1 00:00:00,040 --> 00:00:03,160 Speaker 1: Operation warp speed. They're gonna be calling it the COVID response. 2 00:00:03,320 --> 00:00:08,080 Speaker 1: We're talking right now about jockeying amongst Republicans. Bloomberg Sound On, 3 00:00:08,400 --> 00:00:12,880 Speaker 1: the Insiders, the influencers, the insiders, fiding has commented again 4 00:00:12,960 --> 00:00:15,520 Speaker 1: and again, and he will unite the country. Who do 5 00:00:15,520 --> 00:00:19,680 Speaker 1: you think Biden has to watch in terms of moderate detectors? 6 00:00:19,680 --> 00:00:22,560 Speaker 1: The House has been voting for this stimulus package basically 7 00:00:22,640 --> 00:00:27,800 Speaker 1: for months. Sholomberg's Sound On with Kevin Surley on Bloomberg Radio. 8 00:00:29,040 --> 00:00:32,560 Speaker 1: Powell Fed Chairman j Powell signals the Fed will keep 9 00:00:32,600 --> 00:00:37,239 Speaker 1: buying bonds even as the outlook improves. Plus, we are 10 00:00:37,320 --> 00:00:41,720 Speaker 1: on standby for President Biden, who's holding a bilateral meeting 11 00:00:42,360 --> 00:00:45,839 Speaker 1: with Justin Trudeau. Will give you the latest on that front. 12 00:00:45,960 --> 00:00:51,279 Speaker 1: And the Republican infighting continues. Liz Cheney. Congress Woman Liz 13 00:00:51,360 --> 00:00:56,400 Speaker 1: Cheney says Republicans need to recognize the damage done by Trump. 14 00:00:56,440 --> 00:00:58,520 Speaker 1: We've got a lot to get through. Just if you're 15 00:00:58,560 --> 00:01:02,120 Speaker 1: joining us, a breaking news red headline crossing the Bloomberg 16 00:01:02,520 --> 00:01:06,000 Speaker 1: terminal just within the last couple of minutes. Game stop 17 00:01:06,120 --> 00:01:12,720 Speaker 1: CFO Jim Bell resigns again. Game stop CFO Jim Bell 18 00:01:13,000 --> 00:01:17,480 Speaker 1: has resigned. This according to Bloomberg, game Stop announcing CFO 19 00:01:17,600 --> 00:01:21,600 Speaker 1: change in a statement issued today, They announced that Jim Bell, 20 00:01:21,680 --> 00:01:25,919 Speaker 1: executive vice president and chief financial Officer, will be resigning 21 00:01:25,920 --> 00:01:30,240 Speaker 1: from his roles on March of this year. A leading 22 00:01:30,280 --> 00:01:34,280 Speaker 1: executive search firm has been retained to support the process. 23 00:01:34,880 --> 00:01:38,600 Speaker 1: But again, this comes just after, obviously, the intense scrutiny 24 00:01:38,640 --> 00:01:43,880 Speaker 1: that Washington has placed on game Stop in recent weeks. 25 00:01:43,920 --> 00:01:47,040 Speaker 1: We begin tonight with the big story, the continuing battle 26 00:01:47,200 --> 00:01:51,800 Speaker 1: over the economic stimulus and the pace of the economic recovery. 27 00:01:51,880 --> 00:01:56,200 Speaker 1: Federal Reserve Chairman Jerome Powell testified before the Senate Banking 28 00:01:56,200 --> 00:01:59,840 Speaker 1: Committee earlier today. He signaled that the Central Bank was 29 00:02:00,040 --> 00:02:03,480 Speaker 1: nowhere close to pulling back on its support for the 30 00:02:03,520 --> 00:02:08,840 Speaker 1: pandemic damaged US economy, even as he voiced expectations for 31 00:02:08,880 --> 00:02:12,079 Speaker 1: a return to more normal I've got the sound on this. 32 00:02:12,320 --> 00:02:14,639 Speaker 1: Let's buy the tape. The economy is a long way 33 00:02:14,680 --> 00:02:17,360 Speaker 1: from our employment and inflation goals, and it is likely 34 00:02:17,400 --> 00:02:20,400 Speaker 1: to take some time for substantial further progress to be achieved. 35 00:02:20,440 --> 00:02:24,000 Speaker 1: The economic recovery remains uneven and far far from complete, 36 00:02:24,080 --> 00:02:27,079 Speaker 1: and the path ahead is highly certain. Powell went on 37 00:02:27,160 --> 00:02:32,000 Speaker 1: to suggest that developments point to improved outlooked for later 38 00:02:32,080 --> 00:02:35,160 Speaker 1: this year. Here sound on that, well, we should not 39 00:02:35,240 --> 00:02:38,560 Speaker 1: underestimate the challenges we currently face. Developments point to an 40 00:02:38,560 --> 00:02:42,239 Speaker 1: improved outlook for later this year. In particular, ongoing progress 41 00:02:42,240 --> 00:02:46,880 Speaker 1: in vaccinations should help speed the return to normal activities. Meanwhile, 42 00:02:47,040 --> 00:02:51,680 Speaker 1: he did somewhat weigh into an ongoing policy debate that 43 00:02:51,760 --> 00:02:54,840 Speaker 1: has gone beyond Washington, d C. And he said that 44 00:02:54,880 --> 00:02:59,400 Speaker 1: he doesn't see the spending rise having lasting inflation impact. 45 00:02:59,680 --> 00:03:03,400 Speaker 1: Here is, we expect readings on inflation to move up. 46 00:03:03,400 --> 00:03:05,960 Speaker 1: That's called base effects. That will be a temporary effect 47 00:03:06,000 --> 00:03:09,320 Speaker 1: and it won't really signal anything. You could see spending 48 00:03:09,360 --> 00:03:12,160 Speaker 1: pick up pretty substantially in the second half of the year, 49 00:03:12,440 --> 00:03:13,800 Speaker 1: and that would be a good thing, of course, but 50 00:03:13,840 --> 00:03:16,800 Speaker 1: it could also put upward pressure on prices. It doesn't 51 00:03:16,840 --> 00:03:20,280 Speaker 1: seem likely that that would result in very large increases 52 00:03:20,440 --> 00:03:22,800 Speaker 1: or that they would be persistent. I want to welcome 53 00:03:22,800 --> 00:03:27,480 Speaker 1: into this conversation Bloomberg Politics contributor Jennie shan Zano and 54 00:03:27,560 --> 00:03:31,480 Speaker 1: Travis Norton is a shareholder at Brownsteing Hyatt, Farmer and Shrek, 55 00:03:31,680 --> 00:03:35,119 Speaker 1: the former General Counsel to the House Judiciary and Financial 56 00:03:35,160 --> 00:03:38,840 Speaker 1: Services Committee and a former staff director to Senator Tim 57 00:03:38,920 --> 00:03:43,200 Speaker 1: Scott's on the Banking Subcommittee. Uh Genie Travis, Welcome to 58 00:03:43,200 --> 00:03:46,120 Speaker 1: the program, Travis. I'll start with you. Do you share 59 00:03:46,640 --> 00:03:50,120 Speaker 1: or do you see any concerns that FED Chairman J. 60 00:03:50,280 --> 00:03:55,920 Speaker 1: Powell perhaps doesn't feel are there, especially about the effects 61 00:03:55,960 --> 00:04:00,320 Speaker 1: of increased spending. Thanks, good to be with you the 62 00:04:01,760 --> 00:04:04,240 Speaker 1: I think there's just a ton of liquidity floating around 63 00:04:04,280 --> 00:04:06,680 Speaker 1: this economy right now and so far that has not 64 00:04:07,200 --> 00:04:10,400 Speaker 1: shown up in the inflation numbers in a meaningful way. 65 00:04:10,440 --> 00:04:13,480 Speaker 1: I think Chair Powell alluded to a forty one bit 66 00:04:13,840 --> 00:04:18,320 Speaker 1: increase in recent indexes for inflation. But if you just 67 00:04:18,400 --> 00:04:21,080 Speaker 1: think about all of the areas of this economy that 68 00:04:21,080 --> 00:04:24,200 Speaker 1: are running so hot right now. Virtually everywhere you go 69 00:04:25,040 --> 00:04:28,159 Speaker 1: that I've been to in the last few months, housing 70 00:04:28,200 --> 00:04:32,200 Speaker 1: prices are off the charts, inventory is very low. You 71 00:04:32,240 --> 00:04:35,120 Speaker 1: look at things like game Stop, the amount of liquidity 72 00:04:35,160 --> 00:04:39,040 Speaker 1: that was pumped into that cryptocurrency, and of course at 73 00:04:39,040 --> 00:04:42,360 Speaker 1: one point six trillion dollar increased and consumer savings over 74 00:04:42,400 --> 00:04:45,640 Speaker 1: the COVID era, it's difficult to see how all of 75 00:04:45,680 --> 00:04:48,599 Speaker 1: this liquidity in the economy will not come to bear 76 00:04:49,560 --> 00:04:53,000 Speaker 1: on the inflation number and at some point in the future. 