1 00:00:02,520 --> 00:00:09,080 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. The CEO of TIAA 2 00:00:09,520 --> 00:00:12,760 Speaker 1: is sitting down with Bloomberg's speaky jabber inflation and get 3 00:00:12,800 --> 00:00:16,080 Speaker 1: exposure to markets. So we have been in the business 4 00:00:16,360 --> 00:00:19,479 Speaker 1: of guaranteed income for over one hundred years, and I 5 00:00:19,520 --> 00:00:21,840 Speaker 1: can tell you that not a day goes by that 6 00:00:21,960 --> 00:00:26,160 Speaker 1: I hear from either a participant or a family member. 7 00:00:26,160 --> 00:00:27,280 Speaker 2: That says thank you. 8 00:00:28,000 --> 00:00:30,320 Speaker 1: My dad is now ninety years old and he's still 9 00:00:30,360 --> 00:00:35,120 Speaker 1: getting that check. You know, my mother is eighty, her 10 00:00:35,200 --> 00:00:37,519 Speaker 1: husband passed away, and she's still able to get that 11 00:00:37,640 --> 00:00:42,160 Speaker 1: check from tia So the point is that that guaranteed 12 00:00:42,159 --> 00:00:43,840 Speaker 1: income was an annuity. 13 00:00:44,479 --> 00:00:46,199 Speaker 2: It was in their retirement planned. 14 00:00:46,600 --> 00:00:48,640 Speaker 1: And so when I think about where we are today, 15 00:00:48,680 --> 00:00:51,959 Speaker 1: you're right, there's so many permutations around annuities, so many 16 00:00:52,040 --> 00:00:55,000 Speaker 1: different flavors, and so we as an industry have to 17 00:00:55,000 --> 00:00:57,680 Speaker 1: make sure that we can simplify it or that people 18 00:00:57,680 --> 00:01:00,200 Speaker 1: are clear on what it is that they have than 19 00:01:00,200 --> 00:01:00,920 Speaker 1: what it means. 20 00:01:01,080 --> 00:01:02,760 Speaker 2: So there is work that we are doing. 21 00:01:03,040 --> 00:01:06,880 Speaker 1: But when I think about annuities within your allocation, it 22 00:01:06,920 --> 00:01:10,720 Speaker 1: is not complicated. It is you have exposure to the 23 00:01:10,720 --> 00:01:13,360 Speaker 1: stock market, you have exposure to bonds, and then you 24 00:01:13,400 --> 00:01:17,120 Speaker 1: have exposure to insurance. It's simple, It's part of your 25 00:01:17,160 --> 00:01:20,920 Speaker 1: retirement allocation. It's different than a retail annuity. I think 26 00:01:20,959 --> 00:01:23,319 Speaker 1: the most important thing is to understand what it is 27 00:01:23,360 --> 00:01:23,959 Speaker 1: and what it's not. 28 00:01:24,440 --> 00:01:27,680 Speaker 2: An annuity is not exposure to equities. 29 00:01:27,680 --> 00:01:33,720 Speaker 1: In alpha, annuities give you longevity protection, it gives you consistency, 30 00:01:34,120 --> 00:01:36,040 Speaker 1: and it gives you the confidence that you can have 31 00:01:36,160 --> 00:01:39,080 Speaker 1: income that you won't outlive. And I think that in 32 00:01:39,120 --> 00:01:43,120 Speaker 1: this environment is so important that we talk more about annuities, 33 00:01:43,280 --> 00:01:46,199 Speaker 1: make sure people understand it, continue to do our job 34 00:01:46,280 --> 00:01:49,400 Speaker 1: to simplify and make sure people are educated around it. 35 00:01:49,720 --> 00:01:52,680 Speaker 1: But providing access and retirement vehicles is what we've done 36 00:01:52,680 --> 00:01:54,680 Speaker 1: for over one hundred years in the four to three 37 00:01:54,680 --> 00:01:57,160 Speaker 1: B market, and we most recently have rolled it out 38 00:01:57,200 --> 00:01:58,320 Speaker 1: in the four to one K market. 