1 00:00:01,920 --> 00:00:05,480 Speaker 1: You're listening to Bloomberg Sound On with Kevin Sireley on 2 00:00:05,760 --> 00:00:15,840 Speaker 1: Bloomberg Radio. I'm Jeanie Schanzano in for Kevin Cirelli and 3 00:00:15,920 --> 00:00:19,720 Speaker 1: joining me today as always as Bloomberg contributor Rick Davis. 4 00:00:19,760 --> 00:00:23,240 Speaker 1: And later we're going to be talking to Congressman David Schweiker, 5 00:00:23,400 --> 00:00:25,599 Speaker 1: who is also a member of the All Important House 6 00:00:25,640 --> 00:00:29,160 Speaker 1: Ways and Means Committee. And today Brian sick Nick, the 7 00:00:29,280 --> 00:00:32,360 Speaker 1: officer who died from the January six riot, became the 8 00:00:32,400 --> 00:00:36,080 Speaker 1: fifth person to lie in honor in the Capitol Rotunda, 9 00:00:36,400 --> 00:00:40,280 Speaker 1: the same room the rioters stormed earlier this month, almost 10 00:00:40,280 --> 00:00:44,200 Speaker 1: a month ago. While in the Senate, today, Majority Leader 11 00:00:44,280 --> 00:00:47,839 Speaker 1: Chuck Schumer and GOP leader Mitch McConnell reached a power 12 00:00:47,920 --> 00:00:51,440 Speaker 1: sharing agreement. And on the House side, the House is 13 00:00:51,520 --> 00:00:55,560 Speaker 1: trying to determine the fate of Republican freshman from Georgia, 14 00:00:55,640 --> 00:00:59,400 Speaker 1: Marjorie Taylor Green and trying to decide whether she should 15 00:00:59,400 --> 00:01:02,720 Speaker 1: be removed her committee assignments. Of course, Green is an 16 00:01:02,720 --> 00:01:05,640 Speaker 1: admitted member of Q and ON, and she's become notorious 17 00:01:05,640 --> 00:01:09,240 Speaker 1: for comments she made, including suggesting some school shootings were 18 00:01:09,240 --> 00:01:13,440 Speaker 1: fabricated and calling for Nancy Pelosi's execution. Over the weekend, 19 00:01:13,560 --> 00:01:16,360 Speaker 1: Mitch McConnell called her statements looney and a cancer on 20 00:01:16,400 --> 00:01:20,440 Speaker 1: the party, and today New York Democratic Congressman Hakim Jefferies, 21 00:01:20,720 --> 00:01:23,640 Speaker 1: one of many congress people calling for her removal from 22 00:01:23,680 --> 00:01:28,680 Speaker 1: her committee assignments, said that House Minority Leader McCarthy needs 23 00:01:28,720 --> 00:01:31,880 Speaker 1: to make that happen. We have sound on that Kevin 24 00:01:31,920 --> 00:01:39,000 Speaker 1: McCarthy should handle this problem because Marjorie Taylor Green is 25 00:01:39,040 --> 00:01:43,880 Speaker 1: totally out of control. Joining me to make sense about 26 00:01:43,920 --> 00:01:47,200 Speaker 1: all of this is Rick Davis Bloomberg contributor partner at 27 00:01:47,240 --> 00:01:50,760 Speaker 1: Stone Court Capital, former campaign manager for John McCain's two 28 00:01:50,800 --> 00:01:55,720 Speaker 1: thousand and eight presidential campaign, and Democratic strategist Louis Miranda, 29 00:01:55,920 --> 00:02:00,320 Speaker 1: former d n C Communications director and director of Communications 30 00:02:00,400 --> 00:02:04,560 Speaker 1: in Politics at Alloy. So, Rick, let me ask you, 31 00:02:04,600 --> 00:02:08,600 Speaker 1: can you take us inside the Republican caucus and tell 32 00:02:08,680 --> 00:02:12,000 Speaker 1: us what is going on as it pertains to Marjorie 33 00:02:12,000 --> 00:02:15,240 Speaker 1: Taylor Green. Well, you can tell from public reporting that 34 00:02:15,320 --> 00:02:21,480 Speaker 1: it's been a whirlwind of unfortunately for UH Leader McCarthy 35 00:02:21,800 --> 00:02:26,280 Speaker 1: UH nonproductive activity. UM as we know, he's taken a 36 00:02:26,320 --> 00:02:30,760 Speaker 1: totally different approach than Leader McConnell took earlier in the 37 00:02:30,800 --> 00:02:35,040 Speaker 1: week where McConnell uh disparaged Green in a way that 38 00:02:35,120 --> 00:02:37,920 Speaker 1: you would have thought. Uh, he was called acting on 39 00:02:37,919 --> 00:02:41,560 Speaker 1: behalf of the Democrats. UH. And McCarthy has been trying 40 00:02:42,200 --> 00:02:44,720 Speaker 1: in the last forty eight hours to find a solution 41 00:02:44,800 --> 00:02:48,320 Speaker 1: that doesn't require a vote in the in the House, 42 00:02:48,360 --> 00:02:51,440 Speaker 1: to uh to pull off these committees. He's been met 43 00:02:51,480 --> 00:02:55,240 Speaker 1: with a roadblock. Democratic leadership is not interested in the deal. Um. 44 00:02:55,760 --> 00:02:58,840 Speaker 1: They want uh, they want to use an example here, 45 00:02:59,360 --> 00:03:02,800 Speaker 1: and I think are certainly playing to the crowd, right. 46 00:03:02,840 --> 00:03:05,760 Speaker 1: I mean, there's I don't know anyone in the Republican 47 00:03:05,800 --> 00:03:10,720 Speaker 1: caucus who's standing up for Marjorie Taylor Green. And UH, 48 00:03:10,840 --> 00:03:15,320 Speaker 1: yet she's not relenting. She basically stiffed McCarthy said that 49 00:03:15,360 --> 00:03:17,639 Speaker 1: she wasn't gonna step down and she wasn't gonna apologize. 50 00:03:17,639 --> 00:03:22,359 Speaker 1: So without her cooperation, UH, McCarthy doesn't really have much 51 00:03:22,400 --> 00:03:24,359 Speaker 1: to offer. And so the Democrats are going to move 52 00:03:24,400 --> 00:03:27,720 Speaker 1: forward with a committee vote today and UH floor vote tomorrow. 53 00:03:28,360 --> 00:03:30,960 Speaker 1: And Louis Miranda, I'm sorry if I pronounced her name 54 00:03:30,960 --> 00:03:34,640 Speaker 1: incorrectly earlier. Lewis, I think I understand. It's great to 55 00:03:34,720 --> 00:03:37,840 Speaker 1: talk to you. Um, what is what is your view 56 00:03:38,120 --> 00:03:41,280 Speaker 1: about the Democrats taking a vote on this. There is 57 00:03:41,280 --> 00:03:43,800 Speaker 1: a school of thought that this is a dangerous precedent 58 00:03:43,880 --> 00:03:47,640 Speaker 1: for the Democrats to get involved in removing Republicans from 59 00:03:47,640 --> 00:03:51,480 Speaker 1: committee positions. Do you share that view? I think it's 60 00:03:51,520 --> 00:03:56,400 Speaker 1: certainly pressable if McCarthy acts on this, and UM, this 61 00:03:56,520 --> 00:03:59,440 Speaker 1: gets handled by Republicans as they did with Steve King 62 00:03:59,480 --> 00:04:03,240 Speaker 1: a couple of years ago after he defended UH white 63 00:04:03,280 --> 00:04:06,920 Speaker 1: supremacist viewpoints. UH, that would be the best thing for everyone, 64 00:04:06,960 --> 00:04:10,840 Speaker 1: including for the Republican Party, because frankly, whether or not 65 00:04:10,880 --> 00:04:14,720 Speaker 1: they get primary, whether or not they sort of continue 66 00:04:14,720 --> 00:04:17,559 Speaker 1: to indulge in the civil war of their own making, 67 00:04:18,040 --> 00:04:21,719 Speaker 1: the reality is that they stand a better chance if 68 00:04:21,839 --> 00:04:26,200 Speaker 1: they stand up to extremists now rather than continuing to 69 00:04:26,279 --> 00:04:29,000 Speaker 1: embolden them. And so I do think it's it's in 70 00:04:29,040 --> 00:04:32,120 Speaker 1: everyone's best interest, including the Republican parties for from a 71 00:04:32,160 --> 00:04:35,479 Speaker 1: cardiv act himself. UM. That said, if he doesn't, if 72 00:04:35,520 --> 00:04:37,640 Speaker 1: if they're not able to to come to an agreement, 73 00:04:37,680 --> 00:04:40,880 Speaker 1: then I think the House has little choice but to 74 00:04:41,040 --> 00:04:46,279 Speaker 1: take the vote UM on the Washerman Schultz bill that 75 00:04:46,279 --> 00:04:50,280 Speaker 1: that standing Hwire's coming forward because UM, at the end 76 00:04:50,320 --> 00:04:53,800 Speaker 1: of the day, the Congress itself as an institution has 77 00:04:53,880 --> 00:04:58,719 Speaker 1: to stand up to this level of extremism because, well, 78 00:04:58,839 --> 00:05:00,800 Speaker 1: very much because of what you saw on January six 79 00:05:00,839 --> 00:05:03,520 Speaker 1: on the Capitol that that kind of violence, UM you know, 80 00:05:03,560 --> 00:05:06,080 Speaker 1: did get hard used to when he was majority leader 81 00:05:06,120 --> 00:05:08,800 Speaker 1: or minority leader and you had new members of Congress 82 00:05:08,880 --> 00:05:11,600 Speaker 1: coming in, he would tell them, don't forget that Congress 83 00:05:11,720 --> 00:05:14,400 Speaker 1: is a substitute for war. It is the place where 84 00:05:14,400 --> 00:05:19,160 Speaker 1: you come to debate, uh, to to have deliberative UH 85 00:05:19,440 --> 00:05:23,920 Speaker 1: processes that enable our democracy to function. And if you 86 00:05:24,000 --> 00:05:27,000 Speaker 1: have people within the Congress that don't respect those basic 87 00:05:27,120 --> 00:05:32,040 Speaker 1: values of democracy, minority rights and minority not in in 88 00:05:32,040 --> 00:05:36,479 Speaker 1: in the terms of demographics, but the political minority um 89 00:05:37,120 --> 00:05:41,400 Speaker 1: uh and the respect for a process where everyone is 90 00:05:41,440 --> 00:05:44,120 Speaker 1: able to have a debate without the threat of violence. 