1 00:00:02,920 --> 00:00:10,600 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,640 --> 00:00:14,560 Speaker 1: Bloomberg Balance of Power podcast. Catch Just Live weekdays at 3 00:00:14,560 --> 00:00:17,239 Speaker 1: noon Eastern on Apocarplay and then roud Otto with the 4 00:00:17,239 --> 00:00:21,280 Speaker 1: Bloomberg Business app. Listen on demand wherever you get your podcasts, 5 00:00:21,360 --> 00:00:24,040 Speaker 1: or watch us live on YouTube. 6 00:00:25,680 --> 00:00:28,400 Speaker 2: Hayle lines alongside Joe Matthew here in Washington where we 7 00:00:28,440 --> 00:00:31,120 Speaker 2: really all have many questions today, but one of them 8 00:00:31,160 --> 00:00:33,519 Speaker 2: particular looming large over Capitol Hill, and that is the 9 00:00:33,640 --> 00:00:35,720 Speaker 2: question of whether or not we will see in full 10 00:00:36,560 --> 00:00:40,080 Speaker 2: by sanctioned release the Ethics Committee will sort into Matt Gates. 11 00:00:40,120 --> 00:00:42,600 Speaker 2: Because remember, if the Committee does not vote to actually 12 00:00:42,640 --> 00:00:46,600 Speaker 2: release this formally, we could still hypothetically see it leaked. 13 00:00:46,720 --> 00:00:48,760 Speaker 3: Well, that's a good point. There's a big difference between 14 00:00:48,760 --> 00:00:49,000 Speaker 3: the two. 15 00:00:49,040 --> 00:00:51,120 Speaker 4: There are different ways to get this information, including by 16 00:00:51,120 --> 00:00:53,640 Speaker 4: the way, the lawyer of the women involved in this case, 17 00:00:53,680 --> 00:00:56,800 Speaker 4: those who brought allegations against Matt Gates, has started doing 18 00:00:56,840 --> 00:01:01,240 Speaker 4: interviews in mainstream media, and we're going to be surrounded 19 00:01:01,360 --> 00:01:03,480 Speaker 4: by these stories one way or the other. 20 00:01:04,000 --> 00:01:05,559 Speaker 3: But it's happening as we speak. 21 00:01:05,600 --> 00:01:08,560 Speaker 4: As Kaylee mentioned, the Ethics Committee is gathering right now, 22 00:01:08,600 --> 00:01:11,120 Speaker 4: and our reporter at the location lets us know that 23 00:01:11,200 --> 00:01:14,320 Speaker 4: Chairman Michael Guest has arrived. He had little to say 24 00:01:14,360 --> 00:01:17,240 Speaker 4: as he did arrive. And the top Democrat, Susan Wilde 25 00:01:17,280 --> 00:01:19,960 Speaker 4: is there as well. So this is happening as we speak. 26 00:01:19,959 --> 00:01:22,559 Speaker 4: And we're joined now by a Member of Congress, Roger 27 00:01:22,640 --> 00:01:25,559 Speaker 4: Christian Morphy, the Democrat from Illinois is with us, of course, 28 00:01:26,480 --> 00:01:30,680 Speaker 4: ranking member, the Democratic leader on the China Select Committee. Congressman, welcome, 29 00:01:30,760 --> 00:01:33,280 Speaker 4: It's great to have you back here on Bloomberg TV 30 00:01:33,440 --> 00:01:35,560 Speaker 4: and Radio. I wonder your thoughts on this, if you 31 00:01:35,640 --> 00:01:39,000 Speaker 4: have any updates for us on whether this report will 32 00:01:39,000 --> 00:01:41,160 Speaker 4: be released or whether you think it should be released. 33 00:01:43,080 --> 00:01:44,800 Speaker 5: I don't know what they're going to decide. I think 34 00:01:44,880 --> 00:01:48,000 Speaker 5: it should be released. I think that there's precedent for this. 35 00:01:49,440 --> 00:01:54,040 Speaker 5: You know, we know of situations where there were severe scandals, 36 00:01:54,480 --> 00:01:56,960 Speaker 5: and this is one of them where you know, we're 37 00:01:56,960 --> 00:02:00,800 Speaker 5: basically having someone being nominated to be the top law 38 00:02:00,880 --> 00:02:04,600 Speaker 5: enforcement official in the country to enforce the laws who's 39 00:02:04,640 --> 00:02:07,760 Speaker 5: implicated in breaking so many of them. And I don't 40 00:02:07,800 --> 00:02:10,400 Speaker 5: need to go through the sordid list, but this is 41 00:02:10,400 --> 00:02:14,320 Speaker 5: someone who should not have been nominated, let alone confirmed. 42 00:02:16,240 --> 00:02:19,000 Speaker 2: Well, and as we consider the information that Senators will 43 00:02:19,000 --> 00:02:21,160 Speaker 2: have access to as they decide whether or not to 44 00:02:21,280 --> 00:02:25,680 Speaker 2: confirm mister Gates. Bloomberg is reporting today, citing sources familiar, 45 00:02:25,720 --> 00:02:28,400 Speaker 2: that the Trump transition team still has not signed an 46 00:02:28,440 --> 00:02:32,160 Speaker 2: agreement with the Justice Department and therefore the FBI that 47 00:02:32,200 --> 00:02:34,880 Speaker 2: would allow the bureau to vet nominees. You, of course, 48 00:02:34,919 --> 00:02:39,280 Speaker 2: also sit on the Intelligence Committee, Congressman, and I just 49 00:02:39,320 --> 00:02:41,079 Speaker 2: wonder your thoughts on what it would mean if we 50 00:02:41,160 --> 00:02:43,840 Speaker 2: don't get full background checks for, frankly, any of these 51 00:02:43,880 --> 00:02:46,640 Speaker 2: people who could be getting some of the most powerful 52 00:02:46,720 --> 00:02:49,359 Speaker 2: seats in the American political universe. 53 00:02:50,720 --> 00:02:52,760 Speaker 5: I think that's all you need to know with regard 54 00:02:52,880 --> 00:02:55,240 Speaker 5: to some of these nominees. The fact that they're not 55 00:02:55,480 --> 00:02:59,840 Speaker 5: willing to have a background check of these folks tells 56 00:02:59,840 --> 00:03:02,640 Speaker 5: you that there are some serious flaws with them, not 57 00:03:02,760 --> 00:03:05,639 Speaker 5: to mention that they're just ill qualified and ill prepared 58 00:03:05,720 --> 00:03:09,840 Speaker 5: to do these jobs. And so I'm hopeful that the 59 00:03:09,880 --> 00:03:15,640 Speaker 5: Senate will have hearings and vote a lot of these down. 60 00:03:15,880 --> 00:03:18,320 Speaker 5: But I'm even more hopeful that maybe a couple of 61 00:03:18,320 --> 00:03:22,400 Speaker 5: these will be withdrawn by the incoming president, given how 62 00:03:22,440 --> 00:03:23,600 Speaker 5: seriously flawed they are. 63 00:03:25,360 --> 00:03:27,919 Speaker 4: Well, Congressman no matter what happens here, it sure looks 64 00:03:27,960 --> 00:03:30,200 Speaker 4: like Republicans and Democrats are going to have to continue 65 00:03:30,240 --> 00:03:33,720 Speaker 4: working together if anything of any seriousness is going to 66 00:03:33,760 --> 00:03:36,360 Speaker 4: come out of this Congress. Before you joined us, we 67 00:03:36,360 --> 00:03:40,120 Speaker 4: were talking about the possibility of a Republican majority of 68 00:03:40,240 --> 00:03:43,720 Speaker 4: one seat, realizing that's not the most likely scenario, it's 69 00:03:43,760 --> 00:03:47,480 Speaker 4: still possible with now I believe four races to be called. 70 00:03:47,480 --> 00:03:49,800 Speaker 4: We just had one called while we were talking. While 71 00:03:49,800 --> 00:03:53,720 Speaker 4: you were answering that last question, Marcy Captor winning re 72 00:03:53,840 --> 00:03:57,360 Speaker 4: election in Ohio's ninth congressional district. That is the longest 73 00:03:57,400 --> 00:04:01,360 Speaker 4: serving woman in congressional history, And so the walls are 74 00:04:01,360 --> 00:04:04,920 Speaker 4: closing in a little bit more here on this Republican majority. 75 00:04:04,960 --> 00:04:09,080 Speaker 4: What role will the Democratic minority play in the new Congress? 76 00:04:09,080 --> 00:04:12,040 Speaker 4: And will you help re elect Mike Johnson as speaker? 