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Speaker 1: I'm so glad to be talking to all of you.

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Speaker 1: I've been watching with fascination this game Stop Reddit story.

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Speaker 1: I'm not quite sure what to call it. Um and

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Speaker 1: as we see sort of this populist wave sweeping into

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Speaker 1: Wall Street, want to try to make some sense of that.

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Speaker 1: And hearing today from members of the House and the

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Speaker 1: Senate who have responded to what's been going on on

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Speaker 1: Wall Street. So we heard initially from incoming Senate Banking

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Speaker 1: Chairman Committee Shared Brown, who said the committee will hold

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Speaker 1: a hearing on the current state of the market and

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Speaker 1: a growing number of lawmakers criticized and moves to curb

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Speaker 1: Reddit fueled trades and companies like game Stop. We heard

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Speaker 1: from Alexander Occasio Cortez. We heard from also Ted Cruz

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Speaker 1: and how Speaker Nancy Pelosi, who told reporters that the

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Speaker 1: game Stop issue is what she described as quote interesting.

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Speaker 1: We have sound on that. I understand that the administration

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Speaker 1: is taking a look, the SEC is taking a look

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Speaker 1: what that is, um, but we'll all be reviewing it.

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Speaker 1: But interesting. Meanwhile, White House Press Secretary Jen Saki refused

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Speaker 1: to comment on what was going on in the stock

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Speaker 1: market related to game Stop, as some online investors pushed

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Speaker 1: the company's stock higher. Um Saki would only say that

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Speaker 1: the administration needs their SEC pick Gary Gensler in office soon.

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Speaker 1: We have sound on that the President has spoken about

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Speaker 1: the urgency of getting his team in place to address

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Speaker 1: the range of issues we're facing, and I don't think

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Speaker 1: that would be any different from Mr Gensler. So joining

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Speaker 1: me to make sense of all of this is Rick Davis,

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Speaker 1: Bloomberg contributor and partner at Stone Court Capital, former campaign

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Speaker 1: manager for John McCain's two thousand and eight presidential campaign.

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Speaker 1: David axel Rod, partner at Ballard spar and former Supervisory

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Speaker 1: Trial Council at the SEC. And William Ginley, principal at

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Speaker 1: the Vogel Group, former White House Cabinet Press Cabinet Secretary,

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Speaker 1: not Press Secretary, and former Deputy Council at the r

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Speaker 1: n C. So thank you all for joining us. And David,

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Speaker 1: I wanted to go to you and ask you to

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Speaker 1: sort of set the stage here in terms of what

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Speaker 1: the SEC's response, if anything, to this should be and

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Speaker 1: might be if you will well, Ginia, I wish I knew. Um,

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Speaker 1: I mean, like Nancy Pelosi said, this is interesting. Um

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Speaker 1: it smells like a crime. It smells like manipulation when

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Speaker 1: you look at it. It may not be. You've got

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Speaker 1: a bunch of people who got together and they're interested

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Speaker 1: in trading a stock, and they made the stock go up,

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Speaker 1: and it's not clear that this fits into any clearly

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Speaker 1: defined type of scheme of manipulation. Um. I know that

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Speaker 1: the SEC is concerned, because I talked to people there today,

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Speaker 1: friends at the SEC who are concerned about this. It

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Speaker 1: certainly doesn't look good for the markets. But with the

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Speaker 1: current rules in place, I'm not sure there's anything that

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Speaker 1: the SEC can really do besides asking a lot of

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Speaker 1: questions and preparing for what to do if this happens again.

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Speaker 1: And on that point, what should the should the rules

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Speaker 1: do they need now in this you know, this age

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Speaker 1: of apps, this democratization of trading, when so many of

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Speaker 1: us can get into the game, do they need to

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Speaker 1: take a hard look at these rules and rethink and

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Speaker 1: rewrite them going forward? Well, I don't know. I mean,

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Speaker 1: I think that the rules allowing retail investors to to

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Speaker 1: to make complicated trades buy and sell options are are

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Speaker 1: are good. I mean, it's it's democracy and action. Um

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Speaker 1: So I think those are good, But I mean, when

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Speaker 1: you start having people get on social media and start

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Speaker 1: doing things that begin to look like market manipulation, I think.

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Speaker 1: I think, sure the SEC needs to think really long

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Speaker 1: and hard about what to do in those types of circumstances,

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Speaker 1: because this one doesn't look like market manipulations. But if

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Speaker 1: you have if you have people on Reddit suddenly talking

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Speaker 1: about things and maybe going a little bit further, you

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Speaker 1: end up in a situation where it starts to look

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Speaker 1: like a pump and dump scheme or a little bit

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Speaker 1: more like classic manipulation. And Rick Davis, should we be

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Speaker 1: surprised by any of this? Um, I've heard some people

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Speaker 1: say that they're surprised this took so long for something

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Speaker 1: like this to occur. Well, it's kind of like populism

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Speaker 1: coming into the stock market, right. We've seen how it

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Speaker 1: affects politics in the United States, and this may be

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Speaker 1: the first real example of populism on the stock exchange.

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Speaker 1: And uh, and so there's been talk about this. I mean,

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Speaker 1: these Reddit groups have been around for a while. They've

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Speaker 1: been flexing their muscle, although much smaller muscles than what

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Speaker 1: they've shown related to game Stop and AMC and some

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Speaker 1: of the others that they've been going after, but it's this,

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Speaker 1: it's it's kind of like pushback against the establishment. In

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Speaker 1: this case, short sellers the establishment, and they're going to

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Speaker 1: do something about it. I I do wonder, uh, if

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Speaker 1: there's a look at the other side of this. I

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Speaker 1: saw that the Massachusetts regulators, the Secretary of the the common

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Speaker 1: with Bill gave Lavin, was saying that one of the

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Speaker 1: things to look at is the size of these short

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Speaker 1: positions and whether or not that structurally is something that

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Speaker 1: the exchanges need to look at. And and so I

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Speaker 1: think we're going to see a deep dive by regulatory

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Speaker 1: authorities in this Whether there's anything they can do about

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Speaker 1: is another question. And William McGinley I heard Anthony Scaramucci

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Speaker 1: described this UM in his capacity as a hedge fund

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Speaker 1: manager as quote the French Revolution on finance. As Rick

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Speaker 1: is talking about the sweep of populism UM. Others equated

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Speaker 1: this sort of to the financial crisis of two thousand

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Speaker 1: and eight in terms of a pushback against the institutional

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Speaker 1: Wall Street. How do you see what has happened in

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Speaker 1: the last you know, not just the several days, but

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Speaker 1: weeks in this case. Look, I think that there's we

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Speaker 1: still don't know enough about this to be able to

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Speaker 1: render a judgment. The fact that David, UH, Speaker Pelosi, UM,

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Speaker 1: Senator Brown, and then UH Representative Maxine Waters, the heads

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Speaker 1: of the relevant committees up on Capitol Hill are really

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Speaker 1: taken await and see approach, not really coming out and

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Speaker 1: locking themselves into any position, but wanting to learn more.

