Carl Levin
| Carl Levin | |
| |
| Occupation | U.S. Senator |
|---|---|
Carl Levin is a democratic senator from Michigan. He is chairman of the Senate Armed Services Committee and Permanent Subcommittee on Investigations of the Homeland Security and Governmental Affairs Committee. He is set to retire in January 2015.[1]
Levin is seen as a crusader against certain Wall Street's business tactics, use of tax loopholes and other perceived abuses.
In May of 2009 he introduced a bill that would amend the Commodity Futures Modernization Act of 2000 and allow federal regulators to oversee the trading of over-the-counter derivatives.[2]
Levin, along with fellow democratic senator Jeff Merkley, also proposed the controversial idea to ban banks from high-risk speculative trading.[3]
In December 2014 he introduced a bill, co-sponsored with Sen. John McCain, that would crack down on trading on inside information in physical commodities, limiting Wall Street banks' ability to deal in physical markets. He previously accused Goldman Sachs and other banks of manipulating physical commodity markets. As the chairman of the Permanent Subcommittee on Investigations, he concluded a two-year investigation in November that found some U.S. banks had manipulated prices to gain an unfair trading advantage over consumers.
Background[edit]
Levin was born in 1934 in Detroit, Michigan. He practiced and taught law in Michigan until he was appointed the assistant attorney general in 1964. He went on to become the first general counsel for the Michigan Civil Rights Commission where helped establish the Detroit Defender's Office and led the Appellate Division, which has become the State Appellate Defender's Office. In 1969, he was elected to the Detroit City Council and became president in 1973.
In 1978, he won in upset victory over the number two Republican in the U.S. Senate and was reelected in 1984, 1990, 1996, 2002 and 2008.[4]
In May of 2010, Levin and senator Jeff Merkley from Oregon proposed an amendment to a financial regulation bill being considered in the senate. The amendment would ban "proprietary" trading at large banks.[5]
Education[edit]
Levin graduated from Swarthmore College in 1956 and Harvard University Law School in 1959.
References[edit]
- ↑ Levin retirement leaves Dems defending fourth open seat in 2014 cycle. The Hill.
- ↑ US Sens. Levin, Collins Seek To Allow Regulation Of Swaps. Nasdaq.
- ↑ US Senate likely to bar banks' high-risk trades. Reuters.
- ↑ About Carl Levin. Senate website.
- ↑ Senators Seek Proprietary Trading Ban for Big Banks. The Wall Street Journal.