WEBVTT - Bloomberg Law: Democrats Battling Trump Administration (Audio)

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<v Speaker 1>It is one o five on Wall Street, and that

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<v Speaker 1>means it is time for Dave Wilson and the market

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<v Speaker 1>drivers report with the focus is always at this time

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<v Speaker 1>on American depository receipts, and Dave Wilson got to be

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<v Speaker 1>looking at Trivago, oh absolutely in an e d rs

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<v Speaker 1>are and as it happened, sort of bouncing around a bit.

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<v Speaker 1>UH the SNP A d R index will change, while

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<v Speaker 1>the SMP five hundreds down to tents of a percent.

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<v Speaker 1>But Germany's Triviago is up five point six percent after

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<v Speaker 1>selling two hundred and eighty seven million dollars of ad

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<v Speaker 1>rs in an initial public offering. The size and price

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<v Speaker 1>of the travel sites I p O we're actually reduced

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<v Speaker 1>before the sale was done. Triviago majority owned by the

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<v Speaker 1>US online travel agency Expedia. UH. Swiss drug maker act

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<v Speaker 1>Hellion is up thirteen percent. People with knowledge of the

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<v Speaker 1>matters that Francis Santa Fee is an advanced talks to

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<v Speaker 1>buy the company Johnson. Johnson walked away from a twenty

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<v Speaker 1>eight billion dollar deal for Actillion on Tuesday, and Air

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<v Speaker 1>France KLEM has risen five point eight percent. The airline's

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<v Speaker 1>KLM unit dropped the plan to set up a replacement

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<v Speaker 1>pension fund for its pilots. The pilots union had opposed

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<v Speaker 1>the move, and the court blocked it two weeks ago. Now,

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<v Speaker 1>Japan's Nintendo has fallen seven and a half percent, even

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<v Speaker 1>though its first mobile game ranked first on best seller

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<v Speaker 1>lists in sixty eight countries. The game is called Super

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<v Speaker 1>Mario Brothers, and one thing that concerns analysts is that

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<v Speaker 1>it requires users to pay ten dollars to move beyond

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<v Speaker 1>the first three levels. Charlie, all right, thank you very much,

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<v Speaker 1>Dave Wilson. Following a d RS force the DAL the

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<v Speaker 1>SMP nez dak all trading Laura recapping the SMP down

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<v Speaker 1>four to twenty two fifty seven to drop there of

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<v Speaker 1>two tenths of one percent. I'm Charlie Pelots and that

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<v Speaker 1>June Grosso and Greg Store is a Bloomberg business flash.

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<v Speaker 1>Thanks Charlie, see you in court. That may be the

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<v Speaker 1>response of Democratic attorneys general across the country if the

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<v Speaker 1>Trump administration backs off of financial, environmental or antitrust regulations.

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<v Speaker 1>Former Texas Attorney General Greg Abbott, now Texas governor, made

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<v Speaker 1>a business of suing the Obama administration with more than

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<v Speaker 1>forty lawsuits. Virginia and Florida, a g s filed dozens

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<v Speaker 1>of lawsuits. Several Democratic attorneys general are on record as

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<v Speaker 1>ready to take Trump to court if he crosses the

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<v Speaker 1>constitutional line. New York AG Eric Schneiderman already sued over

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<v Speaker 1>Trump University, and he's reassured New Yorkers who have seen

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<v Speaker 1>a rise in the number of hate crimes in the

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<v Speaker 1>state in the past year after the quote ugliness of

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<v Speaker 1>the rhetoric during the campaign. As New York's top law

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<v Speaker 1>enforcement officer, I stand here today to tell everyone was

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<v Speaker 1>understandably scared that my tent team stands with you, with

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<v Speaker 1>our colleagues and law enforcement across the state, and we

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<v Speaker 1>will have your back. And California's new attorney general, Congress

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<v Speaker 1>Congressman Javier Bsara, has dared Trump to come at us

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<v Speaker 1>over some of the most liberal state policies in the country.