77 00:04:53,360 --> 00:04:55,960 Speaker 1: But now, whether the FEDS inflation target of just above 78 00:04:56,000 --> 00:05:00,279 Speaker 1: two percent remains appropriate for this economy and recovery, I 79 00:05:00,320 --> 00:05:03,280 Speaker 1: don't know, but I certainly find it hard to believe 80 00:05:03,320 --> 00:05:05,919 Speaker 1: that at some point all of this liquidity in the 81 00:05:05,960 --> 00:05:08,480 Speaker 1: economy is not going to come home to roost. You know, Travis, 82 00:05:08,520 --> 00:05:10,520 Speaker 1: that's a great point. And Jennie, I think when you 83 00:05:10,600 --> 00:05:13,920 Speaker 1: hear that, and especially fresh off of the policy debate 84 00:05:14,440 --> 00:05:18,080 Speaker 1: that our colleague David Weston had during his interview with 85 00:05:18,360 --> 00:05:21,880 Speaker 1: the Banking Committee Chairman Shared Brown earlier today, I want 86 00:05:21,880 --> 00:05:24,640 Speaker 1: to play for you this genie. The sound on what 87 00:05:24,720 --> 00:05:28,600 Speaker 1: he had to say just after FED Chairman j Powell's 88 00:05:28,640 --> 00:05:31,240 Speaker 1: hearing here is it's clear though that he thinks we 89 00:05:31,320 --> 00:05:34,240 Speaker 1: need to go big, as President Biden does, as his 90 00:05:34,400 --> 00:05:37,320 Speaker 1: predecessor or one of it, while his his immediate predecessor, 91 00:05:37,400 --> 00:05:40,000 Speaker 1: Janet Yellen, who's now the Treasury Sector. He said, if 92 00:05:40,000 --> 00:05:42,640 Speaker 1: we don't go big, if we fall short on this 93 00:05:43,080 --> 00:05:46,599 Speaker 1: Recovery Act, this repair Act, if we fall short, we 94 00:05:46,800 --> 00:05:49,520 Speaker 1: um there will be a scarring, she said, a long 95 00:05:49,640 --> 00:05:53,800 Speaker 1: term generational scarring of the economy. But it's fascinating to 96 00:05:53,880 --> 00:05:59,680 Speaker 1: hear Travis's perspective, Genie, but also Larry Summers perspective on 97 00:05:59,839 --> 00:06:02,360 Speaker 1: the US, and it's just in start contrast to Chairman 98 00:06:02,400 --> 00:06:06,239 Speaker 1: Brown and Secretary Yellen. It is and it was something 99 00:06:06,279 --> 00:06:09,040 Speaker 1: that is we always hear in these hearings, but I 100 00:06:09,080 --> 00:06:12,320 Speaker 1: thought it came through so loud and clear today, was 101 00:06:12,400 --> 00:06:17,159 Speaker 1: that both sides were trying to get Powell to support 102 00:06:17,279 --> 00:06:21,920 Speaker 1: their rationale for fiscal policy and to support their vision 103 00:06:22,000 --> 00:06:25,440 Speaker 1: and view of the fiscal stimulus. And he tried, you know, 104 00:06:25,560 --> 00:06:28,240 Speaker 1: mightily not to take the bait on that. You know, 105 00:06:28,320 --> 00:06:31,600 Speaker 1: he tried not to wait into that, but in some 106 00:06:31,680 --> 00:06:34,200 Speaker 1: way he you know, he did. He did to a 107 00:06:34,240 --> 00:06:36,720 Speaker 1: certain extent. And I think what stood out to me 108 00:06:36,760 --> 00:06:39,080 Speaker 1: in addition to that was the fact that, you know, 109 00:06:39,120 --> 00:06:42,680 Speaker 1: I was really reminded as I was listening to him 110 00:06:42,760 --> 00:06:47,080 Speaker 1: of you know, Mario Cuomo Tale of two Cities speech, 111 00:06:47,520 --> 00:06:51,160 Speaker 1: because what we're really hearing is a tale of two economies. 112 00:06:51,200 --> 00:06:55,039 Speaker 1: And Powell seems to me, you know, understanding that we 113 00:06:55,160 --> 00:06:57,600 Speaker 1: really do have two economies. Here. We have people who 114 00:06:57,600 --> 00:07:01,440 Speaker 1: are suffering mightily as a result of the economic the 115 00:07:01,440 --> 00:07:04,240 Speaker 1: economy that's occurred in the weak of the pandemic and 116 00:07:04,279 --> 00:07:07,560 Speaker 1: others that are going well. And one question is, you know, 117 00:07:07,920 --> 00:07:11,720 Speaker 1: can they create monetary policy for different groups of people 118 00:07:11,800 --> 00:07:13,640 Speaker 1: that are suffering in this way? You know, I heard 119 00:07:13,640 --> 00:07:16,280 Speaker 1: Pat two me say no, they can't. That's up to Congress. 120 00:07:16,520 --> 00:07:19,400 Speaker 1: But when you got a Congress that's not working so 121 00:07:19,440 --> 00:07:23,400 Speaker 1: well together, that's a big problem as well. So so 122 00:07:23,480 --> 00:07:26,120 Speaker 1: much went into this sort of hearing that that that 123 00:07:26,200 --> 00:07:29,200 Speaker 1: I wasn't resolved in my mind, even though the market 124 00:07:29,240 --> 00:07:32,600 Speaker 1: responded positively. You know, it's I gotta be candid here, Jeannie. 125 00:07:33,160 --> 00:07:35,720 Speaker 1: I did not think that Cuomo would come up in 126 00:07:35,760 --> 00:07:39,160 Speaker 1: the first segment, but that it wouldn't be Governor Cuomo, 127 00:07:40,600 --> 00:07:44,040 Speaker 1: that it would be you know, you know, and that's 128 00:07:44,320 --> 00:07:46,480 Speaker 1: I think I should. I'm not going to digress. I 129 00:07:46,480 --> 00:07:50,400 Speaker 1: can hear our EP saying, keV stay on track, Baradas listening, 130 00:07:50,560 --> 00:07:54,600 Speaker 1: And I'm apologizing to Travis right now. Travis, I'm sorry. 131 00:07:55,160 --> 00:07:57,840 Speaker 1: Here's how it played. Let's let's try to Here's how 132 00:07:57,920 --> 00:08:02,240 Speaker 1: it played. Uh. The headline, Uh. The AP headline says 133 00:08:02,280 --> 00:08:06,600 Speaker 1: fed power, Feds, Powell recovery and complete high inflation unlikely. 134 00:08:06,840 --> 00:08:10,440 Speaker 1: The Financial Times Powell signals quote hope for return to 135 00:08:10,600 --> 00:08:16,000 Speaker 1: more normal conditions Bloomberg headline, Powell signals FED to keep 136 00:08:16,040 --> 00:08:20,600 Speaker 1: buying bonds even as outlook improved. So I mean, Travis, 137 00:08:20,680 --> 00:08:25,440 Speaker 1: the overwhelming majority of the coverage has been the economy 138 00:08:25,600 --> 00:08:28,840 Speaker 1: over the second half of this year is going to 139 00:08:29,000 --> 00:08:33,640 Speaker 1: be looking to improve. But people are divided, The parties 140 00:08:33,640 --> 00:08:36,720 Speaker 1: are divided, the policy walks are divided in terms of 141 00:08:36,760 --> 00:08:39,360 Speaker 1: the effect that the stimulus is going to have in 142 00:08:39,400 --> 00:08:43,520 Speaker 1: the long term. Yeah, I think that's right. And remember 143 00:08:43,600 --> 00:08:48,560 Speaker 1: that there's already been approximately four trillion dollars stimulus relief 144 00:08:49,040 --> 00:08:52,840 Speaker 1: in five bipartisan bills. It's already been inactive, the latest 145 00:08:52,880 --> 00:08:56,439 Speaker 1: of which was in December. Most of that money from 146 00:08:56,480 --> 00:08:59,839 Speaker 1: that bill um was not has not even been allocated 147 00:09:00,160 --> 00:09:02,760 Speaker 1: spent yet, and here we are again trying to spend 148 00:09:03,320 --> 00:09:06,040 Speaker 1: another close to two trillion dollars. What I think you 149 00:09:06,120 --> 00:09:10,479 Speaker 1: saw today, Kevin and Genie, is a Congress that continues 150 00:09:10,559 --> 00:09:14,200 Speaker 1: to wrestle with their desire to reimagine what the FED is. 151 00:09:15,080 --> 00:09:18,520 Speaker 1: All of last year, people were after the Care's Act, 152 00:09:18,600 --> 00:09:22,960 Speaker 1: people were looking policymakers in Congress were looking at the 153 00:09:23,040 --> 00:09:27,160 Speaker 1: FED to established lending programs like the Main Street Lending Facility, 154 00:09:28,080 --> 00:09:30,880 Speaker 1: a facility to buy commercial paper, corporate bonds on the 155 00:09:30,880 --> 00:09:35,160 Speaker 1: primary and secondary market. The FED became a much larger 156 00:09:35,200 --> 00:09:38,240 Speaker 1: player on the stage last year in the recovery. Now 157 00:09:38,280 --> 00:09:41,040 Speaker 1: that those programs have been pulled back, I think Congress 158 00:09:41,120 --> 00:09:44,199 Speaker 1: is used to the FED coming in and stepping into 159 00:09:44,240 --> 00:09:49,000 Speaker 1: a role where you're right, partisan gridlock results in not 160 00:09:49,120 --> 00:09:51,520 Speaker 1: many things, you know, being able to get done in 161 00:09:51,559 --> 00:09:54,520 Speaker 1: a bipartisan way, and the FED. What you heard Chare 162 00:09:54,559 --> 00:09:58,800 Speaker 1: Powell say today is basically, I'm not the referee here 163 00:09:58,800 --> 00:10:01,560 Speaker 1: on fiscal policy as much as you want me to be. 164 00:10:02,040 --> 00:10:04,120 Speaker 1: The things that I do and the tools that I 165 00:10:04,200 --> 00:10:07,040 Speaker 1: have in my tool chest, uh, you know, cause the 166 00:10:07,120 --> 00:10:09,960 Speaker 1: ocean level to rise and fall. But that's true for 167 00:10:10,000 --> 00:10:13,559 Speaker 1: all boats. And all of these questions about wealth inequality 168 00:10:13,600 --> 00:10:18,640 Speaker 1: and income inequality and the disparate impact of this COVID 169 00:10:18,679 --> 00:10:22,199 Speaker 1: era on black and brown communities and communities of color 170 00:10:22,320 --> 00:10:25,880 Speaker 1: and women in the workplace. That's really for fiscal policy. 171 00:10:25,960 --> 00:10:29,160 Speaker 1: That's the providence of Article one, and you, Congress, should 172 00:10:29,160 --> 00:10:31,280 Speaker 1: be dealing with it. And if you can't deal with it, 173 00:10:31,360 --> 00:10:33,559 Speaker 1: don't look to me. I'm the FED. Let's take a 174 00:10:33,600 --> 00:10:36,480 Speaker 1: listen to what President Biden had to say with the 175 00:10:36,520 --> 00:10:39,920 Speaker 1: White House Domestic Policy Advisor Susan Rice. They held a 176 00:10:40,000 --> 00:10:43,680 Speaker 1: virtual round table today with black essential workers, and at 177 00:10:43,720 --> 00:10:45,720 Speaker 1: one point during the event, I was struck by this. 178 00:10:46,240 --> 00:10:51,400 Speaker 1: The President Biden repeated his push for the stimulus stimulus checks. 