July 2014 Newsletter

Issues Update

In recent weeks, Sen. Levin released a bipartisan Senate report showing how banks and hedge funds avoided billions of dollars in taxes; highlighted efforts to help Michigan small businesses get the capital they need to grow and create jobs; and spoke in favor of his legislation to boost cleanup and preservation of the Great Lakes.

Subcommittee uncovers tax avoidance, excess financial risk

July 2014 newsletter - PSI basket options hearingIn recent years, Sen. Levin's Permanent Subcommittee on Investigations has exposed complex financial arrangements that profitable corporations and wealthy individuals employ to avoid their obligations to pay all their U.S. taxes. It has also examined reckless behavior that has put the stability of the financial system - and by extension, the U.S. economy - at risk. In July, the subcommittee issued a 100-page report and held a hearing that brought those themes together, showing how Wall Street firms used a complex arrangement to avoid billions of dollars in taxes and introduce new risks to the financial system.

Read Sen. Levin's opening statement from the subcommittee hearing »

Read a press release on the subcommittee report »

Levin small business program boosts Michigan

July 2014 newsletter - small businessThe Treasury Department recently released data showing that the State Small Business Credit Initiative, a small-business lending program created by legislation Sen. Levin wrote has helped give Michigan small businesses access to more than $79 million in capital to operate, expand and create jobs.

Read a press release on the latest data from the SSBCI »

Read about Sen. Levin's efforts to extend another small-business lending program he created, the Intermediary Lending Pilot Program »

More news from Senator Levin

  • He mourned the passing of Peter Wege, a West Michigan businessman and philanthropist who was a driving force behind projects to restore the Great Lakes.
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