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<v Speaker 1>He spoke about the parameters for protecting the state's progressive

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<v Speaker 1>values on MSNBC a week ago. We're not going to stop,

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<v Speaker 1>and we're not interested in having folks try to stop us.

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<v Speaker 1>Will look at the Constitution of the United States, and

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<v Speaker 1>we'll look at our California constitution and recognize that, as

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<v Speaker 1>any other state, we will do whatever the u. S.

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<v Speaker 1>Constitution allows us to do to protect our people and

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<v Speaker 1>advance our interests. Our guest today are James Tierney, the

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<v Speaker 1>former Attorney general of Maine and a lecture at Harvard

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<v Speaker 1>Law School, and Paul Millette, a professor of political science

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<v Speaker 1>at Marquette University. Jim Republicans have used the argument that

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<v Speaker 1>states serve as a check on federal overreach as gospel

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<v Speaker 1>for the past eight years. Will the legal tactics they

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<v Speaker 1>used help democratic ages in the next four years? Well,

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<v Speaker 1>I think it will help. And it's any general who's

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<v Speaker 1>worried about federal overreach. I wouldn't assume, as some of

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<v Speaker 1>the latest suppress has been that Republican attorneys general are

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<v Speaker 1>are somehow turned themselves into the him made of the

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<v Speaker 1>Trump administration. I don't think that's true. Every age will

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<v Speaker 1>protect their state's position in the world of sovereignty and

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<v Speaker 1>they'll protect the state laws. Um. So yeah, they're all watching.

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<v Speaker 1>There's no question they're all watching. What are they going

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<v Speaker 1>to do? Well, we have to wait and see, Paul,

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<v Speaker 1>as you look over the legal landscape, and of course

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<v Speaker 1>we don't know exactly what the Trump administration is going

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<v Speaker 1>to do. But where do you think democratic state attorney

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<v Speaker 1>general's attorneys general are likely to have the biggest impact?

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<v Speaker 1>Is that filling in the regulatory gaps? Is that challenging, say,

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<v Speaker 1>environmental regulations. Where do you see them making a mark? Well,

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<v Speaker 1>I think, just in terms of pure quantity of litigation,

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<v Speaker 1>I think the one of the big focal points will

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<v Speaker 1>be definitely an environmental policy um and so at the

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<v Speaker 1>beginning of the Trump administration, I think it will be

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<v Speaker 1>some continuing skirmishes over some of Obama's regulatory efforts like

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<v Speaker 1>the Clean Power Plan, the Waters of the US Rule,

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<v Speaker 1>and other things like that. But I think throughout the

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<v Speaker 1>Trump administration I would expect to see quite a lot

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<v Speaker 1>of wrangling over um de regulatory efforts coming out of

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<v Speaker 1>the e p A and UH potentially a variety of

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<v Speaker 1>other new environmental issues coming out of out of the

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<v Speaker 1>next few years as well. And I would just add

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<v Speaker 1>that I think part of it will be going after

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<v Speaker 1>the FEDS directly, so suing the e p A, trying

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<v Speaker 1>to delay or stop deregulatory efforts, but some of it

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<v Speaker 1>will also potentially be going after say utilities or industry

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<v Speaker 1>in general kind of similar to what some AGS have

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<v Speaker 1>done UM investigating Exxon over the past year and their

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<v Speaker 1>connection to UM climate research and potentially UM you know,

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<v Speaker 1>sweeping some of that research under the rug. So I

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<v Speaker 1>see those areas being particularly prominent areas for egs in

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<v Speaker 1>the coming years, Jim, any other hot button areas were

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<v Speaker 1>democratic ages have the best chance of winning, well, I

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<v Speaker 1>think I think, you know, my friend Paul makes some

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<v Speaker 1>good points, but he, I'm sure would say that a

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<v Speaker 1>lot of that sort of speculation. As this point, we