77 00:04:14,200 --> 00:04:17,080 Speaker 5: Well, I think that. Let me answer the first part, 78 00:04:17,120 --> 00:04:20,320 Speaker 5: which is I think the Democratic Minority is going to 79 00:04:20,360 --> 00:04:23,440 Speaker 5: be essential in getting the business of the Chamber done. 80 00:04:23,520 --> 00:04:26,599 Speaker 5: As you know, on spending bill after spending bill, in 81 00:04:26,680 --> 00:04:30,679 Speaker 5: terms of making sure the government functions, Mike Johnson and 82 00:04:30,960 --> 00:04:34,760 Speaker 5: Kevin McCarthy for that matter, relied on Democrats to supply 83 00:04:34,839 --> 00:04:39,800 Speaker 5: the votes to get the bills passed. I'm not going 84 00:04:39,839 --> 00:04:41,920 Speaker 5: to be supporting Mike Johnson. I'm going to be supporting 85 00:04:42,080 --> 00:04:45,520 Speaker 5: Hakeem Jefferies to be Speaker, and I think we'll be 86 00:04:45,600 --> 00:04:49,440 Speaker 5: unified in that particular vote. 87 00:04:49,720 --> 00:04:53,240 Speaker 2: Well, when we consider the idea that come the next Congress, 88 00:04:53,320 --> 00:04:56,400 Speaker 2: whenever the new speaker is elected, there could be three 89 00:04:56,480 --> 00:04:59,320 Speaker 2: vacancies that need to be filled by special elections, and 90 00:04:59,360 --> 00:05:02,640 Speaker 2: that could provide a bit of leverage for Democrats. Congressman, 91 00:05:02,680 --> 00:05:05,360 Speaker 2: how easy will it be for the minority to hold 92 00:05:05,440 --> 00:05:08,520 Speaker 2: up the first one hundred days agenda working with this 93 00:05:08,640 --> 00:05:09,360 Speaker 2: kind of margin. 94 00:05:11,200 --> 00:05:16,000 Speaker 5: Well, there are any number of issues that require a 95 00:05:16,520 --> 00:05:20,000 Speaker 5: majority vote, and as you know, some of my colleagues 96 00:05:20,040 --> 00:05:23,479 Speaker 5: on the other side will not in any case, for instance, 97 00:05:23,600 --> 00:05:26,520 Speaker 5: vote on spending bills vote for them. I should say, 98 00:05:27,000 --> 00:05:29,800 Speaker 5: I call them part of the vote no Hope Yes 99 00:05:29,920 --> 00:05:33,680 Speaker 5: caucus where they are hoping that there are enough Republicans 100 00:05:33,760 --> 00:05:37,680 Speaker 5: and for that matter, the majority of Democrats supporting that 101 00:05:37,760 --> 00:05:41,400 Speaker 5: measure to make it go through passage so that they 102 00:05:41,440 --> 00:05:43,920 Speaker 5: don't have to support it and they can rail against 103 00:05:43,960 --> 00:05:47,640 Speaker 5: it and rhetorically oppose it. So I think Democrats will 104 00:05:47,680 --> 00:05:52,880 Speaker 5: absolutely be necessary for a lot of routine business that 105 00:05:53,200 --> 00:05:56,080 Speaker 5: the incoming present as well as Speaker Johnson need to 106 00:05:56,080 --> 00:05:57,120 Speaker 5: get done in Congress. 107 00:05:58,360 --> 00:06:03,240 Speaker 4: We're hearing about red lines, Congressman, from President She this 108 00:06:03,320 --> 00:06:05,040 Speaker 4: is something that we talk to you about, of course, 109 00:06:05,040 --> 00:06:07,160 Speaker 4: because of your perch on the China Select Committee and 110 00:06:07,200 --> 00:06:09,480 Speaker 4: President she met with Joe Biden at the Apex sum 111 00:06:09,560 --> 00:06:13,440 Speaker 4: at the end of last week and reiterated his four 112 00:06:13,600 --> 00:06:16,960 Speaker 4: red lines for when Washington turns over to a new 113 00:06:17,000 --> 00:06:20,000 Speaker 4: Congress and of course a new administration with Donald Trump 114 00:06:20,080 --> 00:06:23,360 Speaker 4: in the White House in January, should he. 115 00:06:23,360 --> 00:06:24,960 Speaker 3: Be concerned about what is coming? 116 00:06:25,000 --> 00:06:29,320 Speaker 4: What will the Trump second administration mean for our relationship 117 00:06:29,440 --> 00:06:32,400 Speaker 4: with China? Beyond this idea of across the board tariffs. 118 00:06:32,640 --> 00:06:36,440 Speaker 4: Will there be a relationship between these two it all? 119 00:06:36,600 --> 00:06:38,320 Speaker 5: Yeah, I think so. I think there will be some 120 00:06:38,400 --> 00:06:42,599 Speaker 5: continuity with regard to the policies of the Biden administration 121 00:06:42,960 --> 00:06:46,120 Speaker 5: going into the second Trump administration, just the same way 122 00:06:46,160 --> 00:06:49,479 Speaker 5: there was from the first Trump administration into the Biden administration. So, 123 00:06:49,640 --> 00:06:52,760 Speaker 5: for instance, I'm hopeful that they'll keep the export controls 124 00:06:52,800 --> 00:06:58,040 Speaker 5: in place with regard to high end semiconductor exports. I'm 125 00:06:58,040 --> 00:07:01,640 Speaker 5: hopeful that they'll keep the outbound investment restrictions in place. 126 00:07:02,000 --> 00:07:05,720 Speaker 5: And finally, among other things, we have to do everything 127 00:07:05,760 --> 00:07:09,760 Speaker 5: we can to repair our military industrial base and also 128 00:07:10,400 --> 00:07:13,640 Speaker 5: equipp Taiwan and our friends and partners and allies with 129 00:07:13,680 --> 00:07:17,400 Speaker 5: what they need to deter aggression by the Chinese Communist Party. 130 00:07:18,920 --> 00:07:23,239 Speaker 2: What about TikTok, Congressman, because apparently the president elect wouldn't 131 00:07:23,280 --> 00:07:26,000 Speaker 2: like to see it banned. After all, what's its fate 132 00:07:26,160 --> 00:07:28,960 Speaker 2: in the United States given the legislation that has already 133 00:07:28,960 --> 00:07:30,640 Speaker 2: passed and become law. 134 00:07:31,360 --> 00:07:34,280 Speaker 5: You're exactly right. It is the law. It's in the courts. 135 00:07:34,320 --> 00:07:36,760 Speaker 5: I fully expect that it will be upheld by the courts, 136 00:07:37,200 --> 00:07:41,040 Speaker 5: and if the incoming president wants to repeal that legislation, 137 00:07:41,240 --> 00:07:43,360 Speaker 5: he should come back to Congress. Now, you should know 138 00:07:43,640 --> 00:07:45,960 Speaker 5: that three hundred and sixty people voted in favor of 139 00:07:46,000 --> 00:07:49,400 Speaker 5: this legislation in the House, not to mention a huge 140 00:07:49,440 --> 00:07:53,160 Speaker 5: majority in the Senate, and so I think that there's 141 00:07:53,720 --> 00:07:56,160 Speaker 5: a lot of sentiment in favor of making sure that 142 00:07:56,200 --> 00:07:57,800 Speaker 5: we protect our national security. 143 00:07:59,360 --> 00:08:01,640 Speaker 4: You know, Donald try up As indicated that Mark Zuckerberg 144 00:08:01,720 --> 00:08:04,200 Speaker 4: might be a greater threat to the American people than 145 00:08:04,240 --> 00:08:07,760 Speaker 4: anything posed by TikTok. He says, you get rid of 146 00:08:07,760 --> 00:08:11,160 Speaker 4: TikTok and you empower Mark Zuckerberg, how would you react 147 00:08:11,160 --> 00:08:11,360 Speaker 4: to that. 148 00:08:13,760 --> 00:08:14,520 Speaker 6: I don't think. 149 00:08:16,520 --> 00:08:19,320 Speaker 5: I personally think that with regard to anybody in the 150 00:08:19,400 --> 00:08:22,800 Speaker 5: United States, if the President wants to do something about 151 00:08:22,800 --> 00:08:25,920 Speaker 5: social media, for instance, which a lot of us believe 152 00:08:26,080 --> 00:08:28,800 Speaker 5: need to be regulated better, then we need to pursue 153 00:08:28,880 --> 00:08:32,199 Speaker 5: legislation here in the House and the Senate and get 154 00:08:32,240 --> 00:08:34,120 Speaker 5: it signed into law by the President. And we can 155 00:08:34,200 --> 00:08:37,960 Speaker 5: do that. But with regard to a foreign adversary controlling 156 00:08:37,960 --> 00:08:40,720 Speaker 5: a social media app, they are beyond our loss, they 157 00:08:40,760 --> 00:08:43,600 Speaker 5: are beyond our rules and regulations. And that's why this 158 00:08:43,640 --> 00:08:48,000 Speaker 5: particular law, which requires a divestment by byteedance of TikTok, 159 00:08:48,440 --> 00:08:50,720 Speaker 5: makes sense, and that's why it commanded so much support. 