39 00:01:58,600 --> 00:02:01,360 Speaker 3: So going back to nineteen eighteen and that initial million 40 00:02:01,400 --> 00:02:03,600 Speaker 3: dollar contribution from Heady Carnegie to where we are today, 41 00:02:03,640 --> 00:02:07,200 Speaker 3: the company has grown tremendously overseas one point three one 42 00:02:07,200 --> 00:02:10,800 Speaker 3: point four trillion dollars worth of assets. Can you just 43 00:02:10,800 --> 00:02:12,880 Speaker 3: talk a bit about that investing strategy you're alluding to 44 00:02:12,880 --> 00:02:14,560 Speaker 3: it just a moment ago. It strikes me as it's 45 00:02:14,639 --> 00:02:18,040 Speaker 3: kind of very lowercase C conservative. There's not a lot 46 00:02:18,120 --> 00:02:21,080 Speaker 3: exotic about these main portfolios. Could you just talk about 47 00:02:21,080 --> 00:02:23,160 Speaker 3: the company's approach to investing. 48 00:02:23,440 --> 00:02:25,840 Speaker 2: Well for us at TIA and Novene. 49 00:02:26,320 --> 00:02:29,200 Speaker 1: You know, we are a liability driven We want to 50 00:02:29,240 --> 00:02:32,079 Speaker 1: make sure that we are investing in a way that 51 00:02:32,360 --> 00:02:36,919 Speaker 1: our participants can feel confident that twenty thirty, forty fifty 52 00:02:37,000 --> 00:02:39,920 Speaker 1: years from now that the money will be there, it 53 00:02:39,960 --> 00:02:42,320 Speaker 1: will be well invested, and they will be able to 54 00:02:42,360 --> 00:02:44,840 Speaker 1: have income that they cannot outlive. And so when we 55 00:02:44,880 --> 00:02:48,000 Speaker 1: look at what we're doing, we have our general account. 56 00:02:48,919 --> 00:02:52,160 Speaker 1: We also with Navine have third party assets and what's 57 00:02:52,200 --> 00:02:56,000 Speaker 1: important there is whatever returns that we're getting from nav 58 00:02:56,639 --> 00:03:00,000 Speaker 1: that ultimately goes back to our participants. We return all 59 00:03:00,040 --> 00:03:03,000 Speaker 1: of our earnings back to our participants and so that 60 00:03:03,080 --> 00:03:06,280 Speaker 1: allows them to get outside performance over time. And so 61 00:03:06,400 --> 00:03:09,560 Speaker 1: within our company, we serve the four to three B market. 62 00:03:09,680 --> 00:03:11,760 Speaker 1: We've done that that's a not to our heritage. We 63 00:03:11,800 --> 00:03:14,160 Speaker 1: will continue to do that. We see that there's tremendous 64 00:03:14,160 --> 00:03:17,000 Speaker 1: opportunity to make sure the people that are helping and 65 00:03:17,080 --> 00:03:19,560 Speaker 1: serving so many millions of Americans, whether it's higher ed 66 00:03:19,600 --> 00:03:23,040 Speaker 1: and healthcare, can feel comfortable and confident about their retirement plan. 67 00:03:23,400 --> 00:03:24,400 Speaker 2: But we're also in. 68 00:03:24,360 --> 00:03:27,400 Speaker 1: Partnership with Navine taking that benefit into the four to 69 00:03:27,440 --> 00:03:32,440 Speaker 1: one K market so that companies can add insurance into 70 00:03:32,480 --> 00:03:33,720 Speaker 1: their allocation. 71 00:03:33,360 --> 00:03:34,680 Speaker 2: And we're very excited about that. 72 00:03:35,040 --> 00:03:38,320 Speaker 1: And of course with respect to Navine and their investment strategy, 73 00:03:38,520 --> 00:03:41,120 Speaker 1: we do a lot in alternatives. So think about it 74 00:03:41,160 --> 00:03:44,000 Speaker 1: as eighty five percent of our general account is fixed income, 75 00:03:44,240 --> 00:03:48,520 Speaker 1: fifteen percent can be alternatives, and so that allows everyday 76 00:03:48,560 --> 00:03:52,200 Speaker 1: participants through our general account to have