1 00:00:00,080 --> 00:00:05,080 Speaker 1: From our nation's capital. This is Bloomberg sound on. It's 2 00:00:05,120 --> 00:00:08,360 Speaker 1: just about infrastructure that can lead the economic growth for 3 00:00:08,440 --> 00:00:10,440 Speaker 1: a generation that we need to make sure that we 4 00:00:10,640 --> 00:00:15,080 Speaker 1: established they can comprehensive cybersecurity strategy. Republicans have a great 5 00:00:15,160 --> 00:00:20,239 Speaker 1: chance of taking the House. In Bloomberg sound on, the insiders, 6 00:00:20,360 --> 00:00:25,400 Speaker 1: the influencers, the insiders. We continue to open this economy slowly, 7 00:00:25,600 --> 00:00:27,400 Speaker 1: but it's coming back. I want to know what the 8 00:00:27,400 --> 00:00:29,680 Speaker 1: theme is going to be for Republicans. I can't imagine 9 00:00:29,680 --> 00:00:32,600 Speaker 1: a more important person in Washington right now. Then Senator 10 00:00:32,640 --> 00:00:37,200 Speaker 1: Joe Manchin Floomberg sitted on with Joe Matthew on Floomberg 11 00:00:37,280 --> 00:00:42,080 Speaker 1: Radio Live from Washington, where things remain unusually busy for 12 00:00:42,120 --> 00:00:45,440 Speaker 1: the midst of summer. Here, lawmakers in the House preparing 13 00:00:45,479 --> 00:00:49,080 Speaker 1: to head home tonight, Supreme Court ending its term with 14 00:00:49,240 --> 00:00:52,880 Speaker 1: two important rulings, and President Biden spending the day in Serfside, 15 00:00:52,920 --> 00:00:56,160 Speaker 1: Florida following the tragic building collapse there. We're going to 16 00:00:56,240 --> 00:00:59,560 Speaker 1: talk about that coming up with Bloomberg political contributors Genie 17 00:00:59,560 --> 00:01:02,319 Speaker 1: she AND's you know and Rick Davis, and thank you 18 00:01:02,440 --> 00:01:05,160 Speaker 1: for spending part of your Thursday with us on Bloomberg radio. 19 00:01:05,720 --> 00:01:08,560 Speaker 1: You heard it live a short time ago. President Biden 20 00:01:08,640 --> 00:01:12,959 Speaker 1: speaking to reporters in Surfside, Florida about the tragic building collapse, 21 00:01:13,720 --> 00:01:16,280 Speaker 1: having spent many hours there already. Today he met with 22 00:01:16,360 --> 00:01:19,600 Speaker 1: rescue crews and met with the families of those lost. 23 00:01:19,840 --> 00:01:22,720 Speaker 1: You know, they're realistic. I just brought back so many, 24 00:01:24,560 --> 00:01:30,040 Speaker 1: so many memories. It's bad enough. It's bad enough to 25 00:01:30,120 --> 00:01:34,559 Speaker 1: lose somebody. But the hard part, the really hard part, 26 00:01:35,760 --> 00:01:39,200 Speaker 1: is to not know whether they're surviving or not, just 27 00:01:39,319 --> 00:01:46,520 Speaker 1: not have any idea. When the accident took my wife 28 00:01:46,560 --> 00:01:49,880 Speaker 1: from my family, the hardest part was where my boys 29 00:01:50,240 --> 00:01:53,480 Speaker 1: gonna get out? Are they going to make it? Um? 30 00:01:53,680 --> 00:01:56,720 Speaker 1: And not knowing Joe Biden and one of the most 31 00:01:56,760 --> 00:02:00,640 Speaker 1: important roles that a president is called to phil as 32 00:02:00,680 --> 00:02:04,560 Speaker 1: consoler in chief, and it's one this president knows a 33 00:02:04,600 --> 00:02:08,520 Speaker 1: lot about, as you heard recalling today the tragedy in 34 00:02:08,680 --> 00:02:14,240 Speaker 1: his own family. As you know, unfortunately, I've done a 35 00:02:14,240 --> 00:02:18,960 Speaker 1: lot of these circumstances where I've met with families who 36 00:02:18,960 --> 00:02:24,040 Speaker 1: have had great loss. And what amazement this group of 37 00:02:24,040 --> 00:02:30,640 Speaker 1: people was the resilience, their absolute commitment, their willingness to 38 00:02:31,280 --> 00:02:36,760 Speaker 1: do whatever it took to find to find an answer. I. 39 00:02:37,080 --> 00:02:45,360 Speaker 1: I walked away impressed by their strength. So what do 40 00:02:45,400 --> 00:02:48,200 Speaker 1: we know about the cause of this tragedy? Do we know? 41 00:02:48,880 --> 00:02:52,880 Speaker 1: Bloomberg White House correspondent Nancy Cook asked the President about that. 42 00:02:53,200 --> 00:02:56,119 Speaker 1: What did you learn, if anything, about the collapse of 43 00:02:56,200 --> 00:02:58,920 Speaker 1: the building. Is there anything more you learned from investigators 44 00:02:58,960 --> 00:03:02,359 Speaker 1: or the FEMA administer it's under way. I don't The 45 00:03:02,400 --> 00:03:04,840 