160 00:08:52,679 --> 00:08:55,800 Speaker 2: Congressman, we were all a bit puzzled yesterday when the 161 00:08:55,840 --> 00:08:59,640 Speaker 2: announcement dropped from the President elect nominating Howard Lutnik to 162 00:08:59,720 --> 00:09:04,640 Speaker 2: be Commerce Secretary. Also included in that announcement saying that 163 00:09:04,720 --> 00:09:07,680 Speaker 2: he is now going to have direct oversight of the 164 00:09:07,720 --> 00:09:12,040 Speaker 2: Office of the US Trade Representatives, which typically reports directly 165 00:09:12,080 --> 00:09:14,080 Speaker 2: to the President. And I wonder as we consider the 166 00:09:14,120 --> 00:09:17,360 Speaker 2: relationship with China, specifically, knowing the battle that is likely 167 00:09:17,400 --> 00:09:20,440 Speaker 2: to come over tariffs. What you make of that move 168 00:09:20,480 --> 00:09:23,240 Speaker 2: in this kind of operational structure. 169 00:09:24,520 --> 00:09:27,800 Speaker 5: I'm not sure you know. All I can say is 170 00:09:27,840 --> 00:09:30,880 Speaker 5: that the substance of the policies that they're talking about 171 00:09:30,920 --> 00:09:34,760 Speaker 5: across the board, tariffs of twenty percent on all goods 172 00:09:34,760 --> 00:09:38,840 Speaker 5: from everywhere in the world, would be severely disruptive, be 173 00:09:38,960 --> 00:09:43,240 Speaker 5: super inflationary. From my constituents. It would hurt my exporters 174 00:09:43,240 --> 00:09:47,040 Speaker 5: in Illinois, including our farmers in Illinois. And then it would, 175 00:09:47,320 --> 00:09:50,320 Speaker 5: you know, basically divide us from our friends, partners, and 176 00:09:50,360 --> 00:09:56,120 Speaker 5: allies whom we need encountering aggression from China. 177 00:09:56,240 --> 00:09:58,880 Speaker 2: All right, Congressman, we always appreciate you joining us live 178 00:09:58,920 --> 00:10:02,120 Speaker 2: from Capitol Hill and in your district as well. When 179 00:10:02,120 --> 00:10:04,920 Speaker 2: you are there. Congressman Raja Krishna Murphy, the Democrat from 180 00:10:04,960 --> 00:10:09,800 Speaker 2: Illinois Live on Bloomberg TV and Radio. 181 00:10:10,240 --> 00:10:13,560 Speaker 1: You're listening to the Bloomberg Balance of Power podcast Ken 182 00:10:13,760 --> 00:10:16,800 Speaker 1: Just Live weekdays at noon Eastern on Applecarplay and then 183 00:10:16,880 --> 00:10:19,400 Speaker 1: royd Otto with the Bloomberg Business App. You can also 184 00:10:19,520 --> 00:10:23,040 Speaker 1: listen live on Amazon Alexa from our flagship New York station, 185 00:10:23,440 --> 00:10:26,160 Speaker 1: Just Say Alexa Play Bloomberg eleven thirty. 186 00:10:28,480 --> 00:10:31,439 Speaker 2: The House Ethics Committee is gathered now at an undisclosed 187 00:10:31,480 --> 00:10:34,880 Speaker 2: location as they weigh whether or not to release their 188 00:10:34,920 --> 00:10:38,800 Speaker 2: report looking into now former Congressman Matt Gates, who of 189 00:10:38,800 --> 00:10:42,720 Speaker 2: course resigned just days ago after Donald Trump nominated him 190 00:10:43,120 --> 00:10:46,400 Speaker 2: to be Attorney General. Matt Gates, as we speak, is 191 00:10:46,440 --> 00:10:49,280 Speaker 2: on Capitol Hill as well with the Vice President elect 192 00:10:49,360 --> 00:10:52,360 Speaker 2: jd Vance for meetings with a handful of Republican Senators, 193 00:10:52,360 --> 00:10:56,760 Speaker 2: knowing it will take many Republican votes, more than fifty 194 00:10:56,800 --> 00:11:01,319 Speaker 2: of them to get Gates confirmed, as well as members 195 00:11:01,360 --> 00:11:04,560 Speaker 2: of the House are looking for more information on Gates 196 00:11:04,559 --> 00:11:07,400 Speaker 2: to be revealed, as we've heard from Congressman Sean Caston 197 00:11:07,400 --> 00:11:10,120 Speaker 2: who joined this program yesterday, as well as a number 198 00:11:10,160 --> 00:11:12,520 Speaker 2: of Republican voices on the Hill yesterday. 199 00:11:13,360 --> 00:11:16,640 Speaker 7: The Ethics Committee has the authority to release that report. 200 00:11:16,760 --> 00:11:18,560 Speaker 7: And I think what scares a lot of us is 201 00:11:18,559 --> 00:11:20,559 Speaker 7: that we saw the last time that the Trump was 202 00:11:20,600 --> 00:11:23,720 Speaker 7: in the White House that he not only surrounds himself 203 00:11:23,760 --> 00:11:26,960 Speaker 7: with sexual predators, people who are credibly accused of sexual assault, 204 00:11:27,120 --> 00:11:28,600 Speaker 7: but suppresses that information. 205 00:11:28,679 --> 00:11:31,360 Speaker 2: I think I'm safe and saying that President Trump would 206 00:11:31,400 --> 00:11:34,480 Speaker 2: like to see him have his confirmation hearing and get 207 00:11:34,520 --> 00:11:34,880 Speaker 2: a shot. 208 00:11:34,960 --> 00:11:37,079 Speaker 6: His chance to respond will be a confirmation hearing. 209 00:11:37,160 --> 00:11:40,800 Speaker 1: I think that if they want a speedy consideration of 210 00:11:40,840 --> 00:11:44,320 Speaker 1: this nomination, there's. 211 00:11:46,200 --> 00:11:48,880 Speaker 8: We've got to have as much transparency as we can. 212 00:11:49,000 --> 00:11:51,800 Speaker 7: We're creating a false crisis because the reality is all 213 00:11:51,840 --> 00:11:55,160 Speaker 7: that information is going to be on display at the hearing. 214 00:11:55,480 --> 00:11:56,680 Speaker 6: Thank Brett Kavanaugh. 215 00:11:56,720 --> 00:12:01,600 Speaker 8: I'm going to hold my folks to the same standard 216 00:12:01,640 --> 00:12:03,760 Speaker 8: I would hold Democrat nominees. 217 00:12:05,360 --> 00:12:06,439 Speaker 3: A false crisis. 218 00:12:07,200 --> 00:12:09,720 Speaker 4: Quite a few voices we've heard from on both sides 219 00:12:09,920 --> 00:12:12,679 Speaker 4: of Capitol Hill in the past couple of days. Here 220 00:12:12,720 --> 00:12:15,160 Speaker 4: as we assemble our political panel, Genie Shanzeno is with 221 00:12:15,240 --> 00:12:19,240 Speaker 4: us Bloomberg Politics contributor, Democratic Analysts and political science professor 222 00:12:19,280 --> 00:12:24,239 Speaker 4: at Iona University, alongside Maura Gillespie, founder Bluestack Strategies Republican 223 00:12:24,360 --> 00:12:28,520 Speaker 4: strategist Mora. I'll start with you as our Republican. Having 224 00:12:28,600 --> 00:12:31,880 Speaker 4: worked for John Bahner in the Speaker's office, you appreciate 225 00:12:32,120 --> 00:12:36,439 Speaker 4: the traditions and conventions of the House of Representatives. Should 226 00:12:36,440 --> 00:12:37,800 Speaker 4: the Ethics Committee release. 227 00:12:37,600 --> 00:12:43,120 Speaker 9: This report, I think they should. It's not unprecedented. You know, 228 00:12:43,320 --> 00:12:47,440 Speaker 9: after Mark Foley left, they also released Theatic investigation into him, 229 00:12:48,320 --> 00:12:50,880 Speaker 9: So I think there's president to do so. And again, 230 00:12:50,960 --> 00:12:53,679 Speaker 9: if we're talking about a position for the cabinet level 231 00:12:54,400 --> 00:12:58,240 Speaker 9: of you know, Department of Justice, Attorney General, this is 232 00:12:58,320 --> 00:13:01,520 Speaker 9: huge and the Senate needs to have of the materials 233 00:13:01,520 --> 00:13:06,160 Speaker 9: and everything possible to properly vet, and this report is 234 00:13:06,200 --> 00:13:08,800 Speaker 9: important to that aspect, I think. Regardless, I believe Tom 235 00:13:08,800 --> 00:13:12,280 Speaker 9: Tillis and a couple other Senator Kramer people I've said, 236 00:13:12,280 --> 00:13:14,559 Speaker 9: you know, regardless of whether the Committee decides to release it, 237 00:13:14,559 --> 00:13:16,920 Speaker 9: it probably will get out. But I think that for 238 00:13:17,040 --> 00:13:19,199 Speaker 9: the integrity