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Speaker 1: So I fully anticipate that there's going to be hearings.

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Speaker 1: I fully anticipate that the SEC is gonna want to

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Speaker 1: take a look at it, UH As David said, But

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Speaker 1: I think as anybody who's practiced in a legal capacity

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Speaker 1: before the government understands they're always fighting the last war UM.

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Speaker 1: And one of the things that I think is going

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Speaker 1: to come out of this is if this truly was

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Speaker 1: a populist uprising, what is the government going to try

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Speaker 1: and do about that? Because both parties have tried to

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Speaker 1: take the side UM of the little guy will taken

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Speaker 1: the super Pac money from the Wall Street Titans, and

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Speaker 1: so it presents a really interesting, complicated political equation for

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Speaker 1: a lot of the policy makers UM in Washington, d C.

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Speaker 1: The final thing is is always be careful what you

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Speaker 1: wish for UM. If you want the government to come

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Speaker 1: in and take a look at a situation. The government

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Speaker 1: comes in and takes a look at a situation, and

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Speaker 1: there is a possibility that they're going to look at

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Speaker 1: both sides of these trades. UH. And so some of

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Speaker 1: the people who may have been eager for government intervention

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Speaker 1: to try and help out or to try and get

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Speaker 1: them to do something about it, may ultimately regret it.

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Speaker 1: And David, let me follow up on that, because I've

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Speaker 1: heard discussion that these brokers like robin Hood and Interactor

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Speaker 1: Brokers and others. Obviously we've heard Congress people are frustrated

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Speaker 1: that they restricted trading in these cases. But isn't it

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Speaker 1: in their defense also the fact that they are the

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Speaker 1: ones who will be held legally legally responsible in the

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Speaker 1: end when lawsuits fly, as they almost certainly will, and

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Speaker 1: when this is over, for not taking a stepan to

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Speaker 1: restrict this. Yeah, I mean, it's it's it's really an

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Speaker 1: interesting point. I mean, robin Hood was in a really

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Speaker 1: bad position. Robin Hood recently reached a settlement with the

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Speaker 1: SEC about kind of its marketing UH techniques to to

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Speaker 1: learn new retail investors, and so I think it was

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Speaker 1: put in a position where it was damned if it

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Speaker 1: did and damned if it didn't, and it felt obviously

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Speaker 1: it felt like it had to act here. Um uh,

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Speaker 1: you know, unless something else bad happened. So, I mean,

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Speaker 1: it's a it's a really tough position for for those

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Speaker 1: brokers to be in. I mean, you know, they want

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Speaker 1: to allow all the customers to make trades, and they've

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Speaker 1: made a lot of money by offering options products to

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Speaker 1: to retail investors. But what do you do now when

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Speaker 1: when things like this happened. I mean, and the one

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Speaker 1: thing I just want to add is we shouldn't quite

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Speaker 1: feel bad for for the hedge funds on the other

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Speaker 1: sides of these trades. I have no doubt that when

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Speaker 1: Game Stop went down today, there were plenty of hedge

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Speaker 1: funds and institutional investors that that rode that wave and

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Speaker 1: made a lot of money today as well. So it's

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Speaker 1: it's really complicated, and in all the regulators are gonna

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Speaker 1: have to look at both sides of us and see

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Speaker 1: what to do. David, after the the you know, big

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Speaker 1: two thousand eight meltdown in the financial markets, we saw

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Speaker 1: a wave of regulation. Uh. Dodd Frank came in and

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Speaker 1: uh and really changed the way the markets reacted. Banks

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Speaker 1: were heavily regulated at the time, and only after the

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Speaker 1: last few years have we seen a real loosening up

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Speaker 1: of that. And and can you imagine a situation now

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Speaker 1: based on things like this where in a democratic administration

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Speaker 1: you see a lot of new regulation coming back into

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Speaker 1: the financial markets. I mean yes and no. I mean,

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Speaker 1: you know, people on the policy side have debated for

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Speaker 1: for decades what is the benefits of people betting against

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Speaker 1: the company? I mean, if you believe the stock markets

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Speaker 1: are there for the for the rational allocation of capital

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Speaker 1: so businesses can grow, that's great. But you know, it

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Speaker 1: seems like put options are are really just gambling in

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Speaker 1: the casino. So you know, I do think that there

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Speaker 1: may be aggressive democratic, big d democratic policy makers who

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Speaker 1: will say, you know, the problem here really is not

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Speaker 1: that the democratic traders that small, the democratic traders on Reddit.

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Speaker 1: It's the it's the institutional traders who are making these

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Speaker 1: very large put option bets and is there a benefit

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Speaker 1: to having those in the market. So yeah, you you

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Speaker 1: could see you could see a bunch of things happen

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Speaker 1: from a regular Tories and William might we in the

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Speaker 1: minutes we have remaining. UM, is your view that these

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Speaker 1: just to go back to these brokerage firms for a moment,

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Speaker 1: that they indeed are caught as as David was just saying,

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Speaker 1: between sort of a rock and a hard place on this,

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Speaker 1: and perhaps Washington can step in and take steps to

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Speaker 1: sort of right the ship as we move into this area. Yeah,

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Speaker 1: I think is you know, as more of these platforms

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Speaker 1: emerge where retail UH investors are able to get in

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Speaker 1: and do the complicated products that David was discussing, UM,

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Speaker 1: I think that there is some some risk that there

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Speaker 1: will be increased regulatory burdens imposed on them UH that

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Speaker 1: could jeopardize some of the platforms. I also think it's

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Speaker 1: important to know, as we said, you know, this isn't

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Speaker 1: something that we know a lot about yet UM and

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Speaker 1: as a result of the congressional hearings as a result

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Speaker 1: of the SEC taking a look into this, we don't

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Speaker 1: know the full cast of characters that have been in

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Speaker 1: evolved both in fueling UM this UH, this populism UH

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Speaker 1: invasion of the financial markets, you know, for game Stop

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Speaker 1: and Nancy and some of the other equities. So more

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Speaker 1: on the populism sweeping Wall Street, game Stop and read

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Speaker 1: it and everything else as we look towards what may

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Speaker 1: happen in the future and what d C may do.