Speaker 1: director of VPEM is with me here. We don't have 46 00:03:04,880 --> 00:03:09,360 Speaker 1: any firm proof of what's happened. There are all kinds 47 00:03:09,400 --> 00:03:15,200 Speaker 1: of rational speculation about whether or not the re bars 48 00:03:15,200 --> 00:03:20,480 Speaker 1: are were rusted, whether or not the cement, whether it's 49 00:03:20,560 --> 00:03:23,640 Speaker 1: limestone or not, whether or not. But a lot of 50 00:03:23,639 --> 00:03:27,680 Speaker 1: the a lot of the families who survived talked about 51 00:03:27,760 --> 00:03:32,160 Speaker 1: how upset they were that in the last years that 52 00:03:32,240 --> 00:03:38,800 Speaker 1: they've been here, how there was one condominium complex built 53 00:03:38,840 --> 00:03:42,200 Speaker 1: across the street and the road was purchased and while 54 00:03:42,240 --> 00:03:44,920 Speaker 1: they were living there, they would hear them drilling and 55 00:03:44,920 --> 00:03:48,560 Speaker 1: they feel their building moving and shaking. Uh. They are 56 00:03:48,600 --> 00:03:53,240 Speaker 1: all kinds of discussions about whether or not um they 57 00:03:53,360 --> 00:03:57,960 Speaker 1: thought that water level rising, what impact it had? Uh? 58 00:03:58,160 --> 00:04:02,360 Speaker 1: And interesting to me, I didn't raise it, but how 59 00:04:02,440 --> 00:04:05,360 Speaker 1: many of the survivors and how many of the families 60 00:04:05,400 --> 00:04:10,000 Speaker 1: talked about the impact of global warming, global warming, climate change. 61 00:04:12,360 --> 00:04:15,880 Speaker 1: It did come up as I read the story of 62 00:04:15,880 --> 00:04:18,800 Speaker 1: the terminal White House sets red line around climate goals 63 00:04:18,839 --> 00:04:23,000 Speaker 1: and reconciliation. This keeps coming up, talk about a rising 64 00:04:23,040 --> 00:04:27,880 Speaker 1: sea level potentially impacting structures like this along the coastline. 65 00:04:28,080 --> 00:04:30,919 Speaker 1: Let's bring in Bloomberg political contributors Ganie she and Zano 66 00:04:31,000 --> 00:04:33,320 Speaker 1: and Rick Davis. It's great to have both of you 67 00:04:33,560 --> 00:04:36,000 Speaker 1: with us here. As always, Rick, I'd like to start 68 00:04:36,040 --> 00:04:38,760 Speaker 1: with you on the job that the president has and 69 00:04:38,960 --> 00:04:41,560 Speaker 1: had throughout the day to day. It's one of these 70 00:04:41,600 --> 00:04:43,880 Speaker 1: moments for the commander in chief, for the president of 71 00:04:43,880 --> 00:04:47,760 Speaker 1: the United States. We've seen this happen repeatedly in times 72 00:04:47,800 --> 00:04:50,279 Speaker 1: of tragedy, where you have to put politics down. He 73 00:04:50,360 --> 00:04:54,080 Speaker 1: was sitting shoulder to shoulder with Florida's Governor Rhnda Santis, 74 00:04:54,080 --> 00:04:56,800 Speaker 1: who was no fan of Joe Biden. I don't know 75 00:04:56,839 --> 00:04:59,880 Speaker 1: how Joe Biden feels about him, but this is one 76 00:04:59,880 --> 00:05:04,960 Speaker 1: of the moments where a president is called to transcend politics. Yes, 77 00:05:05,040 --> 00:05:07,760 Speaker 1: and I don't think you could have someone who's had 78 00:05:07,800 --> 00:05:13,839 Speaker 1: more experience than President Joe Biden in the category of 79 00:05:14,440 --> 00:05:18,080 Speaker 1: being able to connect with people UH in a tragic 80 00:05:18,160 --> 00:05:21,600 Speaker 1: situation like this and show empathy. UM. You know, not 81 00:05:21,680 --> 00:05:25,680 Speaker 1: only is he talked about today his personal experience with 82 00:05:25,800 --> 00:05:30,080 Speaker 1: the loss of his family members, but also UH it's 83 00:05:30,120 --> 00:05:32,479 Speaker 1: a role he's had to play throughout his career. He 84 00:05:32,560 --> 00:05:35,880 Speaker 1: used to travel to war zones and talk to families 85 00:05:35,960 --> 00:05:40,039 Speaker 1: about military personnel who were lost in action. He's he 86 00:05:40,240 --> 00:05:43,320 Speaker 1: as Vice president UH played an important role in the 87 00:05:43,320 --> 00:05:46,560 Speaker 1: Biden administration for eight years as someone who could go 88 00:05:46,720 --> 00:05:50,760 Speaker 1: to these kinds of tragic situations, whether they were hurricanes 89 00:05:50,960 --> 00:05:56,239 Speaker 1: or floods or disasters like this, UH to help rally 90 00:05:56,320 --> 00:06:00,120 Speaker 1: the rescuers and bond with the family. So he's at 91 00:06:00,120 --> 00:06:03,080 Speaker 1: his share of experience in this obviously not something anybody 92 00:06:03,120 --> 00:06:06,320 Speaker 1: looks forward to, but he does an extremely good job 93 00:06:06,480 --> 00:06:10,440 Speaker 1: as UH empathizer in chief. It's another way to put 94 00:06:10,440 --> 00:06:13,680 Speaker 1: a genie. This is something that we've seen some presidents 95 00:06:13,680 --> 00:06:17,360 Speaker 1: do better than others. With Bill Clinton, we remember I 96 00:06:17,400 --> 00:06:21,440 Speaker 1: feel your pain. President George W. Bush was known for 97 00:06:21,600 --> 00:06:26,440 Speaker 1: crying with victims of tragedy when he would meet with them. 98 00:06:26,480 --> 00:06:29,200 Speaker 1: A lot of people remember Donald Trump throwing paper towels 99 00:06:29,279 --> 00:06:32,000 Speaker 1: when he went to visit Puerto Rico. These are the 100 00:06:32,080 --> 00:06:36,440 Speaker 1: moments that are difficult to prepare for. They are and 101 00:06:36,520 --> 00:06:40,039 Speaker 1: I think whether you're Republican or Democrat, you most people 102 00:06:40,040 --> 00:06:42,719 Speaker 1: would agree that nobody is either, as Rick was just saying, 103 00:06:42,760 --> 00:06:47,279 Speaker 1: better or prepared, either unfortunately personally or professionally, or better 104 00:06:47,360 --> 00:06:50,520 Speaker 1: at this part of the job than Joe Biden. He 105 00:06:51,000 --> 00:06:53,680 Speaker 1: it brings his faith. We saw that today he's able 106 00:06:53,760 --> 00:06:56,000 Speaker 1: to bring comfort. He's able to do it from all 107 00:06:56,040 --> 00:06:59,840 Speaker 1: his professional but also all his deeply personal experience at 108 00:06:59,839 --> 00:07:02,800 Speaker 1: this that he talked about today. So, you know, I 109 00:07:02,839 --> 00:07:06,880 Speaker 1: think to the family's suffering, his you know, his ability 110 00:07:06,960 --> 00:07:09,479 Speaker 1: to share that is so important and for the state 111 00:07:09,560 --> 00:07:12,360 Speaker 1: and the locality and the country as a whole, he 112 00:07:12,440 --> 00:07:14,880 Speaker 1: does a very good job on that and he did 113 00:07:14,920 --> 00:07:17,720 Speaker 1: that today and he showcased that. And as you just 114 00:07:17,800 --> 00:07:20,240 Speaker 1: played the question from Nancy Cooke, I thought was a 115 00:07:20,320 --> 00:07:23,560 Speaker 1: really really good one about where we are in terms 116 00:07:23,600 --> 00:07:26,000 Speaker 1: of a cause, and he said, lots of speculation, we 117 00:07:26,080 --> 00:07:28,680 Speaker 1: don't know. But to your point, he was able to 118 00:07:28,760 --> 00:07:31,520 Speaker 1: pivot off of the families talking about the issue of 119 00:07:31,560 --> 00:07:34,800 Speaker 1: global warming and climate change, which is something we shouldn't forget. 120 00:07:34,800 --> 00:07:37,480 Speaker 1: He's been talking about for his entire administration, but in 121 00:07:37,520 --> 00:07:40,960 Speaker 1: the last two days, from wildfires to this, it has 122 00:07:41,000 --> 00:07:43,480 Speaker 1: been at the utmost of his agenda for the last 123 00:07:43,480 --> 00:07:45,400 Speaker 1: couple of days. Well, that's a great point to Rick 124 00:07:45,480 --> 00:07:47,840 Speaker 1: talking about the drought and the fires in the west 125 00:07:47,920 --> 00:07:51,320 Speaker 1: yesterday now this today. I want to tread carefully here. 126 00:07:51,360 --> 00:07:53,840 Speaker 1: There's really not a direct line to the infrastructure debate. 127 00:07:53,840 --> 00:07:58,040 Speaker 1: But when we're talking about provisions that prevent climate change, 128 00:07:58,040 --> 00:08:00,760 Speaker 1: you're talking about a rising sea level that appropriate to 129 00:08:00,800 --> 00:08:02,680 Speaker 1: bring up right now? Oh for sure. I mean you 130 00:08:02,720 --> 00:08:05,960 Speaker 1: look at New York City, for instance, and recommendations for 131 00:08:06,080 --> 00:08:10,920 Speaker 1: the city's ability to UH survive rising levels in the 132 00:08:11,040 --> 00:08:15,440 Speaker 1: Hudson and UH East River require building a wall fifteen 133 00:08:15,440 --> 00:08:17,840 Speaker 1: feet high in Lower Manhattan. I mean you could you imagine. 