91 00:05:44,680 --> 00:05:47,040 Speaker 1: M then you get into a very dangerous territory. And 92 00:05:47,080 --> 00:05:52,520 Speaker 1: so I think the Congress, for institutional um democratic purposes 93 00:05:52,520 --> 00:05:55,240 Speaker 1: in the sense of democracy, not not the Democratic Party, 94 00:05:55,600 --> 00:05:58,680 Speaker 1: needs to hold Marjorie tailor being accountable UH, to stand 95 00:05:58,760 --> 00:06:02,000 Speaker 1: up to the kind of extremism that is dangerous to everyone. Yeah, 96 00:06:02,120 --> 00:06:04,880 Speaker 1: Lewis is Rick uh a very good point. I think 97 00:06:04,920 --> 00:06:09,560 Speaker 1: that trying to establish a standard, uh that members of 98 00:06:09,640 --> 00:06:13,159 Speaker 1: the House of Representatives supposed to maintain. Even the framers 99 00:06:13,160 --> 00:06:15,480 Speaker 1: of the Constitution had a hard time figuring that one 100 00:06:15,480 --> 00:06:18,360 Speaker 1: out Right, These are supposed to be the rabble of 101 00:06:18,520 --> 00:06:21,440 Speaker 1: politics and uh, and Marjorie Taylor Green has set a 102 00:06:21,480 --> 00:06:24,600 Speaker 1: new low. Right, there's no arguing that no Republican is 103 00:06:24,640 --> 00:06:27,960 Speaker 1: actually defending her. Um. What's odd is within our own party, 104 00:06:28,080 --> 00:06:33,120 Speaker 1: it seems Republicans are rather go after Lynn Cheney, part 105 00:06:33,120 --> 00:06:36,960 Speaker 1: of leadership, for voting for impeachment than to really um 106 00:06:37,279 --> 00:06:40,560 Speaker 1: take action against Marjorie Taylor Green. But but where is 107 00:06:40,640 --> 00:06:43,760 Speaker 1: the limit there? Right? I mean, where can you go? 108 00:06:44,000 --> 00:06:47,000 Speaker 1: There'll be more investigations on what happened on January six 109 00:06:47,000 --> 00:06:49,960 Speaker 1: at the Capitol that will keep this game alive. But 110 00:06:50,080 --> 00:06:52,680 Speaker 1: it's not really a productive debate in the sense that 111 00:06:52,680 --> 00:06:55,960 Speaker 1: it's going to result in a good COVID, you know, 112 00:06:56,080 --> 00:07:00,000 Speaker 1: package of bills or something to do with UM legislay 113 00:07:00,040 --> 00:07:02,760 Speaker 1: of efforts that are positive. So how much time does 114 00:07:02,800 --> 00:07:05,160 Speaker 1: the leadership in the House really want to spend trying 115 00:07:05,160 --> 00:07:07,920 Speaker 1: to set a standard that really has been pretty loose 116 00:07:07,960 --> 00:07:11,520 Speaker 1: in the past for any member? And I agree with 117 00:07:11,560 --> 00:07:13,480 Speaker 1: you on that. I think that the longer than McCarthy 118 00:07:13,520 --> 00:07:16,040 Speaker 1: doesn't act on this, the longer that he enables and 119 00:07:16,120 --> 00:07:19,000 Speaker 1: empowers things that we've seen out in the states with 120 00:07:19,440 --> 00:07:23,520 Speaker 1: state Republican parties going after and censuring their own, whether 121 00:07:23,680 --> 00:07:28,800 Speaker 1: it's UH in Arizona or other states where they're they're 122 00:07:28,840 --> 00:07:34,000 Speaker 1: they're literally attacking list change and Wyoming, UM. You know, 123 00:07:34,080 --> 00:07:36,840 Speaker 1: they brought in a Florida member of Congress to attack 124 00:07:36,840 --> 00:07:42,000 Speaker 1: her in Wyoming, UH, instead of UM really trying to 125 00:07:42,080 --> 00:07:45,080 Speaker 1: draw the line within their states for for that kind 126 00:07:45,080 --> 00:07:48,280 Speaker 1: of balance and and UH. Again, I think that the 127 00:07:48,400 --> 00:07:52,400 Speaker 1: danger here is that if if you do empower and 128 00:07:52,440 --> 00:07:56,160 Speaker 1: embolden the extremists, they are going to primary UH. They 129 00:07:56,200 --> 00:07:58,440 Speaker 1: may win, and they actually may make it harder for 130 00:07:58,480 --> 00:08:02,200 Speaker 1: Republicans to hold Steep. That should be theirs in in 131 00:08:02,200 --> 00:08:04,560 Speaker 1: in the Midstrom election. But I agree with you. I 132 00:08:04,560 --> 00:08:07,800 Speaker 1: think both sides of the House, both in terms of 133 00:08:08,160 --> 00:08:10,600 Speaker 1: the Senate and the House as well as Republican and 134 00:08:10,640 --> 00:08:13,600 Speaker 1: Democratic like should want to be able to send a message, 135 00:08:13,600 --> 00:08:15,600 Speaker 1: send it strongly, and send it quickly so that they 136 00:08:15,600 --> 00:08:19,600 Speaker 1: can focus on another issue. It's such an important point. 137 00:08:19,680 --> 00:08:21,560 Speaker 1: I think one of the things we always tell students 138 00:08:21,640 --> 00:08:24,080 Speaker 1: is that Congress one of the rare things the U. S. 139 00:08:24,160 --> 00:08:27,760 Speaker 1: Congress has in their control and power is that they 140 00:08:27,880 --> 00:08:31,040 Speaker 1: hold responsible their members, and that means they can remove them. 141 00:08:31,040 --> 00:08:33,719 Speaker 1: They can censor them, censure them, they can remove them 142 00:08:33,720 --> 00:08:37,640 Speaker 1: from committees. So, Rick Davis, some people have asked me, 143 00:08:37,760 --> 00:08:42,040 Speaker 1: is removing Marjorie Taylor Green from an education committee enough? 144 00:08:42,559 --> 00:08:46,679 Speaker 1: Should Congress take the steps to remove her from Congress altogether? 145 00:08:47,160 --> 00:08:50,120 Speaker 1: What is your view on that. I think that we're 146 00:08:50,160 --> 00:08:53,120 Speaker 1: going to see in the very near future in the 147 00:08:53,160 --> 00:08:58,080 Speaker 1: House of Representatives more information coming forward on investigations that 148 00:08:58,080 --> 00:09:01,240 Speaker 1: are concurrent with this debate on Marjorie other Green related 149 00:09:01,280 --> 00:09:04,240 Speaker 1: to the overall attack on the Capitol. Uh. Were members 150 00:09:04,240 --> 00:09:07,559 Speaker 1: of Congress themselves complicit in helping and aid and a 151 00:09:07,640 --> 00:09:11,200 Speaker 1: bet the writers to gain access to the capital? Uh? 152 00:09:11,240 --> 00:09:14,200 Speaker 1: Were they involved in the planning process for this? And 153 00:09:14,240 --> 00:09:17,120 Speaker 1: did they understand or no or have prior knowledge of 154 00:09:17,160 --> 00:09:20,400 Speaker 1: the plans that the writers have and didn't tell the 155 00:09:20,440 --> 00:09:25,040 Speaker 1: proper authorities within the House of Representatives UM, whether it's 156 00:09:25,040 --> 00:09:28,120 Speaker 1: the Capitol Police or other law enforcement that's there in 157 00:09:28,160 --> 00:09:31,760 Speaker 1: the Capital. And and and the Marjorie Taylor Green issue 158 00:09:32,360 --> 00:09:34,360 Speaker 1: is going to come right back up because it's it's 159 00:09:34,440 --> 00:09:38,640 Speaker 1: it's linked to that entire riot process or relationship with 160 00:09:38,679 --> 00:09:41,600 Speaker 1: the Q and ON protesters who were inside the capitol. 