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Speaker 1: I am Genie Schanzano. This is Bloomberg Sound On with

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Speaker 1: Kevin Surrel on Bloomberg Radio. Non Genie Schanzano. Here in

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Speaker 1: for Kevin Surly today with Rick Davis, partner at stone

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Speaker 1: Core Capital, David axel Rod, and William McKinley. And we

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Speaker 1: are in the midst of of sort of trying to

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Speaker 1: tease out what is happening in this game's top frenzy

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Speaker 1: and story. And David, I wanted to ask you, in

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Speaker 1: your view, does Wall Street understand the criticism these populist

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Speaker 1: arguments that are being made um and do they see

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Speaker 1: this sort of other side of this issue. No, I

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Speaker 1: mean yes, yes, and no I should say I mean yes,

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Speaker 1: I think Wall Street is the issue. But no, I don't.

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Speaker 1: I don't think it really cares. I mean people people

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Speaker 1: are kind of acting like this is a big surprise

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Speaker 1: that these hedge funds have got caught in a losing trade.

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Speaker 1: But I mean hedge funds themselves have been scraping social

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Speaker 1: media to see what people are saying about different stocks.

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Speaker 1: For for years, um, and they're they're way they're they're

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Speaker 1: way more advanced than I think that the popular media

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Speaker 1: is giving them credit for right now. So I'm sure

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Speaker 1: they have seen this coming. I'm sure very smart people

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Speaker 1: have thought about this possibility happening before. And this is

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Speaker 1: just one example of where you know, have some very

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Speaker 1: elite Wall Street traders that have got caught on the

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Speaker 1: wrong side of a trade. But yeah, I think they've

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Speaker 1: seen this coming for a long time. And Bill, if

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Speaker 1: people have, as David said, on Wall Street, seen this coming, um,

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Speaker 1: is it is it the media making too much of

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Speaker 1: it as as maybe the case, or in fact, is

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Speaker 1: there something else going on here that the technology is

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Speaker 1: indeed changed to the point that it's democratized. What can

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Speaker 1: and can't happen in terms of trading? I think it

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Speaker 1: could be both, and that policy makers up on the

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Speaker 1: Hill and at the SEC and then the White House

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Speaker 1: are going to want to take a serious look at it.

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Speaker 1: And so you just had an event, you know, an

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Speaker 1: unfolding event on Wall Street that really kind of gives

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Speaker 1: them the impetus to maybe come in and try and

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Speaker 1: pose some new regulations, um that not only address the

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Speaker 1: current issue, but may look back over the last four years,

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Speaker 1: UH to see what they can do about Dodd Frank

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Speaker 1: and some of the other regulations that are still hand

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Speaker 1: hanging out there. It's important to remember that the Democratic

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Speaker 1: coalition that elected President Biden has a significant progressive component

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Speaker 1: to it. Um. It is not going to be in

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Speaker 1: favor of letting Wall Street do what Wall Street does.

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Speaker 1: Wall Street is going to come in and tell them

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Speaker 1: that they provide the capital to create the jobs that

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Speaker 1: everybody has, and so they need to have some freedoms

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Speaker 1: to be able to do that, including the investment vehicles

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Speaker 1: um that we've been talking about today. But you're also

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Speaker 1: seeing the populist uprising saying why is it that they

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Speaker 1: always get to do these types of activities and when

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Speaker 1: we do it, um, they scream in Yale. So the

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Speaker 1: little guy versus big guy argument is going to really

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Speaker 1: play into how this proceeds in Washington. Yeah, and we've

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Speaker 1: been hearing it described as a David versus Goliath battle.

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Speaker 1: And Rick Davis I wanted to get your take on

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Speaker 1: some of the back and forth we've heard between strange

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Speaker 1: bad fellows like Alexander Rocazio Cortes we mentioned and Ted

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Speaker 1: Cruz both agreeing that they should take steps to regulate

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Speaker 1: and potentially hold hearings and potentially regulate in this area.

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Speaker 1: Although if I understand correctly, she said that she thinks

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Speaker 1: he should step back because he tried to murder her

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Speaker 1: three weeks ago, but she would be willing to work

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Speaker 1: with other Republicans. So what do you think is going

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Speaker 1: to have been an in d C at this point?

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Speaker 1: You know, look, I think by the comments that you

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Speaker 1: played earlier, Genie Uh, most of these people don't understand

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Speaker 1: how these trades work. They don't understand short versus long

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Speaker 1: by sellers. I mean, you know, you could hear the

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Speaker 1: um uh speaker Pelosi stumble around saying, oh, it's very interesting.

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Speaker 1: It's it's not interesting. You need to start learning these issues,

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Speaker 1: huge amounts of capital and play. You know, I think

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Speaker 1: what there were thirty four billion dollars of losses in

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Speaker 1: one day. Um. This isn't business as usual, all right,

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Speaker 1: this is something entirely different. And and the fact that

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Speaker 1: you have people like um uh, Nancy Pelosi and Ted

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Speaker 1: Cruz and uh AOC and Elon Musk all basically rallying

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Speaker 1: to the side of the Populace movement or at least,

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Speaker 1: you know, not knowing where to wind up on it.

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Speaker 1: I think AOC knows exactly where she's headed. Uh is

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Speaker 1: uh is startling. Uh. This is occupy Wall Street with

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Speaker 1: upside and it has been going on for a long time.

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Speaker 1: I would say Wall Street could use a lesson in

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Speaker 1: public relations. They're not actually doing much to solve this

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Speaker 1: problem for themselves. And uh. And now there's a vehicle

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Speaker 1: like robin Hood where these populous investors with with some

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Speaker 1: money in their pocket can disrupt the system. And I

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Speaker 1: think this will inform certainly short sellers in the next

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Speaker 1: turnaround is to how how big of positions they want

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Speaker 1: to take on. Some of these shorts. I mean, they're

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Speaker 1: just really exposed if they go go hard at at

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Speaker 1: anyone company at any one time. And David, can I

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Speaker 1: ask you, what do you think happens about this at

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Speaker 1: the end of the day, What comes of this? If anything?

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Speaker 1: You know, it's a great question. I don't know. UM.

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Speaker 1: I mean, you know, theoretically, if the Reddit retail small

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Speaker 1: traders held together, you know, game Stop stock could could

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Speaker 1: stay high forever. I mean I think that's unlikely. I

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Speaker 1: think you're going to see people start taking taking profits

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Speaker 1: you know, the small guy who invested four thousand box

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Speaker 1: and made seventy and in one day, is is going

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Speaker 1: to take his money out. And I'm guessing, if I

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Speaker 1: had to guess, the game Stop stock will be back

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Speaker 1: in the single digits by by the end of next week. Um.

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Speaker 1: But we'll probably see this again and and and I

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Speaker 1: think that the SEC is going to be smart about it,

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Speaker 1: and the SEC Nasdack York Stock Exchange are going to

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Speaker 1: start monitoring social media so they'll see this coming and

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Speaker 1: it won't sneak up on everyone. Um. But you know,

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Speaker 1: I think this is gonna start happening, you know, kind

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Speaker 1: of regularly and probably taking a little bit different forms.