of the institution, if you go to the 239 00:13:19,240 --> 00:13:20,920 Speaker 9: proper channels, then I would like to see the Ethics 240 00:13:20,920 --> 00:13:23,679 Speaker 9: Committee release that report. Well. 241 00:13:23,679 --> 00:13:27,040 Speaker 2: Weigh in on this integrity question, Genie, because of course 242 00:13:27,080 --> 00:13:30,440 Speaker 2: the House Ethics Committee is unique in that it's equal 243 00:13:30,640 --> 00:13:34,720 Speaker 2: representation from both parties here, it does require a certain 244 00:13:34,760 --> 00:13:38,240 Speaker 2: amount of bipartisan cooperation because of that, and I wonder 245 00:13:38,320 --> 00:13:42,040 Speaker 2: if the Committee does not in fact rule to release 246 00:13:42,120 --> 00:13:44,160 Speaker 2: this but it gets out anyway, if that is going 247 00:13:44,200 --> 00:13:48,000 Speaker 2: to create problems for investigations that could come in the 248 00:13:48,040 --> 00:13:52,120 Speaker 2: future where you would hope bipartisanship would be still the 249 00:13:52,160 --> 00:13:52,760 Speaker 2: name of the game. 250 00:13:54,480 --> 00:13:57,320 Speaker 8: Yeah, I mean, that's In fact, the concern and the 251 00:13:57,400 --> 00:14:01,040 Speaker 8: Democrats have that Republicans have that it does threatened the 252 00:14:01,040 --> 00:14:03,960 Speaker 8: integrity of the committee. As more mentioned, it has happened 253 00:14:04,000 --> 00:14:07,320 Speaker 8: in the past that they have released. You know, one 254 00:14:07,360 --> 00:14:10,400 Speaker 8: of my favorite sort of ideas that we've heard in 255 00:14:10,440 --> 00:14:13,040 Speaker 8: the last twenty four hours is somebody takes a page 256 00:14:13,040 --> 00:14:16,679 Speaker 8: from the Pentagon papers, goes onto the House floor and 257 00:14:16,840 --> 00:14:20,040 Speaker 8: reads the report into the record, so they wouldn't face 258 00:14:20,120 --> 00:14:24,400 Speaker 8: any legal repercussions or the challenge of leaking to reporters. 259 00:14:25,280 --> 00:14:29,360 Speaker 8: That would certainly make for a fascinating look at the 260 00:14:29,400 --> 00:14:33,640 Speaker 8: congressional record after that, But I don't know if anybody 261 00:14:33,680 --> 00:14:36,440 Speaker 8: will do that. You know, you also have somebody like 262 00:14:36,840 --> 00:14:40,640 Speaker 8: wild on that committee, the ranking member, who has nothing 263 00:14:40,680 --> 00:14:44,080 Speaker 8: to lose since she lost reelection. But it all does 264 00:14:44,200 --> 00:14:47,320 Speaker 8: raise challenges about how the committee operates going forward. 265 00:14:48,920 --> 00:14:49,080 Speaker 3: Well. 266 00:14:49,120 --> 00:14:53,120 Speaker 4: Donald Trump prefers to not use the FBI, at least 267 00:14:53,120 --> 00:14:56,240 Speaker 4: this time around, to vet his nominees, and there is 268 00:14:56,320 --> 00:15:00,560 Speaker 4: now a standoff with senators demanding that they see those 269 00:15:00,560 --> 00:15:05,240 Speaker 4: who will be involved in the confirmation process more that 270 00:15:05,280 --> 00:15:07,840 Speaker 4: they see the FBI file on Matt Gates. Is that 271 00:15:08,320 --> 00:15:10,360 Speaker 4: not fair game for someone who could be running the 272 00:15:10,400 --> 00:15:11,280 Speaker 4: Department of Justice. 273 00:15:12,800 --> 00:15:14,640 Speaker 9: It's absolutely a fair game. You want to be the 274 00:15:14,640 --> 00:15:17,920 Speaker 9: person who's running the entire department, you need to go 275 00:15:17,960 --> 00:15:20,840 Speaker 9: through every proper channel that we have. And this is 276 00:15:20,840 --> 00:15:23,200 Speaker 9: where it gets frustrating. I think that for a lot 277 00:15:23,240 --> 00:15:26,000 Speaker 9: of people who have worked on Capitol Hill or have 278 00:15:26,160 --> 00:15:29,160 Speaker 9: encountered the former congressman, I believe he now a former 279 00:15:29,160 --> 00:15:34,680 Speaker 9: congressman having resigned, it's not surprising, unfortunately about these reports. 280 00:15:35,120 --> 00:15:36,720 Speaker 9: And so for those who are pretending as if this 281 00:15:36,880 --> 00:15:41,640 Speaker 9: is shocking news, they're just being misleading because the stories 282 00:15:41,680 --> 00:15:44,360 Speaker 9: about Matt Gates and what he has showed other members 283 00:15:44,360 --> 00:15:46,120 Speaker 9: and other members have shared with us in the past 284 00:15:47,120 --> 00:15:50,000 Speaker 9: does amount to a concern. And that's putting it lightly 285 00:15:50,240 --> 00:15:52,880 Speaker 9: about him having this position, and to think that he 286 00:15:52,880 --> 00:15:55,280 Speaker 9: would just skate through or go through a recis appointment 287 00:15:55,760 --> 00:15:59,640 Speaker 9: is really concerning and it doesn't bode well to kick 288 00:15:59,640 --> 00:16:02,080 Speaker 9: off your administration, to go back into the White House 289 00:16:02,120 --> 00:16:04,760 Speaker 9: and have this hanging overhead. I just don't think it's 290 00:16:04,760 --> 00:16:05,360 Speaker 9: a smart move. 291 00:16:07,520 --> 00:16:10,560 Speaker 2: Well, we're getting some more moves or reports of from 292 00:16:10,920 --> 00:16:13,960 Speaker 2: the Trump transition. CBS News is now reporting that Trump 293 00:16:14,040 --> 00:16:17,480 Speaker 2: is expected to name for the Office of Management and 294 00:16:17,520 --> 00:16:21,560 Speaker 2: Budgement budget excuse me, Ross Vogue, who of course served 295 00:16:21,600 --> 00:16:25,520 Speaker 2: in that role during his first term. He also is 296 00:16:25,520 --> 00:16:27,840 Speaker 2: one of the author's genie of a section of Project 297 00:16:27,920 --> 00:16:29,760 Speaker 2: twenty twenty five. And this is not the first time 298 00:16:29,800 --> 00:16:31,680 Speaker 2: we have seen a name put out that didn't have 299 00:16:31,720 --> 00:16:35,200 Speaker 2: affiliation with Project twenty twenty five. And I wonder what 300 00:16:35,240 --> 00:16:38,360 Speaker 2: this is revealing to you about just how closely we 301 00:16:38,400 --> 00:16:42,280 Speaker 2: should expect that blueprint to be followed in this incoming 302 00:16:42,280 --> 00:16:42,840 Speaker 2: White House. 303 00:16:44,320 --> 00:16:44,560 Speaker 1: Yeah. 304 00:16:44,600 --> 00:16:46,760 Speaker 8: I mean it's such a good point because we've seen 305 00:16:46,840 --> 00:16:49,520 Speaker 8: a number of these nominees so far, some of whom 306 00:16:49,640 --> 00:16:52,520 Speaker 8: authored parts of the report, and there were hundreds of 307 00:16:52,560 --> 00:16:56,280 Speaker 8: people on that report, so it's, you know, to be expected. 308 00:16:56,760 --> 00:17:00,640 Speaker 8: But you know, I think it is going to impact 309 00:17:00,920 --> 00:17:04,320 Speaker 8: the policymaking going forward and is guiding what the Trump 310 00:17:04,400 --> 00:17:08,240 Speaker 8: administration incoming administration hopes to do. And I think what's 311 00:17:08,320 --> 00:17:12,120 Speaker 8: most concerning about that is we are often told that 312 00:17:12,320 --> 00:17:15,760 Speaker 8: Donald Trump is authentic, he's not afraid to say the 313 00:17:15,880 --> 00:17:18,720 Speaker 8: quiet part out loud, and yet he stood during the 314 00:17:18,800 --> 00:17:21,760 Speaker 8: campaign and said he has nothing to do with Project 315 00:17:21,760 --> 00:17:25,200 Speaker 8: twenty twenty five. It'll have no impact on how he governs. 316 00:17:25,480 --> 00:17:28,439 Speaker 8: And yet these nominees tell a different story. So I 317 00:17:28,480 --> 00:17:31,280 Speaker 8: think he does owe it to the American people to 318 00:17:31,359 --> 00:17:34,560 Speaker 8: say what is the affiliation there, how much of that 319 00:17:34,680 --> 00:17:37,800 Speaker 8: is going to guide especially considering we got a nominee 320 00:17:37,840 --> 00:17:41,960 Speaker 8: yesterday of Linda McMahon for education and a big part 321 00:17:41,960 --> 00:17:45,600 Speaker 8: of that report is focused on dismantling the education department. 