161 00:09:42,240 --> 00:09:47,040 Speaker 1: Uh So, unless she's removed from Congress or or removes 162 00:09:47,040 --> 00:09:49,800 Speaker 1: herself or the Congress remoser, she's going to be right 163 00:09:49,800 --> 00:09:53,080 Speaker 1: back in the headlines in a very near term. Yeah, 164 00:09:53,120 --> 00:09:55,520 Speaker 1: and and and Lewis Brick raises such an important point 165 00:09:55,640 --> 00:09:58,360 Speaker 1: if they don't remove her, and it doesn't seem to 166 00:09:58,360 --> 00:10:00,880 Speaker 1: me at least that they are looking at that. At 167 00:10:00,920 --> 00:10:04,000 Speaker 1: this point, she is going to be, as Mitch McConnell described, 168 00:10:04,000 --> 00:10:06,559 Speaker 1: a cancer on this party and it will keep rearing 169 00:10:07,160 --> 00:10:09,920 Speaker 1: the head of this issue. Do you think there's any 170 00:10:10,000 --> 00:10:12,520 Speaker 1: steps to remove her at this point? Any any thought 171 00:10:12,640 --> 00:10:16,360 Speaker 1: on that. I'm not sure what what what the right 172 00:10:16,400 --> 00:10:19,640 Speaker 1: decision is there, because ultimately she is a representative of 173 00:10:19,679 --> 00:10:24,840 Speaker 1: her district and um, it may take her own voters 174 00:10:25,120 --> 00:10:27,880 Speaker 1: to do that. Um. However, I think it's something that 175 00:10:27,920 --> 00:10:31,559 Speaker 1: the House definitely has to consider, particularly, as Rick said, 176 00:10:31,920 --> 00:10:35,160 Speaker 1: as more information emerges about whether or not some of 177 00:10:35,200 --> 00:10:39,840 Speaker 1: these members of Congress we're actually involved in helping plot 178 00:10:39,880 --> 00:10:43,440 Speaker 1: out that the January six riot um and put the 179 00:10:43,559 --> 00:10:46,800 Speaker 1: lives of their fellow members of Congress in jeopardy UM. 180 00:10:46,880 --> 00:10:49,560 Speaker 1: The extent to which we we find out more details 181 00:10:49,600 --> 00:10:52,480 Speaker 1: on that may affect that. I think if if enough 182 00:10:52,520 --> 00:10:56,200 Speaker 1: information comes out corroborating that kind of scenario, UM, then 183 00:10:56,240 --> 00:10:58,600 Speaker 1: I think it's definitely incumbent on the House to at 184 00:10:58,679 --> 00:11:02,800 Speaker 1: least consider out seeing her or and and or any 185 00:11:02,840 --> 00:11:06,080 Speaker 1: others who may have been more directly involved. I think 186 00:11:06,240 --> 00:11:09,880 Speaker 1: that UM. At the end of the day, what you 187 00:11:10,000 --> 00:11:13,960 Speaker 1: also need from leadership in both sides is to have 188 00:11:14,320 --> 00:11:19,280 Speaker 1: a some sort of process UM. You know, not that 189 00:11:19,280 --> 00:11:21,240 Speaker 1: there could be a truth commission of sorts, but some 190 00:11:21,320 --> 00:11:25,079 Speaker 1: sort of process really to arrive at at some level 191 00:11:25,320 --> 00:11:30,200 Speaker 1: of agreement on refuting UM. Some major lives, the lie 192 00:11:30,280 --> 00:11:35,720 Speaker 1: that the perpetuate UM, not just the election, but but 193 00:11:35,800 --> 00:11:38,679 Speaker 1: some of the other you know, underpinnings that help keep 194 00:11:38,760 --> 00:11:41,240 Speaker 1: you and ongoing. Those need to be addressed, like there 195 00:11:41,240 --> 00:11:43,200 Speaker 1: needs to be consensus that there's certain things that are 196 00:11:43,240 --> 00:11:45,680 Speaker 1: truth and certain things that are lies. And it doesn't 197 00:11:45,720 --> 00:11:48,120 Speaker 1: matter which party you're at. And and Louis, we are 198 00:11:48,120 --> 00:11:50,080 Speaker 1: going to see if they get anywhere near a truth 199 00:11:50,080 --> 00:11:53,120 Speaker 1: commission of sorts. We're going to talk about that and 200 00:11:53,240 --> 00:11:56,440 Speaker 1: so much more, including where lawmakers are in COVID relief. 201 00:11:56,559 --> 00:12:07,200 Speaker 1: This is Sound On on Bloomberg Radio. You're listening to 202 00:12:07,280 --> 00:12:13,720 Speaker 1: Bloomberg Sound On with Kevin Surile on Bloomberg Radio. I'm 203 00:12:13,800 --> 00:12:17,320 Speaker 1: Genie Schanzano in for Kevin Cirelli, and here talking with 204 00:12:17,440 --> 00:12:21,480 Speaker 1: Rick Davis and Louis Miranda. We've been talking about how 205 00:12:21,520 --> 00:12:24,560 Speaker 1: hot things are in the House as they debate the 206 00:12:24,640 --> 00:12:28,520 Speaker 1: future of Representative Taylor Green, and I'm reminded of what 207 00:12:28,600 --> 00:12:32,240 Speaker 1: George Washington said to Thomas Jefferson. We pour legislation into 208 00:12:32,280 --> 00:12:35,960 Speaker 1: the senatorial saucer to cool it. So let's go over 209 00:12:36,000 --> 00:12:38,240 Speaker 1: to the Senate side and see how they are doing. 210 00:12:38,320 --> 00:12:41,320 Speaker 1: We know they reached a power sharing agreement today, which 211 00:12:41,360 --> 00:12:44,040 Speaker 1: is good news, but as Rick was saying, they still 212 00:12:44,080 --> 00:12:47,640 Speaker 1: are debating about the COVID relief package. President Biden and 213 00:12:47,679 --> 00:12:51,280 Speaker 1: Democrats say any relief package needs to be large. After 214 00:12:51,320 --> 00:12:53,960 Speaker 1: a meeting at the White House today, Chuck Schumer told 215 00:12:54,040 --> 00:12:58,160 Speaker 1: reporters that lawmakers can't delay any further because they have 216 00:12:58,360 --> 00:13:00,880 Speaker 1: a lot on their plate, and we have sound on that. 217 00:13:03,559 --> 00:13:06,800 Speaker 1: We had a long, serious, substance of meeting where we 218 00:13:06,880 --> 00:13:11,839 Speaker 1: discussed many of the details of the bill that we 219 00:13:11,880 --> 00:13:15,640 Speaker 1: have to put together over the next few weeks and 220 00:13:15,679 --> 00:13:19,959 Speaker 1: despite the protestations of Republicans who say President Biden wants 221 00:13:20,040 --> 00:13:23,679 Speaker 1: everything his way, he's unwilling to negotiate on COVID relief. 222 00:13:24,280 --> 00:13:27,680 Speaker 1: White House Press Secretary Jen Saki reiterated at the White 223 00:13:27,720 --> 00:13:30,880 Speaker 1: House Press briefing this afternoon that the President's door is 224 00:13:30,920 --> 00:13:34,080 Speaker 1: still wide open for discussion. We have sound on that. 225 00:13:34,600 --> 00:13:37,960 Speaker 1: There is agreement that it's important to work with many 226 00:13:38,000 --> 00:13:42,040 Speaker 1: Republicans and Democrats who fall on different uh, different parts 227 00:13:42,040 --> 00:13:45,160 Speaker 1: of the political spectrum to put their ideas forward and 228 00:13:45,200 --> 00:13:47,840 Speaker 1: consider them. And that's part of the conversation and part 229 00:13:47,840 --> 00:13:51,559 Speaker 1: of the process now happening on the hill. So Rick Davis, 230 00:13:51,640 --> 00:13:54,520 Speaker 1: because we know the Senate is the place where things 231 00:13:54,600 --> 00:13:58,120 Speaker 1: get cooled down. I'm saying that facetiously. I think is 232 00:13:58,200 --> 00:14:01,880 Speaker 1: Biden open for debate? Do Republicans believe he is? Or 233 00:14:02,000 --> 00:14:04,480 Speaker 1: is he going to go big on this? I don't know, Jennie. 