NEW YORK (TheStreet) -- With his term about to end later this year, Senator Carl Levin is making one final push to bring Wall Street commodity trading under control. It is a subject he has been very passionate about over the last few years. Levin, who has chaired the Senate Permanent Subcommittee on Investigations for 15 years, has been a vocal in condemning Wall Street abuses since the 2008 financial crisis.
In 2011, Levin offered recommendations to the Commodity Futures Trading Commission to curb "excessive speculation in the commodity markets."
Levin is hoping to finish his two-year probe into energy and metals market abuses by Wall Street banks. According to sources, investigators from Levin's office have met with representative from Goldman Sachs (GS) and JPMorgan Chase (JPM).
"We are looking at the physical commodities issue. There may be one other [issues to investigate], but I don't want to say what it might be," Levin was quoted as saying.
The investigation began shortly after Coca-Cola (KO) and other large metal users accused Goldman Sachs of restricting the amount of metal they released to customers and inflating their prices. Wall Street over the last few years found a very lucrative market in both owning physical metal warehouses as well as delivering the commodities. By buying up the metals warehouses, the banks were able to determine how much metal they would release to customers and when.