WEBVTT - Senator Elizabeth Warren Talks Trump Tariffs

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News alongside Kaylee Liones, I'm

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<v Speaker 1>Joe Matthew. We come to Arabit early this evening for

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<v Speaker 1>an important conversation with Democratic Senator Elizabeth Warren of Massachusetts.

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<v Speaker 1>She joins US live now from Capitol Hill. Senator, it's

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<v Speaker 1>good to see you. Welcome back to Bloomberg. You're calling

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<v Speaker 1>on the Senate to exercise its authority to stop President

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<v Speaker 1>Trump's tariff regime.

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<v Speaker 2>Here.

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<v Speaker 1>Earlier today, as I'm sure you know, the President promised

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<v Speaker 1>to veto the bill from Senators Campwell and Grassly that

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<v Speaker 1>would require congressional approval after sixty days. Now, John Thune

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<v Speaker 1>says he doesn't think that bill has a future. So, Senator,

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<v Speaker 1>what should be Congress's answer to the tariffs?

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<v Speaker 2>Well, let's back up just a little bit. As you've

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<v Speaker 2>been reporting all day long, every light is flashing red

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<v Speaker 2>in terms of the economy and that we really are

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<v Speaker 2>on the precipice of sliding into a recession and maybe

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<v Speaker 2>taking it worldwide. Meanwhile, the Secretary of the Treasury is

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<v Speaker 2>going on Tucker Carlson to talk about all of the

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<v Speaker 2>workers that Trump and Doge have illegally fired and spend

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<v Speaker 2>some tale about how all those people from the Veterans

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<v Speaker 2>Administration or the NIH or the Social Security Administration can

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<v Speaker 2>go work in these factories that will magically appear. You know,

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<v Speaker 2>we need a Secretary of the Treasury who's in the

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<v Speaker 2>real world, and in the real world right now. He

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<v Speaker 2>should be calling a meeting of FSOC, remember the Financial

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<v Speaker 2>Stability Oversight Council, which is what we put in place

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<v Speaker 2>after the crash in two thousand and eight. And this

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<v Speaker 2>is the way that government. When the economy is doing

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<v Speaker 2>what it's doing right now, the Secretary of the Treasury

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<v Speaker 2>is supposed to pull everyone together and actually figure out

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<v Speaker 2>a plan, call the plan, and then execute on the play.

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<v Speaker 2>But that is not what our Secretary of the Treasury

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<v Speaker 2>is doing. So that puts us in a position where

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<v Speaker 2>Congress needs to act and Congress can actually do it

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<v Speaker 2>using the authority that Donald Trump himself is using. He's

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<v Speaker 2>using something called i EBA. But the point is that

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<v Speaker 2>if Congress says no, there is no emergency here, then

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<v Speaker 2>Donald Trump loses his ability to put all of these

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<v Speaker 2>tariffs in place. So we need to act. We need

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<v Speaker 2>a Secretary of Treasury to do his job. The Democrats

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<v Speaker 2>in Congress are ready to act. But if the Secretary

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<v Speaker 2>of Treasury won't act, then we need the Republicans to

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<v Speaker 2>step up, join the Democrats and put a halt to

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<v Speaker 2>these tariffs that are truly wrecking the worldwide economy.

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<v Speaker 3>Well, Senator, the President argues, it's going to help the

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<v Speaker 3>US economy, that this is actually about bringing manufacturing back

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<v Speaker 3>to the US, protecting American workers in lower trade deficits

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<v Speaker 3>with other countries. Is there something fundamentally wrong with that

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<v Speaker 3>objective or it simply the means that you take issue with.

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<v Speaker 2>The objective is exactly one that I have advanced for years.