179 00:10:51,400 --> 00:10:53,600 Speaker 1: Take a listen. Here's the sound on that. We're gonna 180 00:10:53,600 --> 00:10:56,960 Speaker 1: make sure you get that extra one thousand four check 181 00:10:57,120 --> 00:11:01,800 Speaker 1: during the pandemic um that both parties had said they supported, 182 00:11:02,800 --> 00:11:06,079 Speaker 1: even the past president said he strongly supported it. We 183 00:11:06,200 --> 00:11:09,040 Speaker 1: just got to get it done. Now. It's really fascinating 184 00:11:09,120 --> 00:11:12,800 Speaker 1: to see how the final negotiations on this are going 185 00:11:12,840 --> 00:11:15,720 Speaker 1: to continue to intensify. We're hearing that the House vote 186 00:11:15,760 --> 00:11:19,440 Speaker 1: will still be likely on Friday, which then pushes it 187 00:11:19,480 --> 00:11:21,720 Speaker 1: to the Senate for next week. And that's where the 188 00:11:21,800 --> 00:11:26,200 Speaker 1: issue pertaining to minimum wage and Senate Budget. Senate Budget 189 00:11:26,240 --> 00:11:30,080 Speaker 1: Committee Chairman Bernie Sanders, as well as Senators Romney and 190 00:11:30,120 --> 00:11:33,800 Speaker 1: Tom Cotton, who are out pushing an increased in in 191 00:11:33,880 --> 00:11:36,319 Speaker 1: minimum wage. We're gonna talk about that coming next. We're 192 00:11:36,320 --> 00:11:38,880 Speaker 1: gonna dive into the dynamics of the Senate with the panel. 193 00:11:38,920 --> 00:12:00,280 Speaker 1: My name is Kevin Silly. This is Bloomberg. These He's 194 00:12:00,320 --> 00:12:05,920 Speaker 1: Bloomberg Sound On with Kevin on Bloomberg Radio. My name 195 00:12:06,080 --> 00:12:09,720 Speaker 1: is Kevin Cirelli. I'm the chief Washington correspondent for Bloomberg 196 00:12:09,760 --> 00:12:14,080 Speaker 1: TV and Bloomberg Radio. With an all star panel, We've 197 00:12:14,080 --> 00:12:17,920 Speaker 1: got Bloomberg Politics contributor Jeannie Shawn Zeno and Travis Norton, 198 00:12:18,320 --> 00:12:22,280 Speaker 1: who is a former staff director to Republican Senator Tim 199 00:12:22,520 --> 00:12:27,600 Speaker 1: Scott's how's the senator been? Travis, He's great. He's promoting 200 00:12:27,679 --> 00:12:31,040 Speaker 1: a run for president. I just go right for it. 201 00:12:31,280 --> 00:12:33,160 Speaker 1: You know, I have no idea. I hope he does. 202 00:12:33,200 --> 00:12:35,640 Speaker 1: He's a wonderful man. What's he promoting? Maybe we cant 203 00:12:35,760 --> 00:12:38,719 Speaker 1: him on the show. You know, he promotes an opportunity 204 00:12:38,760 --> 00:12:43,120 Speaker 1: agenda where he looks for ways to invest in marginalized communities. 205 00:12:43,160 --> 00:12:46,439 Speaker 1: From a Jack Kelly conservative, that's exactly right. A new 206 00:12:46,480 --> 00:12:49,320 Speaker 1: bill introduced in the Virginia Senate. With that, I'm hearing 207 00:12:49,400 --> 00:12:51,360 Speaker 1: a little bit of audio, but we just tweaked it. Okay, 208 00:12:51,800 --> 00:12:57,120 Speaker 1: back to the dynamics of the minimum wage debate, which 209 00:12:57,120 --> 00:12:59,880 Speaker 1: I find fascinating and really does come up with what's 210 00:13:00,040 --> 00:13:03,199 Speaker 1: enitor Tim Scott has been uh arguing it. I'll be 211 00:13:03,360 --> 00:13:05,559 Speaker 1: in a very different way. He's argued he's taken the 212 00:13:05,600 --> 00:13:09,520 Speaker 1: Jack Kemp approach and arguing for economic opportunity zones in 213 00:13:09,679 --> 00:13:14,880 Speaker 1: more underserved communities in our cities as a means of 214 00:13:14,920 --> 00:13:18,840 Speaker 1: attracting business. And the debate that has ignited within the 215 00:13:18,880 --> 00:13:22,800 Speaker 1: Senate right now amidst this one point nine trillion dollar 216 00:13:22,920 --> 00:13:26,960 Speaker 1: COVID relief bill has been rising on the minimum wage. Travis. 217 00:13:27,000 --> 00:13:29,000 Speaker 1: In the last couple of minutes, I just got an 218 00:13:29,000 --> 00:13:32,679 Speaker 1: email from move on dot org, an attack email, as 219 00:13:32,679 --> 00:13:35,880 Speaker 1: they're known in the biz, and it's attacking Senators Joe 220 00:13:35,920 --> 00:13:38,880 Speaker 1: Mansion and Kirsten Cinema. Move On, of course is a 221 00:13:38,920 --> 00:13:44,839 Speaker 1: progressive group, uh, And they're saying that they're saying at 222 00:13:44,920 --> 00:13:47,760 Speaker 1: least two Democratic senators are putting the bill at risk, 223 00:13:47,840 --> 00:13:51,480 Speaker 1: saying they won't support increasing the minimum wage, even though 224 00:13:51,520 --> 00:13:54,000 Speaker 1: it would lift nearly one million people out of poverty 225 00:13:54,200 --> 00:13:57,720 Speaker 1: and increase pay for a stunning of u S workers. Now, 226 00:13:57,760 --> 00:14:02,560 Speaker 1: obviously they're taking a look using progressive numbers, but it 227 00:14:02,640 --> 00:14:06,200 Speaker 1: underscores just how much of a divide there is between 228 00:14:06,280 --> 00:14:09,880 Speaker 1: centrists and the far left, does it not, Travis, It 229 00:14:09,920 --> 00:14:12,880 Speaker 1: absolutely does. And you saw over the weekend Senator Sanders 230 00:14:12,920 --> 00:14:18,240 Speaker 1: progressive independent senator caucuses with Democrats from Vermont Uh continuing 231 00:14:18,280 --> 00:14:23,160 Speaker 1: to call for a fifty Uncle Bernie calling for a 232 00:14:23,240 --> 00:14:27,120 Speaker 1: fifteen minimum wage to be in this bill. He has 233 00:14:27,160 --> 00:14:29,080 Speaker 1: said that he will get a ruling from the Senate 234 00:14:29,120 --> 00:14:33,240 Speaker 1: Parliamentary and tomorrow as to whether that prevision passes Muster 235 00:14:33,360 --> 00:14:36,600 Speaker 1: under the so called Bird rule. The bird rule not 236 00:14:36,680 --> 00:14:40,120 Speaker 1: to bore your listeners with our Kane procedure, but in 237 00:14:40,160 --> 00:14:42,880 Speaker 1: a fast track procedure that the Democrats are using to 238 00:14:42,920 --> 00:14:46,760 Speaker 1: pass this COVID relief bill. The Senate is not allowed 239 00:14:46,800 --> 00:14:50,440 Speaker 1: to put policy riders that don't have a close nexus 240 00:14:50,480 --> 00:14:54,880 Speaker 1: to budgetary impact. So the question is whether requiring private 241 00:14:54,880 --> 00:14:58,680 Speaker 1: sector employers to pay their workers fifteen minimum wage per 242 00:14:58,720 --> 00:15:02,480 Speaker 1: hour is going to is central enough to the budget 243 00:15:02,640 --> 00:15:04,800 Speaker 1: that they can do it in this bill. UM. The 244 00:15:04,840 --> 00:15:09,440 Speaker 1: Congressional Budget Office, of course, nonpartisan scorekeeper for Congress, has 245 00:15:09,560 --> 00:15:14,760 Speaker 1: estimated that doing so would cost one point four million 246 00:15:14,840 --> 00:15:17,760 Speaker 1: jobs in this economy which has already seen one out 247 00:15:17,760 --> 00:15:22,880 Speaker 1: of five retail and restaurant businesses closed their doors forever. UM. 248 00:15:22,920 --> 00:15:26,360 Speaker 1: It would, however, lift nine hundred thousand people out of poverty. 249 00:15:26,760 --> 00:15:29,240 Speaker 1: So I think the question for Senator's Mansion and Senator 250 00:15:29,280 --> 00:15:34,200 Speaker 1: Cinema is really whether this Um, fifteen dollar minimum wage 251 00:15:34,320 --> 00:15:37,760 Speaker 1: is something that needs to be done now under the 252 00:15:37,800 --> 00:15:41,240 Speaker 1: aegis of COVID relief or whether COVID relief could be 253 00:15:41,280 --> 00:15:45,480 Speaker 1: more targeted. Uh, And they could then Congress could quickly 254 00:15:45,480 --> 00:15:48,080 Speaker 1: turn its attention to something like minimum wage, but not 255 00:15:48,240 --> 00:15:52,280 Speaker 1: in the context of a fast track COVID relief bill. 256 00:15:52,760 --> 00:15:55,560 Speaker 1: And Travis, there's nothing arcane about that. That That was fascinating. 257 00:15:55,560 --> 00:15:58,760 Speaker 1: I love hearing about that. UM. So let me ask you, 258 00:15:58,800 --> 00:16:02,040 Speaker 1: because you mentioned both Mansion in Cinema and somebody else 259 00:16:02,080 --> 00:16:05,840 Speaker 1: that I'm hearing is John Tester, and who has said 260 00:16:05,920 --> 00:16:11,120 Speaker 1: he refused or declined to say whether he would support it. UM. 261 00:16:11,160 --> 00:16:14,600 Speaker 1: And as you just mentioned about the Senate Parliamentary in 262 00:16:14,960 --> 00:16:17,680 Speaker 1: he wanted to see if they would approve allowing it 263 00:16:17,720 --> 00:16:21,120 Speaker 1: to be passed. So are you hearing about John Tester 264 00:16:21,280 --> 00:16:24,120 Speaker 1: at all? Because, of course, as we know, Chuck Chuck 265 00:16:24,160 --> 00:16:26,680 Speaker 1: Schumer can't afford to lose any one of these now 266 00:16:26,920 --> 00:16:31,320 Speaker 1: three people. That's right, UM. You will find throughout this Congress, 267 00:16:31,640 --> 00:16:36,080 Speaker 1: with Democrats and Republicans split evenly fifty fifty in the Senate, 268 00:16:36,440 --> 00:16:39,440 Speaker 1: you will find that a group of Centrists on both 269 00:16:39,480 --> 00:16:42,160 Speaker 1: sides of the aisle Um the three that you just mentioned. 