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Speaker 1: It's going to be interesting to see how it's adults. Yeah,

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Speaker 1: David Axel read such a great point, um, and thank

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Speaker 1: you so much. Great to get your insights on this.

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Speaker 1: David Axel Read a partner at Ballard spar and former

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Speaker 1: Supervisory Trial Council at the SEC, and he is predicting

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Speaker 1: more of this to come. So we will have to

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Speaker 1: wait and see. And this is Bloomberg. This is Sound On.

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Speaker 1: I am Jeanie shan Zano. Ya. I am here talking

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Speaker 1: with Rick Davis Bloomberg contributor and Bill McGinley, principle of

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Speaker 1: the Vocal Group. And Joe Biden was active today. I

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Speaker 1: think it's his eighth day, the first day of the

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Speaker 1: second week in office, and he signed to executive orders

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Speaker 1: on doing healthcare restrictions placed by former President Trump. But

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Speaker 1: before hurrying out of the briefing room, he told reporters

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Speaker 1: about his long to do list, and he said, on

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Speaker 1: the top of that list is, of course, the new

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Speaker 1: stimulus bill, and we have sound on that. We've got

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Speaker 1: a lot to do, and the first thing I gotta

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Speaker 1: do is get this Cohen bats passed. And on the

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Speaker 1: Senate floor this morning, Senator Chuck Schumer took on Republicans

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Speaker 1: for their reluctance to begin talks on the new stimulus bill.

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Speaker 1: The new Senate Majority leader said, Mitch McConnell and others

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Speaker 1: in the GOP need to start to take on this

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Speaker 1: once in a century crisis, and they need to do

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Speaker 1: it quickly. And he threatened that if they don't act quickly,

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Speaker 1: Democrats will act alone. And we have sound on that

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Speaker 1: if our Republican colleagues decide to oppose this urgent and

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Speaker 1: necessary legislation, we will have to move forward without them.

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Speaker 1: We have a responsibility to help the American people fast,

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Speaker 1: particularly given these new economic numbers. The Senate will begin

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Speaker 1: that work next week. So Rick Davis, can they do

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Speaker 1: this Democrats? They meeting the Democrats alone, and can they

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Speaker 1: do it when less than about two weeks they will

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Speaker 1: also be holding a trial of the former president. Yeah.

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Speaker 1: I mean the two issues timing and uh and and

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Speaker 1: and desire are real going to clash here soon. Um,

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Speaker 1: it's pretty clear that there is interest on the part

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Speaker 1: of the Republican side to do something. It was a

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Speaker 1: bipartisan group of Republican senators and Democratic senators who broke

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Speaker 1: loose the stimulus talks um before the end of the year.

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Speaker 1: It wasn't the leaders on each of the caucuses. And

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Speaker 1: so I think it just depends on what it is. Uh,

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Speaker 1: no doubt. Nancy Pelosi, the Speaker, will move forward quickly

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Speaker 1: with her own bill that will mirror, if not exactly replicate,

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Speaker 1: the Biden administrations one point nine trillion dollar bill, which

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Speaker 1: is very similar to the bills she passed last year.

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Speaker 1: But she can do that on a party line vote.

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Speaker 1: I don't think Majority Leader Chuck Schumer has the votes

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Speaker 1: in his caucus with a tiebreaker by the Vice President.

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Speaker 1: To get a one point nine trillion dollar package through,

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Speaker 1: he'll need Republican support, which means the package will change.

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Speaker 1: And Bill McGinley on that point, are we looking at reconciliation?

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Speaker 1: Is that the only way Democrats get this done at

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Speaker 1: that price. Look, I think even if they had the

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Speaker 1: Sweet sixteen, which is the bipartisan caucus and the Senate

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Speaker 1: um sign on to any deal, there's still going to

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Speaker 1: be um to vote short of getting to sixty without reconciliation.

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Speaker 1: So I think reconciliation is going to be the process

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Speaker 1: that they're going to use to do it. I do

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Speaker 1: think that UH, Speaker Pelosi and Leader Schumer are going

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Speaker 1: to start that process with the budget Resolution UH and

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Speaker 1: instructions to the committee to try and get some sort

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Speaker 1: of deal that they can hold their caucus together. And

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Speaker 1: that's even going to be a challenge because you have

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Speaker 1: some of the moderate Democrats such a Senator Joe Manchin

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Speaker 1: UH and Christian Cinema out of Arizona, who may not

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Speaker 1: be willing to sign on to such a big price

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Speaker 1: tag UM. So there's going to be a lot of

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Speaker 1: negotiations within the Democratic caucus itself to see what sort

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Speaker 1: of package is going to get unanimous support in order

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Speaker 1: for it to go through on a reconciliation. Yeah, and

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Speaker 1: and and so if we're looking at that, I mean

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Speaker 1: I have been thinking, Um, if you think about the

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Speaker 1: fact that this is so close, how then does you

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Speaker 1: know Joe Biden move this forward? Does he pull what

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Speaker 1: I think of as sort of a take a back

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Speaker 1: seat like maybe Barack Obama did with healthcare and let

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Speaker 1: Congress handle this on his own, or do they try

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Speaker 1: to push this through and take a stronger sort of

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Speaker 1: hand on this whole thing. What do you think, Rick, Well,

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Speaker 1: I think it's interesting that um, uh, everyone's sort of

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Speaker 1: playing this game of not not putting a number on

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Speaker 1: their their bid, right when when we see these stimulus

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Speaker 1: debates in the past, it's been pretty easy to sort

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Speaker 1: of handicap it. Uh. Nancy Pelosi would always have the

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Speaker 1: biggest number, Mitch McConnell will come in with the lowest number.

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Speaker 1: President Trump would weigh in all kinds of different numbers before, during,

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Speaker 1: and after the debate, and uh, and you'd have a

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Speaker 1: trading range. There's no clear trading range. And I think

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Speaker 1: it's really important that people recognize that. Um uh, a

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Speaker 1: lot of these Republican senators want to do something. Uh,

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Speaker 1: they're no longer than jority. So it's not their call.

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Speaker 1: There there's there's certainly a group, just like Bill said,

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Speaker 1: of moderate Democrats who can match up with more mainstream

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Speaker 1: Republicans and and and and short circuit the process. The

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Speaker 1: question is who's leading that process, who's talking to their counterparts,

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Speaker 1: and how quickly can they move My guess is exactly

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Speaker 1: what what what what Bill said, which is you're going

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Speaker 1: to have a reconciliation package and that's coming up probably

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Speaker 1: around March. And so that's not a lot of time.