access to alternatives, 77 00:03:52,240 --> 00:03:55,119 Speaker 1: to have access to real estate, infrastructure, farm land, etc. 78 00:03:55,720 --> 00:03:58,960 Speaker 1: Pe In a very safe way to generate more alpha 79 00:03:58,960 --> 00:04:01,600 Speaker 1: for them. But the most important thing is that for us, 80 00:04:01,920 --> 00:04:04,440 Speaker 1: it is liability driven. We want to make sure that 81 00:04:04,480 --> 00:04:07,040 Speaker 1: we're investing in a way that will give them the 82 00:04:07,080 --> 00:04:10,040 Speaker 1: performance and accumulation, but give them the confidence and dq 83 00:04:10,480 --> 00:04:12,280 Speaker 1: that they will have income, that they won't outlive, and 84 00:04:12,280 --> 00:04:14,520 Speaker 1: that we will be there for them. 85 00:04:14,720 --> 00:04:17,200 Speaker 3: Going back to the crisis, something that you proposed in 86 00:04:17,240 --> 00:04:18,640 Speaker 3: an op ed you wrote a couple of weeks ago 87 00:04:18,680 --> 00:04:20,320 Speaker 3: for The New York Times is more of a public 88 00:04:20,360 --> 00:04:23,599 Speaker 3: private partnership, more engagement with policymakers in the face of 89 00:04:23,600 --> 00:04:26,560 Speaker 3: this crisis. Here we are a few weeks into a 90 00:04:26,600 --> 00:04:30,680 Speaker 3: new administration, a new Congress. How optimistic are you both 91 00:04:30,680 --> 00:04:34,120 Speaker 3: about the appetite for that by the new president, by 92 00:04:34,160 --> 00:04:37,279 Speaker 3: that Congress, and the level of engagement that we've seen 93 00:04:37,480 --> 00:04:39,000 Speaker 3: such so far on in retirement issues. 94 00:04:39,520 --> 00:04:39,760 Speaker 2: Yeah. 95 00:04:39,839 --> 00:04:43,440 Speaker 1: The good news is when you're talking about retirement, it 96 00:04:43,480 --> 00:04:47,480 Speaker 1: doesn't matter if you are in rural America, urban, suburban. 97 00:04:47,880 --> 00:04:50,080 Speaker 1: It's not a blue state, it's not a red state issue. 98 00:04:50,120 --> 00:04:52,800 Speaker 1: It absolutely is an American issue that we can all 99 00:04:52,920 --> 00:04:56,159 Speaker 1: relate to. And so I am optimistic. And the reason 100 00:04:56,200 --> 00:04:59,039 Speaker 1: why I'm optimistic is that the policy that we have 101 00:04:59,080 --> 00:05:02,440 Speaker 1: been able to achieve over many years as an industry 102 00:05:02,720 --> 00:05:03,800 Speaker 1: have been bipartisan. 103 00:05:04,200 --> 00:05:06,320 Speaker 2: It did not matter who was in office, It did not. 104 00:05:06,440 --> 00:05:10,280 Speaker 1: Matter what the ratios were between Democrats and Republicans. It 105 00:05:10,320 --> 00:05:14,159 Speaker 1: was an issue that everyone came together on. And so 106 00:05:14,360 --> 00:05:17,599 Speaker 1: I'm looking forward to us continuing to tell the story 107 00:05:17,600 --> 00:05:21,920 Speaker 1: about how important retirement security is. I'm excited about some 108 00:05:21,960 --> 00:05:24,440 Speaker 1: of the progress we've made with the Secure Act to 109 00:05:24,480 --> 00:05:27,320 Speaker 1: make it easier for people to have access to retirement, 110 00:05:27,920 --> 00:05:31,479 Speaker 1: and so that conversation will continue. We're looking forward to 111 00:05:31,839 --> 00:05:35,000 Speaker 1: engaging with the new administration and talking about how do 112 00:05:35,040 --> 00:05:37,960 Speaker 1: we continue to make sure that more Americans can have 113 00:05:38,080 --> 00:05:41,080 Speaker 1: access to a secure retirement and how do we make 114 00:05:41,120 --> 00:05:43,560 Speaker 1: sure that by doing that that can put less burden 115 00:05:43,640 --> 00:05:46,280 Speaker 1: on sale security. By doing that that puts more money 116 00:05:46,320 --> 00:05:48,919 Speaker 1: to work so that the caregivers children are not having 117 00:05:48,920 --> 00:05:51,200 Speaker 1: to carry that burden. And so I do think that 118 00:05:51,279 --> 00:05:53,480 Speaker 1: it will continue to be a bipartisan issue, and it 119 00:05:53,520 --> 00:05:54,280 Speaker 1: is so important. 