270 00:16:42,160 --> 00:16:46,920 Speaker 1: On the Democratic side, Mansion Cinema from Arizona, John Tester 271 00:16:47,040 --> 00:16:49,720 Speaker 1: from Montana, and on the Republican side, Susan Collins of 272 00:16:49,800 --> 00:16:54,240 Speaker 1: me and Lisa Murkowski in Alaska, and even Senator Romney 273 00:16:54,280 --> 00:16:57,000 Speaker 1: from the conservative state of Utah. Those six are the 274 00:16:57,120 --> 00:17:00,880 Speaker 1: key senators to watch over the next two years years. Um, 275 00:17:00,920 --> 00:17:03,480 Speaker 1: they don't none of them likes to be alone. Um. 276 00:17:03,480 --> 00:17:06,280 Speaker 1: There's a fair amount of I think frustration from the 277 00:17:06,320 --> 00:17:10,159 Speaker 1: progressive wing of the Democratic Party at Joe Mansion at 278 00:17:10,160 --> 00:17:13,560 Speaker 1: the moment, because he in the past few days has 279 00:17:13,680 --> 00:17:16,920 Speaker 1: announced that he will vote no on one of President 280 00:17:17,000 --> 00:17:19,919 Speaker 1: Biden's picks near A Tandon to be Director of the 281 00:17:19,960 --> 00:17:23,920 Speaker 1: Office of Management Budget. So let me let me jump 282 00:17:23,920 --> 00:17:25,640 Speaker 1: in here though, because I want to. We we only 283 00:17:25,640 --> 00:17:28,040 Speaker 1: have about a minute left, so very quickly. Senators Mitt 284 00:17:28,080 --> 00:17:31,440 Speaker 1: Romney and Tom Cotton, two Republicans Utah in Arkansas, they've 285 00:17:31,520 --> 00:17:33,400 Speaker 1: rolled out a plan to raise them in one wage 286 00:17:33,440 --> 00:17:36,760 Speaker 1: to ten dollars an hour over the next four years. 287 00:17:37,119 --> 00:17:40,640 Speaker 1: But also it's a titan enforcement on UH workers who 288 00:17:40,640 --> 00:17:43,000 Speaker 1: are are not documented. Is that going to get any 289 00:17:43,040 --> 00:17:48,240 Speaker 1: support amongst Republicans in the caucus? Yeah? I think I 290 00:17:48,240 --> 00:17:50,840 Speaker 1: think the purpose of having a Senator Cotton and Senator 291 00:17:50,920 --> 00:17:52,800 Speaker 1: Romney roll it out together. It shows you have the 292 00:17:52,840 --> 00:17:56,720 Speaker 1: conservative wing and the pragmatic wing of the party rolling 293 00:17:56,720 --> 00:17:59,080 Speaker 1: out a proposal. It may get support, but it's not 294 00:17:59,119 --> 00:18:02,760 Speaker 1: going to end up in public law. It is something 295 00:18:02,800 --> 00:18:06,400 Speaker 1: that Republicans can before while they stand against a fifteen 296 00:18:06,400 --> 00:18:09,760 Speaker 1: dollar wage proposal. Travis Norton, come back anytime, Thanks so much, 297 00:18:09,880 --> 00:18:12,200 Speaker 1: Jennie stays. I know, I gotta let you go, Travis Center. 298 00:18:12,240 --> 00:18:14,639 Speaker 1: You've got a busy, busy schedule coming up. Next, we 299 00:18:14,720 --> 00:18:17,720 Speaker 1: check in with with one Congressman at the center of 300 00:18:17,800 --> 00:18:31,280 Speaker 1: all of this. I'm Kevin Sireli. This is Bloomberg broadcasting 301 00:18:31,359 --> 00:18:36,679 Speaker 1: live from our nation's capital, Bloomberg to New York, Bloomberg eleven, 302 00:18:36,800 --> 00:18:41,040 Speaker 1: Frio to San Francisco, Bloomberg nine six to the country, 303 00:18:41,240 --> 00:18:45,000 Speaker 1: Sirius XM General one ninety and around the globe, the 304 00:18:45,040 --> 00:18:49,560 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 305 00:18:49,600 --> 00:18:55,560 Speaker 1: Bloomberg Sound On with Kevin Cereli. I'm Kevin Surrey. Coming 306 00:18:55,640 --> 00:18:58,880 Speaker 1: up this half hour, Congressman Jason Smith, a Republican from 307 00:18:58,880 --> 00:19:03,399 Speaker 1: Missouri's eight aggressional district, weighs in on FED Chairman J. Powell, 308 00:19:03,480 --> 00:19:07,840 Speaker 1: and we are monitoring remarks from President Joe Biden this 309 00:19:07,960 --> 00:19:11,480 Speaker 1: half hour. We are awaiting for his remarks to UH, 310 00:19:11,480 --> 00:19:13,720 Speaker 1: and I'll bring them to you once we get them. 311 00:19:13,720 --> 00:19:18,119 Speaker 1: He's meeting with Canadian Prime Minister Justin Trudeau. But I 312 00:19:18,160 --> 00:19:23,240 Speaker 1: want to welcome into this conversation, UH, Congressman Jason Smith. 313 00:19:23,320 --> 00:19:26,120 Speaker 1: He is a Republican from Missouri. He's a member of 314 00:19:26,160 --> 00:19:31,119 Speaker 1: the House Budget Committee, and he was carefully following the 315 00:19:31,160 --> 00:19:35,000 Speaker 1: Senate Banking Committee hearing today where FED Chairman J. Powell 316 00:19:35,680 --> 00:19:38,439 Speaker 1: UH testified And and Congressman, I know you have a 317 00:19:38,440 --> 00:19:40,520 Speaker 1: lot to say this about this and it's the top 318 00:19:40,560 --> 00:19:43,760 Speaker 1: Republican on the Budget committee in the House. Do you 319 00:19:43,800 --> 00:19:48,119 Speaker 1: agree with FED chair J. Powell's assessment with regards to 320 00:19:48,920 --> 00:19:52,360 Speaker 1: um the the effect that at one point nine trillion 321 00:19:52,400 --> 00:19:56,719 Speaker 1: dollar stimulus deal would have on the economy. You know, 322 00:19:57,040 --> 00:20:00,760 Speaker 1: Kevin Uh, this is I was not in that hearing 323 00:20:01,480 --> 00:20:04,280 Speaker 1: over on that side of the building, but I'll tell you, 324 00:20:04,440 --> 00:20:07,800 Speaker 1: just like UM, the CBO said, when you look at 325 00:20:07,800 --> 00:20:11,040 Speaker 1: the one point nine trillion dollar package that's going forward, 326 00:20:11,560 --> 00:20:14,960 Speaker 1: is that by Midsummer we're going to hit some of 327 00:20:15,000 --> 00:20:18,600 Speaker 1: the highest GDP that we have had in fifteen years 328 00:20:19,359 --> 00:20:25,360 Speaker 1: and without any additional stimulus money. So it from my understanding, 329 00:20:25,400 --> 00:20:27,880 Speaker 1: when Mr Powell was over there today, he didn't make 330 00:20:27,920 --> 00:20:31,560 Speaker 1: a recommendation on whether there should be more stimulus money 331 00:20:31,680 --> 00:20:33,800 Speaker 1: or not, but he did say that the economy was 332 00:20:33,840 --> 00:20:38,240 Speaker 1: moving in the right direction. Um. But I when you're 333 00:20:38,240 --> 00:20:41,520 Speaker 1: looking at spending another two trillion dollars, which would be 334 00:20:41,560 --> 00:20:45,199 Speaker 1: the largest stimulus package in the history of this nation, UM, 335 00:20:45,240 --> 00:20:47,240 Speaker 1: I think that's very concerning. You know. I want to 336 00:20:47,240 --> 00:20:50,760 Speaker 1: play for you something that uh, my colleague David Weston 337 00:20:51,200 --> 00:20:53,520 Speaker 1: spoke with Senator Shared Brown about the chairman of the 338 00:20:53,560 --> 00:20:57,320 Speaker 1: Banking Committee in the Senate and a Democrat from Ohio, 339 00:20:57,880 --> 00:21:01,520 Speaker 1: and here's what he had to say about his interpretation 340 00:21:01,680 --> 00:21:03,760 Speaker 1: of the hearing and in which he says that the 341 00:21:03,800 --> 00:21:06,640 Speaker 1: economy is not at a place where the economy can 342 00:21:06,720 --> 00:21:09,280 Speaker 1: take off. Here's the sound on that we're not at 343 00:21:09,320 --> 00:21:12,200 Speaker 1: the place yet where this economy is going to take off. 344 00:21:12,240 --> 00:21:15,280 Speaker 1: We've been losing jobs in the last couple of months. Um. 345 00:21:15,280 --> 00:21:18,040 Speaker 1: The GDP might be going up, because that's again the 346 00:21:18,080 --> 00:21:21,040 Speaker 1: wealthiest are doing better and better and better, but most 347 00:21:21,119 --> 00:21:23,760 Speaker 1: people in this country still need help and we've got 348 00:21:23,760 --> 00:21:26,280 Speaker 1: a move to do that. I think Jared Paul's testimony 349 00:21:26,320 --> 00:21:30,159 Speaker 1: today really underscored that. Congressman Jason Smith, the Republican from 350 00:21:30,320 --> 00:21:34,000 Speaker 1: Zuri's eighth congressional district, take us to the farm fields 351 00:21:34,040 --> 00:21:39,240 Speaker 1: of your constituents. How is the heartland feeling right now 352 00:21:39,960 --> 00:21:43,760 Speaker 1: with regards to where this recovery is as folks are 353 00:21:43,800 --> 00:21:48,280 Speaker 1: debating this stimulus, Well, it all boils down to the 354 00:21:49,280 --> 00:21:53,600 Speaker 1: politicians and the states that have locked down there they're 355 00:21:53,680 --> 00:21:56,720 Speaker 1: small businesses. The states that have locked down their small 356 00:21:56,720 --> 00:22:01,800 Speaker 1: businesses has basically resulted in over a hundred thousand different 357 00:22:01,880 --> 00:22:06,080 Speaker 1: businesses across this country closing. Um. What the people want 358 00:22:06,720 --> 00:22:09,879 Speaker 1: is for these lockdowns to end. They want to be 359 00:22:09,920 --> 00:22:12,320 Speaker 1: able to go back to work, They want their kids 360 00:22:12,359 --> 00:22:15,000 Speaker 1: to go back to school. And if you look at 361 00:22:15,000 --> 00:22:20,359 Speaker 1: the states that did not have the very aggressive lockdowns, 362 00:22:20,400 --> 00:22:23,880 Speaker 1: they have some of the lowest unemployment in the country, 363 00:22:23,960 --> 00:22:27,240 Speaker 1: and they actually have surpluses and their businesses are doing well. 364 00:22:27,680 --> 00:22:31,600 Speaker 1: If you look at the states that are needing, uh 365 00:22:31,760 --> 00:22:35,399 Speaker 1: these tax dollars, and apparently that's why Speaker Pelosi and 366 00:22:35,440 --> 00:22:38,680 Speaker 1: everyone's trying to bell them out with five billion dollars 367 00:22:38,680 --> 00:22:42,040 Speaker 1: in this COVID package are the states like California and 368 00:22:42,119 --> 00:22:46,120 Speaker 1: New York. But look at California and New York. Compare 369 00:22:46,240 --> 00:22:48,800 Speaker 1: them to the state of Florida, where there's been very 370 00:22:48,880 --> 00:22:53,640 Speaker 1: minimal lockdowns. But the state of Florida has higher populations 371 00:22:53,640 --> 00:22:57,680 Speaker 1: and seniors, the death rate has been much less. Uh, 372 00:22:57,760 --> 00:23:00,520 Speaker 1: and it's it's worked. So you look, it's the state 373 00:23:00,520 --> 00:23:04,679 Speaker 1: of California New York where their policies have definitely resulted 374 00:23:04,840 --> 00:23:09,399 Speaker 1: in worse unemployment and definitely higher death rates. It's not working. 