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Speaker 1: And as you mentioned earlier, Jeannie, you do have a

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Speaker 1: lot of work in the Senate right now. You've got

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Speaker 1: this impeachment coming up. You've got these appointments that that

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Speaker 1: Biden desperately needs in place. We're just talking about the

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Speaker 1: SEC head is not in place while all this stuff

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Speaker 1: is going on on Wall Street. And and so I

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Speaker 1: think that, uh, it's going to be very hard to

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Speaker 1: see a lot of public action in the Senate now.

432
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Speaker 1: I think the game will be in the House and

433
00:23:55,160 --> 00:23:58,320
Speaker 1: and you know, they'll pretty much replicate what what the

434
00:23:58,320 --> 00:24:02,360
Speaker 1: Biden administration is pushing and bill. If if Biden does

435
00:24:02,440 --> 00:24:05,000
Speaker 1: get this stimulus bill, and maybe not one point nine,

436
00:24:05,040 --> 00:24:07,880
Speaker 1: but but at some at some cost, is this going

437
00:24:07,920 --> 00:24:11,879
Speaker 1: to be the big bill of his administration, in other words, infrastructure,

438
00:24:12,160 --> 00:24:14,360
Speaker 1: all the other things he wants to tackle. Does this

439
00:24:14,480 --> 00:24:17,240
Speaker 1: make it hard once you get something this big past,

440
00:24:17,680 --> 00:24:21,640
Speaker 1: even if it's not one point nine. Look, uh, you know, President,

441
00:24:21,680 --> 00:24:24,399
Speaker 1: as a famous historian once said, presidential power is the

442
00:24:24,440 --> 00:24:26,960
Speaker 1: power of persuasion. And at the end of the day,

443
00:24:27,000 --> 00:24:29,240
Speaker 1: it's going to depend upon the popularity of the bill

444
00:24:29,320 --> 00:24:32,840
Speaker 1: that makes its way through UM and President Biden's actions

445
00:24:32,880 --> 00:24:35,040
Speaker 1: implementing that bill and the role that he played in

446
00:24:35,119 --> 00:24:38,359
Speaker 1: making it successful. UM, if he's able to do it

447
00:24:38,400 --> 00:24:41,920
Speaker 1: successfully and increases numbers and popularity both on the hill

448
00:24:41,960 --> 00:24:44,320
Speaker 1: and out in the beyond the Beltway, then he's going

449
00:24:44,359 --> 00:24:47,000
Speaker 1: to be able to probably go for something like infrastructure

450
00:24:47,880 --> 00:24:50,439
Speaker 1: or some of the other big ticket items that have

451
00:24:50,480 --> 00:24:54,520
Speaker 1: been discussed. But this UM, this this COVID relief bill

452
00:24:54,560 --> 00:24:58,760
Speaker 1: that they're talking about, is a very complicated matrix. And

453
00:24:58,800 --> 00:25:01,880
Speaker 1: one of the nominations that I would be watching, given

454
00:25:01,920 --> 00:25:04,199
Speaker 1: the amount of money that's going to be spent, is

455
00:25:04,240 --> 00:25:06,800
Speaker 1: going to be o MB the Officer Management and Budget,

456
00:25:06,800 --> 00:25:09,800
Speaker 1: which sits in the Executive Office of the President, because

457
00:25:09,840 --> 00:25:11,960
Speaker 1: that's the agency that's going to have to help these

458
00:25:12,000 --> 00:25:14,720
Speaker 1: cabinets and departments try and get the money through, in

459
00:25:14,760 --> 00:25:17,680
Speaker 1: addition to the Treasury Department. Yeah, and that's a great point,

460
00:25:17,960 --> 00:25:21,399
Speaker 1: William McKinley, And you're mentioning Richard new stat I love it.

461
00:25:21,440 --> 00:25:24,200
Speaker 1: I'm a political scientist, so right up my alley, everybody

462
00:25:24,200 --> 00:25:27,200
Speaker 1: should reread that book. I want to thank William McGinley,

463
00:25:27,240 --> 00:25:30,520
Speaker 1: principal at the Vogel Group, former White House Cabinet Secretary,

464
00:25:30,560 --> 00:25:33,439
Speaker 1: and former Deputy Council at the r n C. And

465
00:25:33,520 --> 00:25:37,200
Speaker 1: coming up, we're going to be speaking with Representative Hulihan

466
00:25:37,280 --> 00:25:41,119
Speaker 1: from Pennsylvania. I am Genie Schanzano and this is Bloomberg.

467
00:25:49,240 --> 00:25:54,280
Speaker 1: This is Bloomberg Sound On with Kevin Surrele on Bloomberg Radio,

468
00:25:56,400 --> 00:25:59,960
Speaker 1: and I'm Genie Sanzano in for Kevin Sirelli. As all

469
00:26:00,000 --> 00:26:03,560
Speaker 1: ways with Rick Davis, Bloomberg contributor. And we are very

470
00:26:03,640 --> 00:26:07,840
Speaker 1: lucky to be speaking with Congresswoman Chrissy Houlihan, Democrat from

471
00:26:07,840 --> 00:26:11,679
Speaker 1: Pennsylvania's six the district, who is elected in two thousand

472
00:26:11,760 --> 00:26:14,520
Speaker 1: and eighteen and she's now in her second term. So

473
00:26:14,640 --> 00:26:18,040
Speaker 1: Representative Houlihan, it's so nice to speak with you, and

474
00:26:18,359 --> 00:26:21,000
Speaker 1: wanted to get first your reaction to this sort of

475
00:26:21,119 --> 00:26:24,440
Speaker 1: wild market we've been watching. We've heard some of your

476
00:26:24,480 --> 00:26:27,760
Speaker 1: colleagues in Congress from both sides of the aisle critical

477
00:26:28,000 --> 00:26:31,280
Speaker 1: of Robin Hood and some of the other brokerage firms.

478
00:26:31,320 --> 00:26:34,240
Speaker 1: What is your view on what's going on and potentially

479
00:26:34,280 --> 00:26:38,280
Speaker 1: what Congress and the federal government can do about it. Hi,

480
00:26:38,440 --> 00:26:40,760
Speaker 1: and thank you very very much for having me today.

481
00:26:40,800 --> 00:26:44,280
Speaker 1: And I've been watching as well the unfolding news about

482
00:26:44,040 --> 00:26:47,240
Speaker 1: the market and about Games Top in particular, and I

483
00:26:47,240 --> 00:26:49,160
Speaker 1: guess what I would say is, you know, my take

484
00:26:49,200 --> 00:26:51,879
Speaker 1: on it is that we've heard for a long time

485
00:26:51,880 --> 00:26:54,600
Speaker 1: that the stock market is a barometer for how our

486
00:26:54,600 --> 00:26:58,560
Speaker 1: economy is doing it large and it's another demonstration today

487
00:26:58,640 --> 00:27:01,400
Speaker 1: that that, for me, is not an indicator of how

488
00:27:01,800 --> 00:27:04,440
Speaker 1: our economy is doing and how working families are doing.

