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Speaker 1: Indeed, we are alive from New York today, where Governor

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Speaker 1: Andrew Cuomo is fighting for his political life after New

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Speaker 1: York's attorney general accused the governor of sexually harassing multiple women,

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Speaker 1: in violating federal and state laws. We're gonna talk about

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Speaker 1: it coming up with Bloomberg Government Legal Executive editor team

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Speaker 1: at Davis will also hear from Republican New York Congresswoman

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Speaker 1: Nicole Maliatakas, who is calling for Cuomo to resign, Like

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Speaker 1: many in the New York delegation and in fact the

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Speaker 1: House Speaker herself, and as you just heard live on

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Speaker 1: Bloomberg Radio, the President of the United States, the calls

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Speaker 1: for Andrew Cuomo to step down are in fact growing louder.

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Speaker 1: New York's Attorney General, a teacher James unveiling findings from

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Speaker 1: a month's long investigation into allegations of sexual harassment against

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Speaker 1: the governor. Here's how it started to day. The investigation

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Speaker 1: found that Governor Andrew Cuomo sexually harassed current and former

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Speaker 1: New York State employees by engaging in unwelcome and noncon

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Speaker 1: sensual touching and making numerous offensive comments of a suggestive

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Speaker 1: and sexual nature. Went on to describe a toxic workplace

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Speaker 1: with a quote climate of fear unquote was actually quite

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Speaker 1: specific in some cases about some of the findings. The

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Speaker 1: Independence investigation found that Governor Cuomo sexually arrest multiple women,

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Speaker 1: many of whom were young women, by engaging in unwanted groping, kisses, hugging,

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Speaker 1: and by making inappropriate comments. The Governor Cuomo answered with

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Speaker 1: a carefully produced video in which he spoke directly to

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Speaker 1: the camera and denied the findings. I want you to

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Speaker 1: know directly from me that I never touched anyone inappropriately

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Speaker 1: or made inappropriate sexual advances. I am sixty three years old,

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Speaker 1: I've lived my entire adult life in public. You that

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Speaker 1: is just not who I am, and that's not who

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Speaker 1: I have ever been. The Governor acknowledged his propensity to

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Speaker 1: hug and kiss people, men and women, as he pointed out,

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Speaker 1: while the video showed still images of him doing just

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Speaker 1: that with any number of people over the years, including

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Speaker 1: as you heard, Joe Biden. Since then, both of New

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Speaker 1: York Senators have called for Cuomo to resign, as have

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Speaker 1: as I mentioned, many members of the delegation all the

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Speaker 1: way up to the President himself. And we get a

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Speaker 1: lettle Bit. More about this from Bloomberg Government Legal Executive

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Speaker 1: editor Tina Davis, who joins us in studio in New York. Tina, welcome.

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Speaker 1: I'm glad you could be here to talk to us

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Speaker 1: about what does this mean for Andrew Cuomo from a

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Speaker 1: legal standpoint. Sure, so this is a five month long

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Speaker 1: probe that the Attorney General has just wrapped up today. Um,

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Speaker 1: and actually it's something that she had to get permission

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Speaker 1: from the governor to move forward, just because of the

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Speaker 1: laws of the state of New York. So that's just

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Speaker 1: sort of interesting. To start with, he indicated he called

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Speaker 1: for this. Well, he it's fair to say that he

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Speaker 1: allowed it to happen. She does need a remit from

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Speaker 1: the governor to launch these kinds of investigations. And you know,

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Speaker 1: as these charges were coming out in the December and

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Speaker 1: January time frame, by March the call had become too overwhelming,

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Speaker 1: I think for anyone to do anything other than announced

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Speaker 1: that they were going to support an investigation. But yes,

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Speaker 1: so we we got this investigation. I think what was

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Speaker 1: interesting was over the course of the press conference today,

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Speaker 1: we heard James say quite clearly that her office was

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Speaker 1: only charged with investigating that they were not bringing their

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Speaker 1: own charges, and in fact, what she did was invite

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Speaker 1: other prosecutors to look through the evidence that she was

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Speaker 1: presenting and the report that she was presenting, which is

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Speaker 1: a hundred and sixty seven or sixty nine pages plus

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Speaker 1: three appendices in case you're interested in reading it up, um,

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Speaker 1: but to look through that report and see if there

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Speaker 1: are other charges that may be appropriate here. So we're

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Speaker 1: about to get a wave of charges, well potentially. I mean,

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Speaker 1: the one thing she mentioned was a couple of encounters

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Speaker 1: in the executive mansion with with a former executive assistant

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Speaker 1: for the governor of unwanted touching um. And we've heard

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Speaker 1: already from the district attorney for Albany County saying that

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Speaker 1: he was going to look at the report um and decide,

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Speaker 1: and welcomed other victims to come in with any complaints.

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Speaker 1: It doesn't it's not a foregone conclusion that a criminal

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Speaker 1: charge will come at this point. And I think the

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Speaker 1: other thing that James mentioned in the presser was, look,

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Speaker 1: this may come in the form of civil complaints. So

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Speaker 1: one of the victims may decide to go after Cuomo

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Speaker 1: directly in court and file a civil claim. It sounds

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Speaker 1: like he could be dealing with some legal issues for

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Speaker 1: many years though. Was that fair to say? That is

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Speaker 1: definitely fair to say. And I think the other main thing,

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Speaker 1: as you mentioned at the start, is we're talking about

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Speaker 1: potential impeachment, which is again more of a political matter

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Speaker 1: than a legal matter. But that's the other main front

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Speaker 1: to fight. And we we heard from the Sorry, we

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Speaker 1: heard from the Judiciary Committee today that they were going

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Speaker 1: to be taking up their running their own separate investigation

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Speaker 1: and they're going to be also looking at the evidence

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Speaker 1: from this report. So that gives us a good place

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Speaker 1: us to start here. Tina, thank you. Bloomberg Government Legal

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Speaker 1: Executive Editor Tina Davis with us on Bloomberg Sound On't

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Speaker 1: we bringing a member of the New York delegation now,

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Speaker 1: Congresswoman Nicole Malia Takas, Assistant Republican with welcome back to

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Speaker 1: Bloomberg Radio. You are calling for Governor Cuomo to resign

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Speaker 1: or be impeached. What did you make of his response today, Congresswoman, Well,

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Speaker 1: you know, the governor seems to think that he is

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Speaker 1: above the law. I mean, he had said let an

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Speaker 1: investigation take place, and um, what I will say is

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Speaker 1: I had previously called for the governor to resign, but

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Speaker 1: it was specific to his mishandling of the nursing homes

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Speaker 1: that led to fifteen thousand deaths statewide. Uh. This I

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Speaker 1: today's revelations only really UM give more reason for the

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Speaker 1: governor to leave office. I believe that what the governor

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Speaker 1: has done here is criminal. Um. A matter of fact,

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Speaker 1: was the governor's own laws that he is now breaking.