375 00:23:09,880 --> 00:23:12,400 Speaker 1: I want to bring into this conversation or Bloomberg Politics 376 00:23:12,400 --> 00:23:15,320 Speaker 1: contributor Jennie Schanzen No, Uh, you know, Jennie, I think 377 00:23:15,359 --> 00:23:19,680 Speaker 1: Congressman Smith really captures where the conservative movement is right 378 00:23:19,720 --> 00:23:22,080 Speaker 1: now with regards to the stimulus. And I know you've 379 00:23:22,080 --> 00:23:24,360 Speaker 1: got questions for the congressman, but right there, I mean, 380 00:23:24,400 --> 00:23:26,480 Speaker 1: you've got red states saying they don't want to bail 381 00:23:26,520 --> 00:23:29,880 Speaker 1: out blue states. That's right, and and we've heard that 382 00:23:30,040 --> 00:23:33,639 Speaker 1: over and over again, and there's this enormous divide, and 383 00:23:33,800 --> 00:23:38,240 Speaker 1: I agree, I think the representative expresses it beautifully between people, 384 00:23:38,440 --> 00:23:41,040 Speaker 1: particularly on the coasts where where I am in New 385 00:23:41,119 --> 00:23:43,880 Speaker 1: York and and and people out in California and other 386 00:23:43,920 --> 00:23:47,359 Speaker 1: blue areas who disagree vehemently with people in some of 387 00:23:47,359 --> 00:23:50,440 Speaker 1: those red areas. But Congressman, so good to talk to you. 388 00:23:50,840 --> 00:23:54,199 Speaker 1: I wanted to ask you about part of the the 389 00:23:54,480 --> 00:23:59,440 Speaker 1: American Recovery Plan, which is the enhancement of unemployment benefits. 390 00:24:00,000 --> 00:24:02,159 Speaker 1: Those will go up by if it's passed, which is 391 00:24:02,160 --> 00:24:04,360 Speaker 1: a big if, still four hundred dollars a week through 392 00:24:04,400 --> 00:24:07,720 Speaker 1: the late August. Do you support that or do you 393 00:24:07,840 --> 00:24:11,920 Speaker 1: think this disincentivizes recipients returning to work as you're talking 394 00:24:12,000 --> 00:24:16,040 Speaker 1: about reopening the country hopefully soon. You know, people who 395 00:24:16,119 --> 00:24:19,679 Speaker 1: have lost their jobs in this pandemic and because of 396 00:24:19,720 --> 00:24:23,479 Speaker 1: the big lockdowns, they need to make sure that they 397 00:24:23,480 --> 00:24:27,199 Speaker 1: have assistance. But we're the problem, and where the debate 398 00:24:27,359 --> 00:24:30,919 Speaker 1: is between Democrats and Republicans is is that people who 399 00:24:31,000 --> 00:24:35,240 Speaker 1: are unemployed should not make more money unemployed through the 400 00:24:35,320 --> 00:24:40,480 Speaker 1: unemployment benefits than working. And when you add that extra 401 00:24:40,560 --> 00:24:43,840 Speaker 1: four dollars a week, you look at almost half of 402 00:24:43,880 --> 00:24:47,119 Speaker 1: the people that could be working would make more money 403 00:24:47,160 --> 00:24:51,159 Speaker 1: on unemployment benefits than working. And so that's where you 404 00:24:51,280 --> 00:24:56,040 Speaker 1: get most of the conversation and the debate between um 405 00:24:56,200 --> 00:25:00,679 Speaker 1: individuals is that no one should get paid more on unemployment, 406 00:25:00,720 --> 00:25:03,199 Speaker 1: and they would be if they're working. For example, the 407 00:25:03,240 --> 00:25:09,160 Speaker 1: person who uh is picking up your trash should not uh. 408 00:25:09,400 --> 00:25:12,000 Speaker 1: You know, he's picking up your trash. He's an essential employee, 409 00:25:12,320 --> 00:25:15,640 Speaker 1: but he could actually make more money staying at home 410 00:25:15,720 --> 00:25:18,679 Speaker 1: on unemployment than picking up your trash. That's not what 411 00:25:18,760 --> 00:25:21,960 Speaker 1: government needs to create. And so that's the conversation and 412 00:25:22,000 --> 00:25:24,600 Speaker 1: the discussion that you had throughout the process. In fact, 413 00:25:25,000 --> 00:25:29,320 Speaker 1: out of the two amendments that were in order during 414 00:25:29,560 --> 00:25:33,880 Speaker 1: the nine different committees in this bill that were brought forward, 415 00:25:33,960 --> 00:25:37,400 Speaker 1: only two were adopted. In fact, uh, the rest were 416 00:25:37,440 --> 00:25:39,720 Speaker 1: all voted down. But we had amendment to try to 417 00:25:39,760 --> 00:25:42,480 Speaker 1: fix this problem, but it was it was rejected by 418 00:25:42,520 --> 00:25:45,320 Speaker 1: the House Democrats. You're the fourth gender. Take us to 419 00:25:45,359 --> 00:25:48,120 Speaker 1: the heartland because I think, you know, you offer such 420 00:25:48,160 --> 00:25:51,679 Speaker 1: a unique perspective for a verbal Republican. And you're the 421 00:25:51,720 --> 00:25:54,679 Speaker 1: fourth generation. Correct me if I got this wrong, Congressman 422 00:25:55,040 --> 00:25:58,760 Speaker 1: Jason Smith, you're the You're the fourth generation owner of 423 00:25:58,800 --> 00:26:03,639 Speaker 1: a family farm in Missouri? Is that correct? That is correct? 424 00:26:03,800 --> 00:26:08,200 Speaker 1: So what effect has this pandemic had on family farms? 425 00:26:08,560 --> 00:26:11,120 Speaker 1: What effect has this had? And I'm not talking about 426 00:26:11,160 --> 00:26:14,560 Speaker 1: big farms I'm talking about like the small farms. How 427 00:26:14,640 --> 00:26:19,520 Speaker 1: how has the past year impacted VIRL farmers. You know, 428 00:26:19,600 --> 00:26:23,960 Speaker 1: there's been all different effects that have affected small farmers. 429 00:26:24,480 --> 00:26:27,760 Speaker 1: At the very beginning of this pandemic, you saw them 430 00:26:28,520 --> 00:26:32,879 Speaker 1: the meat packers having issues that that dealt with actually 431 00:26:33,160 --> 00:26:39,160 Speaker 1: um slaughtering and processing um beef. In fact, that caused 432 00:26:39,240 --> 00:26:42,520 Speaker 1: the prices for a lot of a lot of people's 433 00:26:42,520 --> 00:26:44,600 Speaker 1: ground beef in the store to rise to like seven 434 00:26:44,680 --> 00:26:48,280 Speaker 1: eight dollars a pound. However, it caused the cattle prices 435 00:26:48,760 --> 00:26:53,480 Speaker 1: for farmers to plumbent because uh they could not the 436 00:26:53,560 --> 00:26:58,639 Speaker 1: feedblocks were full of livestock um. The hog producers had 437 00:26:58,680 --> 00:27:02,919 Speaker 1: had animals they couldn't send because the processing facilities couldn't 438 00:27:02,920 --> 00:27:06,480 Speaker 1: slaughter them. So the meat prices went up. However, the 439 00:27:06,560 --> 00:27:09,440 Speaker 1: prices for the farmers went down in some In some 440 00:27:09,480 --> 00:27:12,480 Speaker 1: cases they couldn't sell it. So it definitely had a 441 00:27:12,480 --> 00:27:15,720 Speaker 1: had a had a huge impact. But that's just from 442 00:27:15,720 --> 00:27:19,240 Speaker 1: the supply chain when you're looking at it from a 443 00:27:19,320 --> 00:27:24,879 Speaker 1: farmer's perspective. But of course every farmer um usually a farmers, 444 00:27:24,880 --> 00:27:27,960 Speaker 1: They're sole occupation is not the farm. They also have 445 00:27:28,400 --> 00:27:32,080 Speaker 1: an additional occupation, whether they were, you know, working at 446 00:27:32,200 --> 00:27:34,720 Speaker 1: a local small business or they still had their own 447 00:27:34,720 --> 00:27:37,760 Speaker 1: small business. And so we were very fortunate in the 448 00:27:37,800 --> 00:27:41,640 Speaker 1: state of Missouri that um our governor did not have 449 00:27:42,080 --> 00:27:46,440 Speaker 1: um he did not create lockdowns and and we were 450 00:27:46,480 --> 00:27:49,080 Speaker 1: open for business. And that's why you look at the 451 00:27:49,119 --> 00:27:52,200 Speaker 1: state of Missouri, we have some of the lowest unemployment 452 00:27:52,240 --> 00:27:54,119 Speaker 1: in the entire nation. You know, let me sell up 453 