120 00:05:54,640 --> 00:05:55,800 Speaker 2: We cannot close this. 121 00:05:55,839 --> 00:05:59,480 Speaker 1: Retirement gap without private public partnership. We have to have 122 00:05:59,520 --> 00:06:01,960 Speaker 1: good power and we have to make sure that we 123 00:06:02,040 --> 00:06:04,800 Speaker 1: in the private sector are doing our part to educate 124 00:06:04,920 --> 00:06:08,479 Speaker 1: our employees to make sure that the plans are designed 125 00:06:08,800 --> 00:06:11,120 Speaker 1: so that people can have accessed no matter where they 126 00:06:11,160 --> 00:06:15,919 Speaker 1: are within their employee base, whether they're seeingior executives or 127 00:06:15,960 --> 00:06:18,119 Speaker 1: the people that are on the front line are working 128 00:06:18,120 --> 00:06:20,839 Speaker 1: in the mailroom. Having plans that are designed in a 129 00:06:20,839 --> 00:06:23,400 Speaker 1: way where you have education, in a way that it 130 00:06:23,440 --> 00:06:27,479 Speaker 1: has exposure to equities, bonds, and insurance, and having great 131 00:06:27,600 --> 00:06:30,440 Speaker 1: policy so that more people can have access to me 132 00:06:30,920 --> 00:06:32,960 Speaker 1: is the job to be done, and it is something 133 00:06:32,960 --> 00:06:35,600 Speaker 1: that has to be done in both private and public sector. 134 00:06:36,040 --> 00:06:38,520 Speaker 3: I just want to turn to how you're navigating this 135 00:06:38,600 --> 00:06:40,640 Speaker 3: moment and you and I last spoke. It was a 136 00:06:40,680 --> 00:06:43,280 Speaker 3: few years back during COVID I did a piece on 137 00:06:43,720 --> 00:06:46,039 Speaker 3: Black Wall Street and the Tulsa Rays massacre, and I 138 00:06:46,240 --> 00:06:48,120 Speaker 3: asked you just about the long legacy of that, and 139 00:06:48,160 --> 00:06:51,840 Speaker 3: we got to talking about DEI got to talking about 140 00:06:51,839 --> 00:06:53,760 Speaker 3: how you prioritize that within the company. Like you said, 141 00:06:53,760 --> 00:06:56,560 Speaker 3: it was a cornerstone of what TIA has done. You, 142 00:06:56,640 --> 00:06:59,080 Speaker 3: I'm sure, have paid attention to the recent conversation about that. 143 00:06:59,200 --> 00:07:02,200 Speaker 3: Has it changed notionally the way that your company approaches 144 00:07:02,240 --> 00:07:05,120 Speaker 3: these issues. What do you make of companies that have, 145 00:07:05,560 --> 00:07:07,520 Speaker 3: in light of this increased scrutiny, step back from some 146 00:07:07,520 --> 00:07:08,679 Speaker 3: of the commitments they've made before. 