322 00:17:46,280 --> 00:17:48,600 Speaker 4: Well, I want to ask you about that as an educator. 323 00:17:48,640 --> 00:17:51,639 Speaker 4: You pointed me right to it. Donald Trump, in his 324 00:17:51,760 --> 00:17:55,640 Speaker 4: statement announcing Linda McMahon says, quote, we will send education 325 00:17:55,920 --> 00:17:59,280 Speaker 4: back to the States, all caps, and Linda will spearhead 326 00:17:59,320 --> 00:18:02,640 Speaker 4: that effort. Her job essentially is to dismantle the Department 327 00:18:02,720 --> 00:18:05,439 Speaker 4: of Education. But she's going to need congressional approval or 328 00:18:05,440 --> 00:18:08,159 Speaker 4: he will to make that happen. In the meantime, it 329 00:18:08,200 --> 00:18:11,479 Speaker 4: seems there's some low hanging fruit according to the initial 330 00:18:11,480 --> 00:18:17,960 Speaker 4: analysis here genie stopping schools from promoting inaccurate and unpatriotic 331 00:18:18,119 --> 00:18:23,040 Speaker 4: concepts about American history surrounding institutionalized racism. That sounds like 332 00:18:23,080 --> 00:18:27,320 Speaker 4: critical race theory. Also expanding voucher programs that direct more 333 00:18:27,359 --> 00:18:32,040 Speaker 4: public funds to parents to spend on homeschooling, on religious schools. 334 00:18:32,480 --> 00:18:34,119 Speaker 4: Do you see all that happening in the first one 335 00:18:34,160 --> 00:18:34,720 Speaker 4: hundred days. 336 00:18:36,040 --> 00:18:39,080 Speaker 8: Yeah, I don't see the dismantling for the reason you mentioned. 337 00:18:39,080 --> 00:18:41,800 Speaker 8: They would need to overcome the filibuster be very hard 338 00:18:41,880 --> 00:18:45,560 Speaker 8: to do. And I do see her pushing for school choice. 339 00:18:45,600 --> 00:18:48,200 Speaker 8: She will follow in the tradition of Betsy de Vos 340 00:18:48,359 --> 00:18:50,639 Speaker 8: who was devoted to that as well. The Senate is 341 00:18:50,680 --> 00:18:53,000 Speaker 8: thinking on the GOP side of a tax credit in 342 00:18:53,000 --> 00:18:56,359 Speaker 8: that direction, so I think she may see some movement there. 343 00:18:56,640 --> 00:19:00,520 Speaker 8: But the issue of this CRT or the critic race 344 00:19:00,600 --> 00:19:04,520 Speaker 8: theory elimination, the cultural changes they're talking about raise is 345 00:19:04,560 --> 00:19:08,720 Speaker 8: a really important question. What if the state of Massachusetts 346 00:19:08,760 --> 00:19:12,399 Speaker 8: decides it wants to teach CRT, are they going to 347 00:19:12,600 --> 00:19:15,840 Speaker 8: use the department that they're talking about closing then to 348 00:19:16,080 --> 00:19:18,960 Speaker 8: force the state not to teach it. I think they've 349 00:19:18,960 --> 00:19:22,120 Speaker 8: got to make a choice. Are they for returning education 350 00:19:22,240 --> 00:19:24,840 Speaker 8: to the state level the local level or is it 351 00:19:24,880 --> 00:19:27,080 Speaker 8: only returning it to the state and local level when 352 00:19:27,080 --> 00:19:30,359 Speaker 8: the state is doing what this Christian nationalist movement in 353 00:19:30,520 --> 00:19:33,040 Speaker 8: visions should be taught. And that's going to be a 354 00:19:33,080 --> 00:19:35,320 Speaker 8: big fight about federalism going forward. 355 00:19:36,920 --> 00:19:39,000 Speaker 2: Well, so more our way in here, What do you 356 00:19:39,040 --> 00:19:42,359 Speaker 2: think is more likely that they just try to change 357 00:19:42,720 --> 00:19:46,639 Speaker 2: what actually is mandated by the Department and apply it nationally, 358 00:19:47,080 --> 00:19:49,800 Speaker 2: or really do attempt to dismantle it and hope that 359 00:19:49,840 --> 00:19:52,000 Speaker 2: they can get Congress to go along. 360 00:19:53,520 --> 00:19:55,359 Speaker 9: Well, the Genie's point, if they're going to go through 361 00:19:55,560 --> 00:19:58,080 Speaker 9: making it, returning it to the States, that would be 362 00:19:58,280 --> 00:20:00,800 Speaker 9: somewhat consistent with what a concern the principle would be, 363 00:20:00,920 --> 00:20:04,360 Speaker 9: you know, smaller government. But to then enforce their will 364 00:20:04,480 --> 00:20:06,600 Speaker 9: what they want the States to do, that then is 365 00:20:06,600 --> 00:20:09,760 Speaker 9: a contradiction and would be entirely hypocritical to then have 366 00:20:09,920 --> 00:20:11,960 Speaker 9: that stance as well. So you can't have it both ways, 367 00:20:12,640 --> 00:20:14,520 Speaker 9: you know, pick one or the other. But I think 368 00:20:14,560 --> 00:20:16,359 Speaker 9: also this idea that they're going to be able to 369 00:20:16,359 --> 00:20:18,280 Speaker 9: do this in the first hundred days, really they have 370 00:20:18,640 --> 00:20:21,240 Speaker 9: the two years if you think about it, because there 371 00:20:21,240 --> 00:20:23,840 Speaker 9: will be a referendum in two years essentially if people 372 00:20:23,880 --> 00:20:26,000 Speaker 9: are liking the way that the things are going with 373 00:20:26,000 --> 00:20:28,360 Speaker 9: the Trump administration or not, when we have another round 374 00:20:28,400 --> 00:20:31,480 Speaker 9: of House voats and they'll get the way in. So 375 00:20:31,560 --> 00:20:33,720 Speaker 9: it's really a matter of two years essentially to push 376 00:20:33,760 --> 00:20:35,800 Speaker 9: through as much as they can or would like to 377 00:20:35,800 --> 00:20:36,240 Speaker 9: get done. 378 00:20:37,880 --> 00:20:38,399 Speaker 6: It's time to. 379 00:20:38,359 --> 00:20:41,360 Speaker 4: Start running for the mid terms now, or would eliminating 380 00:20:41,400 --> 00:20:44,240 Speaker 4: the Department of Education moreau be good for America. 381 00:20:45,960 --> 00:20:48,760 Speaker 9: You know, I can't say that I think just full 382 00:20:48,800 --> 00:20:51,440 Speaker 9: out dismantling it, but I do think and this is 383 00:20:51,480 --> 00:20:53,840 Speaker 9: something that you're starting to see people realize there needs 384 00:20:53,880 --> 00:20:57,439 Speaker 9: to be some accountability across the departments of you know, 385 00:20:57,480 --> 00:20:59,679 Speaker 9: an audit. A lot of funds have been used in 386 00:20:59,760 --> 00:21:01,480 Speaker 9: ways that we don't even know about. So having a 387 00:21:01,480 --> 00:21:04,240 Speaker 9: little more transparency to look into what each department is 388 00:21:04,240 --> 00:21:06,240 Speaker 9: spending money on. I don't think it's a bad thing, 389 00:21:06,240 --> 00:21:08,320 Speaker 9: and I think it's something that we as the americ 390 00:21:08,320 --> 00:21:09,639 Speaker 9: people who are funding a lot of this stuff that 391 00:21:09,720 --> 00:21:12,560 Speaker 9: through tax payer dollars, should know what's being spent. So 392 00:21:12,600 --> 00:21:15,080 Speaker 9: I think doing a deep dive on these departments is 393 00:21:15,560 --> 00:21:17,720 Speaker 9: a positive step and so that we should be okay 394 00:21:17,800 --> 00:21:20,200 Speaker 9: with as a country that is severely in debt. 395 00:21:22,280 --> 00:21:25,520 Speaker 2: All right, Mara Gillespie and Jeanie Shanzy know our political 396 00:21:25,560 --> 00:21:28,280 Speaker 2: panel today, Thank you so much for joining us. And 397 00:21:28,320 --> 00:21:31,160 Speaker 2: we're getting more reporting now out from our team here 398 00:21:31,160 --> 00:21:33,840 Speaker 2: at Bloomberg about what exactly the second White House could 399 00:21:33,880 --> 00:21:36,280 Speaker 2: look like and who could be in it, what kind 400 00:21:36,280 --> 00:21:39,840 Speaker 2: of roles they could be filling. Apparently the President elect 401 00:21:39,840 --> 00:21:42,480 Speaker 2: and his team are mollly creating the first ever White 402 00:21:42,560 --> 00:21:47,480 Speaker 2: House crypto role in our vetting people for that post. 403 00:21:47,760 --> 00:21:49,520 Speaker 2: Keeping in mind, of course that over the course of 404 00:21:49,520 --> 00:21:51,399 Speaker 2: the campaign, Donald Trump did say he wants to make 405 00:21:51,440 --> 00:21:53,480 Speaker 2: the US the bitcoin capital of. 406 00:21:53,560 --> 00:21:57,280 Speaker 4: The National Stockpile or reserve. I was curious if this 407 00:21:57,320 --> 00:21:59,840 Speaker 4: is a cabinet position. Does this fall under the Treasury 408 00:22:00,000 --> 00:22:00,840 Speaker 4: secretary get. 409 00:22:00,720 --> 00:22:01,200 Speaker 6: To be named? 