489
00:27:04,920 --> 00:27:07,040
Speaker 1: And I think that it's one of those things where,

490
00:27:07,280 --> 00:27:09,560
Speaker 1: you know, I'm sure the Financial Services committees on both

491
00:27:09,560 --> 00:27:11,159
Speaker 1: the House and the Senate side that will take a

492
00:27:11,160 --> 00:27:14,439
Speaker 1: look at this, but um, I can definitely assure you

493
00:27:14,480 --> 00:27:17,119
Speaker 1: that most people in our communities and this Commonwealth and

494
00:27:17,160 --> 00:27:21,520
Speaker 1: this country are not really terribly engaged in in trading

495
00:27:21,560 --> 00:27:24,239
Speaker 1: in this particular stock or other stocks, and we just

496
00:27:24,280 --> 00:27:26,960
Speaker 1: need to be cognizantive that fact, particularly while we're in

497
00:27:27,000 --> 00:27:30,840
Speaker 1: this very difficult time with the pandemic. Congresswoman this Rick

498
00:27:30,920 --> 00:27:33,320
Speaker 1: Davis and Washington. Good to have you here tonight and

499
00:27:33,359 --> 00:27:36,639
Speaker 1: thank you for joining us. Uh. You've just announced a

500
00:27:36,680 --> 00:27:40,199
Speaker 1: new bill to help try to give a leg up

501
00:27:40,600 --> 00:27:44,840
Speaker 1: to entrepreneurs and small business owners and people who want

502
00:27:44,840 --> 00:27:47,480
Speaker 1: to start small businesses in the midst of what has

503
00:27:47,480 --> 00:27:51,000
Speaker 1: been probably one of the most devastating economic environments for

504
00:27:51,080 --> 00:27:55,760
Speaker 1: small business in history of our countries economy. And so

505
00:27:55,960 --> 00:27:57,680
Speaker 1: I wonder if you could talk a little bit about

506
00:27:57,680 --> 00:28:00,440
Speaker 1: this because as someone who you know, you've founded the

507
00:28:00,520 --> 00:28:04,479
Speaker 1: B Lab that uh you know, went to uh create

508
00:28:04,520 --> 00:28:07,600
Speaker 1: the B Corp movement of you know, putting together purpose

509
00:28:07,640 --> 00:28:10,320
Speaker 1: and profit in the same room, how do you see

510
00:28:10,320 --> 00:28:12,920
Speaker 1: all this evolving? I mean, what can you do legislatively

511
00:28:12,960 --> 00:28:17,680
Speaker 1: to help spur economic growth amongst entrepreneurs who we need

512
00:28:17,720 --> 00:28:20,639
Speaker 1: desperately to get back into launching these businesses when we recover.

513
00:28:21,680 --> 00:28:24,040
Speaker 1: We definitely do and we've you know, I am an

514
00:28:24,160 --> 00:28:28,040
Speaker 1: entrepreneur fundamentally before joining Congress to help grow in scale

515
00:28:28,080 --> 00:28:31,280
Speaker 1: a variety of different businesses and all different kinds of industries.

516
00:28:31,720 --> 00:28:36,479
Speaker 1: And I've been really heartened to see how dynamic and

517
00:28:36,600 --> 00:28:39,800
Speaker 1: innovative and flexible our small business and owners are. But

518
00:28:39,920 --> 00:28:42,760
Speaker 1: of course we've seen hundreds of thousands of them clothes

519
00:28:42,880 --> 00:28:46,320
Speaker 1: and shutter permanently. And so what this bill is is

520
00:28:46,360 --> 00:28:49,880
Speaker 1: actually the second time I've introduced this, uh and we

521
00:28:49,960 --> 00:28:53,320
Speaker 1: are fortunate enough to have a Senate companion bill on

522
00:28:53,360 --> 00:28:56,000
Speaker 1: the other side with Senator Chris Kinson Marco Rubio, and

523
00:28:56,080 --> 00:28:59,320
Speaker 1: this it's called the ramp Act. And basically what this

524
00:28:59,400 --> 00:29:01,760
Speaker 1: is is hope being to be able to create a

525
00:29:01,800 --> 00:29:05,040
Speaker 1: million new businesses, you know, rather than necessarily a million

526
00:29:05,040 --> 00:29:07,240
Speaker 1: new jobs. You know. This is to be able to

527
00:29:08,080 --> 00:29:11,120
Speaker 1: goose the Small Business Innovative Innovation Research or s b

528
00:29:11,200 --> 00:29:13,920
Speaker 1: i R Group and the SBT I'm sorry, the s

529
00:29:13,960 --> 00:29:17,600
Speaker 1: T t R program to allow people to access capital

530
00:29:17,680 --> 00:29:21,520
Speaker 1: for their innovative ideas more rapidly, to allow them to

531
00:29:21,600 --> 00:29:24,760
Speaker 1: be able to commercialize it more efficiently, so that we

532
00:29:24,760 --> 00:29:28,400
Speaker 1: can hopefully create a lot of really cool small businesses

533
00:29:28,440 --> 00:29:31,680
Speaker 1: that become midsized businesses that become large businesses that become

534
00:29:31,800 --> 00:29:34,960
Speaker 1: jobs creators. UH, and the s b i R and

535
00:29:35,040 --> 00:29:36,960
Speaker 1: the s P t R are sort of the seed

536
00:29:37,040 --> 00:29:40,520
Speaker 1: capital America's seed fund, for lack of a better word,

537
00:29:40,520 --> 00:29:43,200
Speaker 1: and this is something that we really need, particularly during

538
00:29:43,200 --> 00:29:48,040
Speaker 1: this very difficult time. And Congresswoman, what has their reaction

539
00:29:48,080 --> 00:29:49,920
Speaker 1: to the bill been? Like, I know that you said

540
00:29:49,960 --> 00:29:53,360
Speaker 1: you re are reintroducing it or have reintroduced it. It

541
00:29:53,520 --> 00:29:57,240
Speaker 1: is a bipartisan bill. What are the prospects for passage

542
00:29:57,320 --> 00:30:01,280
Speaker 1: this this session? I believe it has a very good

543
00:30:01,480 --> 00:30:04,320
Speaker 1: opportunity to be passed because this is exactly the kind

544
00:30:04,320 --> 00:30:06,520
Speaker 1: of thing that we're looking to do in the new

