WASHINGTON—Sen. Carl Levin of Michigan is preparing to take one last swing at Wall Street before leaving Congress.

The Senate Permanent Subcommittee on Investigations, chaired by Mr. Levin (D., Mich), announced Thursday a two-day hearing into banks’ involvement in the ownership and trading of physical commodities in late November.

The hearing, which follows a two-year investigation by the subcommittee, is likely to delve into whether banks’ participation in the market for physical commodities influenced prices and harmed consumers. The subcommittee has held discussions with officials from J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley , among others. It wasn’t immediately clear who will appear before the subcommittee, but regulators and companies are expected to appear.

The hearing will “provide facts that have been missing from the public debate about the nature and extent of bank involvement with physical commodities and the impact and consequences of that involvement,” Mr. Levin said in a statement.

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