147 00:07:09,240 --> 00:07:11,400 Speaker 1: Yeah, I mean, I'll speak to it through the lens 148 00:07:11,480 --> 00:07:13,800 Speaker 1: of TIA and through the lens of me being a CEO. 149 00:07:15,240 --> 00:07:16,800 Speaker 2: I think that for us. 150 00:07:16,760 --> 00:07:19,640 Speaker 1: Our values are very clear, you know, and our values 151 00:07:19,680 --> 00:07:22,640 Speaker 1: go back well over one hundred years, and that will 152 00:07:22,640 --> 00:07:27,120 Speaker 1: continue to remain. I've always said that talent is created equally, 153 00:07:27,200 --> 00:07:32,000 Speaker 1: opportunity is not. And so if the objective is to 154 00:07:32,040 --> 00:07:36,640 Speaker 1: continue a pursuit towards meritocracy, knowing that we started with 155 00:07:36,840 --> 00:07:41,120 Speaker 1: exclusionary practices and not having everyone have access to entering 156 00:07:41,120 --> 00:07:46,120 Speaker 1: corporate America. If the objective is excellent, If the objective 157 00:07:46,240 --> 00:07:48,400 Speaker 1: is to make sure that we can cast the widest 158 00:07:48,440 --> 00:07:52,240 Speaker 1: net across our country, to attract the very best talent, 159 00:07:52,600 --> 00:07:55,120 Speaker 1: to develop that talent, and to make sure that that 160 00:07:55,280 --> 00:07:59,080 Speaker 1: talent stays, then the outcome will continue to be a 161 00:07:59,120 --> 00:08:02,240 Speaker 1: diverse workforce because I do believe that talent is there, 162 00:08:02,760 --> 00:08:06,000 Speaker 1: and so for us, we will absolutely comply with every law, 163 00:08:06,160 --> 00:08:10,600 Speaker 1: every regulation to the highest standard. And we also realize 164 00:08:10,760 --> 00:08:12,760 Speaker 1: that there is a need for more talent. 165 00:08:13,240 --> 00:08:15,680 Speaker 2: We also recognize that there are jobs. 166 00:08:15,440 --> 00:08:18,360 Speaker 1: To be done across our workplace to make sure that 167 00:08:18,560 --> 00:08:20,560 Speaker 1: everyone feels that they can have access. 168 00:08:20,560 --> 00:08:22,440 Speaker 2: And when I say everyone, I mean everyone. 169 00:08:23,000 --> 00:08:25,440 Speaker 1: And so when I think about the opportunity for us, 170 00:08:25,480 --> 00:08:28,040 Speaker 1: I think the opportunity is stay focused on our values, 171 00:08:28,440 --> 00:08:30,720 Speaker 1: to stay focused on making sure that we can cast 172 00:08:30,720 --> 00:08:33,400 Speaker 1: the widest net across our country, and that when people 173 00:08:33,600 --> 00:08:36,560 Speaker 1: enter the workplace a TIA, they wear one jersey that's 174 00:08:36,559 --> 00:08:39,320 Speaker 1: a TIA jersey and they're very aligned with our mission. 175 00:08:39,600 --> 00:08:42,199 Speaker 1: And our mission is to ensure that millions of Americans 176 00:08:42,240 --> 00:08:44,679 Speaker 1: can have a secure retirement. And I believe that if 177 00:08:44,679 --> 00:08:48,320 Speaker 1: we stay focused on that, navigate whatever the environment is 178 00:08:48,480 --> 00:08:50,920 Speaker 1: always complying to the highest standard. 179 00:08:51,240 --> 00:08:53,840 Speaker 2: The outcome of talent will be a diverse workforce. 180 00:08:54,040 --> 00:08:55,920 Speaker 3: So, just to be clear, when the President says last night, 181 00:08:55,920 --> 00:08:57,600 Speaker 3: with the sweep of a pen, he's ended DEI and 182 00:08:57,640 --> 00:08:59,920 Speaker 3: government and in the private sector, nothing has changed. 183 00:09:00,520 --> 00:09:03,040 Speaker 1: I mean, we're always going to understand what the President 184 00:09:03,080 --> 00:09:06,880 Speaker 1: of the United States is requiring for companies and will comply. 185 00:09:07,440 --> 00:09:10,320 Speaker 1: But what has not changed is our commitment to talent. 