234 00:14:04,559 --> 00:14:06,599 Speaker 1: I mean, I think in this case, after what we 235 00:14:06,760 --> 00:14:09,360 Speaker 1: just said about the House, UH, the Senate has to 236 00:14:09,360 --> 00:14:14,240 Speaker 1: be cooler. But but look, I think that UH Majority 237 00:14:14,320 --> 00:14:17,000 Speaker 1: Leader Schumer, we can call him that now. UH and 238 00:14:17,200 --> 00:14:19,720 Speaker 1: in the White House are doing a great good cop 239 00:14:19,840 --> 00:14:22,600 Speaker 1: bad cop routine. Schumer say, hey, we gotta move fast. 240 00:14:22,600 --> 00:14:25,360 Speaker 1: We gotta get this done. The American people are dependent 241 00:14:25,440 --> 00:14:29,520 Speaker 1: upon this relief package in the midst of a horrible pandemic. 242 00:14:29,960 --> 00:14:34,720 Speaker 1: And Joe Biden's operation is doors wide open. Republicans should come. 243 00:14:34,760 --> 00:14:36,400 Speaker 1: There are a lot of things we can agree upon. 244 00:14:36,520 --> 00:14:38,880 Speaker 1: We want to keep this door open. They said that 245 00:14:38,920 --> 00:14:41,800 Speaker 1: they would, they were confident that they would pass a 246 00:14:41,960 --> 00:14:45,560 Speaker 1: stimulus bill with Republican support, and and the two of 247 00:14:45,560 --> 00:14:48,600 Speaker 1: those things could both be true, right, they could move fast. 248 00:14:48,640 --> 00:14:51,040 Speaker 1: They're right in the middle of the budget cycle right now. 249 00:14:51,440 --> 00:14:54,520 Speaker 1: There'll be a vote on Thursday on the budget in 250 00:14:54,560 --> 00:14:57,320 Speaker 1: the in the Senate, and and and and deals are 251 00:14:57,320 --> 00:15:00,120 Speaker 1: gonna start getting caught. I would say part of what 252 00:15:00,160 --> 00:15:03,480 Speaker 1: we're now seeing is how the public's weighing in on this. 253 00:15:03,800 --> 00:15:07,000 Speaker 1: And you know, the signature item in the Biden package, 254 00:15:07,040 --> 00:15:12,480 Speaker 1: these four hundred dollar checks are immensely popular even amongst Republicans. 255 00:15:11,280 --> 00:15:15,520 Speaker 1: Six in Equinimpiac poll said they wanted the four hundred, 256 00:15:15,840 --> 00:15:19,480 Speaker 1: not the thousand, and so I think it's right now 257 00:15:19,720 --> 00:15:23,840 Speaker 1: advantage Biden. He's getting public support and seemed to have 258 00:15:24,440 --> 00:15:27,200 Speaker 1: a Senate with with a leader who wants to push 259 00:15:27,200 --> 00:15:29,960 Speaker 1: hard and it's such an important point about where the 260 00:15:30,000 --> 00:15:33,120 Speaker 1: public stands on this. And and Louis Miranda, let me 261 00:15:33,160 --> 00:15:35,440 Speaker 1: ask you. One of the things that we've heard from 262 00:15:35,440 --> 00:15:38,760 Speaker 1: Republicans is we passed the bill right after Christmas. Much 263 00:15:38,760 --> 00:15:41,040 Speaker 1: of that money hasn't even gone out the door yet, 264 00:15:41,120 --> 00:15:44,240 Speaker 1: and you're talking about two trillion dollars. Do they have 265 00:15:44,280 --> 00:15:47,200 Speaker 1: a point on that? Well, some of that money and 266 00:15:47,200 --> 00:15:49,280 Speaker 1: some of the complaint has been about money that wasn't 267 00:15:49,320 --> 00:15:52,400 Speaker 1: spent on vaccines because there was no vaccine ready. I mean, 268 00:15:52,480 --> 00:15:56,280 Speaker 1: the vaccine has been available for such a short amount 269 00:15:56,320 --> 00:15:59,760 Speaker 1: of time. It's it's it's hard to uh, it's incredible 270 00:15:59,760 --> 00:16:02,000 Speaker 1: how thing has happened these days, and and it's hard 271 00:16:02,000 --> 00:16:04,840 Speaker 1: to reflect on how little time has actually passed. So 272 00:16:05,520 --> 00:16:08,200 Speaker 1: um quite the opposite. I think what what is evident 273 00:16:08,280 --> 00:16:11,400 Speaker 1: today is that we need to continue to get ahead 274 00:16:11,520 --> 00:16:14,560 Speaker 1: of whether it's it's proper funding to be able to 275 00:16:14,560 --> 00:16:19,440 Speaker 1: help states and localities administer the vaccines as more production arrives, 276 00:16:19,480 --> 00:16:22,120 Speaker 1: that we help them and make sure that there's a 277 00:16:22,120 --> 00:16:25,440 Speaker 1: coordinated plan so that those vaccines are actually finding the 278 00:16:25,560 --> 00:16:28,640 Speaker 1: arms of of enough people. Um. And and that you're 279 00:16:28,840 --> 00:16:31,440 Speaker 1: addressing all of this at the same time, because the 280 00:16:31,840 --> 00:16:35,280 Speaker 1: virus isn't waiting. I mean, we have incredibly high risk 281 00:16:35,320 --> 00:16:37,720 Speaker 1: all across the country right now transmission. You have new 282 00:16:37,760 --> 00:16:41,400 Speaker 1: strans emerging. So the idea that we should wait until 283 00:16:41,520 --> 00:16:43,360 Speaker 1: some of the money from the past bill has been 284 00:16:43,400 --> 00:16:46,040 Speaker 1: spent just sort of misses the urgency of what's going on. 285 00:16:46,960 --> 00:16:49,960 Speaker 1: And Rick Davis, as somebody who's worked so long in 286 00:16:49,960 --> 00:16:53,640 Speaker 1: in in Republican circles and campaigns and elections, is there 287 00:16:53,720 --> 00:16:57,920 Speaker 1: still an appetite in the Republican circles to for concern 288 00:16:57,960 --> 00:17:00,000 Speaker 1: about the debt and deficit or has that just gone 289 00:17:00,120 --> 00:17:02,840 Speaker 1: totally off? There was a time we were thinking about 290 00:17:02,880 --> 00:17:05,560 Speaker 1: amendments in that regard, anything in the offing on that 291 00:17:05,640 --> 00:17:08,400 Speaker 1: for Republicans. Well, I think we're in this era right 292 00:17:08,440 --> 00:17:10,520 Speaker 1: now and it's been that way for probably close to 293 00:17:10,560 --> 00:17:13,600 Speaker 1: fifteen years. That um, when you're not in power, you 294 00:17:13,640 --> 00:17:16,040 Speaker 1: care about the deficit. When you are in power, you 295 00:17:16,040 --> 00:17:18,679 Speaker 1: don't care about the deficit. And and that is the 296 00:17:18,680 --> 00:17:21,480 Speaker 1: case with the Republicans now four years, in the last 297 00:17:21,480 --> 00:17:23,680 Speaker 1: four years, they haven't cared at all about the deficit. 298 00:17:23,760 --> 00:17:28,320 Speaker 1: And that's before the pandemic hit the world. And so 299 00:17:28,720 --> 00:17:31,359 Speaker 1: now all of a sudden they start worrying about, um, 300 00:17:31,400 --> 00:17:33,919 Speaker 1: you know, spending a lot of money and running up 301 00:17:33,920 --> 00:17:38,400 Speaker 1: the federal debt. So UM, I do think that list 302 00:17:38,640 --> 00:17:41,840 Speaker 1: makes a very good point on on turning this away 303 00:17:41,880 --> 00:17:44,879 Speaker 1: from things like spending and onto we got to conquer 304 00:17:45,520 --> 00:17:48,840 Speaker 1: uh the pandemic. And it's not so much about the checks. 305 00:17:48,960 --> 00:17:53,320 Speaker 1: It's really now about vaccinations. And I think if the 306 00:17:53,359 --> 00:17:57,919 Speaker 1: administration really put vaccinations up front more so than these checks, 307 00:17:57,960 --> 00:18:00,679 Speaker 1: I think they would get more Republican votes. And Rick Davis, 308 00:18:00,720 --> 00:18:03,119 Speaker 1: as usual, you just taught me something. It's not a 309 00:18:03,200 --> 00:18:06,400 Speaker 1: commitment on either party's side. It's about where they sit 310 00:18:06,440 --> 00:18:09,080 Speaker 1: in terms of power that determines what they think about 311 00:18:09,119 --> 00:18:12,840 Speaker 1: big issues like the deficits. I continue to learn from 312 00:18:12,880 --> 00:18:16,760 Speaker 1: you on this stuff. Um. We want to also focus 313 00:18:16,800 --> 00:18:19,920 Speaker 1: a bit on the story that continues to be so 314 00:18:20,000 --> 00:18:22,520 Speaker 1: much in the news on what's going on with game stuff. 315 00:18:22,760 --> 00:18:25,320 Speaker 1: So we're gonna turn our attention to that. Rick and 316 00:18:25,560 --> 00:18:28,600 Speaker 1: Louis are staying with me. I'm Jeanie Sanzano in for 317 00:18:28,720 --> 00:18:32,080 Speaker 1: Kevin CERELLI and this is sound On on Bloomberg Radio. 