134 00:08:17,880 --> 00:08:20,560 Speaker 1: I don't think anybody's really excited about that, But these 135 00:08:20,560 --> 00:08:26,280 Speaker 1: are really practical infrastructure issues, especially for coastal communities UH 136 00:08:26,480 --> 00:08:29,360 Speaker 1: in our country and all around the world. But also 137 00:08:29,920 --> 00:08:33,559 Speaker 1: regardless of how you look at it, whether it's driven 138 00:08:33,640 --> 00:08:39,079 Speaker 1: by seasonal changes or by climate change, we have more 139 00:08:39,120 --> 00:08:45,760 Speaker 1: extreme weather, and extreme weather UH deteriorates infrastructure, and so 140 00:08:46,320 --> 00:08:48,480 Speaker 1: a lot of what we're looking to repair through this 141 00:08:48,559 --> 00:08:51,640 Speaker 1: infrastructure build that's in front of Congress right now is 142 00:08:51,720 --> 00:08:54,000 Speaker 1: as a result of more and more extreme weather hitting 143 00:08:54,120 --> 00:08:59,000 Speaker 1: our infrastructure. Genie, I can't help but to remember President 144 00:08:59,040 --> 00:09:03,280 Speaker 1: Obama's visit to New Jersey following Superstorm Sandy, and I wonder, 145 00:09:04,120 --> 00:09:06,920 Speaker 1: obviously Rhonda Santis and his wife was there as well, 146 00:09:06,920 --> 00:09:08,840 Speaker 1: the First Lady of Florida. They were there with Joe 147 00:09:08,960 --> 00:09:13,600 Speaker 1: Biden and Dr Jill Biden. Is their political fallout for 148 00:09:13,640 --> 00:09:16,200 Speaker 1: the Republican Governor of Florida for just appearing. And I 149 00:09:16,200 --> 00:09:18,319 Speaker 1: realized he didn't have a hug like Chris Christie and 150 00:09:18,360 --> 00:09:22,320 Speaker 1: Barack Obama. But the optics here are important. They are. 151 00:09:22,360 --> 00:09:25,160 Speaker 1: And I thought the same thing, And you know, run 152 00:09:25,240 --> 00:09:27,960 Speaker 1: de Santis, who very met well, may run against Joe 153 00:09:27,960 --> 00:09:31,520 Speaker 1: Biden if they both choose to run in certainly De 154 00:09:31,600 --> 00:09:35,120 Speaker 1: Santis as a leading contender behind President Trump for the 155 00:09:35,160 --> 00:09:38,800 Speaker 1: Republican nomination. And there he was in a very similar 156 00:09:38,840 --> 00:09:42,160 Speaker 1: position that Chris Christie found himself in during Superstorm Sandy. 157 00:09:42,160 --> 00:09:45,640 Speaker 1: We all remember how well that sort of followed Chris 158 00:09:45,720 --> 00:09:49,760 Speaker 1: Christie around with his Republican opponents claiming he had hugged 159 00:09:50,080 --> 00:09:53,199 Speaker 1: Barack Obama. You know, and I think Chris Christie's response 160 00:09:53,240 --> 00:09:55,120 Speaker 1: to that was right, I'm governor of the state of 161 00:09:55,160 --> 00:09:57,280 Speaker 1: New Jersey. We are in crisis, and I'm going to 162 00:09:57,400 --> 00:09:59,440 Speaker 1: look everywhere I can for support. If it's from the 163 00:09:59,440 --> 00:10:01,800 Speaker 1: federal govern men, I'll take it. And I think Ronda 164 00:10:01,880 --> 00:10:04,600 Speaker 1: Santis is doing a bit of that. But it certainly 165 00:10:04,800 --> 00:10:08,679 Speaker 1: it does create some political challenges for the governor as 166 00:10:08,679 --> 00:10:11,520 Speaker 1: he maneuvers through this. Well, that's what happens, Rick, when 167 00:10:11,600 --> 00:10:14,440 Speaker 1: when you want to be partisan and nobody gets along 168 00:10:14,520 --> 00:10:17,280 Speaker 1: until there's a tragedy. Right, That's right, Joe, and and 169 00:10:17,280 --> 00:10:19,920 Speaker 1: and the reality is it's kind of a good indication 170 00:10:20,080 --> 00:10:23,199 Speaker 1: that we're starting to come out of this era that Uh, 171 00:10:23,280 --> 00:10:25,800 Speaker 1: even the idea that we have to worry about politics 172 00:10:25,800 --> 00:10:29,840 Speaker 1: related to a natural or a man made disaster. Um, 173 00:10:29,880 --> 00:10:32,160 Speaker 1: you know, we never used to think that way, and 174 00:10:32,200 --> 00:10:35,880 Speaker 1: we've been through this hyperpartisan environment for the last twenty years. 