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Speaker 1: He's the one who strengthened the sexual harassment laws in

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Speaker 1: our state. And if you go back statements that he

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Speaker 1: had previously made at the time where we passed some

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Speaker 1: of that legislation, he made a very strong stance against

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Speaker 1: sexual harassment that it should never be tolerated. And he's

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Speaker 1: actually called for other elected officials to resign. UM other

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Speaker 1: state Assembly members who had been accused of sexual harassment,

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Speaker 1: and they didn't even have an investigation like he did

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Speaker 1: that was able to confirm those reports and allegations. Congresswoman,

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Speaker 1: there's going to be a lot of conversation about harassments,

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Speaker 1: about scandal, uh surrounding the governor here. How about actual

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Speaker 1: business getting done in New York? If this turns into

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Speaker 1: an impeachment trial, if the governor resigns as the President

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Speaker 1: himself has now called for what does that mean for

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Speaker 1: doing the people's business in New York. The governor had

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Speaker 1: accused us very early on of playing politics. But as

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Speaker 1: you know, it's not just Republicans that have called from

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Speaker 1: to resign at this point, it is it is every

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Speaker 1: single federal representative from the state of New York. It

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Speaker 1: is the President of the United States, it is uh,

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Speaker 1: the members of his own party from the state legislature. Um,

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Speaker 1: enough is enough already. I I think that at this

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Speaker 1: point the governor is digging his heels in uh, simply

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Speaker 1: at of ego, and he's not doing what's in the

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Speaker 1: best interests of the state of New York. We have

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Speaker 1: been on a roller coaster of drama circling Governor Cuomo

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Speaker 1: four months now. Whether it be his mishandling of the

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Speaker 1: nursing home and the a G report that came out

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Speaker 1: saying that they hid information from the public regarding nursing

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Speaker 1: home deaths, um, whether it was using staff members to

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Speaker 1: write a book in which he cut a five million

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Speaker 1: dollar deal, whether it be these sexual harassment allegations, not one,

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Speaker 1: not to not three. We're talking about eleven women that

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Speaker 1: have come forward, including those who worked for the State

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Speaker 1: of New York. If this was corporate America, he would

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Speaker 1: be gone. And no way is this acceptable for the

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Speaker 1: governor continuing in this position. And so I would say,

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Speaker 1: if the governor refuses to resign, then the members of

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Speaker 1: the state legislature must reconvene. They must have a special

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Speaker 1: session and move forward with impeachment. They have the votes

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Speaker 1: to do it. Despite the fact that Democrats control the

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Speaker 1: Senate and the Assembly. They have the vote. I believe

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Speaker 1: to impeach this president. UH, impeach this governor based solely

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Speaker 1: on the number of people who have called for him

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Speaker 1: to resign. Congresswoman, I want to ask you about something

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Speaker 1: else that's making headlines today in New York, and that

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Speaker 1: is brings us to New York City, specifically a requirement

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Speaker 1: to prove that you're vaccinated to get into restaurants and

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Speaker 1: Jim's I saw you tweeting about that earlier. You think

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Speaker 1: that's bad for business, Well, I think it's a government overreach,

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Speaker 1: that's the first thing. And to look, let me be

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Speaker 1: clear by saying I myself have vaccinated UH, and I

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Speaker 1: have helped over six residents in my community get vaccines

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Speaker 1: as well, and so I do believe the vaccine is

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Speaker 1: stay been effective. But I think what government's role is

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Speaker 1: is to share the science, share the facts, share the benefits,

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Speaker 1: and allow individuals to make decisions for themselves and how

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Speaker 1: to best protect themselves and their families. I think it

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Speaker 1: is in in a government overreach um. And it is

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Speaker 1: a violation of privacy to have to share information to

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Speaker 1: restaurant owners to businesses. Number one, private information uh. And

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Speaker 1: number two, you know it is un American to to

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Speaker 1: tell people that they cannot participate in everyday activities um,

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Speaker 1: simply because they're not vaccinated. Um. And and number three,

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Speaker 1: these businesses are already struggling enough. Remember a lot of

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Speaker 1: these uh small business owners, they they are short staffed.

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Speaker 1: Remember the president created a labor shortage when he decided

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Speaker 1: to pay people more money to stay home than to

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Speaker 1: report back to work. And you go speaking with restaurants,

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Speaker 1: small business owners, big business owners, they will tell you

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Speaker 1: how many vacancies they have and how they're having trouble

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Speaker 1: filling them. I also know that a lot of other

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Speaker 1: restaurant are requiring proof of vaccinations themselves, So that should

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Speaker 1: be up to the business owner as your point, Well,

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Speaker 1: I still think it would be unfair, but at least

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Speaker 1: if it left up to the business owner, that would

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Speaker 1: be a step up from government imposing it. What I'll

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Speaker 1: say is this, they are short staff. They shouldn't be policing. Um,

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Speaker 1: they shouldn't be doing the government's policing to make sure

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Speaker 1: that these vaccination cards are even legitimate. You know, somebody

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Speaker 1: can come with a false identification, and now is that

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Speaker 1: going to be Is that going to be on the

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Speaker 1: business owner for allowing that individual? And I don't think

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Speaker 1: it's just it's just not their role to be participating

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Speaker 1: in in doing this type of COVID policing. We're talking

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Speaker 1: with Congresswoman Nicole Mariya Takas, Republican from New York on

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Speaker 1: Bloomberg Sound On. I have one minute left. Congresswoman. I

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Speaker 1: wonder if you are encouraged, if you're disappointed to hear

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Speaker 1: from the president a short time ago, the CDC apparently

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Speaker 1: will be extending the COVID eviction moratorium. We don't have

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Speaker 1: details on it, but did you want to see that

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Speaker 1: happen or are you more concerned with states getting money

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Speaker 1: out that's already been allocated. Well, only a hundred and

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Speaker 1: seventeen thousand of two point five billion dollars has been

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Speaker 1: set afied in New York has been distributed in rental assistance.

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Speaker 1: But aside from that, I'm very concerned about the state

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Speaker 1: of the housing market with this announcement. You know, small

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Speaker 1: landlords in particular, they they have maxed that on their

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Speaker 1: credit cards. They cannot pay their bills anymore, whether it's

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Speaker 1: property taxes, water bills. So don't extend the moratorium. Though

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Speaker 1: is that it is very tough to extend it. And

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Speaker 1: by the way, people getting paid more with unemployment, why

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Speaker 1: are they haven't been paying their rent? Um? Nine point

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Speaker 1: two million jobs out there people could be returning to

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Speaker 1: work now and um continuing to lead productive lives. I

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Speaker 1: don't I don't know. I thank you. I wish we

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Speaker 1: had more time to call. Maria Takas, Republican from New

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Speaker 1: York many thanks for your thoughts. I'm Joe Matthew. This

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Speaker 1: is Bloomberg Continuous Market coverage live from Hong Kong Bloomberg

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Speaker 1: Day Brank Asia. I'm Brian Kurt and I'm Doug Prisoner.

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Speaker 1: Join us for Bloomberg Day Break Asia. We will ali

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Speaker 1: Bama's results show us about the health of Chinese consumers,

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Speaker 1: and we'll China's online game industry. You the next target

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Speaker 1: for Babe James Bloomberg Daybreak Asia to Let at six

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Speaker 1: on Bloomberg eleven, Frio, the Bloomberg Business app, and Bloomberg

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Speaker 1: Radio dot Com. Bloomberg The world is listening. You're listening

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Speaker 1: to Bloomberg Sound On with Joe Matthew on Bloomberg Radio.

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Speaker 1: We've heard from a legal expert and the member of

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Speaker 1: the New York delegation. I want to hear from the

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Speaker 1: panel on what's next for Governor Andrew Cuomo. And they

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Speaker 1: joined us now. Bloomberg Politics contributors Jeanie she in Zano

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Speaker 1: and Rick Davis, Thanks to both of you for being here.