186 00:09:10,800 --> 00:09:13,240 Speaker 1: What has not changed is making sure that we cast 187 00:09:13,240 --> 00:09:14,000 Speaker 1: a wider net. 188 00:09:14,360 --> 00:09:16,600 Speaker 2: And if the President is very. 189 00:09:16,559 --> 00:09:20,079 Speaker 1: Much focused on excellence, then we are well positioned at 190 00:09:20,080 --> 00:09:22,200 Speaker 1: TIA to continue to make sure that we do just 191 00:09:22,240 --> 00:09:25,480 Speaker 1: that while making sure that we comply to any standards, 192 00:09:25,480 --> 00:09:28,040 Speaker 1: any law, in any regulation, and we will absolutely do that. 193 00:09:28,520 --> 00:09:30,320 Speaker 3: You're in this kind of rareified position, I think like 194 00:09:30,360 --> 00:09:32,199 Speaker 3: the head of counselors is probably in a similar one 195 00:09:32,240 --> 00:09:35,160 Speaker 3: where you're able to exert influence on the companies on 196 00:09:35,200 --> 00:09:38,199 Speaker 3: whom you invest. You can make your opinions known about 197 00:09:38,200 --> 00:09:42,120 Speaker 3: corporate board composition, for instance. Is that something that you 198 00:09:42,200 --> 00:09:44,560 Speaker 3: continue to do, continue to prioritize and does that stand 199 00:09:44,600 --> 00:09:46,720 Speaker 3: to change with what's happened over these last few weeks. 200 00:09:46,800 --> 00:09:49,480 Speaker 1: Yeah, I mean, I think you know clearly, you know, 201 00:09:49,679 --> 00:09:53,679 Speaker 1: making sure that we're navigating the environment and what executive actions, 202 00:09:53,679 --> 00:09:54,840 Speaker 1: executive orders. 203 00:09:54,640 --> 00:09:55,560 Speaker 2: Laws, et cetera. 204 00:09:55,880 --> 00:09:57,439 Speaker 1: And like I said, we'll make sure we do all 205 00:09:57,480 --> 00:10:00,040 Speaker 1: of that. But you know, we're investing in thou of 206 00:10:00,400 --> 00:10:04,120 Speaker 1: companies and it is important for us to understand who 207 00:10:04,160 --> 00:10:07,079 Speaker 1: the company is, what they're about, what is their philosophy, 208 00:10:07,360 --> 00:10:11,160 Speaker 1: what is their strategy, understanding their leadership, and so that 209 00:10:11,200 --> 00:10:13,840 Speaker 1: won't change. If there's things that we have to edit, 210 00:10:13,880 --> 00:10:17,360 Speaker 1: we'll navigate that. But as an institutional investor, it is 211 00:10:17,480 --> 00:10:20,320 Speaker 1: very important where we're deploying our participants' money. 212 00:10:20,520 --> 00:10:22,640 Speaker 2: We want to make sure that we're doing it well and. 213 00:10:22,559 --> 00:10:25,160 Speaker 1: That we understand the companies that we're investing in, so 214 00:10:25,200 --> 00:10:28,079 Speaker 1: that our portfolio managers can have as much information as 215 00:10:28,080 --> 00:10:31,200 Speaker 1: they can to make very sound decisions about the overall 216 00:10:31,240 --> 00:10:32,199 Speaker 1: investment strategy. 217 00:10:32,640 --> 00:10:35,680 Speaker 3: You oversee this huge company that has it's handled so 218 00:10:35,720 --> 00:10:38,240 Speaker 3: many things, and obviously you have to interface with regulators 219 00:10:38,240 --> 00:10:42,160 Speaker 3: as well. Are you worried about the state of regulation 220 00:10:42,200 --> 00:10:43,680 Speaker 3: in this country that you have to interact with them 221 00:10:43,720 --> 00:10:43,880 Speaker 3: at the. 222 00:10:43,880 --> 00:10:45,360 Speaker 2: State level the federal level. 223 00:10:45,880 --> 00:10:47,360 Speaker 3: Do you worry about the cuts that we're seeing in 224 00:10:47,440 --> 00:10:51,760 Speaker 3: terms of the products that you offer. This broader conversation 225 00:10:51,840 --> 00:10:53,360 Speaker 3: about what people have when they retire. 