175 00:10:36,200 --> 00:10:38,320 Speaker 1: Maybe this is an indication that we can start coming 176 00:10:38,320 --> 00:10:41,280 Speaker 1: out of it without retribution. Uh. There's plenty of other 177 00:10:41,440 --> 00:10:44,120 Speaker 1: things to argue about, but maybe in cases like this 178 00:10:44,240 --> 00:10:47,160 Speaker 1: we can put down the swords for a day. Boy, 179 00:10:47,200 --> 00:10:49,240 Speaker 1: there's a lot to be said there. I hope everybody 180 00:10:49,240 --> 00:10:51,400 Speaker 1: hears what Rick is talking about because it is time 181 00:10:51,440 --> 00:10:52,840 Speaker 1: to grow up a little bit when it comes to 182 00:10:52,880 --> 00:10:57,400 Speaker 1: the serious issues that are impacting our country. Bloomberg political 183 00:10:57,440 --> 00:11:00,000 Speaker 1: contributors Jeannie she and Zana when Rick Davis. I appreciate 184 00:11:00,200 --> 00:11:04,520 Speaker 1: ate your tone and your comments on what's a very sensitive, 185 00:11:04,559 --> 00:11:07,079 Speaker 1: obviously tragic story, but something we need to cover here 186 00:11:07,440 --> 00:11:10,600 Speaker 1: as well on a normally political broadcast. Coming up, we 187 00:11:10,679 --> 00:11:13,880 Speaker 1: have breaking news today on taxes from around the world, 188 00:11:14,840 --> 00:11:18,240 Speaker 1: as over a hundred countries indoors setting a minimum corporate 189 00:11:18,280 --> 00:11:20,600 Speaker 1: tax rate. We're going to talk about the deal that 190 00:11:20,679 --> 00:11:24,560 Speaker 1: happened at the Organization for Economic Cooperation and Development with 191 00:11:24,600 --> 00:11:30,400 Speaker 1: Bloomberg's Laura Davison. You're listening to Bloomberg Sound On with 192 00:11:30,520 --> 00:11:35,600 Speaker 1: Joe Matthew on Bloomberg Radio. Thanks for being with us, 193 00:11:36,800 --> 00:11:40,840 Speaker 1: Joe Matthew and Washington, where the term global taxation is 194 00:11:40,880 --> 00:11:44,720 Speaker 1: echoing today. After a hundred thirty nations indoors setting a 195 00:11:44,840 --> 00:11:48,360 Speaker 1: minimum corporate tax rate, something we've heard a lot about, 196 00:11:48,400 --> 00:11:51,400 Speaker 1: but to have a hundred and thirty countries and jurisdictions 197 00:11:51,440 --> 00:11:54,160 Speaker 1: get on board as news. The deal was brokered at 198 00:11:54,200 --> 00:11:57,920 Speaker 1: the Organization for Economic Cooperation and Development. Jared Bernstein of 199 00:11:57,960 --> 00:12:00,559 Speaker 1: the White House Council of Economic Advisors talked about it 200 00:12:00,640 --> 00:12:04,200 Speaker 1: quite favorably today in an exclusive interview with Bloomberg's David 201 00:12:04,240 --> 00:12:08,360 Speaker 1: Weston not just for economic diplomacy, but for fairness in 202 00:12:08,360 --> 00:12:12,680 Speaker 1: the tax code, for multinational corporations paying their fair share, 203 00:12:13,000 --> 00:12:16,319 Speaker 1: and for the American worker and the American middle class 204 00:12:16,360 --> 00:12:18,800 Speaker 1: to get a fair shake out of a tax code 205 00:12:19,080 --> 00:12:21,320 Speaker 1: that has been leaning the other way for far too long. 206 00:12:22,280 --> 00:12:24,800 Speaker 1: What you want to talk about it now? By Bloomberg's 207 00:12:24,880 --> 00:12:28,120 Speaker 1: Laura Davison. Thanks for being with us, Laura. This is 208 00:12:28,200 --> 00:12:30,720 Speaker 1: a pretty important development here. It's one that the White 209 00:12:30,760 --> 00:12:35,440 Speaker 1: House clearly is in favor of. What does the deal include? Yeah, 210 00:12:35,480 --> 00:12:38,800 Speaker 1: so this is this global minimum tax of or more 211 00:12:38,840 --> 00:12:40,400 Speaker 1: that we've been hearing about, you know, a couple of 212 00:12:40,440 --> 00:12:42,679 Speaker 1: weeks ago at the G seven they agreed to the 213 00:12:42,720 --> 00:12:44,760 Speaker 1: broad strokes. We got a little bit further in the 214 00:12:44,840 --> 00:12:47,800 Speaker 1: deal today, having a hundred and thirty countries sign on, 215 00:12:48,000 --> 00:12:51,160 Speaker 1: which is most of the countries that were initially in 216 00:12:51,160 --> 00:12:54,200 Speaker 1: these talks. There's a couple holdouts, including Ireland and Hungary, 217 00:12:54,400 --> 00:12:57,560 Speaker 1: who say they can't agree to the deal yet. Um, 218 00:12:57,600 --> 00:13:00,120 Speaker 1: so they they worked out some technical details and nex 219 00:13:00,160 --> 00:13:02,680 Speaker 1: week there's a G twenty meeting, and then the G twenties, 220 00:13:02,679 --> 00:13:04,520 Speaker 1: a group that sort of overseeing, will sign off on 221 00:13:04,559 --> 00:13:07,760 Speaker 1: a final deal. We expect to see uh you know, 222 00:13:07,800 --> 00:13:09,720 Speaker 1: sort of a larger agreement come out of that, and 223 00:13:09,720 --> 00:13:11,439 Speaker 1: then they'll have to work out the technical details and 224 00:13:11,480 --> 00:13:14,320 Speaker 1: will be months or years until this is implemented. But 225 00:13:14,360 --> 00:13:16,520 Speaker 1: this was a really big step. This has been