Carl Levin

While I believe belonging to a union is the surest way to guarantee equal pay on the job, the Paycheck Fairness Act will provide effective new tools to close the wage gap.

I deeply appreciate the gentleman from Illinois' kind remarks. I will absolutely give my dad his regards. I will call him tonight and tell him, seriously, that the gentleman said that. I really appreciate the incredible honor and…

Woman, I am glad to hear that some corporations are good citizens. However, we cannot leave our basic functioning of our democracy to the whims of individuals. Some corporations protected the safety of their workers before we had the OSHA…

Woman, how much time do I have remaining? The Acting CHAIR. The gentleman has 2\1/4\ minutes remaining.

I thank the gentleman for yielding. I say to the gentleman from St. Joseph, in this Special Order, we are a little different from Michigan. I say to the gentleman from St. Joseph, if Kildee went to the dark side, Levin will come over to…

I thank the gentleman for yielding the additional time. Mr. Chair, I urge my colleagues to support this resolution. Mr. McCAUL. Mr. Chairman, I yield 2 minutes to the gentleman from Florida (Mr. Yoho), the ranking member on the Asia, the…

Given increasing global instability, we strongly agree with the Army's recommendation to not let Army Reserve ESO drop lower than 195,000 Soldiers.

Will you take a look then at the testimony of Goldman in that regard in this hearing yesterday?

Finally, Goldman has not allocated any capital to cover potential losses from a catastrophic event.

We are going to ask you and the Fed to take a look at the activities of Goldman and the others that we have in our Report, in this merchant banking area.

How do you get at that issue as to whether or not they are getting too deeply involved in the day-to-day management of the companies that they buy, which is inconsistent with the rules of merchant banking?

It has got to also be made public.

Really, there is huge risk with this kind of ownership and inventory at billions and billions of dollars.

Will you talk to the OCC about the possibilities of making a change in that regard?

And would you also let us know for the record whether or not the Fed believes that the Bank Holding Company Act provides sufficient authority to place a reasonable size limit on a financial holding company's physical commodity activities…

Can you check with your Legal Division and get back to us?

The discrepancy between those two numbers is stark, and it shows just how ineffective the current limits are.

We cannot tolerate what we saw with the Goldman warehouses in Detroit, for instance. It is totally intolerable.

Now, all three of the financial holding companies that we looked at--JPMorgan, Goldman, and Morgan Stanley--were active in power plant activities.

I got to tell you, it is mighty offensive to me that JPMorgan portrays its actions as a joke.

And in the end, JPMorgan's bidding schemes caused California and Michigan electricity authorities to pay approximately $124 million in excessive payments to JPMorgan.

And so JPMorgan used its bidding strategies to more than make up for the money it lost at market rates, frequently receiving in the end more than twice its costs because of the make-whole mechanism.

Is it also true that the FERC staff discovered some of these schemes during its investigation and brought them to the attention of JPMorgan and that JPMorgan did not stop the manipulative activity but instead developed new schemes?

And there are two things that I find incredible about this: The first is that anyone would advertise in a resume that they know about a flaw in the system, signaling that they are ready and willing to exploit that flaw; and, second, that…

And it is my understanding that independent system operators in California and Michigan had never before witnessed the degree of blatant manipulation and gaming strategies that JPMorgan used to try to profit from its power plants.