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Speaker 1: It is not every day the president of the United

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Speaker 1: States calls for a governor of his or her own

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Speaker 1: party to resign, But Genie, that happened today. What could

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Speaker 1: Andrew Cuomo possibly do now? And let's not forget Andrew Cuomo.

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Speaker 1: And this just shows what a stunning moment that was

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Speaker 1: for Joe Biden to call on him to resign. Was

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Speaker 1: the first sitting Democratic governor to support President Biden in

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Speaker 1: his run for office. They have been extremely close, and

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Speaker 1: so for the President to support his earlier statement from

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Speaker 1: mid March calling on Cuomo to resign is startling, and

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Speaker 1: I think just underscores this seriousness of the position that

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Speaker 1: Governor Cuomo finds him in today after this report, And

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Speaker 1: of course, Joe Biden is not alone. We are hearing

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Speaker 1: reports that most of the if not all, Democrats in

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Speaker 1: the New York State Assembly were in an impeachment would

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Speaker 1: likely start or have to start our supporting and impeachment.

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Speaker 1: We have heard from Chuck Schumer, We have heard from

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Speaker 1: all of the leading Democrats calling on him to resign.

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Speaker 1: So he is in a very very tough political position,

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Speaker 1: not to speak of as you just spoke earlier about

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Speaker 1: the legal position he may find himself in, but at

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Speaker 1: this point, I think the political position is even tougher. Welly,

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Speaker 1: don't you guys take a walk with me here in Rick,

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Speaker 1: I want to ask you about the evolution. Let's stick

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Speaker 1: with Joe Biden for a minute. In an interview with

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Speaker 1: George Stephanopolis ABC News this is last March, President Biden

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Speaker 1: called for Andrew Cuomo to resign if an investigation confirms

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Speaker 1: the claims. Here's what he said back in March. He

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Speaker 1: said that if the investigation confirmed the allegations against Governor Cuomo,

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Speaker 1: then he should resign. So will you now call on

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Speaker 1: him to resign today at the White House? Understand by

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Speaker 1: that statement? Are you now calling on him to resign? Yes?

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Speaker 1: All right, let's see if we can go back in

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Speaker 1: the time machine. If you're with me on that. This

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Speaker 1: is last March when he was first asked. Yes, I

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Speaker 1: think he probably end up being prosecuted too. All right,

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Speaker 1: it's been consistent on this, Rick Davis. What kind of pressure,

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Speaker 1: what kind of meaningful pressure does this put on Governor

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Speaker 1: Cuomo when it's coming from the White House? You know,

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Speaker 1: I think it adds pressure. There's no question that. Um,

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Speaker 1: these people, the president, be her, the majority leader, all

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Speaker 1: that in his party, um uh, everybody in the delegation,

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Speaker 1: like Congresswoman Miliarkas just said on your show, to ask

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Speaker 1: that he uh, he withdraw from office. But but I

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Speaker 1: think everyone's got to understand. I think I got a

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Speaker 1: sensibility to this guy. He grew up in politics, He

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Speaker 1: grew up in the governor's mansion. This is all he has.

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Speaker 1: He is a political animal of the first order. He

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Speaker 1: has nowhere else to go. He's written his own report

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Speaker 1: eighty six pages uh that he's distributing today a video

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Speaker 1: showing him kissing men and women. I mean, he's fighting it.

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Speaker 1: He's not going to go easily. And I think that

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Speaker 1: until this Legislative Assembly opens up again in January, he's

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Speaker 1: going to be in that governor's mansion at least until then.

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Speaker 1: Let listen, until he's impeached. Let's play that out then, Jeannie,

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Speaker 1: does that how it ends? Does it this end with

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Speaker 1: an impeachment trial? What if Andrew Cuomo does what he

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Speaker 1: has been doing and just refused to Budge. I think

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Speaker 1: that Rick's assessment is right. I do not think he

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Speaker 1: will resign if not easily under you know, unless there's

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Speaker 1: enormous pressure, and how much bigger can it get than

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Speaker 1: the President of the United States that said we heard today,

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Speaker 1: and I think what was so stunning to me listening

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Speaker 1: to his video was he is fighting this tooth and nail.

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Speaker 1: And if people go back to what he said, the

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Speaker 1: nature of the fight he is putting up. Number one,

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Speaker 1: these victims, eleven or more of them misunderstood. They didn't

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Speaker 1: understand what he was saying. So in a way, it

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Speaker 1: was their fault. He described this as a generational cultural issue.

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Speaker 1: He also talked about the fact that this is a

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Speaker 1: political witch hunt, a toxic political environment. Those are the

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Speaker 1: arguments he is going to put forward. I have to say,

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Speaker 1: if I was his attorney, I would not have wanted

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Speaker 1: him to say nearly as much or as specific as

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Speaker 1: he said today. But I think that tells you for him,

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Speaker 1: this is about maintaining his political office, potentially running for

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Speaker 1: a fourth term, versus taking on the legal nature of this,

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Speaker 1: and that is very telling and very much in keeping

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Speaker 1: those of us from New York. No, this is the

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Speaker 1: Andrew Cuomo we have known for a long time, and

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Speaker 1: I think it's important Nicole Maliatak has said to you

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Speaker 1: there have been allegations swirling around him, even equally as serious.

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Speaker 1: I shouldn't say even more, but the nursing home scandal,

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Speaker 1: Let's not forget that on top of the book, right,

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Speaker 1: and he is in a heap of legal and political

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Speaker 1: trouble here and shows no signs of stepping down. Listen

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Speaker 1: to Genie today, Rick Uh, it's a great point. Who

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Speaker 1: is advising Andrew Cuomo in making a video like that

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Speaker 1: that could be libelous? In the end. Yeah, Well, I

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Speaker 1: think Republicans have felt for some time in New York

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Speaker 1: that he is surrounded by yes men, people who curry

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Speaker 1: favor when you're in office. As long as he's been,

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Speaker 1: most of the real independent spirited people have long since gone.

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Speaker 1: And Uh, and so I think he's just listening to

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Speaker 1: the echo chamber that's for whatever he wants to do

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Speaker 1: to try and remain in power. Uh. And so this

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Speaker 1: is really the dilemma is there isn't anybody who he'd

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Speaker 1: probably trusts who are going to give him, is going

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Speaker 1: to give him information that would get him to, uh

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Speaker 1: do the right thing, leave office early, don't fight it, Uh,

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Speaker 1: try to be more understanding. I mean, and and and

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Speaker 1: these are these are all Democrats, right, There's there's no

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Speaker 1: Republican that's done anything other than what the President, the Speaker,

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Speaker 1: and the Majority leader in his own delegation of done.

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Speaker 1: All right, Rick and Jennie will be back a bit

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Speaker 1: later in the hour here on Bloomberg sound On. Coming up,

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Speaker 1: the Chair speaks sec Chair Gainsler. We'll talk about it

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Speaker 1: coming up with Bloomberg's Ben Bain. We're talking crypto oversight. Next.

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Speaker 1: I'm Joe Matthew. This is Bloomberg broadcasting live from our

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Speaker 1: nation's capital, Bloomberg to New York, Bloomberg, Oh to San Francisco,

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Speaker 1: Bloomberg nine to the country Sirius XM Channel one nine

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Speaker 1: and around the globe the Bloomberg Business app. Ben Bloomberg

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Speaker 1: Radio dot Com. This is Bloomberg Sound On with Joe Matthews.