years 226 00:13:16,520 --> 00:13:18,600 Speaker 1: in the making, and it wasn't clear even you know, 227 00:13:18,600 --> 00:13:19,920 Speaker 1: just a couple of weeks ago at the deal will 228 00:13:19,960 --> 00:13:22,200 Speaker 1: be able to come together. That's right. So at least 229 00:13:22,679 --> 00:13:25,160 Speaker 1: though that number stays the same with that's that's coming 230 00:13:25,160 --> 00:13:28,960 Speaker 1: off the G seven with at least fift right, Yes, 231 00:13:29,040 --> 00:13:30,920 Speaker 1: that's the same. They sat a little bit more UH 232 00:13:31,240 --> 00:13:34,280 Speaker 1: parameters around kind of the types of kind of companies 233 00:13:34,280 --> 00:13:37,559 Speaker 1: that will be included UM in UH for this minimum 234 00:13:37,600 --> 00:13:40,319 Speaker 1: tax and how which countries will get to tax UM 235 00:13:40,360 --> 00:13:42,640 Speaker 1: which companies profits. That's really the big question here of 236 00:13:42,640 --> 00:13:45,040 Speaker 1: looking at how do we uh not just allow companies 237 00:13:45,040 --> 00:13:48,040 Speaker 1: to book profits and tax savings, but also um actually 238 00:13:48,040 --> 00:13:51,240 Speaker 1: book taxes where they are doing economic activity and where 239 00:13:51,240 --> 00:13:54,200 Speaker 1: they have users and customers. They worked out some of 240 00:13:54,200 --> 00:13:56,520 Speaker 1: those details, but it's still not totally fleshed out and 241 00:13:56,559 --> 00:13:58,880 Speaker 1: we still don't know exactly how many companies will ultimately 242 00:13:58,880 --> 00:14:01,840 Speaker 1: be pulled in. So okay, let's get to the hard 243 00:14:01,920 --> 00:14:05,199 Speaker 1: part here, which is implementation. Right, this would involve I'm 244 00:14:05,200 --> 00:14:09,600 Speaker 1: assuming a hundred and thirty legislatures to also agree yes, 245 00:14:09,679 --> 00:14:12,079 Speaker 1: and as we know, you know, just getting one legislature 246 00:14:12,120 --> 00:14:15,760 Speaker 1: to agree on something is a huge issue, um, much 247 00:14:15,840 --> 00:14:18,400 Speaker 1: less the hundred and thirtyes. So they you know, depends 248 00:14:18,440 --> 00:14:20,040 Speaker 1: on the country exactly what they'll have to do and 249 00:14:20,040 --> 00:14:21,800 Speaker 1: what can be done by you know, their executive but 250 00:14:21,800 --> 00:14:24,800 Speaker 1: there their you know, finance ministry UM. But for example, 251 00:14:24,800 --> 00:14:27,160 Speaker 1: in the US, this will take legislation. Congress will have 252 00:14:27,240 --> 00:14:29,960 Speaker 1: to approve this UM. So this uh is you know, 253 00:14:30,000 --> 00:14:31,760 Speaker 1: just sort of adds to the list of things that 254 00:14:31,840 --> 00:14:33,920 Speaker 1: Democrats want to do by the end of the year 255 00:14:34,000 --> 00:14:37,560 Speaker 1: in a reconciliation bills UM pass a minimum global tax UM. 256 00:14:37,600 --> 00:14:39,440 Speaker 1: And really they're up against the clock here. They want 257 00:14:39,440 --> 00:14:41,680 Speaker 1: to get this done now. They don't want to be 258 00:14:41,720 --> 00:14:44,560 Speaker 1: passing tax increases UM in an election near which next 259 00:14:44,640 --> 00:14:46,840 Speaker 1: year is the mid terms, and Republicans have said, look, 260 00:14:46,880 --> 00:14:49,560 Speaker 1: if we take back the majority, we don't like this deal, 261 00:14:49,600 --> 00:14:51,760 Speaker 1: we don't want to implement this. So it's really um. 262 00:14:51,760 --> 00:14:53,280 Speaker 1: You know, if the US is going to be involved 263 00:14:53,280 --> 00:14:56,320 Speaker 1: on Democrats need to to get something done quick quickly. Wow. 264 00:14:56,360 --> 00:14:59,000 Speaker 1: Otherwise we're there'll be a hundred and twenty nine countries 265 00:14:59,000 --> 00:15:02,920 Speaker 1: waiting for the US. Yeah, and it's it's unclear exactly. 