318 00:18:50,160 --> 00:18:53,840 Speaker 1: You're listening to Bloomberg Sound On with Kevin Currell on 319 00:18:54,000 --> 00:18:59,560 Speaker 1: Bloomberg Radio. I'm Jennie Shanzano in for Kevin Cerelli with 320 00:18:59,680 --> 00:19:03,520 Speaker 1: Rick advis and Louis Miranda talking about the continuing saga 321 00:19:03,600 --> 00:19:07,680 Speaker 1: of the Reddit game stop revolution, and earlier today, Representative 322 00:19:07,760 --> 00:19:12,040 Speaker 1: Patrick McHenry, ranking member of the House Financial Services Committee, 323 00:19:12,280 --> 00:19:15,400 Speaker 1: told Bloomberg's David Weston that he wants to probe if 324 00:19:15,440 --> 00:19:19,600 Speaker 1: regulations were broken over game Stop, but says more regulation 325 00:19:19,760 --> 00:19:22,560 Speaker 1: would be a mistake. The committee will hold a hearing 326 00:19:22,640 --> 00:19:27,720 Speaker 1: regarding recent Marcus market volatile volatility excuse me, involving game 327 00:19:27,800 --> 00:19:32,080 Speaker 1: stop and other companies starting on February. We have sound 328 00:19:32,160 --> 00:19:34,960 Speaker 1: on that. What I think is important about hearing like 329 00:19:35,000 --> 00:19:38,199 Speaker 1: this is understand whether current regulations and laws were all 330 00:19:38,400 --> 00:19:41,440 Speaker 1: were broken. Technology innovation is the way forward. We have 331 00:19:41,520 --> 00:19:43,399 Speaker 1: to embrace it. You can't put it back in the box. 332 00:19:43,680 --> 00:19:46,040 Speaker 1: The idea that you're going to stop Reddit that's been 333 00:19:46,080 --> 00:19:49,479 Speaker 1: around for quite a while is kind of absurd. So, 334 00:19:49,760 --> 00:19:51,160 Speaker 1: you know, I think we've got a lot of work 335 00:19:51,200 --> 00:19:53,800 Speaker 1: to do here as a committee to understand the nature 336 00:19:53,800 --> 00:19:57,639 Speaker 1: of this thing. And that was Representative mckenry speaking to 337 00:19:58,200 --> 00:20:01,760 Speaker 1: David Weston on balance of power. We're earlier today, so 338 00:20:01,960 --> 00:20:05,960 Speaker 1: Louis Miranda let me ask you is more regulation and mistake. 339 00:20:07,480 --> 00:20:09,320 Speaker 1: I think the problem is that there's a lot of 340 00:20:09,520 --> 00:20:15,040 Speaker 1: fundamental misinformation UM about what's actually happening and how this 341 00:20:15,359 --> 00:20:19,880 Speaker 1: entire game stop UM dynamic played out UM and who 342 00:20:19,960 --> 00:20:22,200 Speaker 1: was involved. Look, there's there's a news report I saw 343 00:20:22,240 --> 00:20:26,520 Speaker 1: earlier today that there may be significant bought activity on 344 00:20:26,600 --> 00:20:32,040 Speaker 1: this Reddit um board UH that that certainly needs scrutiny. 345 00:20:32,119 --> 00:20:34,520 Speaker 1: Like you know, I think it's it really is important 346 00:20:34,600 --> 00:20:37,879 Speaker 1: for there to be an understanding of what took place 347 00:20:37,960 --> 00:20:43,680 Speaker 1: and where some of the um uh energy came from. UM, 348 00:20:43,720 --> 00:20:47,280 Speaker 1: but that I think is still missing. I mean, for example, 349 00:20:47,480 --> 00:20:50,919 Speaker 1: Robin Hood didn't stop trading because they were trying to 350 00:20:50,960 --> 00:20:54,120 Speaker 1: thwart some sort of populist revolution. They stopped trading because 351 00:20:54,160 --> 00:20:56,199 Speaker 1: they ran out of money and needed to go out 352 00:20:56,240 --> 00:20:58,320 Speaker 1: and raise billions of dollars to be able to cover 353 00:20:59,119 --> 00:21:01,960 Speaker 1: the trades and so UM I think part of this 354 00:21:02,119 --> 00:21:06,080 Speaker 1: needs to be taking a step back and understanding what 355 00:21:06,119 --> 00:21:10,760 Speaker 1: the dynamics actually weren't and then figuring out where you 356 00:21:10,800 --> 00:21:12,959 Speaker 1: can plug holes. But at the end of the day, 357 00:21:13,040 --> 00:21:16,040 Speaker 1: day traders are still gonna traditionally not do as well 358 00:21:16,040 --> 00:21:19,600 Speaker 1: as the big investors UH in in the overall, and 359 00:21:19,840 --> 00:21:22,760 Speaker 1: big firms like black Rock have made out really well 360 00:21:22,840 --> 00:21:26,199 Speaker 1: during this this whole episode. Um so, so this is 361 00:21:26,240 --> 00:21:30,080 Speaker 1: not a simple, you know, populist against big hatch funds 362 00:21:30,119 --> 00:21:32,240 Speaker 1: kind of story. There's there's a lot of dynamics here 363 00:21:32,320 --> 00:21:35,800 Speaker 1: that need to be more closely looked at before jumping 364 00:21:35,840 --> 00:21:38,720 Speaker 1: to any conclusions. Yeah, Lewis, I think it is worth 365 00:21:38,800 --> 00:21:41,440 Speaker 1: exploring though, right. I mean, the SEC is going to 366 00:21:41,480 --> 00:21:45,040 Speaker 1: look into this. They're they're sifting through social media accounts 367 00:21:45,119 --> 00:21:49,119 Speaker 1: to see what kind of coordination was happening. Wasn't manipulation 368 00:21:49,240 --> 00:21:51,719 Speaker 1: that would be a violation of the rules. So, I mean, 369 00:21:51,760 --> 00:21:53,560 Speaker 1: I think the regulators are going to figure this out. 370 00:21:53,600 --> 00:21:55,480 Speaker 1: But but when was the last time you heard a 371 00:21:56,080 --> 00:21:59,879 Speaker 1: you know, a chat room around stocks that would accume 372 00:22:00,080 --> 00:22:02,879 Speaker 1: like three million people you know, as part of the 373 00:22:02,920 --> 00:22:05,960 Speaker 1: group within a two or three week period. I mean, 374 00:22:06,000 --> 00:22:08,679 Speaker 1: you've you've been building coalitions for Democrats. How'd you like 375 00:22:08,760 --> 00:22:10,760 Speaker 1: to have three million extra people show up on one 376 00:22:10,760 --> 00:22:13,879 Speaker 1: of your sites like overnight? I mean, that is a 377 00:22:13,880 --> 00:22:17,000 Speaker 1: phenomenon its own, isn't it? It is? And I think 378 00:22:17,000 --> 00:22:18,560 Speaker 1: that's one of the challenges that we live in a 379 00:22:18,600 --> 00:22:21,359 Speaker 1: different climate than we're used to and we're going to 380 00:22:21,440 --> 00:22:23,000 Speaker 1: have to get used to it that there are people 381 00:22:23,040 --> 00:22:26,920 Speaker 1: participating and able to participate, whether it's in a level 382 00:22:27,000 --> 00:22:30,040 Speaker 1: like this, whether it's in the kind of level that 383 00:22:30,119 --> 00:22:33,840 Speaker 1: has fueled Q and on for example, UM that a 384 00:22:33,880 --> 00:22:36,720 Speaker 1: lot of people still don't understand. And and so the 385 00:22:36,800 --> 00:22:41,000 Speaker 1: reckoning I think ends up coming down to um getting 386 00:22:41,000 --> 00:22:45,560 Speaker 1: a better handle, whether regulators or lawmakers or general society 387 00:22:46,080 --> 00:22:51,200 Speaker 1: on how technology actually is functioning, what these new means 388 00:22:51,200 --> 00:22:55,840 Speaker 1: of communication and people's ability to participate actually mean, whether 389 00:22:55,880 --> 00:22:58,760 Speaker 1: it's for the spread of you know, there were people 390 00:22:58,800 --> 00:23:02,840 Speaker 1: still protesting comment Pizza appear because of the pizza gates stuff, 391 00:23:03,119 --> 00:23:05,600 Speaker 1: UM ties of Q and On that we were talking 392 00:23:05,600 --> 00:23:08,119 Speaker 1: in the first segment, and that's not entirely unrelated to 393 00:23:08,160 --> 00:23:10,440 Speaker 1: what happened with the redditors. And I think that the 394 00:23:10,480 --> 00:23:14,800 Speaker 1: fundamental problem is that Washington, both in terms of regulators 395 00:23:14,800 --> 00:23:18,120 Speaker 1: and lawmakers, has not caught up to how to actually 396 00:23:18,119 --> 00:23:20,840 Speaker 1: deal with big tech and how to understand it. Yeah, 397 00:23:20,880 --> 00:23:23,280 Speaker 1: I think I agree with you so much on that, 398 00:23:23,440 --> 00:23:26,040 Speaker 1: Louis It. It's we have so much work to do 399 00:23:26,160 --> 00:23:28,320 Speaker 1: in the public sector and catching up to what's been 400 00:23:28,359 --> 00:23:31,359 Speaker 1: going on with tech. So we want to thank Democratic 401 00:23:31,440 --> 00:23:36,280 Speaker 1: strategist Louis Miranda, former d NC Communication Director and director 402 00:23:36,320 --> 00:23:40,000 Speaker 1: of Communication and Politics at Alloy. Such a pleasure to 403 00:23:40,040 --> 00:23:44,920 Speaker 1: talk to you. Likewise, thank you both. February is Black 404 00:23:45,000 --> 00:23:48,680 Speaker 1: History Month and Bloomberg Radio is celebrating this pivotal moment 405 00:23:48,760 --> 00:23:51,920 Speaker 1: in US history throughout the month, and here with today's 406 00:23:51,960 --> 00:23:56,360 Speaker 1: installment is Bloomberg's Rnita Young on this day in Black History. 