410 00:22:01,400 --> 00:22:03,840 Speaker 4: Is it a bizarre We'll have a lot to learn bitcoin. 411 00:22:03,920 --> 00:22:05,879 Speaker 4: By the way, Gray Scale up one and a half percent. 412 00:22:06,280 --> 00:22:07,040 Speaker 3: This is Bloomberg. 413 00:22:10,680 --> 00:22:14,240 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 414 00:22:14,320 --> 00:22:17,359 Speaker 1: Just Live weekdays at noon Eastern on Applecarplay and then 415 00:22:17,480 --> 00:22:20,880 Speaker 1: Rouno with the Bloomberg Business app. Listen on demand wherever 416 00:22:20,960 --> 00:22:26,280 Speaker 1: you get your podcasts, or watch us live on YouTube 417 00:22:26,600 --> 00:22:26,960 Speaker 1: as we. 418 00:22:26,960 --> 00:22:30,000 Speaker 4: Bring you the latest on the transition and on leadership 419 00:22:30,000 --> 00:22:31,440 Speaker 4: elections on Capitol Hill. 420 00:22:31,480 --> 00:22:32,399 Speaker 3: It's all coming together. 421 00:22:32,480 --> 00:22:34,879 Speaker 4: Knowing of course that Washington is going to turn red 422 00:22:35,520 --> 00:22:38,399 Speaker 4: in January, Donald Trump will move into the White House, 423 00:22:38,760 --> 00:22:40,800 Speaker 4: and a lot of things around here are going to change, 424 00:22:40,800 --> 00:22:42,800 Speaker 4: some of them changing already. If you take a look 425 00:22:42,840 --> 00:22:45,480 Speaker 4: at what's happening in the Senate. Look, we talked about 426 00:22:45,480 --> 00:22:49,159 Speaker 4: the horse race throughout the campaign cycle, right who was 427 00:22:49,240 --> 00:22:51,679 Speaker 4: up one point, who was down by a half point. 428 00:22:51,720 --> 00:22:55,080 Speaker 4: It was painful and tedious. Now we're going through the 429 00:22:55,200 --> 00:22:58,800 Speaker 4: churn of the transition. It's the name game, it's survivor 430 00:22:58,840 --> 00:23:00,760 Speaker 4: at mar a Lago. And look, this is what keeps 431 00:23:00,800 --> 00:23:03,280 Speaker 4: the gears turning in Washington. It's a big part of it. 432 00:23:03,320 --> 00:23:06,520 Speaker 4: But I want to give you a different view into 433 00:23:06,560 --> 00:23:09,480 Speaker 4: what's happening right now inside the nation's capital. There are 434 00:23:09,480 --> 00:23:11,720 Speaker 4: a lot of people who help to make this city work. 435 00:23:12,160 --> 00:23:14,439 Speaker 4: Some of them you don't see and hear from a 436 00:23:14,480 --> 00:23:17,360 Speaker 4: lot on TV or the radio like this, and that's 437 00:23:17,400 --> 00:23:20,280 Speaker 4: for a reason, because they're the important ones. They're the 438 00:23:20,359 --> 00:23:23,280 Speaker 4: ones who move the money and the policy. And that's 439 00:23:23,320 --> 00:23:26,119 Speaker 4: what we talk about when we consider the concept of 440 00:23:26,240 --> 00:23:29,359 Speaker 4: K Street here in Washington. It's another one of the 441 00:23:29,440 --> 00:23:33,840 Speaker 4: estates helping the capital run. And I promised you we'd 442 00:23:33,840 --> 00:23:36,760 Speaker 4: bring you a titan of K Street with me at 443 00:23:36,760 --> 00:23:41,400 Speaker 4: the table today. For an important conversation is Rob Waters. 444 00:23:42,800 --> 00:23:47,440 Speaker 4: He founded the Madison Group, which is an important lobbying firm. 445 00:23:47,720 --> 00:23:49,840 Speaker 4: I'll call it K Street, even though it's on Pennsylvania 446 00:23:49,880 --> 00:23:52,959 Speaker 4: Avenue about twenty years ago. Rob spent years as an 447 00:23:52,960 --> 00:23:55,480 Speaker 4: advisor and an operative in the US House is specialty 448 00:23:55,560 --> 00:23:58,560 Speaker 4: budgets and appropriations, which we talk about every day here 449 00:23:58,800 --> 00:24:01,359 Speaker 4: on Balance of Power. Served as a consultant to the 450 00:24:01,359 --> 00:24:04,280 Speaker 4: Department of Commerce in the US Trade rep and as 451 00:24:04,280 --> 00:24:06,280 Speaker 4: a long record of working with foreign governments here in 452 00:24:06,400 --> 00:24:10,280 Speaker 4: Washington helping them find opportunities. He's also a noted wine connoisseur. 453 00:24:10,400 --> 00:24:12,600 Speaker 4: Rob Waters, Welcome to Bloomberg. It's nice to see you. 454 00:24:12,640 --> 00:24:16,719 Speaker 6: Why Joe, thank you. So it is Pennsylvania Avenue. 455 00:24:16,800 --> 00:24:19,320 Speaker 4: Not it is Pennsylvania Avenue, which means you get away 456 00:24:19,320 --> 00:24:21,200 Speaker 4: with a lot. So you know where the bodies are buried. 457 00:24:21,200 --> 00:24:23,239 Speaker 4: You also know where the money is buried. And I 458 00:24:23,280 --> 00:24:25,200 Speaker 4: just want to start broadly with you. When people talk 459 00:24:25,240 --> 00:24:29,240 Speaker 4: about K Street and the business of influence in this town, 460 00:24:29,680 --> 00:24:32,520 Speaker 4: what is changing right now? You're looking at leadership be selected, 461 00:24:32,560 --> 00:24:35,520 Speaker 4: You're looking at the transition, filling in the blanks. When 462 00:24:35,600 --> 00:24:39,159 Speaker 4: do you start finding opportunities or are you already when 463 00:24:39,240 --> 00:24:40,680 Speaker 4: it comes to influence? 464 00:24:40,720 --> 00:24:43,080 Speaker 6: A lot of the day after the election. So it's awesome. 465 00:24:43,119 --> 00:24:44,880 Speaker 10: It's I mean, the game is the game, but it's 466 00:24:44,880 --> 00:24:50,480 Speaker 10: a numbers game. And you know, a president, any president, 467 00:24:50,960 --> 00:24:55,000 Speaker 10: has one hundred days of his first day in to 468 00:24:55,200 --> 00:24:59,760 Speaker 10: really affect policy and process. And it doesn't matter who 469 00:24:59,800 --> 00:25:02,240 Speaker 10: you are. You are and I'm a Republican, so I'm 470 00:25:02,240 --> 00:25:03,439 Speaker 10: a pretty happy guy right now. 471 00:25:03,480 --> 00:25:03,719 Speaker 3: You are. 472 00:25:05,280 --> 00:25:07,880 Speaker 10: But you know, it is so close to the numbers 473 00:25:07,880 --> 00:25:10,720 Speaker 10: in the House of Representatives, and you know, if you 474 00:25:10,800 --> 00:25:15,200 Speaker 10: have under sixty in the Senate, you're gonna need to talk. 475 00:25:15,400 --> 00:25:19,240 Speaker 10: So as much as everyone says, you know it's a 476 00:25:19,280 --> 00:25:23,400 Speaker 10: red sweep, it's still very much a bipartisan, more regional 477 00:25:23,480 --> 00:25:26,040 Speaker 10: I need this guy from here and this guy from here, 478 00:25:26,119 --> 00:25:28,439 Speaker 10: or this lady from here, this lady from here. So 479 00:25:29,040 --> 00:25:32,879 Speaker 10: it remains ever the numbers game, yep. Interesting and you 480 00:25:33,080 --> 00:25:36,000 Speaker 10: won't be new for Mike Johnson. Now what is in 481 00:25:36,119 --> 00:25:37,560 Speaker 10: store for John Thune. 