226 00:10:54,000 --> 00:10:56,360 Speaker 1: Well, the good news is we have a range of 227 00:10:56,559 --> 00:10:59,160 Speaker 1: solutions and that hasn't changed, so we haven't seen any 228 00:10:59,200 --> 00:11:02,360 Speaker 1: impact there terms of our investment strategy, in terms of 229 00:11:02,360 --> 00:11:05,160 Speaker 1: what we're here to do. You know, as I think 230 00:11:05,200 --> 00:11:09,120 Speaker 1: about regulation, you know, I think clearly the President's been 231 00:11:09,160 --> 00:11:11,959 Speaker 1: clear in wanting to have some deregulation and that will 232 00:11:12,000 --> 00:11:14,160 Speaker 1: be a positive thing for companies. 233 00:11:14,240 --> 00:11:16,040 Speaker 2: But regulation is good. 234 00:11:16,400 --> 00:11:18,760 Speaker 1: You know, you want to make sure that you know, 235 00:11:18,800 --> 00:11:20,240 Speaker 1: we're in a regulated industry. 236 00:11:20,280 --> 00:11:21,760 Speaker 2: We need to have sound regulation. 237 00:11:22,240 --> 00:11:25,400 Speaker 1: Clearly, if there's opportunities to improve, the President's been clear 238 00:11:25,440 --> 00:11:27,440 Speaker 1: about wanting to do that and what that can leash 239 00:11:27,440 --> 00:11:29,920 Speaker 1: in terms of companies and their earnings. But I think 240 00:11:29,920 --> 00:11:32,880 Speaker 1: the most important thing is one for us making sure 241 00:11:32,880 --> 00:11:34,440 Speaker 1: that we're clear on what we're here to do, which 242 00:11:34,480 --> 00:11:38,040 Speaker 1: is provide a secure retirement for millions of Americans. Understanding 243 00:11:38,080 --> 00:11:42,600 Speaker 1: the regulatory landscape and whatever laws that gets passed with 244 00:11:42,720 --> 00:11:45,800 Speaker 1: the President and the new administration, and adhere to that, 245 00:11:46,400 --> 00:11:48,800 Speaker 1: but never lose sight of the main thing, which is 246 00:11:48,840 --> 00:11:51,480 Speaker 1: to make sure that we have sound investment practices, making 247 00:11:51,520 --> 00:11:53,800 Speaker 1: sure we continue to attract the best talent and make 248 00:11:53,840 --> 00:11:57,160 Speaker 1: sure that we deliver on our retirees. Whatever the regulatory 249 00:11:57,240 --> 00:11:59,600 Speaker 1: environment will be, we will navigate that. You know, we've 250 00:11:59,600 --> 00:12:01,520 Speaker 1: been around for one hundred years. We've seen the highs, 251 00:12:01,559 --> 00:12:04,200 Speaker 1: the lows, and everything in between. But what hasn't changed 252 00:12:04,240 --> 00:12:06,760 Speaker 1: regardless of the environment, is delivering for our participants and 253 00:12:06,760 --> 00:12:11,000 Speaker 1: that won't change regardless of any shifts in the overall environment. 254 00:12:11,520 --> 00:12:13,440 Speaker 3: So the last question, I'm curious how you were thinking 255 00:12:13,440 --> 00:12:17,600 Speaker 3: about the economy, thinking about markets today. We lived through 256 00:12:17,600 --> 00:12:19,400 Speaker 3: a lot just for the last twenty four hours with 257 00:12:19,800 --> 00:12:23,240 Speaker 3: the imposition of this grade war. How are you thinking 258 00:12:23,240 --> 00:12:23,560 Speaker 3: about that? 259 00:12:23,640 --> 00:12:26,760 Speaker 2: All right? That was the CEO of TIA with Bloomberg's 260 00:12:26,800 --> 00:12:29,560 Speaker 2: David Gerra. We got to get her on our show. 261 00:12:29,640 --> 00:12:33,880 Speaker 2: Yeah she was great, Yes, she was fantastic. He's okay, 262 00:12:34,120 --> 00:12:35,280 Speaker 2: he knows what he's talking about. 263 00:12:35,280 --> 00:12:38,800 Speaker 3: Host of the Big Take There You Go podcast, which 264 00:12:38,840 --> 00:12:39,200 Speaker 3: I love.