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Speaker 1: We all knew it was coming regulating crypto, just a

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Speaker 1: question of how and when, and we're getting some answers

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Speaker 1: as we have read on the terminal, Bloomberg's Ben Baine

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Speaker 1: interviewed SEC Chair Gary Gensler. We're gonna talk to Ben

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Speaker 1: about it coming up, and thank you for spending some

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Speaker 1: time with us on Bloomberg sound On this Tuesday. We

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Speaker 1: are alive from Bloomberg World headquarters in New York. Headline

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Speaker 1: on the terminal, secs Ginsler ready's more crypto oversight to

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Speaker 1: protect investors, causing many in the crypto verse to say, oh,

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Speaker 1: you've probably heard the stories, even on this program about Ginsler,

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Speaker 1: no stranger to crypto, even famously taught a class about blockchain.

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Speaker 1: A lot of people thought there was a friendly voice

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Speaker 1: moving into the agents e. The SEC chair does see

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Speaker 1: a need to regulate these transactions. He spoke virtually at

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Speaker 1: the Aspen Security Forum. The legislative priorities should be around

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Speaker 1: these platforms, the trading, lending, decentralized finance regulators would benefit

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Speaker 1: from additional authorities in this space. We can also attach

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Speaker 1: things around sanctions and tax collection and tax compliance, uh,

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Speaker 1: and any money lawndering. So it's it's it's about all

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Speaker 1: the policy suites right there. Bloomberg's Ben Baine interviewed the

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Speaker 1: SEC chair and he's with us now. Ben, thanks for

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Speaker 1: coming in. As I read your great column here in

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Speaker 1: which you share the byline with Robert Schmidt, his first

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Speaker 1: extensive interview about crypto against the signaled his deep interest

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Speaker 1: you right on the subject does not mean he's simpatico

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Speaker 1: with the hands off oversight approach that many enthusiasts would

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Speaker 1: like to see. So, Ben, what's coming. Yeah, that's uh,

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Speaker 1: that's the big, the big question everyone's been waiting to

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Speaker 1: kind of get a sense of as you, as you mentioned,

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Speaker 1: Chair Gensler, unlike pretty much everyone else in the US

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Speaker 1: government at this level, has a lot of experience in

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Speaker 1: this technology and in this asset class. He taught a

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Speaker 1: class for about three years at m I t really

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Speaker 1: immersed himself in this, and we talked quite a bit

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Speaker 1: about kind of what drew him to it and his interest.

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Speaker 1: But then he drew a kind of a bright line

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Speaker 1: and he said, look, I have an interest in this technology.

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Speaker 1: And I'm obviously paraphrasing here, but you know, I have

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Speaker 1: an interest in this technology. I I taught classes in it.

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Speaker 1: But now that he's the SEC chair, he sees a

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Speaker 1: lot of gaps in how this asset classes regulated. And

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Speaker 1: he pointed to specifically crypto exchanges, decentralized finance platforms as

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Speaker 1: really places where the SEC and his sister agency at

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Speaker 1: the CFTC, which he also used to chair, doesn't maybe

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Speaker 1: have all the authorities it needs, and Congress potentially needs

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Speaker 1: to step in over at the SEC. He all so

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Speaker 1: signaled that he's already got at least seven different initiatives

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Speaker 1: going on looking at everything from potentially when and how

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Speaker 1: and if to approve a bitcoin or other crypto et

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Speaker 1: f UH to these D five platforms, to the idea

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Speaker 1: of how do you custody one of these crypto assets.

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Speaker 1: They're not like the typical stock that might you know,

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Speaker 1: Wall Street's used to so all of that's kind of

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Speaker 1: going on and and and the clear indication was he's

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Speaker 1: going to regulate this, and the SEC is going to

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Speaker 1: regulate this in a pretty meaningful way during his tenure.

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Speaker 1: And it's not going to be the libertarian handff, hands

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Speaker 1: off approach that maybe some in the crypto community were

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Speaker 1: hoping and excited about when they saw that Gary Gensler

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Speaker 1: was going to be the new SEC chair. So how

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Speaker 1: do you regulate this space? And to be clear, we

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Speaker 1: are talking about the coins, not blockchain, right, We're not

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Speaker 1: going to try to regulate the technology, rather the transactions

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Speaker 1: that are had upon it. That's right. Um. What he

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Speaker 1: said is, you know, it's kind of uh, it's kind

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Speaker 1: of interesting in the fact that he wasn't all that

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Speaker 1: far off from predecessor Jay Clayton in the sense that

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Speaker 1: there's a nineteen forties UH Supreme Court case which basically

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Speaker 1: laid out the legal test for what's the security and

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Speaker 1: what's an investment contract. And the upshot is basically, if

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Speaker 1: you're giving money to someone and they're going to do

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Speaker 1: some work for you and you're expecting a return, it's

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Speaker 1: a security, and then it falls under the SEC's remit.

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Speaker 1: And he basically said, you know, that's still a good test.

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Speaker 1: He's not moving away from that. But that said, he

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Speaker 1: does think that if you look across the universe, there

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Speaker 1: are thousands of tokens out there, and many of those tokens,

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Speaker 1: he thinks, our securities and they're unregistered, and they should

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Speaker 1: be dealing with the sec in a much different way

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Speaker 1: than I have been and not just existing in this

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Speaker 1: kind of gray area where they're where essentially outside of

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Speaker 1: the securities laws. There's the setup from Ben Baine at

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Speaker 1: Bloomberg and Washington. We bring in Kristen Smith to this conversation.

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Speaker 1: Kristen is executive director of the Blockchain Association. I'm glad

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Speaker 1: you here, Kristen. You describe yourselves as the unified voice

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Speaker 1: of the blockchain and cryptocurrency industry, so we have the

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Speaker 1: right person on the line here. How concerned are you

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Speaker 1: about the government getting involved regulating crypto or do you

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Speaker 1: see it as a need to protect investors? Well, I

430
00:24:12,800 --> 00:24:16,440
Speaker 1: think having Chair Gendler, as you noted before, he's incredibly

431
00:24:16,480 --> 00:24:19,639
Speaker 1: knowledgeable on this space. Um, you know, I think having

432
00:24:19,760 --> 00:24:23,720
Speaker 1: him in this position, uh, he's probably in the right

433
00:24:23,760 --> 00:24:26,440
Speaker 1: place at the right time. I think if you look

434
00:24:26,480 --> 00:24:29,920
Speaker 1: over the past couple of years, the UM industry has

435
00:24:29,960 --> 00:24:33,680
Speaker 1: become much more mature UM, and we agree with Chare

436
00:24:33,760 --> 00:24:36,600
Speaker 1: Gensler at the Blockchain Association that we need to have

437
00:24:37,240 --> 00:24:39,639
Speaker 1: market integrity and we need to make sure we have

438
00:24:39,680 --> 00:24:43,720
Speaker 1: adequate consumer protection UM. But we probably disagree with him

439
00:24:43,720 --> 00:24:47,479
Speaker 1: on a couple of points, first being that, UH, the

440
00:24:47,560 --> 00:24:50,360
Speaker 1: members of the Blockchain Association haven't gone to great length