00:27:54,160 --> 00:27:59,120 Speaker 1: here though, because another dynamic in terms of agriculture has 454 00:27:59,119 --> 00:28:01,639 Speaker 1: been the supply chain that it has internationally and the 455 00:28:01,680 --> 00:28:06,000 Speaker 1: effect that China has had with regards to the supply 456 00:28:06,119 --> 00:28:09,119 Speaker 1: chain from from America's heartland. What are you hoping to 457 00:28:09,160 --> 00:28:15,280 Speaker 1: see the Biden administration position is on China trade with 458 00:28:15,359 --> 00:28:21,000 Speaker 1: soybeans with other agricultural commodities that is different from the 459 00:28:21,040 --> 00:28:24,200 Speaker 1: Trump administration or do you hope that they stay along 460 00:28:24,240 --> 00:28:28,680 Speaker 1: the same path. I hope the Biden administration keeps China's 461 00:28:28,680 --> 00:28:31,359 Speaker 1: feet to the fire because what you saw last and 462 00:28:31,600 --> 00:28:34,000 Speaker 1: the sket specific with us, because because this is important, 463 00:28:34,080 --> 00:28:38,920 Speaker 1: especially for agricultural quantities. Okay, for example, the largest purchase 464 00:28:39,040 --> 00:28:43,360 Speaker 1: ever of soybeans was this past summer by China, and 465 00:28:43,520 --> 00:28:47,000 Speaker 1: the administration kept pushing forward. Uh, there was a certain 466 00:28:47,080 --> 00:28:51,400 Speaker 1: metric amount. I can't remember if it was forty I 467 00:28:51,400 --> 00:28:53,680 Speaker 1: don't want to say the number, but there was an 468 00:28:53,680 --> 00:28:57,000 Speaker 1: extremely large number that was agreed to by China that 469 00:28:57,040 --> 00:29:01,040 Speaker 1: they would follow through an agriculture purchases and they've started 470 00:29:01,040 --> 00:29:03,120 Speaker 1: in that process, but it was only like a phase 471 00:29:03,160 --> 00:29:06,000 Speaker 1: one process. So they need to continue to hold that 472 00:29:06,120 --> 00:29:09,160 Speaker 1: agreement with the Chinese with their feet to the fire. 473 00:29:09,280 --> 00:29:12,200 Speaker 1: I don't recall the number off the top of my head. 474 00:29:12,280 --> 00:29:14,680 Speaker 1: Have it. I just pulled it off just if you're listening. 475 00:29:15,040 --> 00:29:16,440 Speaker 1: If you're listening, I just pulled it off on my 476 00:29:16,440 --> 00:29:19,720 Speaker 1: Bloomberg terminal. They're trying to have agreed to purchase forty 477 00:29:19,760 --> 00:29:23,800 Speaker 1: billion dollars in agricultural purchases over the next two years, 478 00:29:23,800 --> 00:29:27,920 Speaker 1: and that was in January. Go ahead, Congressman, Okay, So 479 00:29:28,000 --> 00:29:31,160 Speaker 1: that's that's the forty billion. So that's what I'm talking about. 480 00:29:31,200 --> 00:29:34,200 Speaker 1: They need to continue to push forward with that. Uh. 481 00:29:34,440 --> 00:29:38,000 Speaker 1: You know, everyone wants free and fair trade. Our farmers 482 00:29:38,000 --> 00:29:40,840 Speaker 1: can compete with anywhere in the world, but we need 483 00:29:40,880 --> 00:29:43,280 Speaker 1: to make sure it's on a level plane field and 484 00:29:43,280 --> 00:29:46,160 Speaker 1: and we sometimes have to be a little tough, you know. 485 00:29:46,240 --> 00:29:48,800 Speaker 1: I I've served on the trade Subcommittee on the Way 486 00:29:48,800 --> 00:29:52,760 Speaker 1: as a means committee, and was very part, very involved 487 00:29:52,760 --> 00:29:56,240 Speaker 1: in a lot of the negotiations with the U S 488 00:29:56,280 --> 00:30:01,000 Speaker 1: and the US Canada Mexico Agreement, and also with some 489 00:30:01,080 --> 00:30:03,400 Speaker 1: of the early stages of the Japan Agreement. But we 490 00:30:03,480 --> 00:30:06,000 Speaker 1: have to continue to make sure that our farmers can 491 00:30:06,000 --> 00:30:09,320 Speaker 1: compete with the rest of the world. And Congressman following 492 00:30:09,400 --> 00:30:12,520 Speaker 1: up on that, UM, it's it's interesting. Some of my 493 00:30:12,680 --> 00:30:15,480 Speaker 1: students have raised the fact that Bill Gates is now 494 00:30:15,520 --> 00:30:19,120 Speaker 1: the largest farmland owner in the United States, which was 495 00:30:19,160 --> 00:30:22,280 Speaker 1: a fact that I had not been been privy to 496 00:30:22,600 --> 00:30:27,680 Speaker 1: until recently. And and and he has invested in synthetic meat, 497 00:30:28,120 --> 00:30:31,880 Speaker 1: and he is talking about moving rich countries to eating 498 00:30:31,920 --> 00:30:35,960 Speaker 1: synthetic meat. Only is there any sort of, you know, 499 00:30:36,080 --> 00:30:40,280 Speaker 1: feedback in the farming community in your home state to 500 00:30:40,480 --> 00:30:44,360 Speaker 1: this sort of movement in that direction. I would say 501 00:30:44,360 --> 00:30:47,480 Speaker 1: that if you're eating synthetic meats, it's not healthy. Um, 502 00:30:47,520 --> 00:30:50,480 Speaker 1: it's not been proven. It's very concerning. And I can 503 00:30:50,520 --> 00:30:55,600 Speaker 1: tell you farmers across America is very concerned about anything 504 00:30:55,600 --> 00:30:58,960 Speaker 1: that's made in a petri dish. And I think any 505 00:30:59,000 --> 00:31:03,440 Speaker 1: American when they're looking at like grass fed beef or 506 00:31:03,800 --> 00:31:08,520 Speaker 1: or whatever items that should be extremely alarming. But you know, 507 00:31:09,040 --> 00:31:11,520 Speaker 1: we live in a country that believes in freedom. And 508 00:31:11,640 --> 00:31:13,760 Speaker 1: if you want to eat something that's been created in 509 00:31:13,760 --> 00:31:18,360 Speaker 1: a peatree dish, that's your choice. But I think that, uh, 510 00:31:18,720 --> 00:31:23,000 Speaker 1: most farmers would not be supportive of eating items and 511 00:31:23,080 --> 00:31:25,080 Speaker 1: peatree dishes. I want to bring this back to China 512 00:31:25,160 --> 00:31:27,200 Speaker 1: just for a second. Congressman Jason Smith's with us. He 513 00:31:27,280 --> 00:31:32,720 Speaker 1: is a Republican from Missouri representing representing the rural heartland. 514 00:31:32,760 --> 00:31:35,960 Speaker 1: He's offering us a fascinating perspective in terms of where 515 00:31:36,000 --> 00:31:39,040 Speaker 1: Heartland Republicans are on a host of these different issues, 516 00:31:39,360 --> 00:31:42,760 Speaker 1: especially as it relates to US and China trade policies. 517 00:31:42,800 --> 00:31:45,280 Speaker 1: You know, you you alluded to this, and you have 518 00:31:45,280 --> 00:31:48,640 Speaker 1: been a staunch supporter of former President Trump and the 519 00:31:48,640 --> 00:31:52,520 Speaker 1: administration and their position and how they negotiated with China. 520 00:31:52,880 --> 00:31:55,800 Speaker 1: But I gotta ask it, were you disappointed that China, 521 00:31:55,880 --> 00:32:00,360 Speaker 1: which is only purchased by some estimates, uh, of what 522 00:32:00,440 --> 00:32:02,360 Speaker 1: they said that they were going to do, they haven't 523 00:32:02,400 --> 00:32:05,520 Speaker 1: followed through. I mean, how do you how do you 524 00:32:05,560 --> 00:32:09,240 Speaker 1: hold China accountable for a Phase one trade agreement from 525 00:32:09,280 --> 00:32:12,440 Speaker 1: the previous administration? How do you what policies would you 526 00:32:12,480 --> 00:32:16,480 Speaker 1: like to see. So to make sure that the agricultural 527 00:32:16,600 --> 00:32:20,720 Speaker 1: industry is not a short changed by the Communist Party 528 00:32:20,720 --> 00:32:23,520 Speaker 1: of China, we've got to make sure first are our 529 00:32:24,960 --> 00:32:28,800 Speaker 1: administrations not in the pocket of China UM, and that 530 00:32:28,960 --> 00:32:31,320 Speaker 1: is the best way you can hold China held accountable. 531 00:32:31,320 --> 00:32:34,280 Speaker 1: There's a lot of tools in the toolbox to make 532 00:32:34,400 --> 00:32:38,920 Speaker 1: sure that UM they're held accountable, and sometimes you've got 533 00:32:38,920 --> 00:32:40,720 Speaker 1: to reach out and pull those tools out if they're 534 00:32:40,720 --> 00:32:43,800 Speaker 1: not following through. And one thing that we have found 535 00:32:43,840 --> 00:32:46,880 Speaker 1: is we can't trust China. We literally can't. Even though 536 00:32:46,880 --> 00:32:51,720 Speaker 1: whenever President Trump was negotiating with China in their agreement UM, 537 00:32:51,840 --> 00:32:55,360 Speaker 1: there was always a lot of hesitation and uncertainty amongst 538 00:32:55,400 --> 00:33:00,000 Speaker 1: the folks in Rule America. Is that of course Chinese 539 00:33:00,120 --> 00:33:03,240 Speaker 1: need our soy beans, they need our agriculture commodities because 540 00:33:03,280 --> 00:33:06,960 Speaker 1: they have to feed their citizens. They can't produce um 541 00:33:07,080 --> 00:33:10,680 Speaker 1: UM enough agriculture products to feed feed everyone in their 542 00:33:10,720 --> 00:33:12,880 Speaker 1: own country, and so that they have to rely on 543 00:33:12,880 --> 00:33:19,920 Speaker 1: other countries UM. So as we've seen with the pandemic, 544 00:33:20,360 --> 00:33:23,960 Speaker 1: they haven't been straightforward UH and making sure that we 545 00:33:24,040 --> 00:33:31,480 Speaker 1: get the information UM quickly or abruptly um or accurately. So, UM, 546 00:33:31,520 --> 00:33:34,600 Speaker 1: you've got to understand who you're working with, and that 547 00:33:34,640 --> 00:33:38,400 Speaker 1: way you have to base your decisions on and and 548 00:33:38,440 --> 00:33:40,840 Speaker 1: follow through accordingly. All Right, we're gonna have to leave 549 00:33:40,840 --> 00:33:43,240 Speaker 1: it there. Thank you so much to Congressman Jason Smith. 