482 00:25:38,000 --> 00:25:41,280 Speaker 4: He's got a wider majority, not by much than Mitch McConnell, 483 00:25:41,280 --> 00:25:43,320 Speaker 4: but he's also got a very different mandating. He's got 484 00:25:43,320 --> 00:25:45,639 Speaker 4: Donald Trump on the other end of Pennsylvania Avenue with 485 00:25:45,720 --> 00:25:46,560 Speaker 4: some high demands. 486 00:25:46,640 --> 00:25:48,959 Speaker 10: I mean, listen, nobody can look at the Senate and 487 00:25:48,960 --> 00:25:52,040 Speaker 10: not say Mitch McConnell wasn't a titan. I mean, just 488 00:25:52,240 --> 00:25:55,880 Speaker 10: one of the best operators smartest people ever. I've been 489 00:25:55,880 --> 00:25:58,520 Speaker 10: blessed to know and work with him in his office 490 00:25:58,560 --> 00:26:01,359 Speaker 10: for many years. Those are big shoes to fill. John 491 00:26:01,440 --> 00:26:05,639 Speaker 10: Thune has has a different conference. You know, for the 492 00:26:05,680 --> 00:26:09,320 Speaker 10: first time the majority is actually under fifty five. So 493 00:26:09,680 --> 00:26:14,000 Speaker 10: it's it's an interesting generational shift that's happening. Amazing and 494 00:26:14,600 --> 00:26:18,760 Speaker 10: people who have more of a populist view of America 495 00:26:18,880 --> 00:26:23,760 Speaker 10: first as opposed to you know, that Wilsonian thought process 496 00:26:23,800 --> 00:26:25,760 Speaker 10: that you know a generation ago had. 497 00:26:25,800 --> 00:26:27,800 Speaker 4: Well, So, how does that change your job when you're 498 00:26:27,840 --> 00:26:31,040 Speaker 4: dealing with Populis that changes the rules for lobbying? 499 00:26:31,080 --> 00:26:33,399 Speaker 3: Does it not well? Or does it make it more predictable? 500 00:26:33,480 --> 00:26:36,199 Speaker 10: Well, we're advocates for American employers, so I think it 501 00:26:36,240 --> 00:26:38,240 Speaker 10: makes it far better for us. Okay, you know, I 502 00:26:38,240 --> 00:26:42,680 Speaker 10: mean bringing jobs to America and creating industry in America 503 00:26:42,880 --> 00:26:47,840 Speaker 10: is what we do, and representing those interests as an honor, 504 00:26:47,920 --> 00:26:51,560 Speaker 10: and you know, I think it's the mandate that the 505 00:26:52,359 --> 00:26:55,480 Speaker 10: electorate set is like, look, you know, we don't want 506 00:26:55,480 --> 00:26:57,959 Speaker 10: to pay two dollars more for eggs or three dollars 507 00:26:57,960 --> 00:27:00,199 Speaker 10: more for milk. We would like to buy into the 508 00:27:00,240 --> 00:27:04,600 Speaker 10: American dreams. So how that gets processed is just a 509 00:27:04,640 --> 00:27:05,200 Speaker 10: new venue. 510 00:27:05,240 --> 00:27:08,320 Speaker 3: But a populous streak makes things less predictable for you, 511 00:27:08,760 --> 00:27:09,199 Speaker 3: does it not? 512 00:27:09,760 --> 00:27:11,120 Speaker 6: I think the math is the same. 513 00:27:11,280 --> 00:27:15,880 Speaker 4: Really absolutely, Talk to me then about the business of relationships. 514 00:27:16,080 --> 00:27:19,600 Speaker 4: You've got new people coming into Washington. You've had a 515 00:27:19,680 --> 00:27:23,960 Speaker 4: number of retirements here. Yeah, you never stop. You're the 516 00:27:24,080 --> 00:27:27,400 Speaker 4: ultimate networker. How do you find me in when you're 517 00:27:27,440 --> 00:27:29,000 Speaker 4: in a time of transition like this? 518 00:27:29,400 --> 00:27:33,440 Speaker 10: You know, you help your friends, you support your friends, 519 00:27:35,640 --> 00:27:40,800 Speaker 10: you listen, you show up, and you know a lot 520 00:27:40,840 --> 00:27:43,200 Speaker 10: of the people that I am blessed to represent have 521 00:27:43,680 --> 00:27:47,560 Speaker 10: employment in many districts. And we sit and listen and 522 00:27:47,680 --> 00:27:50,280 Speaker 10: talk and continue the conversation. That's all it is. 523 00:27:50,359 --> 00:27:53,000 Speaker 4: Who's calling right now? Is it your existing clients? Is 524 00:27:53,000 --> 00:27:55,280 Speaker 4: it new business coming in? What's it like in the 525 00:27:55,320 --> 00:27:56,280 Speaker 4: weeks after the election? 526 00:27:56,960 --> 00:27:59,720 Speaker 10: I mean, you talk to your clients every day. I mean, 527 00:28:00,080 --> 00:28:02,520 Speaker 10: you know who we represent, so we talk to them 528 00:28:02,560 --> 00:28:06,080 Speaker 10: every day. And you know, I've had meetings with new 529 00:28:06,080 --> 00:28:10,359 Speaker 10: people who are looking at opportunities to advance their agenda 530 00:28:10,480 --> 00:28:12,400 Speaker 10: and create more jobs in America. 531 00:28:12,440 --> 00:28:15,400 Speaker 4: And you can give our listeners and viewers a sense 532 00:28:15,400 --> 00:28:17,320 Speaker 4: of who you represent, by the way, if you choose 533 00:28:17,359 --> 00:28:17,800 Speaker 4: to name. 534 00:28:17,720 --> 00:28:21,280 Speaker 10: Names fantastic top tier corporations. 535 00:28:21,400 --> 00:28:23,560 Speaker 4: That's that's very well done. I had a feeling you 536 00:28:23,600 --> 00:28:26,640 Speaker 4: might answer it that way. So talk to me about 537 00:28:27,080 --> 00:28:32,040 Speaker 4: the year ahead. Well, extending the Trump tax cuts the 538 00:28:32,080 --> 00:28:32,840 Speaker 4: biggest job. 539 00:28:32,720 --> 00:28:35,399 Speaker 6: You have to do that. How how do you not? 540 00:28:35,600 --> 00:28:38,560 Speaker 10: I mean a part of listen, I know, build back 541 00:28:38,640 --> 00:28:40,720 Speaker 10: better and all the things that we did. But what 542 00:28:40,920 --> 00:28:44,360 Speaker 10: spurred economic growth were the fact that people have more 543 00:28:44,400 --> 00:28:46,920 Speaker 10: money in their pocket. And honestly, you have to extend 544 00:28:47,280 --> 00:28:49,760 Speaker 10: those tax cuts. And but that's got to go through 545 00:28:49,800 --> 00:28:52,480 Speaker 10: K Street the I mean, I think it has to 546 00:28:52,480 --> 00:28:54,800 Speaker 10: go through the ways and means. I send it for it, 547 00:28:54,920 --> 00:28:56,960 Speaker 10: I send it Finance House. 548 00:28:57,720 --> 00:28:59,640 Speaker 3: But you know that's not going to pass without the 549 00:28:59,640 --> 00:29:00,680 Speaker 3: help of guys like you. 550 00:29:01,120 --> 00:29:03,080 Speaker 10: I mean, I don't think it's going to pass without 551 00:29:03,120 --> 00:29:05,320 Speaker 10: two hundred and eighteen people in the House and fifty 552 00:29:05,360 --> 00:29:06,080 Speaker 10: one in the Senate. 553 00:29:06,360 --> 00:29:08,880 Speaker 4: You're not taking credit for this. Talk to me about 554 00:29:08,960 --> 00:29:11,480 Speaker 4: Christmas trees then, because we're going to make about to. 555 00:29:11,400 --> 00:29:14,360 Speaker 10: Buy one right after Thanksgiving. Okay, And you know I 556 00:29:14,400 --> 00:29:16,160 Speaker 10: prefer white lights online, Well. 557 00:29:15,960 --> 00:29:17,440 Speaker 4: You can put all the white lights you want on 558 00:29:17,480 --> 00:29:20,880 Speaker 4: this thing. They're called amendments, they're called they're called writers. 559 00:29:21,000 --> 00:29:22,720 Speaker 3: Yes, absolutely, So you're. 560 00:29:22,600 --> 00:29:23,960 Speaker 6: Talking about the funding bill. 561 00:29:24,040 --> 00:29:26,760 Speaker 3: Look the government we run out of money on December twenty. 562 00:29:26,960 --> 00:29:30,480 Speaker 10: We do, and I think it will be a short 563 00:29:30,560 --> 00:29:36,000 Speaker 10: term pass to allow for more review on government funding. 564 00:29:36,080 --> 00:29:36,760 Speaker 6: And listen. 