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<v Speaker 1>we really don't know. UM. I think ages are going

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<v Speaker 1>to be very focused on criminal justice reform, and we

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<v Speaker 1>don't know what the Trump administration's position will be. All

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<v Speaker 1>ages are against hate crime, UM, and we'll you know,

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<v Speaker 1>we'll roll up to sleeves on that to try to

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<v Speaker 1>make our communities feel safe. I think dealing with an

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<v Speaker 1>increasingly diverse population that we have in this country, if

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<v Speaker 1>you're in a G is pretty important. I mean, what

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<v Speaker 1>kids are in school, what about witnesses in court? What

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<v Speaker 1>about victims of crime? UM? A lot of these things,

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<v Speaker 1>don't you know, don't pay attention to some of these

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<v Speaker 1>legal status in the country. So I see a lot

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<v Speaker 1>of diversity related issues, which are which which are here now,

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<v Speaker 1>and they're not going to go away. That's why I'm

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<v Speaker 1>not really kind of predicting. Um. You know, I think

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<v Speaker 1>I think former CIA director Robert Gates made a good

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<v Speaker 1>point yesterday when he said, you know, people say one

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<v Speaker 1>things in campaigns, they act a lot differently once you're

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<v Speaker 1>in office. And I think that all ages, and democratic

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<v Speaker 1>ages in particular, are certainly willing to give the Trump

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<v Speaker 1>administration the chance to see what they're really going to do. Um.

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<v Speaker 1>He does come in personally with a bad rep from

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<v Speaker 1>his Trump University days. Every attorney Dan will look at

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<v Speaker 1>that case and was pretty disturbed by the behavior of

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<v Speaker 1>Trump University. That was none of the partisan issue. Uh,

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<v Speaker 1>So they disturbed. He's on everybody's watching list. Uh and

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<v Speaker 1>maybe the attorneys general are looking particularly closely. But we'll

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<v Speaker 1>have to wait to see what happens. Paul, granting Jim's

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<v Speaker 1>point that some of this is speculative, you know what

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<v Speaker 1>you mentioned the environments, and that is one area where

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<v Speaker 1>his nominee nominee to up the e p A is

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<v Speaker 1>somebody who one would expect to be more favorable to industry.

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<v Speaker 1>Will it be is easy for Democratic ages to challenge

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<v Speaker 1>uh deregulation in the environmental sphere as it was for

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<v Speaker 1>Republicans to challenge what they considered to be over regulation

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<v Speaker 1>from the e p A. Well, it's a little tricky

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<v Speaker 1>because I guess you could give an answer both yes

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<v Speaker 1>and no. They're I mean, I think on the on

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<v Speaker 1>the side that it's a little bit harder. UM. I

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<v Speaker 1>think part of it is, you know, depending on what

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<v Speaker 1>Republicans in Congress do, like, for instance, that they amend

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<v Speaker 1>the Clean Air Act to actually take some of the

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<v Speaker 1>power away from the e p A to say, regulate

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<v Speaker 1>greenhouse gases, then it's going to be very difficult for

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<v Speaker 1>Democratic A g s to try to challenge um, the

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<v Speaker 1>EPA and court if they say, hey, look, Congress has

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<v Speaker 1>taken away our ability to even regulate in this area. UM.

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<v Speaker 1>One thing that I think democratic ages or maybe just

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<v Speaker 1>A g s in general, do have though, is if

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<v Speaker 1>they are concerned that the e p A other agencies

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<v Speaker 1>are not regulating properly, they can number one to the agency,

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<v Speaker 1>but they can also go after, you know, utilities that

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<v Speaker 1>they think are are polluting beyond the the what's acceptable

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<v Speaker 1>under federal environmental law or state environmental laws, and so

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<v Speaker 1>in one way, I think though they'll still have avenues

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<v Speaker 1>to hold that thought. Ye. Coming up on Bloomberg law.