407 00:23:56,400 --> 00:24:00,080 Speaker 1: In eighteen seventy, the fifteenth Amendment of the Constitution of 408 00:24:00,080 --> 00:24:03,480 Speaker 1: the United States was ratified. This guaranteed the right to 409 00:24:03,600 --> 00:24:07,040 Speaker 1: vote regardless of race. It also intended to ensure, with 410 00:24:07,160 --> 00:24:10,960 Speaker 1: the Fourteenth Amendment, the civil rights of former slaves, but 411 00:24:11,040 --> 00:24:14,000 Speaker 1: many black people would not actually be able to practice 412 00:24:14,040 --> 00:24:17,280 Speaker 1: this right to vote until the nineteen sixty five Voting 413 00:24:17,359 --> 00:24:20,400 Speaker 1: Rights Act. It gave African Americans a way to get 414 00:24:20,440 --> 00:24:24,480 Speaker 1: around barriers at the state and local levels that had 415 00:24:24,560 --> 00:24:29,160 Speaker 1: previously prevented them from exercising the right to vote. That's 416 00:24:29,200 --> 00:24:32,320 Speaker 1: today in Black History. I'm gonna need a young Bloomberg 417 00:24:32,440 --> 00:24:36,400 Speaker 1: Radio and Rick Davis. I want to throw this back 418 00:24:36,440 --> 00:24:40,159 Speaker 1: to you because it's such an important thing to particularly 419 00:24:40,280 --> 00:24:43,239 Speaker 1: today as we talk about all of the challenges with 420 00:24:43,400 --> 00:24:47,160 Speaker 1: voting is have we realized yet today all the promise 421 00:24:47,200 --> 00:24:50,320 Speaker 1: of the fifteenth Amendment? No, I don't think we have. 422 00:24:50,440 --> 00:24:54,520 Speaker 1: And I think it's a wonderful moment, especially considering all 423 00:24:54,640 --> 00:24:59,680 Speaker 1: the the racial disparity that we've seen rise up through 424 00:24:59,720 --> 00:25:03,520 Speaker 1: move mental like Black Lives Matters and others. Uh. To 425 00:25:03,640 --> 00:25:06,280 Speaker 1: have this conversation now, I mean, you couldn't get a 426 00:25:06,320 --> 00:25:08,680 Speaker 1: better time to say that we need to start engaging 427 00:25:09,280 --> 00:25:12,080 Speaker 1: as Americans to say what have we been doing wrong? 428 00:25:12,640 --> 00:25:15,560 Speaker 1: How to change the system to make it fair? Uh. 429 00:25:15,600 --> 00:25:18,800 Speaker 1: We have seen a lot of that conversation, but it 430 00:25:18,840 --> 00:25:22,200 Speaker 1: needs to be more productive. We can't solve everything by 431 00:25:22,359 --> 00:25:27,720 Speaker 1: going to the streets. We need to have officeholders, educators, employers, 432 00:25:28,200 --> 00:25:30,679 Speaker 1: everybody look at this from their perspective and say, you know, 433 00:25:30,800 --> 00:25:34,400 Speaker 1: have we really been paying attention to this? This? This, 434 00:25:34,400 --> 00:25:38,240 Speaker 1: this conversation. I couldn't agree with you more. It's such 435 00:25:38,280 --> 00:25:41,800 Speaker 1: an important conversation to have, particularly now. It's always an 436 00:25:41,840 --> 00:25:45,160 Speaker 1: important conversation to have, but particularly now as this has 437 00:25:45,200 --> 00:25:47,719 Speaker 1: been such a challenging time when it comes to voting 438 00:25:47,720 --> 00:25:52,320 Speaker 1: in elections, so really important. Thank you, Rick, And coming 439 00:25:52,400 --> 00:25:54,639 Speaker 1: up next, Rick and I are going to speak with 440 00:25:54,840 --> 00:26:00,119 Speaker 1: Congressman David Schweiker, Republican from Arizona's sixth district. He not 441 00:26:00,200 --> 00:26:03,240 Speaker 1: only serves on the House Ways and Means Committee, but 442 00:26:03,400 --> 00:26:06,320 Speaker 1: he also is a co chair of the Blockchain Caucus, 443 00:26:06,680 --> 00:26:09,560 Speaker 1: and he has a front row seat in the most 444 00:26:10,080 --> 00:26:13,160 Speaker 1: important room I guess in Washington, d C. Today, which 445 00:26:13,200 --> 00:26:16,879 Speaker 1: is this Republican conference deciding the fate of Marjorie Taylor 446 00:26:16,920 --> 00:26:20,119 Speaker 1: Green and Liz Cheney. This is sound On on Bloomberg 447 00:26:20,200 --> 00:26:41,880 Speaker 1: Radio on Genie Shanzano in for Kevin Sarelli. You're listening 448 00:26:41,960 --> 00:26:46,000 Speaker 1: to Bloomberg Sound On with Kevin Surrel on Bloomberg Radio. 449 00:26:48,280 --> 00:26:52,080 Speaker 1: I'm Genie Schanzano in for Kevin Cirelli. Today. Along with 450 00:26:52,119 --> 00:26:55,440 Speaker 1: me is my colleague Rick Davis and joining us now, 451 00:26:55,520 --> 00:27:00,000 Speaker 1: we're very pleased to welcome Representative David Schweiker, Republican from 452 00:27:00,000 --> 00:27:04,040 Speaker 1: Arizona's sixth district. He's serving in his fifth term in Congress, 453 00:27:04,359 --> 00:27:07,440 Speaker 1: and he sits on the all important Ways and Means Committee. 454 00:27:07,640 --> 00:27:11,640 Speaker 1: So Congressman Schweiker, thank you, thank you probably having me 455 00:27:11,720 --> 00:27:14,800 Speaker 1: and and say hi to Mr Davis. Um Only he 456 00:27:14,800 --> 00:27:18,439 Speaker 1: would never remember me, because that many years ago I 457 00:27:18,480 --> 00:27:20,639 Speaker 1: followed him around a bit when he was in Arizona. 458 00:27:20,720 --> 00:27:24,159 Speaker 1: So I think he's right here. Rick. I know he 459 00:27:24,200 --> 00:27:27,640 Speaker 1: remembers Schweiker. I could never forget you, believe me, and 460 00:27:27,840 --> 00:27:29,920 Speaker 1: I look forward to saving me. Thank you so much 461 00:27:29,920 --> 00:27:34,680 Speaker 1: for being on the program. So, Congressman Schweiker, it's such 462 00:27:34,680 --> 00:27:36,520 Speaker 1: a pleasure to talk to you. And I wanted to 463 00:27:36,560 --> 00:27:40,160 Speaker 1: ask you, um, just a really really thirty thou foot 464 00:27:40,280 --> 00:27:43,239 Speaker 1: question on this COVID relief bill. Are we going to 465 00:27:43,280 --> 00:27:46,080 Speaker 1: see a deal? And if so, how much do you 466 00:27:46,119 --> 00:27:49,160 Speaker 1: think we will see come off from that one one 467 00:27:49,160 --> 00:27:52,879 Speaker 1: point and almost two trillion. It's you're asking a brilliant question. 