550 00:33:43,280 --> 00:33:45,480 Speaker 1: He is a Republican from Missouri. He is the top 551 00:33:45,520 --> 00:33:50,200 Speaker 1: Republican folks of the House Budget Committee, and he's weighing 552 00:33:50,200 --> 00:33:54,760 Speaker 1: in on US agriculture and the new Biden administration as 553 00:33:54,800 --> 00:33:58,040 Speaker 1: it relates to agriculture. Just to reset here, my name 554 00:33:58,080 --> 00:34:00,920 Speaker 1: is Kevin Cerelia and the chief lash Ington correspondent for 555 00:34:00,960 --> 00:34:04,720 Speaker 1: Bloomberg Television and for Bloomberg Radio. I'm accompanied by Bloomberg 556 00:34:04,760 --> 00:34:08,640 Speaker 1: Politics contributor Jeanie shan Zano as we wait for remarks 557 00:34:08,640 --> 00:34:12,880 Speaker 1: from President Biden, who has anticipated to deliver remarks momentarily 558 00:34:13,000 --> 00:34:18,400 Speaker 1: with UM UH with Canadian Prime Minister Justin Trudeau. UH. 559 00:34:18,440 --> 00:34:22,320 Speaker 1: And it's going to be a really interesting UH speech 560 00:34:22,400 --> 00:34:25,319 Speaker 1: to watch for and remarks to watch for, especially as 561 00:34:25,360 --> 00:34:29,360 Speaker 1: the United States genie has unfortunately crossed such a harrowing 562 00:34:30,080 --> 00:34:33,000 Speaker 1: mark in the pandemic of five hundred thousand deaths five 563 00:34:33,080 --> 00:34:36,160 Speaker 1: hundred thousand deaths since last March as a results of 564 00:34:36,200 --> 00:34:38,719 Speaker 1: COVID nineteen and we haven't talked about it, but of 565 00:34:38,760 --> 00:34:41,879 Speaker 1: course last night when President Biden and UM and Vice 566 00:34:41,880 --> 00:34:45,759 Speaker 1: President Harris, I thought was a very moving ceremony or 567 00:34:45,880 --> 00:34:49,320 Speaker 1: memorial in honor of the people who have passed of COVID. 568 00:34:49,760 --> 00:34:52,120 Speaker 1: And of course, as you talk about waiting to hear 569 00:34:52,280 --> 00:34:55,799 Speaker 1: from Biden and Trudeau in terms of their meeting, of 570 00:34:55,840 --> 00:34:59,200 Speaker 1: course via video conference because of the pandemic UM, it's 571 00:34:59,200 --> 00:35:01,480 Speaker 1: important to remember that Trudeau was the first leader to 572 00:35:01,520 --> 00:35:04,920 Speaker 1: congratulate Biden. It seems like Canadians are really ready for 573 00:35:04,960 --> 00:35:08,839 Speaker 1: a reset on this relationship. But of course, and there's 574 00:35:08,880 --> 00:35:12,560 Speaker 1: always a butt is that Biden's first move, or one 575 00:35:12,600 --> 00:35:15,080 Speaker 1: of his early moves coming in, as we've talked about, 576 00:35:15,120 --> 00:35:18,120 Speaker 1: was to cancel the Keystone pipeline, which was something that 577 00:35:18,200 --> 00:35:23,520 Speaker 1: has frustrated Canadians and certainly something Trudeau favored, like Biden's 578 00:35:23,520 --> 00:35:27,480 Speaker 1: predecessor Trump. So it'll be interesting to see sort of 579 00:35:27,560 --> 00:35:29,719 Speaker 1: how they come out of this meeting and sort of 580 00:35:29,760 --> 00:35:32,120 Speaker 1: where their focus is going to be and whether Keystone 581 00:35:32,200 --> 00:35:34,880 Speaker 1: is mentioned at all. I'm so glad you brought that up. 582 00:35:34,880 --> 00:35:37,440 Speaker 1: I've got sound on this from White House Press Secretary 583 00:35:37,520 --> 00:35:41,680 Speaker 1: Jen Saki, who made these remarks earlier today, and she 584 00:35:41,840 --> 00:35:45,120 Speaker 1: was asked about again, as you mentioned, his first bilateral 585 00:35:45,480 --> 00:35:49,439 Speaker 1: UH this afternoon with Canadian Prime Minister Justin Trudeau UH, 586 00:35:49,480 --> 00:35:53,080 Speaker 1: and she was asked point blank, Genie, about the future 587 00:35:53,160 --> 00:35:56,480 Speaker 1: of the Keystone pipeline, which of course stretches between the 588 00:35:56,480 --> 00:35:59,280 Speaker 1: two countries. And here's the sound on that. The President 589 00:35:59,320 --> 00:36:01,399 Speaker 1: made clear that this is a commitment he's he has 590 00:36:01,440 --> 00:36:03,799 Speaker 1: made in the past, UH, that it's not in the 591 00:36:03,840 --> 00:36:06,160 Speaker 1: interests of the United States, and that we want to 592 00:36:06,200 --> 00:36:10,719 Speaker 1: try to address our climate crisis while also creating good 593 00:36:10,760 --> 00:36:14,120 Speaker 1: paying union jobs. Genie, this is a varian divisive issue 594 00:36:14,120 --> 00:36:17,640 Speaker 1: in the United States, without question. Republicans have been very 595 00:36:17,680 --> 00:36:21,080 Speaker 1: critical of the Biden administration for this UH policy move, 596 00:36:21,239 --> 00:36:24,560 Speaker 1: even some centrist Democrats. And of course the situation in Texas, 597 00:36:24,640 --> 00:36:28,240 Speaker 1: albeit not I'll be at a different energy issues somewhat 598 00:36:29,080 --> 00:36:30,759 Speaker 1: in a way, it's all been lumped together in the 599 00:36:30,760 --> 00:36:33,759 Speaker 1: past two weeks. It has, and and you know, Joe 600 00:36:33,760 --> 00:36:37,240 Speaker 1: Biden has been saying he is his number one focus 601 00:36:37,280 --> 00:36:41,120 Speaker 1: in addition to the COVID health crisis, is jobs. And 602 00:36:41,200 --> 00:36:43,640 Speaker 1: yet for many people they look at the steps he 603 00:36:43,680 --> 00:36:47,440 Speaker 1: took on the Keystone Pipeline, and he you know, he 604 00:36:47,520 --> 00:36:50,120 Speaker 1: was explicit about why he did it. But they say, 605 00:36:50,160 --> 00:36:53,520 Speaker 1: if your major concern is jobs, why would you cancel 606 00:36:53,600 --> 00:36:57,640 Speaker 1: this contract which cut jobs? And you know, people, many 607 00:36:57,719 --> 00:37:00,880 Speaker 1: Republicans but also moderate Democrats, and I expect people and 608 00:37:00,920 --> 00:37:06,000 Speaker 1: Representative Smith is district in his state, find the answers 609 00:37:06,000 --> 00:37:09,359 Speaker 1: they're getting from Biden on that unacceptable. And we heard 610 00:37:09,400 --> 00:37:12,120 Speaker 1: them again in the clip you just played from Jen's Hockey. 611 00:37:12,320 --> 00:37:14,920 Speaker 1: Let's bring back into the conversation. Travis Norton, who is 612 00:37:14,960 --> 00:37:19,040 Speaker 1: a shareholder at Brownstein, Hyatt, Farber and Shrek and previously 613 00:37:19,080 --> 00:37:21,319 Speaker 1: worked as a staff director to Senator Tim Scott, a 614 00:37:21,360 --> 00:37:25,800 Speaker 1: Republican from South Carolina. Travis, just how divisive is this issue, 615 00:37:25,840 --> 00:37:30,600 Speaker 1: the Keystone Pipeline from a geopolitical standpoint between the US 616 00:37:30,640 --> 00:37:33,880 Speaker 1: and Canada. Well, I think it's shaping up to be 617 00:37:33,920 --> 00:37:37,840 Speaker 1: a highly divisive subject, except that, um, the former president 618 00:37:37,960 --> 00:37:40,680 Speaker 1: was so divisive that I think many things will pay 619 00:37:40,840 --> 00:37:46,960 Speaker 1: pale in comparisons of relationships. To say, but look, it is, 620 00:37:47,080 --> 00:37:49,760 Speaker 1: you know Gene's point, It is kind of a strange 621 00:37:49,760 --> 00:37:52,680 Speaker 1: time to cancel it. This is hundreds or thousands of 622 00:37:52,800 --> 00:37:55,600 Speaker 1: union jobs at a time when we need more work 623 00:37:55,640 --> 00:37:58,720 Speaker 1: in this country, at a time when and what's crazy 624 00:37:58,800 --> 00:38:01,719 Speaker 1: is that I think both party to agree that, at 625 00:38:01,760 --> 00:38:03,680 Speaker 1: least in the medium term, we need in all of 626 00:38:03,680 --> 00:38:06,799 Speaker 1: the above energy strategy. Really the debate is about how 627 00:38:06,880 --> 00:38:09,799 Speaker 1: quickly to get there and who's going to finance it. 628 00:38:09,880 --> 00:38:14,120 Speaker 1: But to cut you know, to cut off Keystone pipeline 629 00:38:14,160 --> 00:38:17,080 Speaker 1: because you don't like oil at a time when the 630 00:38:17,160 --> 00:38:21,480 Speaker 1: Texas energy grid just suffered the massive problem that it did, 631 00:38:21,560 --> 00:38:23,960 Speaker 1: I think, you know, it's just it's just the wrong time, 632 00:38:24,040 --> 00:38:27,759 Speaker 1: and I think this decision should be reconsidered in light 633 00:38:28,080 --> 00:38:30,600 Speaker 1: of an all of the above energy strategy with the 634 00:38:30,719 --> 00:38:34,279 Speaker 1: horizon that you know, looks out several decades, maybe a 635 00:38:34,320 --> 00:38:37,920 Speaker 1: century into converting our energy future in this country. I 636 00:38:38,040 --> 00:38:40,560 Speaker 1: just got to be candid here. The chairman of the 637 00:38:40,680 --> 00:38:45,120 Speaker 1: Energy Committee as Senator Joe Manchin, a Democrat from West Virginia. 