441
00:24:50,440 --> 00:24:53,119
Speaker 1: to try to comply with the securities laws UM, but

442
00:24:53,160 --> 00:24:55,480
Speaker 1: they're often unclear, and so we would like to see

443
00:24:55,520 --> 00:24:58,919
Speaker 1: some more clarity UM because as Ben was discussing this

444
00:24:59,080 --> 00:25:02,800
Speaker 1: this nineteen forties to report case, it doesn't quite work

445
00:25:02,960 --> 00:25:06,840
Speaker 1: in today's world. But we also kind of disagree with

446
00:25:06,880 --> 00:25:09,240
Speaker 1: his statement today that this is the wild West of

447
00:25:09,320 --> 00:25:13,199
Speaker 1: crypto UM. Most all of our platforms are regulated by

448
00:25:13,200 --> 00:25:17,560
Speaker 1: state money transmitter licenses. UH, they're overseen by the CFTC

449
00:25:17,880 --> 00:25:21,800
Speaker 1: from an antifraud and anti manipulation standpoint UM, and most

450
00:25:21,800 --> 00:25:24,359
Speaker 1: of these companies are registered in money as money services

451
00:25:24,440 --> 00:25:28,760
Speaker 1: businesses with the Financial Crimes Enforcement Network. So to say

452
00:25:28,760 --> 00:25:31,200
Speaker 1: it's the wild West, we we would disagree with that, UM,

453
00:25:31,200 --> 00:25:33,840
Speaker 1: and we do seek more legal certainty UM, but we're

454
00:25:33,840 --> 00:25:36,880
Speaker 1: absolutely open to having a conversation about how to properly

455
00:25:36,960 --> 00:25:40,439
Speaker 1: regulate these platforms UM in a way that is constructive

456
00:25:40,440 --> 00:25:43,080
Speaker 1: for the for the entire ecosystem. After listening to Ben,

457
00:25:43,119 --> 00:25:45,280
Speaker 1: it sounds like we're going to be in hearing, congressional

458
00:25:45,320 --> 00:25:48,879
Speaker 1: hearing heaven, I'll say for a long time. As we

459
00:25:48,920 --> 00:25:52,280
Speaker 1: figured this out, Kristen in our remaining moments, though, where

460
00:25:52,359 --> 00:25:54,879
Speaker 1: is the line? What's too much? There have been a

461
00:25:54,960 --> 00:25:57,600
Speaker 1: number of investors said they wouldn't go near crypto because

462
00:25:57,640 --> 00:26:01,679
Speaker 1: they knew at some point regulation was coming. Well, listen,

463
00:26:01,680 --> 00:26:04,399
Speaker 1: I mean, crypto is here to stay. Um, it's not

464
00:26:04,440 --> 00:26:07,640
Speaker 1: going to go away. What spoops investors though and creates

465
00:26:07,760 --> 00:26:11,680
Speaker 1: loss for investors, that's the concern. Yeah, Well listen, if

466
00:26:11,680 --> 00:26:13,920
Speaker 1: if some of the things that Gary Guns are described

467
00:26:13,920 --> 00:26:16,520
Speaker 1: were to be enacted, um, you know, it could be

468
00:26:16,560 --> 00:26:19,600
Speaker 1: difficult for companies to comply. So there needs to be

469
00:26:19,680 --> 00:26:23,160
Speaker 1: a pathway. There needs to be um, some sort of transition.

470
00:26:23,240 --> 00:26:26,959
Speaker 1: But what we can't have is the you know, securities

471
00:26:27,040 --> 00:26:31,240
Speaker 1: laws applied to an ecosystem that doesn't act like a security.

472
00:26:31,359 --> 00:26:34,600
Speaker 1: Securities have a ton of restrictions around them for moving

473
00:26:34,600 --> 00:26:37,080
Speaker 1: them from person to person. These crypto token is worth

474
00:26:37,400 --> 00:26:40,520
Speaker 1: work within networks that are valuable to users, and we

475
00:26:40,600 --> 00:26:42,879
Speaker 1: need to make sure that they're able to flow freely

476
00:26:42,920 --> 00:26:46,520
Speaker 1: in order to do the purpose. I'm sorry we're out

477
00:26:46,520 --> 00:26:48,800
Speaker 1: of time, and Ben Baine, thank you for being with us.

478
00:26:48,800 --> 00:26:53,040
Speaker 1: The panels up next. This is Bloomberg. You're listening to

479
00:26:53,200 --> 00:27:00,360
Speaker 1: Bloomberg you sound On with Joe Matthew on Bloomberg Radio. Well,

480
00:27:00,400 --> 00:27:02,800
Speaker 1: let's turn into a day. When I got on the

481
00:27:02,840 --> 00:27:05,520
Speaker 1: train this morning in Washington, d C. On my way

482
00:27:05,560 --> 00:27:09,400
Speaker 1: to World headquarters in New York, the CUOMO findings had

483
00:27:09,440 --> 00:27:11,400
Speaker 1: not been released. We didn't even know they were coming.

484
00:27:11,440 --> 00:27:13,879
Speaker 1: The President had not yet spoken, and what we had

485
00:27:13,960 --> 00:27:17,320
Speaker 1: not yet heard that the Eviction band would be extended either.

486
00:27:18,320 --> 00:27:20,440
Speaker 1: But here we are on Bloomberg Sound On at the

487
00:27:20,520 --> 00:27:22,159
Speaker 1: end of the day, stitching it all together for you.

488
00:27:22,200 --> 00:27:24,560
Speaker 1: And I'm joined here in New York by Bloomberg TV

489
00:27:24,640 --> 00:27:28,080
Speaker 1: and Radio political news director Jody Schneider and the panels.

490
00:27:28,080 --> 00:27:32,200
Speaker 1: Back to Bloomberg political contributors Rick Davis and Gene she

491
00:27:32,359 --> 00:27:35,840
Speaker 1: and Zo. Welcome everyone to the super Panel. I'll start

492
00:27:35,880 --> 00:27:38,200
Speaker 1: with you here, Jody. We do have news on evictions.

493
00:27:38,280 --> 00:27:42,560
Speaker 1: Yesterday everybody was talking about being painted into a corner

494
00:27:42,600 --> 00:27:45,440
Speaker 1: it was a blame game between Joe Biden, Nancy Pelosi,

495
00:27:45,520 --> 00:27:49,320
Speaker 1: and others. We heard there was no legal grounds to

496
00:27:49,400 --> 00:27:52,719
Speaker 1: extend it. So what's happening. Yeah, well, Joe Biden was

497
00:27:53,200 --> 00:27:55,680
Speaker 1: feeling the pressure. The White House really has come under

498
00:27:55,720 --> 00:28:00,520
Speaker 1: a lot of criticism, Joe for not acting sooner before uh,

499
00:28:00,560 --> 00:28:04,760
Speaker 1: this moratorium basically expired. And the fear that you could

500
00:28:04,760 --> 00:28:07,960
Speaker 1: have you know, uh, potentially hundreds of thousands of people

501
00:28:08,320 --> 00:28:10,960
Speaker 1: without homes as the COVID numbers go up is not

502
00:28:11,200 --> 00:28:13,880
Speaker 1: something the White House wants to entertain. So the President

503
00:28:14,160 --> 00:28:16,439
Speaker 1: did not announce it when he made his remarks at