545
00:30:06,600 --> 00:30:09,480
Speaker 1: Congress is to try to, of course, climb our way

546
00:30:09,480 --> 00:30:11,560
Speaker 1: out of a pandemic, and that takes all of the

547
00:30:11,640 --> 00:30:13,959
Speaker 1: kinds of things that we're looking at in terms of

548
00:30:14,000 --> 00:30:17,120
Speaker 1: the next COVID release package, but we're also looking for

549
00:30:17,160 --> 00:30:19,479
Speaker 1: the you know what next? You know, how do we

550
00:30:19,520 --> 00:30:22,320
Speaker 1: make sure that we are not just kind of building

551
00:30:22,400 --> 00:30:25,080
Speaker 1: back to normal, but that we're imagining a different and

552
00:30:25,160 --> 00:30:28,760
Speaker 1: new normal and that we're trying to take advantage of

553
00:30:28,760 --> 00:30:31,840
Speaker 1: of the pain that we've experienced through the pandemic with

554
00:30:31,920 --> 00:30:36,320
Speaker 1: the innovative ideas and the dynamic um nature of our

555
00:30:36,480 --> 00:30:39,880
Speaker 1: entrepreneurial spirit. So I'm hopeful that it will make its

556
00:30:39,880 --> 00:30:42,880
Speaker 1: way through our small business on the side of Congress

557
00:30:42,880 --> 00:30:44,959
Speaker 1: and of course on the Senate side as well, and

558
00:30:44,960 --> 00:30:47,080
Speaker 1: that it will make it either on its own, you know,

559
00:30:47,120 --> 00:30:49,800
Speaker 1: into a law, or hopefully as part of a larger

560
00:30:49,840 --> 00:30:54,239
Speaker 1: package as well. REPRESENTAI and I was curious as you

561
00:30:55,000 --> 00:30:57,840
Speaker 1: put together the legislative strategy to pass this when you were,

562
00:30:58,400 --> 00:31:02,200
Speaker 1: uh re institute the bill, I'm curious if you looked

563
00:31:02,240 --> 00:31:05,480
Speaker 1: into anything special you could do around the minority community.

564
00:31:05,480 --> 00:31:08,200
Speaker 1: We know that small business has taken a hard hit,

565
00:31:08,320 --> 00:31:12,680
Speaker 1: but probably significantly harder in the minority community, especially around

566
00:31:12,760 --> 00:31:16,200
Speaker 1: arts and culture. Uh these businesses have virtually been wiped

567
00:31:16,240 --> 00:31:20,000
Speaker 1: out through the coronavirus period. So was there anything in

568
00:31:20,680 --> 00:31:24,640
Speaker 1: your legislation that would give particular attention to the minority

569
00:31:24,680 --> 00:31:28,160
Speaker 1: community and the challenges they have around the COVID impact

570
00:31:28,200 --> 00:31:31,560
Speaker 1: in the economy. Sure, and I'm certain that a lot

571
00:31:31,600 --> 00:31:35,680
Speaker 1: of businesses that are owned by women, by veterans, as

572
00:31:35,680 --> 00:31:38,560
Speaker 1: you mentioned, by black and brown communities, communities that are

573
00:31:38,680 --> 00:31:42,720
Speaker 1: typically um able to address and access this capital would

574
00:31:42,720 --> 00:31:46,400
Speaker 1: be able to avail themselves of this capital through this program.

575
00:31:46,480 --> 00:31:49,480
Speaker 1: This is there are eleven federal agencies that are part

576
00:31:49,520 --> 00:31:53,280
Speaker 1: of the ramp act um that will be competitively funding

577
00:31:53,320 --> 00:31:57,160
Speaker 1: businesses to meet largely R and D needs. But I'm

578
00:31:57,200 --> 00:31:59,760
Speaker 1: confident that some of those needs could be addressed by

579
00:32:00,320 --> 00:32:03,120
Speaker 1: entrepreneurs of the communities that you're talking about. Um, you

580
00:32:03,120 --> 00:32:06,320
Speaker 1: know you're talking to me. I'm a veteran. Personally, I'm

581
00:32:06,360 --> 00:32:09,240
Speaker 1: also an engineer. Uh. Clearly I'm a woman as well,

582
00:32:09,280 --> 00:32:11,240
Speaker 1: and so some of the things that I'm really focused

583
00:32:11,240 --> 00:32:14,240
Speaker 1: on in this office are making sure that we're finding

584
00:32:14,320 --> 00:32:17,760
Speaker 1: all kinds of innovators of all different persuasions to make

585
00:32:17,800 --> 00:32:21,080
Speaker 1: sure that we are growing a more inclusive economy. Uh.

586
00:32:21,120 --> 00:32:24,120
Speaker 1: And that's definitely part of how we can't find ourselves

587
00:32:24,120 --> 00:32:26,600
Speaker 1: back to normal, but rather to some sort of version

588
00:32:26,640 --> 00:32:29,280
Speaker 1: of a new normal. It's very very important to me

589
00:32:29,360 --> 00:32:32,760
Speaker 1: and I believe to our economy at large and representative.

590
00:32:32,840 --> 00:32:35,320
Speaker 1: You and Rick both just alluded to the fact that

591
00:32:35,360 --> 00:32:37,520
Speaker 1: you have had such a you know, a really diverse

592
00:32:37,640 --> 00:32:40,880
Speaker 1: career a US Air Force veteran, You've been a CEO,

593
00:32:41,040 --> 00:32:44,000
Speaker 1: a CFO, and entrepreneur and engineer. It's hard to go

594
00:32:44,080 --> 00:32:46,400
Speaker 1: through the list. One thing I also know that you've

595
00:32:46,440 --> 00:32:49,840
Speaker 1: done is you have been a teacher in Philadelphia, eleventh

596
00:32:49,840 --> 00:32:52,720
Speaker 1: grade science teacher. So I would be remiss if I

597
00:32:52,760 --> 00:32:56,360
Speaker 1: didn't ask you, should teachers be back in the classroom

598
00:32:56,520 --> 00:32:59,680
Speaker 1: today given COVID? Is it safe for them? What's your

599
00:32:59,760 --> 00:33:04,040
Speaker 1: view on this really really difficult issue. It's such a

600
00:33:04,120 --> 00:33:06,920
Speaker 1: complicated issue, and you've seen I think I saw an

601
00:33:07,000 --> 00:33:09,840
Speaker 1: article that said, you know, thirteen thousand school districts and

602
00:33:09,920 --> 00:33:13,480
Speaker 1: thirteen thousand different solutions. I think that's kind of where

603
00:33:13,480 --> 00:33:16,320
Speaker 1: we are. I'd sure like to see a better national

604
00:33:16,360 --> 00:33:19,200
Speaker 1: guidance and guidelines. I think that the President Biden put