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<v Speaker 1>Donald Trump's business interests are under fire as possible conflicts

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<v Speaker 1>of interest, and one hotel in particular seems to be

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<v Speaker 1>drawing the most attention. I'm June Grosso with Greg Store.

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<v Speaker 1>This is Bloomberg Mobile Business News twenty four hours a

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<v Speaker 1>day at Bloomberg dot com. The radio blows mobile line

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<v Speaker 1>and on your radio is a Bloomberg business left from

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<v Speaker 1>Bloomberg World Headquarters. Signed Charlie Pelotadal The SMPT and stack

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<v Speaker 1>all declining right now. This after a report that China's

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<v Speaker 1>navy seized an American drone in international waters in the

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<v Speaker 1>South China Sea. This update brought you by Bentley University.

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<v Speaker 1>What do developing apps at Facebook and analyzing data biogen

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<v Speaker 1>have in common? An NBA from Bentley University, where you

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<v Speaker 1>will explore innovation and leadership because business is everywhere. Prepare

0:10:23.840 --> 0:10:26.800
<v Speaker 1>here has and P five hundred in decks down six

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<v Speaker 1>to twenty two fifty five, a drop of three tenths

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<v Speaker 1>of one percent down. Industrials down twenty four decline of

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<v Speaker 1>one tenth of one percent, and nez Dak is falling

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<v Speaker 1>twenty one points, down four tenths of one percent. The

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<v Speaker 1>ten ure up eight thirty seconds, yield at two point

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<v Speaker 1>five seven percent, Gold up seven sixty to eleven thirty seven,

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<v Speaker 1>up seven tenths of one percent, Crude oil advancing one

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<v Speaker 1>point seven percent, up eighty seven cents of arral to

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<v Speaker 1>fifty one dollar and seventy eight cents. I'm Charlie Tollerton.

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<v Speaker 1>That Gregg Store and Jo Grasso is a Bloomberg business

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<v Speaker 1>flash and Charlie. One area of President elect Donald Trump's

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<v Speaker 1>business interests that seems to be drawing concentrated fire from

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<v Speaker 1>Democrats is the sixty year lease between the federal government

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<v Speaker 1>and the Trump International Hotel in Washington, d C. According

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<v Speaker 1>to a December fourteenth letter from four House Democrats, a

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<v Speaker 1>top official of the General Services Administration, which leas's government buildings,

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<v Speaker 1>told their staff that Trump will be in violation of

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<v Speaker 1>the lease agreement the moment he takes office unless he

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<v Speaker 1>fully divests himself. Congressman A. Logic Cummings was one of

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<v Speaker 1>those Democrats and accused Trump of ignoring four decades of

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<v Speaker 1>White House president on conflicts of interest. This is the

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<v Speaker 1>same advice to the Department of Justice and the Office

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<v Speaker 1>of Government Ethics has provided to every president over the

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<v Speaker 1>past four decades. G s A announced it does not

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<v Speaker 1>have a position on the lease provision, and Trump Transition

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<v Speaker 1>aids said the g s A lease issue will be

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<v Speaker 1>addressed in January. We've been talking with j Hims Tierney,

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<v Speaker 1>the former Attorney General of Maine and a lecture at

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<v Speaker 1>Harvard Law School, and Paul let, a political science professor

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<v Speaker 1>at Marquette University. Jim the least forbids elected officials from

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<v Speaker 1>being party to the deal or receiving any of it

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<v Speaker 1>of its benefits. Does that seem like a clear contract

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<v Speaker 1>issue that has to be resolved before the inauguration or

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<v Speaker 1>can this slide as other conflicts seem to be sliding. Well, well,

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<v Speaker 1>of course it should be resolved. It has to be resolved.