504
00:28:16,440 --> 00:28:21,359
Speaker 1: the White House on COVID and vaccinations. Yeah, he said,

505
00:28:21,520 --> 00:28:24,160
Speaker 1: we're going to be coming up with something. But um,

506
00:28:24,240 --> 00:28:26,480
Speaker 1: we are told that this there will be a new

507
00:28:26,480 --> 00:28:31,119
Speaker 1: moratorium announced and it would last until October three and

508
00:28:31,200 --> 00:28:37,520
Speaker 1: cover about US counties those with high numbers according to

509
00:28:37,560 --> 00:28:41,760
Speaker 1: the c d C of new COVID cases. Now, the

510
00:28:41,800 --> 00:28:44,480
Speaker 1: Supreme Court has said that they're not going to allow

511
00:28:44,520 --> 00:28:48,040
Speaker 1: an extension, So they're trying a slightly different tact here

512
00:28:48,480 --> 00:28:52,120
Speaker 1: by not saying everyone, not the whole country, but that

513
00:28:52,240 --> 00:28:55,720
Speaker 1: in certain counties, which of course cover a lot of

514
00:28:55,720 --> 00:28:59,920
Speaker 1: of the population, a lot of the renter population. Whether

515
00:29:00,000 --> 00:29:05,440
Speaker 1: a targeted approach might withstand a legal challenge more effectively. Right, Well,

516
00:29:05,440 --> 00:29:07,640
Speaker 1: that's what the White House hopes, and the President actually

517
00:29:07,680 --> 00:29:09,880
Speaker 1: said that in his remarks this afternoon. He kind of

518
00:29:09,960 --> 00:29:12,360
Speaker 1: laid it out, even though he said we're not announcing

519
00:29:12,360 --> 00:29:14,240
Speaker 1: it yet, but he said, the problem is the Supreme

520
00:29:14,280 --> 00:29:16,400
Speaker 1: Court has said this. So what we're trying to do

521
00:29:16,480 --> 00:29:18,800
Speaker 1: is to get something that kind of gets us through this.

522
00:29:19,160 --> 00:29:23,239
Speaker 1: The White House and others have said, well, there's all

523
00:29:23,280 --> 00:29:26,200
Speaker 1: this money out there, it just needs to go to

524
00:29:26,360 --> 00:29:30,400
Speaker 1: the landlords to basically make them whole so they don't

525
00:29:30,440 --> 00:29:34,560
Speaker 1: kick the renters out. Um, but you know that hasn't happened.

526
00:29:34,560 --> 00:29:36,360
Speaker 1: And so what they're saying is this gives us more

527
00:29:36,440 --> 00:29:39,240
Speaker 1: time to get that money out there. Again. The question

528
00:29:39,280 --> 00:29:42,400
Speaker 1: would be the legality of whether the report will go

529
00:29:42,560 --> 00:29:46,120
Speaker 1: for it. We had to Congresswoman Nicole Maliatakas on Republican

530
00:29:46,160 --> 00:29:49,200
Speaker 1: from New York earlier not a fan of extending. Many

531
00:29:49,320 --> 00:29:52,880
Speaker 1: Democrats were not fans of extending either, telling us right

532
00:29:52,920 --> 00:29:56,920
Speaker 1: on this program, we already allocated money for that. The

533
00:29:56,960 --> 00:29:59,600
Speaker 1: next stage of this is, I guess on the state level, Jody,

534
00:29:59,680 --> 00:30:02,800
Speaker 1: what is the problem? Yeah, and that's really that that's

535
00:30:02,840 --> 00:30:06,920
Speaker 1: the question among the questions of the day. Um, that's um,

536
00:30:07,120 --> 00:30:10,680
Speaker 1: what is the problem? I think there it is bureaucracy.

537
00:30:10,760 --> 00:30:15,520
Speaker 1: Clearly some states have different mechanisms than other states, but

538
00:30:15,680 --> 00:30:18,240
Speaker 1: most of that money in all the states hasn't gotten

539
00:30:18,240 --> 00:30:21,400
Speaker 1: out the door. And so the question would be, if

540
00:30:21,480 --> 00:30:24,640
Speaker 1: this does get extended, how do you get that money

541
00:30:24,720 --> 00:30:27,160
Speaker 1: to go fast enough so that you don't end up

542
00:30:27,200 --> 00:30:30,120
Speaker 1: in the same situation. Say October three, Genie, you had

543
00:30:30,120 --> 00:30:34,240
Speaker 1: some soft words for the Biden White House on this yesterday.

544
00:30:34,440 --> 00:30:36,680
Speaker 1: Is this encouraging to you or do you see more

545
00:30:36,720 --> 00:30:39,240
Speaker 1: problems of the Supreme Court? I suppose could step in

546
00:30:39,280 --> 00:30:43,520
Speaker 1: and stop this. You know, it's encouraging from the perspective

547
00:30:43,560 --> 00:30:46,480
Speaker 1: that maybe this targeted approach that Jody and you were

548
00:30:46,480 --> 00:30:50,160
Speaker 1: just talking about will withstand the legal challenges that will

549
00:30:50,200 --> 00:30:54,080
Speaker 1: surely come. Although as we say that those legal challenges

550
00:30:54,160 --> 00:30:56,680
Speaker 1: put could could we don't know, put a hold on

551
00:30:56,720 --> 00:30:59,840
Speaker 1: this as well. So while I am a bit encouraged,

552
00:31:00,240 --> 00:31:03,720
Speaker 1: I would say, when you're talking about governance and you're

553
00:31:03,760 --> 00:31:07,440
Speaker 1: talking about a pandemic and the fact that we do

554
00:31:07,520 --> 00:31:10,600
Speaker 1: not in the United States, we are not clear on

555
00:31:10,840 --> 00:31:13,840
Speaker 1: who should be responsible for this. The Court is saying

556
00:31:14,120 --> 00:31:16,640
Speaker 1: it's got to be Congress. The White House is saying Congress.

557
00:31:16,640 --> 00:31:18,640
Speaker 1: People are putting fingers at the White House. To me,

558
00:31:18,800 --> 00:31:22,640
Speaker 1: we have a large accountability problem in this country, and

559
00:31:22,880 --> 00:31:25,480
Speaker 1: you know, Democrats Republicans about the states to get the

560
00:31:25,480 --> 00:31:27,960
Speaker 1: money out, you know. To me, this speaks of the

561
00:31:28,040 --> 00:31:30,680
Speaker 1: challenge we have in terms of governance in the United States.

562
00:31:30,920 --> 00:31:33,000
Speaker 1: I am critical of the Biden White House for letting

563
00:31:33,000 --> 00:31:35,360
Speaker 1: it get this far, but certainly they are not the

564
00:31:35,400 --> 00:31:38,200
Speaker 1: ones responsible for this. This is how our structure works.

565
00:31:38,240 --> 00:31:40,880
Speaker 1: It doesn't work well in a crisis when you have

566
00:31:41,040 --> 00:31:45,440
Speaker 1: eleven plus million people, many of them children, potentially thrown

567
00:31:45,480 --> 00:31:48,640
Speaker 1: on the streets. Rick, does this get Corey Bush off

568
00:31:48,680 --> 00:31:52,280
Speaker 1: the steps of the Capitol? Does this help to heal

569
00:31:52,440 --> 00:31:54,160
Speaker 1: some of the wounds? If I should call them? That

570
00:31:54,200 --> 00:31:57,600
Speaker 1: maybe the rift between Joe Biden and the progressive wing

571
00:31:57,600 --> 00:32:01,360
Speaker 1: of the Democratic Party. Uh, Joe, I don't know if

572
00:32:01,400 --> 00:32:04,920
Speaker 1: this is gonna work. I listened to the Biden press conference.