638 00:38:45,800 --> 00:38:50,160 Speaker 1: You know, I mean, this is a centrist. He's already 639 00:38:50,239 --> 00:38:54,759 Speaker 1: written to the Biden administration saying he disagrees with the 640 00:38:54,880 --> 00:38:58,600 Speaker 1: with with several of these policies. You've got centrist Democrats 641 00:38:58,640 --> 00:39:02,640 Speaker 1: down in Texas who are are raising alarms to the 642 00:39:02,640 --> 00:39:05,600 Speaker 1: Biden administration in light of the crisis that occurred there 643 00:39:05,640 --> 00:39:09,320 Speaker 1: with regards to the freeze and the and the grid knockout. 644 00:39:09,960 --> 00:39:12,239 Speaker 1: I mean, but the chairman of the Energy Committee is 645 00:39:12,280 --> 00:39:19,640 Speaker 1: not necessarily in lockstep with the Biden administration here, absolutely not. 646 00:39:19,800 --> 00:39:23,440 Speaker 1: And you know it's it's you know, very very true 647 00:39:23,480 --> 00:39:26,160 Speaker 1: when we talk about Joe Manson that he may be 648 00:39:26,560 --> 00:39:31,520 Speaker 1: the most powerful person and besides you, Kevin's really I'm 649 00:39:31,520 --> 00:39:34,840 Speaker 1: a nobody. My parents remind me of a daily you know. 650 00:39:34,920 --> 00:39:36,680 Speaker 1: My mother told me today she goes, I should have 651 00:39:36,719 --> 00:39:38,919 Speaker 1: a radio show. I said, all right, mum, go ahead, 652 00:39:40,920 --> 00:39:44,600 Speaker 1: held beside you and your mother. He's a powerful person 653 00:39:44,640 --> 00:39:47,080 Speaker 1: in d C. Today. And you know, we hear this 654 00:39:47,200 --> 00:39:51,120 Speaker 1: consistently from you know, Schumer, how much he needs to 655 00:39:51,200 --> 00:39:54,320 Speaker 1: hang on. And it's not just Mansion, it's Tester, it's Cinema, 656 00:39:54,400 --> 00:39:57,759 Speaker 1: it's some of these moderates. And that really is a 657 00:39:57,880 --> 00:40:00,000 Speaker 1: question I have and I would love to get Travis 658 00:40:00,040 --> 00:40:02,799 Speaker 1: his thoughts on this, is, you know, how does the 659 00:40:02,800 --> 00:40:08,080 Speaker 1: Biden administration keep this coalition together? You know, I think 660 00:40:08,080 --> 00:40:10,480 Speaker 1: one strategy has been to try to go public and 661 00:40:10,560 --> 00:40:13,719 Speaker 1: pressure them on the back end through constituents, But I'm 662 00:40:13,719 --> 00:40:17,000 Speaker 1: not sure that's going to work in some of these cases. Yeah, 663 00:40:17,120 --> 00:40:19,759 Speaker 1: I think I think that's right. Um. But the other 664 00:40:19,920 --> 00:40:22,319 Speaker 1: mechanism that they are bringing back, which we haven't seen 665 00:40:22,360 --> 00:40:25,560 Speaker 1: in a decade, is the return of the congressional earmark. 666 00:40:26,400 --> 00:40:29,000 Speaker 1: Earmark referring to a line in a spending bill that 667 00:40:29,040 --> 00:40:33,440 Speaker 1: directs money to a member of Congresses specific district or 668 00:40:33,480 --> 00:40:37,080 Speaker 1: a senator state. You'll recall that these were a powerful 669 00:40:37,120 --> 00:40:39,480 Speaker 1: tool for the leadership in both the Senate and the 670 00:40:39,520 --> 00:40:43,200 Speaker 1: House to keep their caucus together in votes like the 671 00:40:43,239 --> 00:40:46,919 Speaker 1: Affordable Care Act and the American Recovery Act in two 672 00:40:46,960 --> 00:40:50,600 Speaker 1: thousand and eight. They disappeared when the Tea Party Republicans 673 00:40:50,640 --> 00:40:53,640 Speaker 1: took over the House in two thousand and eleven. But 674 00:40:53,719 --> 00:40:56,880 Speaker 1: Speaker Pelosi is bringing them back. Her margin in the 675 00:40:56,920 --> 00:41:00,480 Speaker 1: House is the sinnest Democratic margin that there's in since 676 00:41:00,520 --> 00:41:03,880 Speaker 1: World War Two, and obviously the Senate is evenly divided. 677 00:41:03,920 --> 00:41:07,480 Speaker 1: So the leadership, Leader Schumer Speaker Pelosi are going to 678 00:41:07,520 --> 00:41:11,239 Speaker 1: bring back ear earmarks to try to dangle prizes in 679 00:41:11,280 --> 00:41:14,439 Speaker 1: front of their membership in order to keep them in line. 680 00:41:14,520 --> 00:41:16,960 Speaker 1: And you're just making me think, Travis, it's such a 681 00:41:16,960 --> 00:41:19,600 Speaker 1: good point about earmarks. Is you know, at some point 682 00:41:19,640 --> 00:41:22,439 Speaker 1: you wonder if we do get a presidential veto back. Ever, 683 00:41:22,520 --> 00:41:24,760 Speaker 1: I understand the Supreme Court what may not be happy 684 00:41:24,760 --> 00:41:27,799 Speaker 1: about that, But there there are ways around these things, 685 00:41:27,840 --> 00:41:31,320 Speaker 1: but many of them have gone by the wayside. Yeah, 686 00:41:31,400 --> 00:41:33,360 Speaker 1: I think that's right. I mean, the the only tool 687 00:41:33,440 --> 00:41:36,759 Speaker 1: that a speaker really has right now to control his 688 00:41:36,920 --> 00:41:40,359 Speaker 1: or her caucus as committee assignments. Um. But we've seen 689 00:41:40,400 --> 00:41:42,400 Speaker 1: even that a road. I mean, you saw the Republican 690 00:41:42,520 --> 00:41:47,359 Speaker 1: leader where you saw the House publicly remove Marjorie Taylor Green, 691 00:41:47,440 --> 00:41:50,760 Speaker 1: Congressman from Georgia off of her spot on the Education 692 00:41:50,760 --> 00:41:53,200 Speaker 1: and Labor Committee in the House. She went to Twitter 693 00:41:53,239 --> 00:41:56,359 Speaker 1: and celebrated that for about three days. So in an 694 00:41:56,400 --> 00:42:01,439 Speaker 1: era where committee assignments matter little to a lot of people, uh, 695 00:42:01,480 --> 00:42:06,440 Speaker 1: and where members of Congress and senators have national fundraising 696 00:42:06,480 --> 00:42:10,520 Speaker 1: apparatus is in place and don't necessarily need to bring 697 00:42:10,520 --> 00:42:13,480 Speaker 1: home the bacon to their district, I think you're absolutely 698 00:42:13,560 --> 00:42:17,080 Speaker 1: right that. Um uh. You know, the tools right now 699 00:42:17,080 --> 00:42:19,680 Speaker 1: are limited, and I think earmarks will give the leadership 700 00:42:19,680 --> 00:42:23,600 Speaker 1: in both houses a much stronger control over there over 701 00:42:23,640 --> 00:42:25,880 Speaker 1: their members. Travis, you can come back on anytime you 702 00:42:25,920 --> 00:42:28,040 Speaker 1: want to get wonky and nerdy with us. We really 703 00:42:28,040 --> 00:42:33,080 Speaker 1: appreciate your insights and your time. That's Travis Norton everybody. 704 00:42:33,280 --> 00:42:36,440 Speaker 1: And February is Black History Month and Bloomberg Radio is 705 00:42:36,480 --> 00:42:39,960 Speaker 1: celebrating pivotal moments in the U S. Black history each day. 706 00:42:40,040 --> 00:42:42,880 Speaker 1: Here with today's installment is Bloomberg's You Needed Young on 707 00:42:42,960 --> 00:42:46,200 Speaker 1: This Day in Black History. In nineteen seventy nine, Frankie 708 00:42:46,239 --> 00:42:49,440 Speaker 1: Peterson Jr. Is named the first black general in the U. S. 709 00:42:49,520 --> 00:42:52,520 Speaker 1: Marine Corps. He was determined to serve his country despite 710 00:42:52,600 --> 00:42:56,240 Speaker 1: racial discrimination. Peterson first attempted to join the U. S. Navy, 711 00:42:56,320 --> 00:42:58,600 Speaker 1: but was asked to take the entrance exam over because 712 00:42:58,640 --> 00:43:02,880 Speaker 1: administrators believed he had cheated. In nineteen fifty, Peterson enlisted 713 00:43:02,880 --> 00:43:05,160 Speaker 1: in the Navy, and two years later as a Marine, 714 00:43:05,440 --> 00:43:08,920 Speaker 1: he completed flight school and was commissioned as a second lieutenant. 715 00:43:09,239 --> 00:43:12,160 Speaker 1: Peterson went on to become the Marines first black aviator 716 00:43:12,200 --> 00:43:14,880 Speaker 1: and served as Commanding General for the Marine Corps Combat 717 00:43:14,920 --> 00:43:19,360 Speaker 1: Development Command. Throughout his career, Peterson received several military awards, 718 00:43:19,560 --> 00:43:23,760 Speaker 1: among them the Navy Distinguished Service Medal, Defense Superior Service Medal, 719 00:43:24,040 --> 00:43:28,320 Speaker 1: and the Purple Heart. So In Peterson retired as lieutenant 720 00:43:28,400 --> 00:43:32,120 Speaker 1: general after serving as Special Assistant to the Chief of Staff. 721 00:43:32,680 --> 00:43:36,120 Speaker 1: That's today in black history. I'm Rene, a young Bloomberg 722 00:43:36,200 --> 00:43:38,480 Speaker 1: Radio and that does it for me and Jennie Shawns, 723 00:43:38,520 --> 00:43:40,520 Speaker 1: you know. I'm Kevin Surley. This says Bloomberg.