266 00:15:02,920 --> 00:15:05,000 Speaker 1: You know what happens if you have some companies some 267 00:15:05,040 --> 00:15:07,400 Speaker 1: countries sign on and others not. Um really, but you 268 00:15:07,480 --> 00:15:09,680 Speaker 1: need sort of the big players. You know, you need US, 269 00:15:09,800 --> 00:15:12,360 Speaker 1: you need the European Union, you need China, you need 270 00:15:12,440 --> 00:15:14,840 Speaker 1: kind of the big economies to to participate, or else 271 00:15:14,880 --> 00:15:17,320 Speaker 1: that this deal doesn't really have any force or isn't 272 00:15:17,400 --> 00:15:20,440 Speaker 1: really in effect. We're talking with Bloomberg's Laura Davison about 273 00:15:20,480 --> 00:15:25,520 Speaker 1: this new endorsement of a global minimum corporate tax rate. Laura, 274 00:15:25,600 --> 00:15:28,960 Speaker 1: what does it mean, for, for instance, the White House's 275 00:15:29,040 --> 00:15:33,000 Speaker 1: effort to hike corporate taxes here in the US of 276 00:15:33,040 --> 00:15:38,440 Speaker 1: far cry from yes, this is will something be something 277 00:15:38,440 --> 00:15:40,480 Speaker 1: that really uh, you know, sort of play into the 278 00:15:40,480 --> 00:15:44,080 Speaker 1: political discussions. You know, Biden has proposed for US companies 279 00:15:44,120 --> 00:15:47,200 Speaker 1: operating abroad that they should pay a twenty one percent rate, 280 00:15:47,840 --> 00:15:49,800 Speaker 1: higher than the fifteen percent of being discussed for the 281 00:15:49,840 --> 00:15:51,040 Speaker 1: rest of the world. So that's going to be a 282 00:15:51,440 --> 00:15:53,640 Speaker 1: political tension point as they go forward, and that could 283 00:15:53,640 --> 00:15:56,160 Speaker 1: also affect, you know, what the top domestic corporate rate 284 00:15:56,240 --> 00:15:58,800 Speaker 1: ends up being. Biden has proposed twenty eight percent, but 285 00:15:58,840 --> 00:16:01,320 Speaker 1: even though we're hearing from run links from from some 286 00:16:01,440 --> 00:16:04,480 Speaker 1: Democrats if they don't want something higher than So all 287 00:16:04,520 --> 00:16:07,320 Speaker 1: of these discussions will be happening at exactly the same time, 288 00:16:07,320 --> 00:16:09,520 Speaker 1: and it will be sort of a a crazy sort 289 00:16:09,520 --> 00:16:11,120 Speaker 1: of end of the year for for Janet Yellen, and 290 00:16:11,200 --> 00:16:14,000 Speaker 1: she's negotiating with you know, a hundred countries on one side, 291 00:16:14,040 --> 00:16:15,520 Speaker 1: as well as you know, five hundreds and thirty five 292 00:16:15,600 --> 00:16:20,400 Speaker 1: legislators in Washington. Yeah, so we heard from Janet Yellen 293 00:16:20,520 --> 00:16:24,200 Speaker 1: on this. Can you tell us more about her feelings? Yeah, 294 00:16:24,280 --> 00:16:26,400 Speaker 1: So she has really been kind of the key driving 295 00:16:26,400 --> 00:16:28,840 Speaker 1: force behind this deal. She was the one who really 296 00:16:28,840 --> 00:16:31,320 Speaker 1: brought us to the seven said hey, let's let's look 297 00:16:31,360 --> 00:16:34,000 Speaker 1: at something at fifteen percent rate at least for the 298 00:16:34,040 --> 00:16:37,320 Speaker 1: minimum tax, which had been a reversal from the US position. 299 00:16:37,400 --> 00:16:42,040 Speaker 1: Um treasure Secretarary Stephen Remnution. Trump Secretary Treasury Sectary Secretary 300 00:16:42,040 --> 00:16:44,760 Speaker 1: had walked away from the talks um last year and 301 00:16:44,800 --> 00:16:46,640 Speaker 1: it wasn't clear if the US is going to participate. 302 00:16:46,920 --> 00:16:49,360 Speaker 1: Once the Biden administration came in, Yellen has really led 303 00:16:49,400 --> 00:16:51,840 Speaker 1: the way and sort of begun to engender some some 304 00:16:51,920 --> 00:16:55,000 Speaker 1: better feelings from the negotiating partners. Here, what will this 305 00:16:55,080 --> 00:16:59,680 Speaker 1: mean for multinational companies, the big facebooks, the alphabets, it's 306 00:16:59,720 --> 00:17:03,520 Speaker 1: it's era. It ultimately means that they will probably pay 307 00:17:03,560 --> 00:17:06,280 Speaker 1: more in taxes, and it will reduce a lot of 308 00:17:06,320 --> 00:17:07,960 Speaker 1: the incentives that have been out there for a long 309 00:17:07,960 --> 00:17:10,280 Speaker 1: time to uh, you know, operate in some of these 310 00:17:10,640 --> 00:17:12,880 Speaker 1: countries with super low tax rates and say, look, we're 311 00:17:12,880 --> 00:17:16,000 Speaker 1: actually gonna kind of match the economics of what's happening 312 00:17:16,040 --> 00:17:18,320 Speaker 1: on the ground to where you're actually paying taxes. Rain 313 00:17:18,400 --> 00:17:20,960 Speaker 1: Bloomberg's Laura Davison, thank you so much for coming along 314 00:17:21,000 --> 00:17:22,560 Speaker 1: to help us make sense of it. Laura, I suspect 315 00:17:22,560 --> 00:17:26,399 Speaker 1: we'll be talking about this again. Bloomberg has the best 316 00:17:26,600 --> 00:17:30,080 Speaker 1: reporters in the business. Coming up. The