573
00:32:04,920 --> 00:32:07,440
Speaker 1: He was like, well, we've talked to some constitutional scholars

574
00:32:07,440 --> 00:32:09,640
Speaker 1: and they said no, I can't do this. And then

575
00:32:09,680 --> 00:32:11,200
Speaker 1: we talked to some others and they said well, I

576
00:32:11,320 --> 00:32:13,600
Speaker 1: might be able to get away with it, and he's

577
00:32:14,120 --> 00:32:16,200
Speaker 1: so I think you gotta listen to him. I don't

578
00:32:16,240 --> 00:32:18,840
Speaker 1: think he thinks he can get away with it, and

579
00:32:18,840 --> 00:32:21,320
Speaker 1: and so you know, but the but, but the acts

580
00:32:21,400 --> 00:32:24,120
Speaker 1: really does fall on the Democratic Party. I mean, the

581
00:32:24,160 --> 00:32:27,600
Speaker 1: Speaker of the House let the House out for their

582
00:32:27,640 --> 00:32:30,920
Speaker 1: summer recess without action on this. What was she thinking.

583
00:32:31,120 --> 00:32:32,720
Speaker 1: I mean, just kick it to the White House and

584
00:32:32,760 --> 00:32:35,040
Speaker 1: hope they can do better than what they did last

585
00:32:35,080 --> 00:32:36,840
Speaker 1: time with the White House. I mean the idea that

586
00:32:36,840 --> 00:32:38,880
Speaker 1: then the White House turns the CDC and said, hey,

587
00:32:39,240 --> 00:32:41,960
Speaker 1: you gotta fix this problem like we we did last time.

588
00:32:41,960 --> 00:32:44,640
Speaker 1: In the Supreme Court said it was not constitutional. So

589
00:32:44,960 --> 00:32:48,000
Speaker 1: I think there's a circular firing squad going on in

590
00:32:48,040 --> 00:32:51,200
Speaker 1: the meantime. Is as Genie points out, there's you know,

591
00:32:51,280 --> 00:32:54,160
Speaker 1: millions of families at risk, and this is gonna be

592
00:32:54,800 --> 00:32:59,360
Speaker 1: a political issue even though Republicans don't support in bands,

593
00:32:59,360 --> 00:33:01,840
Speaker 1: they want the free market to try and take take

594
00:33:02,280 --> 00:33:05,120
Speaker 1: action here. Um, there's gonna be a lot of finger

595
00:33:05,160 --> 00:33:08,760
Speaker 1: pointing in the election of the midterms that the Democrats

596
00:33:09,040 --> 00:33:12,880
Speaker 1: uh failed to create relief in any kind of formal fashion.

597
00:33:13,080 --> 00:33:15,200
Speaker 1: Everything from this point on is a band aid on

598
00:33:15,240 --> 00:33:17,720
Speaker 1: a problem, Jody, when we talk about getting away with it,

599
00:33:17,760 --> 00:33:20,120
Speaker 1: is it simply being caught in the act. You know,

600
00:33:20,120 --> 00:33:22,120
Speaker 1: when we hear from Corey Bush and members of the

601
00:33:22,120 --> 00:33:26,000
Speaker 1: squad calling out the White House, just do something. That

602
00:33:26,080 --> 00:33:28,480
Speaker 1: seemed to be the message from Nancy Pelosi. Fine, go

603
00:33:28,640 --> 00:33:31,400
Speaker 1: get sued, but protect these people in the meantime and

604
00:33:31,440 --> 00:33:34,719
Speaker 1: buy us some time on Capitol Hill. Does Joe Biden

605
00:33:34,720 --> 00:33:37,080
Speaker 1: get credit for that even if this doesn't make it

606
00:33:37,160 --> 00:33:40,000
Speaker 1: to October? He tried as the point, yeah, I think

607
00:33:40,000 --> 00:33:41,880
Speaker 1: he felt like he had to do something. The White

608
00:33:41,880 --> 00:33:44,640
Speaker 1: House was getting so much criticism here and it comes

609
00:33:44,680 --> 00:33:48,000
Speaker 1: at a time obviously with COVID cases, you know, on

610
00:33:48,120 --> 00:33:51,840
Speaker 1: the rises variant everywhere, we're all masking up. Again. This

611
00:33:51,920 --> 00:33:54,160
Speaker 1: was just not good optics. So they had to try

612
00:33:54,200 --> 00:33:56,640
Speaker 1: to do something. Whether it'll work, you know, who knows.

613
00:33:56,840 --> 00:34:00,000
Speaker 1: And the other point is in Nancy Pelosi is pointing

614
00:34:00,000 --> 00:34:02,720
Speaker 1: a finger at the White House. But at the same time,

615
00:34:02,840 --> 00:34:05,600
Speaker 1: you know they could have done something about this too. Um,

616
00:34:05,640 --> 00:34:08,360
Speaker 1: they didn't necessarily have to wait till last minute. Absolutely,

617
00:34:08,760 --> 00:34:11,239
Speaker 1: these guys were talking for a month. We understand that. Yeah,

618
00:34:11,320 --> 00:34:13,839
Speaker 1: So it seems that there were at cross purposes here.

619
00:34:13,920 --> 00:34:17,000
Speaker 1: You know, doesn't Nancy Pelosi in the White House community well,

620
00:34:17,080 --> 00:34:20,640
Speaker 1: you know, to Rick's points, circling circle, firing squad. I

621
00:34:20,640 --> 00:34:22,799
Speaker 1: want to ask you guys about the Key to New

622
00:34:22,880 --> 00:34:24,640
Speaker 1: York City pass. I don't know if you're going to

623
00:34:24,719 --> 00:34:26,560
Speaker 1: get one, Jody, I don't live here, but this is

624
00:34:26,600 --> 00:34:31,160
Speaker 1: another rather controversial story today. Congresswoman Malio Takas didn't want

625
00:34:31,160 --> 00:34:33,600
Speaker 1: any part of this, again, a Republican member of Congress

626
00:34:33,640 --> 00:34:36,680
Speaker 1: representing New York. But indeed Mayor de Blasio announcing this

627
00:34:36,719 --> 00:34:38,120
Speaker 1: pass is you're gonna need it to get into a

628
00:34:38,200 --> 00:34:40,839
Speaker 1: restaurant or into a gym. This is the first we've

629
00:34:40,840 --> 00:34:43,640
Speaker 1: seen of its kind of the country. I believe, Jody,

630
00:34:43,719 --> 00:34:46,320
Speaker 1: you spent a lot of months covering COVID. This is

631
00:34:46,360 --> 00:34:47,719
Speaker 1: the only way you're going to get out to eat

632
00:34:47,719 --> 00:34:50,640
Speaker 1: in New York. It's also making a lot of people angry.