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<v Speaker 1>I think if the g s A says they're going

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<v Speaker 1>to address that, they will. They're competent, their career people,

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<v Speaker 1>and and you know, he's you know, I don't know

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<v Speaker 1>if Donald Trump ever thought he was gonna win, but

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<v Speaker 1>he did, and so now he's got a host of

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<v Speaker 1>business issues. I think they're gonna be popping up all

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<v Speaker 1>over the place, and he's gonna have to figure out

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<v Speaker 1>his ethics and his complex as he goes along. But

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<v Speaker 1>he wants he's going to be the president. He can't

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<v Speaker 1>just do what he wants. Um, we all live by

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<v Speaker 1>the rules, So he's gonna have to learn how to

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<v Speaker 1>do that. I want to pick it off a little bit.

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<v Speaker 1>That that what Paul said earlier. Um, he certainly is

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<v Speaker 1>accurate when he said this could happen, This could happen,

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<v Speaker 1>This could happen. But let me make something clear, because

0:13:04.880 --> 0:13:06.640
<v Speaker 1>we have a lot of listeners, a lot of business people,

0:13:07.400 --> 0:13:11.440
<v Speaker 1>Attorneys general, especially democratic attorneys general, are not here lined

0:13:11.480 --> 0:13:14.440
<v Speaker 1>up to try to stop every de regulatory effort that

0:13:14.559 --> 0:13:16.679
<v Speaker 1>the Trump administration is going to be carried out. This

0:13:16.880 --> 0:13:20.280
<v Speaker 1>is very important. Presidents when they get to administer, they

0:13:20.320 --> 0:13:23.080
<v Speaker 1>get to they get the great deference by our courts

0:13:23.080 --> 0:13:26.160
<v Speaker 1>and by other elected officials. That's our democracy. Uh And

0:13:26.200 --> 0:13:29.640
<v Speaker 1>I think, um so so. But if there's evidence, if

0:13:29.720 --> 0:13:31.440
<v Speaker 1>there's a good case, if there are facts, if they

0:13:31.480 --> 0:13:34.600
<v Speaker 1>are statistics, there are clear violation, of course, attorneys general

0:13:34.640 --> 0:13:36.480
<v Speaker 1>are going to respond. And I think that's what General

0:13:36.480 --> 0:13:39.440
<v Speaker 1>Bush era General Sneiderman said that the you know at

0:13:39.480 --> 0:13:41.959
<v Speaker 1>the top of the hour. Um, So I just want

0:13:41.960 --> 0:13:43.280
<v Speaker 1>to make that clear. I mean, it's not like the

0:13:43.320 --> 0:13:45.000
<v Speaker 1>ages of the line. They've got a lot of things

0:13:45.040 --> 0:13:47.560
<v Speaker 1>to do rather than line up and you know, sue

0:13:47.600 --> 0:13:51.079
<v Speaker 1>every federal agency is. It's an important, important principle that

0:13:51.160 --> 0:13:52.679
<v Speaker 1>has to be law, that has to be facts, has

0:13:52.720 --> 0:13:55.280
<v Speaker 1>to be a clear violation before it gets to the

0:13:55.280 --> 0:13:57.720
<v Speaker 1>top of an age agenda. Paul PAULA may ask you

0:13:57.760 --> 0:14:00.079
<v Speaker 1>to respond to that, But first of me, say, we

0:14:00.640 --> 0:14:02.560
<v Speaker 1>haven't we you know, seen a real change in the

0:14:02.679 --> 0:14:06.000
<v Speaker 1>dynamic of of a state attorney's general over the past

0:14:06.040 --> 0:14:08.800
<v Speaker 1>you know, twenty or thirty years or so, where uh,

0:14:09.000 --> 0:14:11.760
<v Speaker 1>you know, these we've come to expect these challenges from

0:14:11.880 --> 0:14:15.160
<v Speaker 1>attorneys general with an administ a white house they don't

0:14:15.200 --> 0:14:18.120
<v Speaker 1>agree with. But but are we perhaps, as Jim said,

0:14:18.400 --> 0:14:24.080
<v Speaker 1>overstating that that it will necessarily happen this way. One