565 00:29:36,800 --> 00:29:42,520 Speaker 10: I'm enthused about, you know, the president saying that he 566 00:29:42,640 --> 00:29:45,960 Speaker 10: wants us to look at wasteful government spending. I mean, 567 00:29:46,520 --> 00:29:50,000 Speaker 10: all due respect, I mean you can cut five percent 568 00:29:50,040 --> 00:29:52,480 Speaker 10: across the board right now and return it down and 569 00:29:52,560 --> 00:29:53,720 Speaker 10: lower our debt yield. 570 00:29:53,800 --> 00:29:55,520 Speaker 6: I mean you just can do it. 571 00:29:55,680 --> 00:29:58,200 Speaker 3: I think Ida the doughe. 572 00:29:58,280 --> 00:30:00,880 Speaker 10: The doge with a vivek and yes, yeah, I think 573 00:30:00,880 --> 00:30:01,680 Speaker 10: it's a good idea. 574 00:30:01,840 --> 00:30:03,959 Speaker 4: Somebody's got to listen to them, though, and enact it. 575 00:30:04,560 --> 00:30:07,120 Speaker 4: I think that's when another phone call comes to your office. 576 00:30:07,360 --> 00:30:11,880 Speaker 10: I think people need to realize, you know, when government 577 00:30:11,920 --> 00:30:14,520 Speaker 10: agencies can't pass an audit or don't know where the 578 00:30:14,560 --> 00:30:17,800 Speaker 10: money went five seven years in a row, maybe there's 579 00:30:17,840 --> 00:30:20,520 Speaker 10: a problem. Maybe there can be cut. So I think 580 00:30:20,840 --> 00:30:25,240 Speaker 10: President elect Trump is absolutely right that, you know, waste, 581 00:30:25,240 --> 00:30:27,680 Speaker 10: fraud and abuse exists, and I think they're better ways 582 00:30:27,720 --> 00:30:28,320 Speaker 10: to spend it. 583 00:30:29,040 --> 00:30:31,960 Speaker 4: We could see our first trillion dollar defense budget this year. 584 00:30:32,160 --> 00:30:34,240 Speaker 6: We could do you see. 585 00:30:34,000 --> 00:30:37,760 Speaker 4: That happening and to what extent will that money stay 586 00:30:37,800 --> 00:30:40,480 Speaker 4: here in the US. This is something that you're going 587 00:30:40,520 --> 00:30:41,440 Speaker 4: to end up talking about a. 588 00:30:41,440 --> 00:30:42,080 Speaker 6: Lot next year. 589 00:30:42,280 --> 00:30:46,560 Speaker 10: I mean, I think that we are realizing what the 590 00:30:46,640 --> 00:30:52,560 Speaker 10: true threats facing our country is. And you know, China 591 00:30:52,680 --> 00:30:58,000 Speaker 10: is an exigent threat. They are looking at our trade routes, 592 00:30:58,520 --> 00:31:01,480 Speaker 10: violating them in Roe doctrine. In every day of the week, 593 00:31:01,840 --> 00:31:05,920 Speaker 10: you have Russian trawlers that are cutting internet cables and 594 00:31:06,120 --> 00:31:08,760 Speaker 10: you know this affects our communication. And I think we 595 00:31:08,920 --> 00:31:12,680 Speaker 10: need to take a look at how our information flow, 596 00:31:12,840 --> 00:31:17,520 Speaker 10: our financial tools, and how our commerce tradelines are looked at. 597 00:31:17,600 --> 00:31:19,880 Speaker 6: And I am enthused. 598 00:31:19,960 --> 00:31:23,760 Speaker 10: About a Secretary of State designate Marco Rubio and the 599 00:31:23,800 --> 00:31:26,800 Speaker 10: team that's coming in there. And I think the economic 600 00:31:26,920 --> 00:31:30,680 Speaker 10: team that President Trump will name will be well received 601 00:31:30,680 --> 00:31:31,400 Speaker 10: by the market. 602 00:31:32,200 --> 00:31:35,240 Speaker 4: It's interesting that we're Bloomberg. So we're obsessing over the 603 00:31:35,240 --> 00:31:37,800 Speaker 4: Treasury secretary. I think you should be well, it's going 604 00:31:37,880 --> 00:31:40,600 Speaker 4: to be a pretty big deal. We're also obsessing over 605 00:31:40,640 --> 00:31:43,560 Speaker 4: some of the names that have been floated that certain 606 00:31:43,560 --> 00:31:46,680 Speaker 4: senators don't think they can support. Yeah, and to the 607 00:31:46,760 --> 00:31:48,440 Speaker 4: extent you want to weigh in on the Matt Gates, 608 00:31:48,520 --> 00:31:50,600 Speaker 4: is the Pete hegseats. They're being walked around by JD. 609 00:31:50,720 --> 00:31:53,080 Speaker 4: Vans right now. You've seen this process before. Is it 610 00:31:53,080 --> 00:31:54,000 Speaker 4: different this time or not? 611 00:31:54,440 --> 00:31:55,960 Speaker 6: No, it's the same process. Look. 612 00:31:56,280 --> 00:31:58,760 Speaker 10: I was lucky enough to be one of the people 613 00:31:58,760 --> 00:32:02,240 Speaker 10: who walked around one of the sub cabinets under the 614 00:32:02,240 --> 00:32:06,160 Speaker 10: first Trump administration. I will be doing that again under 615 00:32:06,400 --> 00:32:07,360 Speaker 10: this administration. 616 00:32:07,800 --> 00:32:11,560 Speaker 4: Incoming President elect is not asking too much of the 617 00:32:11,600 --> 00:32:13,000 Speaker 4: Senate to clear all these names. 618 00:32:13,160 --> 00:32:15,520 Speaker 10: I think the president elect has the right to name 619 00:32:15,560 --> 00:32:18,040 Speaker 10: whoever he wants in the Senate that the Senate has 620 00:32:18,080 --> 00:32:20,160 Speaker 10: the right to ad buse and consent to that. 621 00:32:20,760 --> 00:32:23,680 Speaker 4: So you're not feeling a rubber stamp in the Fune 622 00:32:23,760 --> 00:32:25,520 Speaker 4: conference when it comes to these. 623 00:32:25,560 --> 00:32:28,160 Speaker 6: I mean, they may not all pass as I like 624 00:32:28,280 --> 00:32:28,680 Speaker 6: to say. 625 00:32:28,720 --> 00:32:31,560 Speaker 10: They all sing from the same hymnals, but they sing 626 00:32:31,600 --> 00:32:32,600 Speaker 10: the words that they wish. 627 00:32:32,800 --> 00:32:35,240 Speaker 3: Okay, So not everyone gets confirmed. 628 00:32:35,240 --> 00:32:38,440 Speaker 10: That's normal, right, But I mean, show me one administration 629 00:32:38,520 --> 00:32:40,040 Speaker 10: that everyone has been confirmed. 630 00:32:40,040 --> 00:32:41,840 Speaker 6: Ever, it just doesn't happen. 631 00:32:42,200 --> 00:32:44,240 Speaker 3: We have only about a minute with Rob Waters. 632 00:32:44,240 --> 00:32:46,560 Speaker 4: What will be the biggest opportunity when it comes to 633 00:32:46,720 --> 00:32:51,040 Speaker 4: the business of influence in Washington in twenty twenty five, I. 634 00:32:51,560 --> 00:32:53,040 Speaker 6: Would say drinking wine with you. 635 00:32:54,040 --> 00:32:55,200 Speaker 3: That's not an acceptable lance. 636 00:32:55,320 --> 00:32:55,760 Speaker 6: It isn't. 637 00:32:55,960 --> 00:32:56,160 Speaker 1: No. 638 00:32:56,400 --> 00:32:57,640 Speaker 3: As much as I like the sound. 639 00:32:57,480 --> 00:33:01,640 Speaker 10: Of it, I think the economic vision that President Trump 640 00:33:01,680 --> 00:33:05,240 Speaker 10: has is a good vision, and helping enact that will 641 00:33:05,280 --> 00:33:07,800 Speaker 10: be one of the best opportunities for America. 642 00:33:07,840 --> 00:33:10,200 Speaker 3: Is this the year that Washington gets religion on tariffs? 643 00:33:10,920 --> 00:33:13,600 Speaker 10: I think Washington's going to get religion on a few things. 644 00:33:13,680 --> 00:33:16,440 Speaker 4: Yeah, the Madison Group, don't be a stranger. You'll come 645 00:33:16,480 --> 00:33:19,360 Speaker 4: back again if you have me. Okay, Rob Waters, the 646 00:33:19,400 --> 00:33:22,560 Speaker 4: Titan of k Street. We promised here in Washington Life 647 00:33:22,560 --> 00:33:23,400 Speaker 4: on Balance of Power. 648 00:33:23,400 --> 00:33:24,920 Speaker 3: Great to see you and thank you for the insights. 649 00:33:25,200 --> 00:33:33,000 Speaker 4: As always, save me some wine. Thanks for listening to 650 00:33:33,040 --> 00:33:36,440 Speaker 4: the Balance of Power podcast. Make sure to subscribe if 651 00:33:36,440 --> 00:33:39,160 Speaker 4: you haven't already, at Apple, Spotify, or wherever you get 652 00:33:39,200 --> 00:33:42,200 Speaker 4: your podcasts, and you can find us live every weekday 653 00:33:42,240 --> 00:33:46,040 Speaker 4: from Washington, DC at noontime Eastern at Bloomberg dot com.