633
00:34:50,760 --> 00:34:54,840
Speaker 1: Should businesses be making these decisions or should more governments

634
00:34:54,840 --> 00:34:57,160
Speaker 1: be doing what do Blasio is doing? Yeah, well, New

635
00:34:57,239 --> 00:34:59,320
Speaker 1: York is I believe, only one of only two states

636
00:34:59,320 --> 00:35:02,360
Speaker 1: that has a vaccine passports called the Excelsior Pass. A

637
00:35:02,360 --> 00:35:05,040
Speaker 1: lot of us have it in our phones already. Uh,

638
00:35:05,080 --> 00:35:07,520
Speaker 1: and um, it basically is a way to show you've

639
00:35:07,520 --> 00:35:09,719
Speaker 1: been vaccinated without the little card, which of course is

640
00:35:09,800 --> 00:35:12,200
Speaker 1: but you know, people can lose in this subject to fraud.

641
00:35:12,719 --> 00:35:15,200
Speaker 1: And the White House was asked a lot about this

642
00:35:15,280 --> 00:35:19,400
Speaker 1: last spring, whether they were going to uh approve of

643
00:35:19,680 --> 00:35:23,960
Speaker 1: or you know, back a federal vaccine passport so you

644
00:35:23,960 --> 00:35:26,080
Speaker 1: can get on play in sicily and they you know,

645
00:35:26,280 --> 00:35:29,600
Speaker 1: really we're very arms length, they said, you know, if

646
00:35:29,640 --> 00:35:32,520
Speaker 1: private businesses want to go for this, go ahead. Um

647
00:35:32,640 --> 00:35:35,239
Speaker 1: in New York state, Um, you know, so far it

648
00:35:35,600 --> 00:35:37,520
Speaker 1: has seemed, you know, there hasn't been a ton of

649
00:35:37,560 --> 00:35:41,279
Speaker 1: controversy about it. But now that restaurants are saying you

650
00:35:41,360 --> 00:35:45,239
Speaker 1: need to show you've been vaccinated, that that's another bridge. Uh.

651
00:35:45,320 --> 00:35:48,080
Speaker 1: You know at this point, although h New York has

652
00:35:48,080 --> 00:35:50,360
Speaker 1: been taking you know, the city has been been really

653
00:35:50,680 --> 00:35:53,279
Speaker 1: in the forefront of this. On Broadway, Um, all the

654
00:35:53,719 --> 00:35:55,719
Speaker 1: i think all forty one theaters have said you have

655
00:35:55,760 --> 00:35:59,000
Speaker 1: to be vaccinated to get in the big concert they're

656
00:35:59,000 --> 00:36:00,640
Speaker 1: going to have. Well we can, they're still going to

657
00:36:00,680 --> 00:36:03,960
Speaker 1: have it later this month. Um, your you need to

658
00:36:03,960 --> 00:36:06,520
Speaker 1: be vaccinated to get in there. So there's been a

659
00:36:06,600 --> 00:36:10,440
Speaker 1: move to do that. But now the restaurants, saying it

660
00:36:10,440 --> 00:36:12,480
Speaker 1: it would be um the first place in the country

661
00:36:12,480 --> 00:36:14,719
Speaker 1: to this. Mayor to Blasio says he hopes it will

662
00:36:14,760 --> 00:36:17,360
Speaker 1: be a model for the rest of the country. Well, Genie,

663
00:36:17,360 --> 00:36:18,759
Speaker 1: what do you think you live in New York? Is

664
00:36:18,800 --> 00:36:21,319
Speaker 1: this good are bad for business? The congresswoman said that

665
00:36:21,360 --> 00:36:24,400
Speaker 1: it should be the restaurant's making that call, if anyone

666
00:36:24,480 --> 00:36:27,839
Speaker 1: not the mayor of New York. You know, I think,

667
00:36:27,880 --> 00:36:29,840
Speaker 1: as Jodie said, there has not been a lot of

668
00:36:29,880 --> 00:36:32,879
Speaker 1: pushback on this in New York City. I do think

669
00:36:33,000 --> 00:36:35,240
Speaker 1: this is going to be a model for other cities

670
00:36:35,320 --> 00:36:38,520
Speaker 1: in areas across the country because what we see the

671
00:36:38,560 --> 00:36:41,960
Speaker 1: Mayor's doing is taking a stick approach. You don't have

672
00:36:42,040 --> 00:36:45,040
Speaker 1: to get vaccinated, but if you want to enjoy X, Y,

673
00:36:45,120 --> 00:36:48,000
Speaker 1: and Z, you're gonna have to show this passport. So

674
00:36:48,040 --> 00:36:51,080
Speaker 1: I think this is going to be the model going forward.

675
00:36:51,360 --> 00:36:55,640
Speaker 1: As we see, particularly this delta variant, the numbers tick up.

676
00:36:56,080 --> 00:36:58,000
Speaker 1: You know, New York has been okay so far, the

677
00:36:58,040 --> 00:37:00,440
Speaker 1: numbers sticking up across the country. I think this is

678
00:37:00,440 --> 00:37:03,200
Speaker 1: going to be a model. And I do think since

679
00:37:03,200 --> 00:37:06,200
Speaker 1: so many businesses are doing something similar, there's not going

680
00:37:06,239 --> 00:37:08,320
Speaker 1: to be a lot of pushback from the business community

681
00:37:08,320 --> 00:37:10,239
Speaker 1: in New York at least on this Rick, we only

682
00:37:10,239 --> 00:37:12,279
Speaker 1: have a minute even to Blasia said, not everyone's going

683
00:37:12,320 --> 00:37:14,560
Speaker 1: to agree with this. Is it good for business though?

684
00:37:15,120 --> 00:37:18,080
Speaker 1: And protect the patrons of these restaurants while they're at it.

685
00:37:19,719 --> 00:37:22,640
Speaker 1: I think it's. I think it can be good for business. Um, look,

686
00:37:22,719 --> 00:37:25,640
Speaker 1: it's it's It's definitely going to be inconvenient for some people.

687
00:37:25,920 --> 00:37:29,160
Speaker 1: But if we don't start changing the mentality about getting vaccines,

688
00:37:29,200 --> 00:37:31,359
Speaker 1: we're gonna be still talking about this a year from now.

689
00:37:31,440 --> 00:37:34,239
Speaker 1: And so I'm for shutting it down. Everyone go get

690
00:37:34,239 --> 00:37:36,359
Speaker 1: a vaccine and then you don't have to worry about

691
00:37:36,360 --> 00:37:38,400
Speaker 1: whether or not you can get into a restaurant. Listen

692
00:37:38,400 --> 00:37:41,719
Speaker 1: to Rick Davis, I kind of like this approach. Thank you,

693
00:37:41,800 --> 00:37:45,200
Speaker 1: Rick Davis, Genie she and Zano Bloomberg Politics contributors. They'll

694
00:37:45,200 --> 00:37:48,520
Speaker 1: be back, of course this week, and so Jody Schneider

695
00:37:49,719 --> 00:37:51,440
Speaker 1: here on Bloomberg sound On. It's great to see in

696
00:37:51,480 --> 00:37:53,720
Speaker 1: New York. Jody, thanks for coming in. I'm Joe Matthew

697
00:37:54,040 --> 00:37:57,920
Speaker 1: back tomorrow on Bloomberg sound On. We'll check traffic, news

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00:37:57,960 --> 00:38:01,359
Speaker 1: headlines coming up next to stay right here. I'm Joe

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00:38:01,360 --> 00:38:02,560
Speaker 1: Matthew and this is Bloomberg