing allegedly abusive business practices on unwitting customers.
Tuesday, a panel led by Sen. Carl Levin, D-Mich., and Sen. Norm Coleman, R-Minn., will haul in executives from Discover, Bank of America and Capital One Financial . The lawmakers want to know why they raise customers’ interest rates when those customers have a solid payment history.
In an editorial published this week, The New York Times highlighted the predatory and deceitful practices that have become commonplace in the banking and credit card industries.
The editorial specifically commended and endorsed Senator Levin’s legislation to end these unfair practices.
A bill introduced by Senator Levin would limit “penalty” interest rates to an additional 7 percent above the previous rate. It would also prohibit retroactive penalties and double cycle billing, and it would limit the amount of fees companies could charge customers who exceed their credit limit.
Passing the Levin bill would be a good start. But Congress needs a comprehensive approach to this problem. Lawmakers need to ban deceptive card offers outright, strengthen federal oversight and toughen truth-in-lending laws.
Meanwhile, American consumers should think long and hard before they accept credit card offers that are too good to be true.
Click here to read the full editorial.
Detroit Free Press
While he gets most of his attention as one of the chief critics of the conduct of the war in Iraq, U.S. Sen. Carl Levin plunges today into a domestic issue of enormous impact for Americans: abusive practices by credit card companies.
By Hope Yen
WASHINGTON - Secretary of State Condoleezza Rice urged the Democratic-controlled Congress not to interfere in the conduct of the Iraq war and suggested President Bush would defy troop withdrawal legislation.
But Sen. Carl Levin, chairman of the Senate Armed Services Committee, said lawmakers would step up efforts to force Bush to change course. “The president needs a check and a balance,” said Levin, D-Mich. (more…)
WASHINGTON — Senator Carl Levin said today that the nation needs “a surge of concern” for wounded Iraq veterans, after media reports found decrepit conditions and bureaucratic red tape interfering with the care of wounded soldiers at Walter Reed Army Medical Center. (more…)