468 00:27:53,080 --> 00:27:56,240 Speaker 1: But the box, I'm seeing it moving, and I just 469 00:27:56,320 --> 00:27:59,360 Speaker 1: got off the floor managing. I'm the senior Republican something 470 00:27:59,400 --> 00:28:03,240 Speaker 1: called the Joint Economic Committee, so we do the economic 471 00:28:03,280 --> 00:28:07,880 Speaker 1: projections for a bill like this, and what's actually moving 472 00:28:08,080 --> 00:28:12,800 Speaker 1: right now is the best example is you've all seen 473 00:28:13,160 --> 00:28:17,119 Speaker 1: the concept of a blank check company, where here's our 474 00:28:17,160 --> 00:28:20,080 Speaker 1: company shell, here's how much money we put into it, 475 00:28:20,240 --> 00:28:21,879 Speaker 1: but we're gonna tell you what we're really going to 476 00:28:21,960 --> 00:28:25,199 Speaker 1: spend it on later. That's actually what's happening. That's what 477 00:28:25,280 --> 00:28:29,199 Speaker 1: the Budget Resolution document that's moving right now. It's a 478 00:28:29,240 --> 00:28:33,920 Speaker 1: one point nine trillion dollar spending box. And because they're 479 00:28:33,960 --> 00:28:37,200 Speaker 1: doing it as a budget document, it can move through 480 00:28:37,240 --> 00:28:39,479 Speaker 1: the House with a simple majority and then to the 481 00:28:39,560 --> 00:28:44,440 Speaker 1: Senate with a simple majority, and then you sort of 482 00:28:44,440 --> 00:28:48,120 Speaker 1: bring it back in and fill out the details. And 483 00:28:48,240 --> 00:28:52,000 Speaker 1: that's actually where the rub is. Will the details actually 484 00:28:52,040 --> 00:28:54,920 Speaker 1: be one point nine trillion or what we do something 485 00:28:55,000 --> 00:29:00,400 Speaker 1: much more targeted and hopefully much more effective. Um. Remember 486 00:29:00,480 --> 00:29:06,040 Speaker 1: there's still a trillion dollars of authorized HASH sitting in 487 00:29:06,040 --> 00:29:08,440 Speaker 1: accounts right now to go out the door to help 488 00:29:08,840 --> 00:29:11,480 Speaker 1: you know, small businesses, to help PPP loans, to help 489 00:29:11,880 --> 00:29:15,520 Speaker 1: schools that you know. It's there's still a trillion dollars 490 00:29:15,560 --> 00:29:19,640 Speaker 1: that hasn't made it out the door yet. Representative siker 491 00:29:19,720 --> 00:29:22,120 Speaker 1: Rick here, it's great to talk to you again. It's 492 00:29:22,120 --> 00:29:25,800 Speaker 1: been a long time and obviously a pretty tumultuous period. 493 00:29:26,280 --> 00:29:29,560 Speaker 1: In January in the House of Representatives, hopefully we can 494 00:29:29,680 --> 00:29:36,239 Speaker 1: pivot into more constructive activity here in UH February, UM UH, 495 00:29:36,440 --> 00:29:38,040 Speaker 1: I want to talk a little bit more about sort 496 00:29:38,080 --> 00:29:41,320 Speaker 1: of the economic ramifications of this COVID crisis, because I mean, 497 00:29:41,320 --> 00:29:43,920 Speaker 1: we've spent a lot of this program talking about the 498 00:29:43,920 --> 00:29:47,080 Speaker 1: Biden administration's effort to get vaccines out to people. I 499 00:29:47,120 --> 00:29:49,400 Speaker 1: think everybody wants to do whatever they can to improve 500 00:29:49,480 --> 00:29:52,320 Speaker 1: that and move it along quicker. We've talked a little 501 00:29:52,320 --> 00:29:54,719 Speaker 1: bit about the stimulus checks, you know, and where we 502 00:29:54,760 --> 00:29:58,479 Speaker 1: are with with some of the debate around a thousand 503 00:29:58,520 --> 00:30:02,960 Speaker 1: dollars at the Republicans want in fourteen hundred dollars that 504 00:30:02,960 --> 00:30:05,840 Speaker 1: that the Biden administrations were recommended. But I'm kind of 505 00:30:05,840 --> 00:30:08,840 Speaker 1: curious more on the macro economy of the United States 506 00:30:08,880 --> 00:30:11,840 Speaker 1: and what is happening in Congress right now to take 507 00:30:11,880 --> 00:30:14,560 Speaker 1: advantage of what seems to be a little bit of 508 00:30:14,560 --> 00:30:19,800 Speaker 1: a rebound based on hopefully fewer numbers on COVID UH 509 00:30:19,840 --> 00:30:23,520 Speaker 1: going around the country. And so, uh, is there something 510 00:30:23,560 --> 00:30:27,520 Speaker 1: happening that we're missing in this debate on the vaccines 511 00:30:27,720 --> 00:30:30,680 Speaker 1: and the virus and testing that we're not paying attention 512 00:30:30,680 --> 00:30:34,080 Speaker 1: to on the economy. You're asking a brilliant question, and 513 00:30:34,120 --> 00:30:36,880 Speaker 1: I'm not flattering you. Flattery is a good thing, though 514 00:30:36,920 --> 00:30:38,840 Speaker 1: there's nothing wrong with it. I can't wear in the 515 00:30:38,840 --> 00:30:41,600 Speaker 1: political business. So that's part of our profession. But the 516 00:30:41,640 --> 00:30:44,120 Speaker 1: reality of it is, how do I get our brothers 517 00:30:44,120 --> 00:30:47,760 Speaker 1: and sisters in the policy making world to to think 518 00:30:47,840 --> 00:30:53,239 Speaker 1: beyond just um, the COVID bludgeoning that we've seen in 519 00:30:53,240 --> 00:30:57,000 Speaker 1: our society, and try to also think through what will 520 00:30:57,080 --> 00:31:00,760 Speaker 1: the economy look like this year, our next year, the 521 00:31:00,840 --> 00:31:04,280 Speaker 1: year after that. UM, And my simple example is look 522 00:31:04,280 --> 00:31:09,080 Speaker 1: at the remarkable numbers of new micro businesses and small 523 00:31:09,120 --> 00:31:14,200 Speaker 1: businesses being started, new LLC filings, new businesses starting in 524 00:31:14,240 --> 00:31:18,240 Speaker 1: back bedrooms, are you know, the empty neighborhood office space. 525 00:31:19,160 --> 00:31:21,880 Speaker 1: There's something going on in our society where a lot 526 00:31:21,920 --> 00:31:25,200 Speaker 1: of folks who have been pretty roughed up this last 527 00:31:25,240 --> 00:31:32,960 Speaker 1: year are taking new risks. Would we maximize the economic change, 528 00:31:33,120 --> 00:31:36,440 Speaker 1: the sort of economic disruption that then some of the 529 00:31:36,440 --> 00:31:39,520 Speaker 1: new business models can take us to if we find 530 00:31:39,520 --> 00:31:43,320 Speaker 1: ways to provide them access to capital or more streamline 531 00:31:43,360 --> 00:31:47,520 Speaker 1: way to get permitting and licensing and access to markets. 532 00:31:48,520 --> 00:31:50,360 Speaker 1: And that's one of the arguments we're trying to make 533 00:31:50,440 --> 00:31:55,280 Speaker 1: from Ways and Means and join Economic Committee is yes, 534 00:31:55,360 --> 00:31:57,400 Speaker 1: we need to deal with the here and now, but 535 00:31:57,440 --> 00:32:02,080 Speaker 1: are we designing sort of the launchpad the take off 536 00:32:02,360 --> 00:32:06,040 Speaker 1: what could be the economy in the future, Because the 537 00:32:06,120 --> 00:32:10,200 Speaker 1: reality of it is, I think the two two in 538 00:32:10,240 --> 00:32:13,840 Speaker 1: the years after that are going to hopefully be positive, 539 00:32:14,080 --> 00:32:19,520 Speaker 1: but look different than two thousand nineteen people working from home, 540 00:32:19,760 --> 00:32:24,000 Speaker 1: the value of office space, UM, the Internet economy, the 541 00:32:24,160 --> 00:32:28,440 Speaker 1: use of telemedicine. Think of the things we know right 542 00:32:28,480 --> 00:32:33,400 Speaker 1: now or or where there's a vacuum or opportunity are 543 00:32:33,440 --> 00:32:36,440 Speaker 1: that are actually working and how do we build upon them? 544 00:32:36,520 --> 00:32:41,120 Speaker 1: And that's the void in any of the economic policy 545 00:32:41,160 --> 00:32:45,120 Speaker 1: discussions going on right now, is we're dancing around the 546 00:32:45,160 --> 00:32:49,240 Speaker 1: politics and theories of the moment instead of future proofing 547 00:32:49,240 --> 00:32:53,320 Speaker 1: our policies. You know, you raise a really important point, Congressman, 548 00:32:53,400 --> 00:32:57,960 Speaker 1: about the development of and filings of new businesses in America. 549 00:32:58,120 --> 00:33:01,000 Speaker 1: I mean, even at the height to the crisis, in 550 00:33:01,160 --> 00:33:04,000 Speaker 1: the fourth quarter of last year, we saw a record 551 00:33:04,040 --> 00:33:07,520 Speaker 1: development of new new small businesses. As you point out, 552 00:33:07,560 --> 00:33:11,240 Speaker 1: these llc s and other companies that are being formed. Um. So, 553 00:33:11,240 --> 00:33:14,360 Speaker 1: so somebody is saying something that, um, the media isn't 554 00:33:14,400 --> 00:33:19,479 Speaker 1: reporting very much of uh. And I'm curious, especially you know, 555 00:33:19,680 --> 00:33:22,080 Speaker 1: you've got a perch on the Ways of Means Committee. 