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<v Speaker 2>Of course, tariffs should be one of our tools in

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<v Speaker 2>the toolbox of economic policy. And there are times, when

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<v Speaker 2>appropriately executed, that we could use a terraff, for example,

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<v Speaker 2>to arnshore a specific supply chain or to help build

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<v Speaker 2>up manufacturing that we want to have here in the

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<v Speaker 2>United States. But you do that in a thoughtful, integrated

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<v Speaker 2>way instead of a haphazard number around tariffs applied to

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<v Speaker 2>everyone with no thought at all about whether or not

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<v Speaker 2>those tariffs will actually have a negative impact on manufacturing

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<v Speaker 2>that's currently going on, or any manufacturing that anybody might

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<v Speaker 2>try to get underway. Instead of actually supporting manufacturing and

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<v Speaker 2>good jobs. The way Donald Trump has done this has

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<v Speaker 2>been to scare off anybody from investing here in the

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<v Speaker 2>United States in any kind of facility that takes years

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<v Speaker 2>to be able to build and expand and get it going.

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<v Speaker 2>He's forcing people to pull back. That is not good

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<v Speaker 2>for American workers. It is not good for building jobs

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<v Speaker 2>here in America. It is not good for on shoring

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<v Speaker 2>our manufacturing. You need a thoughtful policy, and that is

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<v Speaker 2>the opposite of what Donald Trump has offered.

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<v Speaker 1>You heard from Larry Fink today, Senator Blackstone CEO. Blackrock

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<v Speaker 1>CEO says he believes that a recession is already underway.

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<v Speaker 1>That the CEOs he talks to say the same thing.

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<v Speaker 1>Do you agree? And should the Federal Reserve announce an

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<v Speaker 1>emergency rate cut tonight?

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<v Speaker 2>Look, I am really worried about whether we are already

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<v Speaker 2>in a recession or just right on the edge. All

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<v Speaker 2>of the lights are flashing red. And Larry Think points

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<v Speaker 2>this out, but he is not the only one. There

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<v Speaker 2>are a lot of folks who are starting to say

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<v Speaker 2>this and a lot of evidence in that direction. Where

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<v Speaker 2>our focus should be right now is on preventing it

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<v Speaker 2>from getting any worse, and we can do that. You know,

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<v Speaker 2>this isn't some outside shock, This is not some war

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<v Speaker 2>in some distant land that's caused this problem. This is

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<v Speaker 2>not that the markets are imploding because suddenly all of

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<v Speaker 2>the bad mortgages are coming to light like in two

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<v Speaker 2>thousand and eight. One person has started the dumbest trade

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<v Speaker 2>war in the history of America. Congress has the power

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<v Speaker 2>to rain that back in, and if Donald Trump and

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<v Speaker 2>his team won't do it, then Congress should step up

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<v Speaker 2>and do it before more damage is done.

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<v Speaker 3>Well, does one person also have the power to provide

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<v Speaker 3>a check on that damage? To get back to Joe's question, Senator,

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<v Speaker 3>even if the FED were to issue an emergency rate cut,

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<v Speaker 3>would that be enough to stem all of the bleeding

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<v Speaker 3>that you think could be happening in the US economy

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<v Speaker 3>as a result of these policies.

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<v Speaker 2>Look, the FED share himself on Friday just said that

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<v Speaker 2>he is concerned that this haphazard tariff announcement is going

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<v Speaker 2>to drive up inflation and drive up unemployments simultaneously. I

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<v Speaker 2>understand why the FED chair is really worried at this moment.

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<v Speaker 2>The way the one person who can stop this problem

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<v Speaker 2>is Donald Trump, and if he will roll back these tariffs,

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<v Speaker 2>we can at least stop the damage from continuing to

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<v Speaker 2>bleed out through our economy and around the world. And

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<v Speaker 2>if Trump won't do it, then we just need some

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<v Speaker 2>Republicans in the House and the Senate to grow a

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<v Speaker 2>backbone and do what they know is right. You know,

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<v Speaker 2>I don't know anybody in Congress who's saying, man, this

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<v Speaker 2>is a great idea, what a cool move. They are

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<v Speaker 2>really worried about what's happening. They're hearing it from their

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<v Speaker 2>own constituents at home. But they have the power to

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<v Speaker 2>fix it. So let's put the pressure on those Republicans

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<v Speaker 2>to join with the Democrats and take away the authority

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<v Speaker 2>from Donald Trump to be able to continue to roll

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<v Speaker 2>out a tariff policy that has the potential now to

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<v Speaker 2>put millions of people out of work, costs millions of

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<v Speaker 2>people their savings, their retirement, and start shutting down businesses

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<v Speaker 2>throughout this country.