0:14:24.120 --> 0:14:27.400
<v Speaker 1>thing that's definitely been true over the last ten fifteen years,

0:14:27.440 --> 0:14:31.720
<v Speaker 1>in particular, is that at least a subset of nationally

0:14:31.840 --> 0:14:35.400
<v Speaker 1>important issues a g s have gotten much more polarized,

0:14:35.480 --> 0:14:39.120
<v Speaker 1>I mean, much more willing to um submit amicates briefs

0:14:39.160 --> 0:14:42.400
<v Speaker 1>and Supreme Court, for instance, on a variety of measures,

0:14:42.480 --> 0:14:47.480
<v Speaker 1>and also to sue federal agencies over a variety of things.

0:14:47.520 --> 0:14:49.800
<v Speaker 1>I think that much is true, But I certainly take

0:14:49.840 --> 0:14:52.200
<v Speaker 1>the point that number one, we do have to wait

0:14:52.240 --> 0:14:55.520
<v Speaker 1>and see what happens and what the Trump administration ends

0:14:55.600 --> 0:14:58.320
<v Speaker 1>up doing. But also going back to a point that

0:14:58.400 --> 0:15:00.800
<v Speaker 1>Jim made before, there are still an number of areas

0:15:00.880 --> 0:15:04.040
<v Speaker 1>like criminal justice, in which ages have worked together on

0:15:04.040 --> 0:15:08.160
<v Speaker 1>a bipartisan besis and whether that continues in the next

0:15:08.200 --> 0:15:11.040
<v Speaker 1>administration will be interesting to watch. Well, I think it's

0:15:11.040 --> 0:15:13.320
<v Speaker 1>I think it's definitely going to continue. And and while

0:15:13.400 --> 0:15:17.640
<v Speaker 1>and while ages have disagreed, Republicans disagree with the Obama

0:15:17.640 --> 0:15:21.600
<v Speaker 1>administration in some areas, they are regularly, almost every week

0:15:21.720 --> 0:15:25.600
<v Speaker 1>there's a joint federal state settlement of some administration some

0:15:25.720 --> 0:15:28.960
<v Speaker 1>enforcement case which all fit the AG sign onto. So

0:15:29.160 --> 0:15:31.920
<v Speaker 1>it's it's it's it's important, especially we have a business

0:15:32.080 --> 0:15:35.800
<v Speaker 1>audience listening that do not be overstated that people feel

0:15:35.840 --> 0:15:38.400
<v Speaker 1>that this is going to be all these extra lawsuits

0:15:38.400 --> 0:15:40.600
<v Speaker 1>flying around all over the place. I think we have

0:15:40.640 --> 0:15:42.960
<v Speaker 1>to wait and see. And we've seen, you know, we

0:15:43.040 --> 0:15:46.320
<v Speaker 1>see send the McCaskill as, the Democrats from Missouri saying

0:15:46.360 --> 0:15:50.040
<v Speaker 1>that she's willing to rethink Obamacare. We see that evidently

0:15:50.080 --> 0:15:52.520
<v Speaker 1>sent a Schumer of New York is having regular conversations

0:15:52.520 --> 0:15:55.840
<v Speaker 1>with the Trump Towers. So I mean, I'm you know,

0:15:56.160 --> 0:16:01.200
<v Speaker 1>look great. Uh, we're not talk about We're gonna have

0:16:01.240 --> 0:16:03.240
<v Speaker 1>to stop you there. We have a lot more to

0:16:03.280 --> 0:16:05.880
<v Speaker 1>talk about and we'll have you both back again. That's

0:16:06.000 --> 0:16:08.680
<v Speaker 1>Jim Tierney, the former a G of Maine and lecture

0:16:08.720 --> 0:16:11.720
<v Speaker 1>at Harvard Law School, and Paul Millette, political science professor

0:16:11.720 --> 0:16:13.160
<v Speaker 1>at Marquette. This is Bloomberg