605
00:33:19,240 --> 00:33:23,800
Speaker 1: forward some very important standards ocean standards about safety. I

606
00:33:23,880 --> 00:33:26,880
Speaker 1: know that teachers need to be protected as because they

607
00:33:26,920 --> 00:33:29,920
Speaker 1: are frontline workers. I can tell you that it's the

608
00:33:30,000 --> 00:33:32,400
Speaker 1: hardest job of all of those things that you've outlined,

609
00:33:32,400 --> 00:33:34,480
Speaker 1: that I've ever done was to be in eleventh grade

610
00:33:34,520 --> 00:33:37,560
Speaker 1: chemistry teacher. And so I think that it's really important

611
00:33:37,560 --> 00:33:40,120
Speaker 1: that we found our way to safe schools and safe

612
00:33:40,240 --> 00:33:43,760
Speaker 1: educational opportunities for our kids. Um As we talked about

613
00:33:43,760 --> 00:33:46,920
Speaker 1: earlier in this conversation, we're really focused in our office

614
00:33:46,960 --> 00:33:49,400
Speaker 1: on on women and getting the women back to work.

615
00:33:50,040 --> 00:33:52,760
Speaker 1: December jobs report was just the leaked. I think a

616
00:33:52,840 --> 00:33:55,719
Speaker 1: hundred and forty thousand jobs were lost in According to

617
00:33:56,080 --> 00:33:59,239
Speaker 1: one article I read, it was all all from women. Uh.

618
00:33:59,280 --> 00:34:01,280
Speaker 1: And so we really need to when we're building back

619
00:34:01,320 --> 00:34:04,600
Speaker 1: this economy think about access to schools, making sure our

620
00:34:04,640 --> 00:34:07,560
Speaker 1: kids are going back, making sure that we have good

621
00:34:07,680 --> 00:34:12,560
Speaker 1: and affordable childcare available, family and medical leaves of all forms,

622
00:34:12,600 --> 00:34:16,600
Speaker 1: sick leaves. And so it's a complicated question, um that

623
00:34:16,680 --> 00:34:20,080
Speaker 1: I think we need very rapidly to find a good

624
00:34:20,120 --> 00:34:22,360
Speaker 1: set of answers for to get our kids back in school,

625
00:34:22,400 --> 00:34:24,480
Speaker 1: to get our families back to work, and to get

626
00:34:24,719 --> 00:34:28,239
Speaker 1: our teachers to feel safe in their classrooms. Congresswoman, since

627
00:34:28,239 --> 00:34:31,000
Speaker 1: we're talking about education, I'm dying to ask you about

628
00:34:31,000 --> 00:34:34,799
Speaker 1: the recent appointment announced today that Marjorie Taylor Grain, one

629
00:34:34,840 --> 00:34:39,800
Speaker 1: of the fellow congress women UH in a conspiracy theory

630
00:34:40,680 --> 00:34:44,200
Speaker 1: h adherent of Q and on the Republican, has been

631
00:34:44,200 --> 00:34:47,839
Speaker 1: placed on the Education Committee. And it's caused quite some

632
00:34:47,920 --> 00:34:52,920
Speaker 1: consternation with the chairman of the committee, Bobby Scott from Virginia.

633
00:34:53,480 --> 00:34:57,400
Speaker 1: So I'm curious what's your reaction to that. Today? I mean, uh,

634
00:34:57,440 --> 00:35:00,280
Speaker 1: it's still fresh memories of the attack on the appital

635
00:35:00,320 --> 00:35:07,359
Speaker 1: I'm sure, yeah, that's that's also a hard conversation to have.

636
00:35:07,480 --> 00:35:11,000
Speaker 1: It seems like an unnatural fit, you know, that that

637
00:35:11,320 --> 00:35:13,279
Speaker 1: she would choose to be on that committee, or that

638
00:35:13,560 --> 00:35:16,239
Speaker 1: that committee would be where she would land. You know,

639
00:35:16,400 --> 00:35:18,759
Speaker 1: if you look at, for instance, the committees that I'm on.

640
00:35:19,120 --> 00:35:22,520
Speaker 1: I'm on Foreign Affairs because I'm very interested in diplomacy

641
00:35:22,520 --> 00:35:26,400
Speaker 1: and humanitarian work in uh, because I believe defense is

642
00:35:26,400 --> 00:35:29,120
Speaker 1: the last line of defense. And I'm on Armed Services

643
00:35:29,160 --> 00:35:31,719
Speaker 1: because as you mentioned, I'm a veteran, And I'm on

644
00:35:31,800 --> 00:35:35,560
Speaker 1: Small Business because I'm really passionate about entrepreneurism and small business.

645
00:35:35,640 --> 00:35:39,280
Speaker 1: And so it just seems like a difficult and and

646
00:35:39,280 --> 00:35:43,560
Speaker 1: and uh kind of troublesome fit. And so I would like,

647
00:35:44,080 --> 00:35:45,759
Speaker 1: certainly the chair to take a look at that, and

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Speaker 1: I like, um Mr McCarthy, Leader McCarthy also to take

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Speaker 1: a look at that choice. So representative, Planet Hulagan has

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Speaker 1: been such a pleasure to talk to you. We could

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Speaker 1: talk to you forever, but thank you so much for

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Speaker 1: joining us, and we will be following your progress on

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Speaker 1: that bill and so much else going on in this

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Speaker 1: very busy congressional session. Thank you, I appreciate it. And

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Speaker 1: you guys be well and be safe you as well.

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Speaker 1: And and Rick, I just want to very briefly follow up.

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Speaker 1: You raised Marjorie Taylor Green. What is your take on this?

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Speaker 1: Should she be in the Education Committee? Is McCarthy going

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Speaker 1: to pull her off that? What do you think happens? Look,

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Speaker 1: I think it's a it's a it's a it's a

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Speaker 1: controversy that didn't need to happen. The reality is there

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Speaker 1: are a lot of people in Congress and others outside

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Speaker 1: who would actually liked the stripper of her floor privileges

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Speaker 1: to deny her her congressional seat, and uh certainly they'll

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Speaker 1: have an opportunity that in the midterm elections. But there

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Speaker 1: are people who want to censure her. So I don't

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Speaker 1: think we've heard the last Marjorie Taylor Green. And it's

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Speaker 1: just a problem that this UH minority minority leader, Kevin

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Speaker 1: McCarthy doesn't need today, doesn't need today, not the last

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Speaker 1: of her, not the last of Rick Davis. Thank you

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Speaker 1: so much for joining us. I am Jeanie she Anzano.

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Speaker 1: This is sound On on Bloomberg Radio. We will be

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Speaker 1: back tomorrow. Filling in for Kevin Sorelli