556 00:33:22,080 --> 00:33:26,240 Speaker 1: Maybe maybe you see things, um that that aren't readily 557 00:33:26,240 --> 00:33:29,760 Speaker 1: available to the rest of us. But um, what what 558 00:33:30,000 --> 00:33:31,880 Speaker 1: is that phenomenon? Me? Could you drill down a little 559 00:33:31,880 --> 00:33:35,600 Speaker 1: bit on that because the reality is um, uh is 560 00:33:35,640 --> 00:33:37,640 Speaker 1: there a spark for the future. Are we gonna wake 561 00:33:37,720 --> 00:33:41,080 Speaker 1: up someday when the vaccines take hold and find out 562 00:33:41,120 --> 00:33:42,960 Speaker 1: that there have been a lot of people developing a 563 00:33:42,960 --> 00:33:47,520 Speaker 1: new economy. That's exactly where my head is at. And 564 00:33:47,560 --> 00:33:49,280 Speaker 1: you we always have to be careful not to make 565 00:33:49,360 --> 00:33:53,040 Speaker 1: policy by storytelling. You know, we heard a story. That's 566 00:33:53,080 --> 00:33:55,680 Speaker 1: what we're going to chase policy. But there really are 567 00:33:55,760 --> 00:34:00,200 Speaker 1: some interesting underlying numbers saying I had a just type 568 00:34:00,200 --> 00:34:03,840 Speaker 1: of business. We were crushed by the shutdowns, but we 569 00:34:03,880 --> 00:34:07,880 Speaker 1: figured out how to migrate to doing selling our product online. 570 00:34:08,360 --> 00:34:12,600 Speaker 1: Are doing neighborhood deliveries um, And some simple examples I'll 571 00:34:12,600 --> 00:34:15,560 Speaker 1: give you. Look at some of the interesting investments happening 572 00:34:15,600 --> 00:34:19,040 Speaker 1: in urban areas of ghost kitchens and that may not 573 00:34:19,120 --> 00:34:22,120 Speaker 1: be the proper term, but it's a kitchen with multiple 574 00:34:22,160 --> 00:34:26,600 Speaker 1: menus purely for delivery. UM. Look at some of the 575 00:34:26,680 --> 00:34:30,440 Speaker 1: resources being given to folks who are operating businesses from 576 00:34:30,480 --> 00:34:34,959 Speaker 1: their home or home offices. We we thought these sorts 577 00:34:35,000 --> 00:34:40,200 Speaker 1: of things were coming, but it's the punctuation, the suddenness 578 00:34:40,239 --> 00:34:43,600 Speaker 1: because of covid um. Telemedicine is one of the ones 579 00:34:43,640 --> 00:34:47,719 Speaker 1: I'm most fascinated with. It was very controversial A year ago. 580 00:34:48,360 --> 00:34:51,000 Speaker 1: You know it wasn't gonna work. Seniors won't adopt it. 581 00:34:51,640 --> 00:34:55,880 Speaker 1: COVID hit UM A peaceful legislation I have to expand 582 00:34:55,920 --> 00:35:00,319 Speaker 1: telemeda access became law. It has the adopt and has 583 00:35:00,360 --> 00:35:03,719 Speaker 1: been remarkable. Turns out seniors actually know how to work 584 00:35:03,760 --> 00:35:06,920 Speaker 1: their phones and love it. Satisfaction and now we're actually 585 00:35:06,960 --> 00:35:11,759 Speaker 1: even seeing some price sufficiencies coming from it. That was 586 00:35:11,840 --> 00:35:14,960 Speaker 1: probably not going to happen for several years and it 587 00:35:15,040 --> 00:35:18,760 Speaker 1: happened in several months. What does that make the economy 588 00:35:18,800 --> 00:35:20,640 Speaker 1: look like in the future? And those are the things 589 00:35:21,040 --> 00:35:24,440 Speaker 1: if you're entrepreneurial, where's the disruption and how do we 590 00:35:24,520 --> 00:35:27,520 Speaker 1: chase it? In Representative Schreiker, we could talk to you 591 00:35:27,560 --> 00:35:29,279 Speaker 1: all so many questions to ask you. One thing I 592 00:35:29,280 --> 00:35:31,800 Speaker 1: wanted to follow up on as you talk about these 593 00:35:32,200 --> 00:35:36,239 Speaker 1: something you've been so passionate about these technological innovations as 594 00:35:36,320 --> 00:35:42,440 Speaker 1: solutions to government regulation. Have you gotten any positive feedback 595 00:35:42,640 --> 00:35:47,480 Speaker 1: or conversation started with the Biden administration. Granted it still early, 596 00:35:47,840 --> 00:35:50,360 Speaker 1: but in that arena, and we mentioned you are co 597 00:35:50,440 --> 00:35:54,399 Speaker 1: chair of the Black Chain Caucus. UM, yes, it's and 598 00:35:54,680 --> 00:35:59,080 Speaker 1: I believe I genuinely believe outside even cryptocurrencies, blockchain could 599 00:35:59,120 --> 00:36:03,480 Speaker 1: solve every thing from voting disputes to you know, tracking 600 00:36:04,239 --> 00:36:10,360 Speaker 1: UM energy distribution. I'm a huge believer in distributive ledgers. UM. 601 00:36:10,840 --> 00:36:13,759 Speaker 1: At a personal level, I'm hopeful, but I'm concerned a 602 00:36:13,800 --> 00:36:20,080 Speaker 1: couple of the key places where disruptive innovation that would 603 00:36:20,080 --> 00:36:23,880 Speaker 1: help the working poor but also help economic growth. Some 604 00:36:24,000 --> 00:36:26,960 Speaker 1: of the individuals who look like they're up for appointments 605 00:36:27,360 --> 00:36:32,160 Speaker 1: don't appear to be the most forward looking individuals. They 606 00:36:32,200 --> 00:36:37,439 Speaker 1: almost seem to be bringing policy sets from previous decades UM, 607 00:36:37,719 --> 00:36:40,960 Speaker 1: and that's always a concern and policy making of As 608 00:36:41,000 --> 00:36:44,520 Speaker 1: technology gives us some of these amazing opportunities in healthcare 609 00:36:44,520 --> 00:36:49,480 Speaker 1: and environment, you need to be willing to populate UM 610 00:36:49,520 --> 00:36:54,160 Speaker 1: the bureaucracies with people who embrace those disruptions and technology. 611 00:36:54,719 --> 00:36:56,479 Speaker 1: And in many ways we're going back to the old 612 00:36:56,560 --> 00:37:02,280 Speaker 1: hands of a much more bureaucratic model. Yeah, Representative Schreiker, 613 00:37:02,360 --> 00:37:04,640 Speaker 1: we can just ask you so many things we had 614 00:37:04,640 --> 00:37:07,560 Speaker 1: on deck to ask you, so hopefully you will come back. UM. 615 00:37:07,600 --> 00:37:11,040 Speaker 1: When Kevin surreally is back in the chair, he want 616 00:37:11,080 --> 00:37:14,160 Speaker 1: to want I know he loves to talk to you, UM, 617 00:37:14,200 --> 00:37:16,759 Speaker 1: and so thank you so much for joining us. No, 618 00:37:16,840 --> 00:37:19,719 Speaker 1: I appreciate, thank you for having me. And I want 619 00:37:19,760 --> 00:37:22,360 Speaker 1: to just reiterate that Kevin, sir, really you will be 620 00:37:22,400 --> 00:37:24,680 Speaker 1: happy to know is back tomorrow and he is going 621 00:37:24,719 --> 00:37:28,640 Speaker 1: to be speaking with Senator Marcia Blackburn UM. And I 622 00:37:28,680 --> 00:37:32,840 Speaker 1: want to thank again Representative Schweiker Arizona sixth District, Democratic 623 00:37:32,880 --> 00:37:37,080 Speaker 1: strategist Louis Miranda, and of course Rick Davis, Bloomberg contributor, 624 00:37:37,600 --> 00:37:40,239 Speaker 1: UM partner at Stone Court Capital and manager of John 625 00:37:40,320 --> 00:37:43,520 Speaker 1: McCain's two thousand and eight presidential campaign. It has been 626 00:37:43,560 --> 00:37:46,080 Speaker 1: such a pleasure to fill in for Kevin. I am 627 00:37:46,120 --> 00:37:49,399 Speaker 1: thrilled he's coming back tomorrow, rested and ready to take 628 00:37:49,440 --> 00:37:51,960 Speaker 1: back this seat. And I hope you will listen to 629 00:37:52,000 --> 00:37:55,160 Speaker 1: sound on at five pm on Bloomberg Radio tomorrow as 630 00:37:55,160 --> 00:37:57,680 Speaker 1: we welcome him back. Thank you so much. I'm Jeanie 631 00:37:57,719 --> 00:38:00,640 Speaker 1: Sanzano in for Kevin Cereli on bloom Burg Radio.