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<v Speaker 1>Looking at a letter that you sent, in fact led Senators,

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<v Speaker 1>signed by all eleven Democrats on the Banking Committee. It's

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<v Speaker 1>to the Chairman Tim Scott, demanding a hearing on the

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<v Speaker 1>impact of President Trump's trade war. I mentioned this because

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<v Speaker 1>you're going to be involved in the hearing tomorrow Senate

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<v Speaker 1>Finance Committee with the US Trade Representative Jamison Greer, who

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<v Speaker 1>I can't imagine realize the timing of this hearing when

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<v Speaker 1>your invitation first went out, Is that the person you

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<v Speaker 1>want to talk to? Who else would you bring before

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<v Speaker 1>the Banking Committee if not the President himself?

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<v Speaker 2>You bet. I am ready to talk to mister Greer

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<v Speaker 2>tomorrow about what we can do right now to stop

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<v Speaker 2>the bleeding, what we can do to try to rescue

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<v Speaker 2>this economy before it is hopelessly caught in a recession.

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<v Speaker 2>I want to ask that of mister Jamison, and I'm

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<v Speaker 2>going to ask him what it's going to take him

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<v Speaker 2>to step up and tell the President to stop this

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<v Speaker 2>tariff policy that is terrible for workers all across this country.

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<v Speaker 3>Well I wonder, then, Senator, how much authority you really

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<v Speaker 3>think the US Trade Representative has or how much sway

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<v Speaker 3>in impact the President's decisions. I could ask the same

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<v Speaker 3>about the Secretary of the Treasury, of the Commerce Department

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<v Speaker 3>of others for that matter.

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<v Speaker 2>Well, you know, I hope you're listening to your own question,

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<v Speaker 2>and that is these are the very people that Donald

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<v Speaker 2>Trump said were the best people to do policy in

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<v Speaker 2>each of their chosen areas. Donald Trump's the one who

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<v Speaker 2>chose his trade rep. Donald Trump is the one who

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<v Speaker 2>chose his Secretary of the Treasury.

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<v Speaker 1>By Dolly.

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<v Speaker 2>They ought to be doing their jobs right now. Instead

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<v Speaker 2>of having the Secretary of the Treasury go on Tucker

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<v Speaker 2>Carlson and spin out fantasies, he ought to be calling

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<v Speaker 2>together the rest of the economic advisors under the powers

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<v Speaker 2>given him under Dog Frank, putting them together and putting

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<v Speaker 2>a plan in place to rescue this economy. That's what

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<v Speaker 2>the FSC, the Financial Stability Oversight Council, was deliberately built for,

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<v Speaker 2>and that is the job that was give to the

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<v Speaker 2>Secretary of Treasury. Step up and do your job. And

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<v Speaker 2>if Donald Trump has ed, Donald Trump should listen to

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<v Speaker 2>his Secretary of Treasury. If his Secretary of Treasury will

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<v Speaker 2>do his job, that is the question. And if none

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<v Speaker 2>of them will do their jobs, Congress needs to do

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<v Speaker 2>its job and take away this authority from Donald Trump.

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<v Speaker 2>And I just want to be clear, We're running out

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<v Speaker 2>of time on this. Every single day that goes by,

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<v Speaker 2>every hour that people are saying, I'm not investing there

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<v Speaker 2>I'm laying off workers every single minute. It gets more

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<v Speaker 2>and more dangerous for our economy and for the worldwide economy.

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<v Speaker 2>It is time for the Secretary of the Treasury to

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<v Speaker 2>do his job. It is time for the President to

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<v Speaker 2>do his job, and it is time for Congress to

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<v Speaker 2>do its job.

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<v Speaker 3>All right, Senator, we will leave it on that note.

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<v Speaker 3>Thank you so much for joining us as the Democratic

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<v Speaker 3>Senator Elizabeth Warren of Massachusetts joining us here on balance

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<v Speaker 3>of power