Supreme Court ending 317 00:17:30,119 --> 00:17:34,040 Speaker 1: its term with two important rulings today. We're gonna pick 318 00:17:34,080 --> 00:17:37,160 Speaker 1: through them, one on voting rights, another on donor disclosures, 319 00:17:37,760 --> 00:17:40,600 Speaker 1: and we'll talk about them straight ahead here on Bloomberg 320 00:17:40,720 --> 00:17:46,960 Speaker 1: sound On Broadcasting live from our nation's capital, Bloomberg to 321 00:17:47,080 --> 00:17:51,560 Speaker 1: New York, Bloomberg eleven, Frio to San Francisco, Bloomberg nine 322 00:17:51,680 --> 00:17:55,639 Speaker 1: sixty to the country, Sirius XM Channel one nine and 323 00:17:55,680 --> 00:17:59,080 Speaker 1: around the globe the Bloomberg Business app Ben Bloomberg Radio 324 00:17:59,200 --> 00:18:03,880 Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew. 325 00:18:05,520 --> 00:18:08,840 Speaker 1: Thanks for being with us. The justices have left the building. 326 00:18:09,080 --> 00:18:13,119 Speaker 1: The Supreme Court wrapping its nine month term with a 327 00:18:13,160 --> 00:18:15,560 Speaker 1: couple of important rulings today. We're going to focus on 328 00:18:15,560 --> 00:18:19,520 Speaker 1: one coming up on voting rights. In the conversation that 329 00:18:19,640 --> 00:18:23,840 Speaker 1: we'll be having here on Bloomberg Sound On tomorrow morning. 330 00:18:23,880 --> 00:18:25,919 Speaker 1: We'll be a big one as we'll be talking jobs, 331 00:18:26,000 --> 00:18:29,840 Speaker 1: I am sure on this program as well. Bloomberg Sound 332 00:18:29,880 --> 00:18:34,360 Speaker 1: On Tomorrow will be joined by Labor Secretary Marty Walsh. 333 00:18:34,600 --> 00:18:37,520 Speaker 1: So welcome to the program. On this Thursday, an important 334 00:18:37,600 --> 00:18:39,880 Speaker 1: day for the Supreme Court, as I mentioned, wrapping its 335 00:18:40,040 --> 00:18:42,399 Speaker 1: term with a couple of important rulings. The first on 336 00:18:42,480 --> 00:18:45,480 Speaker 1: voting rights that we want to talk about voting six 337 00:18:45,520 --> 00:18:49,680 Speaker 1: to three to uphold two Arizona voting provisions that include 338 00:18:50,320 --> 00:18:53,280 Speaker 1: a ban on so called ballot harvesting and allow the 339 00:18:53,280 --> 00:18:58,040 Speaker 1: practice of rejecting ballots that are cast in the wrong district, 340 00:18:59,560 --> 00:19:01,600 Speaker 1: joining us not to talk about as June Grasso, the 341 00:19:01,640 --> 00:19:04,600 Speaker 1: host of Bloomberg Law, you here weeknights attent on Bloomberg Radio. 342 00:19:04,640 --> 00:19:06,760 Speaker 1: We've got an expert. Welcome, June. It's great to have 343 00:19:06,800 --> 00:19:10,040 Speaker 1: you with us. It's nice to be here. Challengers of 344 00:19:10,080 --> 00:19:14,000 Speaker 1: these provisions said they discriminate against minority voters. What was 345 00:19:14,040 --> 00:19:17,880 Speaker 1: the rational for ruling against them against the challenge? That's 346 00:19:17,880 --> 00:19:21,359 Speaker 1: a that's a good question because the rationale. I just 347 00:19:21,560 --> 00:19:24,439 Speaker 1: talk to people about this case and may described it 348 00:19:24,560 --> 00:19:29,520 Speaker 1: kindly as the majority opinion being kind of muddled and messy. 349 00:19:30,080 --> 00:19:33,960 Speaker 1: So what Justice Samuel Letter, who wrote the majority said 350 00:19:34,280 --> 00:19:37,359 Speaker 1: was that basically a lot of what wouldn't make up 351 00:19:37,400 --> 00:19:40,280 Speaker 1: a good challenge to a voting law. And he said 352 00:19:40,440 --> 00:19:45,320 Speaker 1: mere inconvenience wasn't enough to invalidate voting rules. A small 353 00:19:45,400 --> 00:19:48,840 Speaker 1: disparity and the impact on different racial groups might not 354 00:19:48,960 --> 00:19:51,600 Speaker 1: be enough either. So what he was saying is that 355 00:19:51,800 --> 00:19:55,679 Speaker 1: these don't impose a substantial burden on minority voters that 356 00:19:55,760 --> 00:20:00,200 Speaker 1: effectively blocked their ability to vote. He's raising the standard 357 00:20:00,240 --> 00:20:03,240 Speaker 1: a great deal about what it would take to to 358 00:20:03,680 --> 00:20:06,440 Speaker 1: challenge one of these laws and have it canceled out. 359 00:20:06,600 --> 00:20:10,400 Speaker 1: And so the question would be basically whether they imposed 360 00:20:10,440 --> 00:20:15,280 Speaker 1: substantial burdens on minority voters that effectively block their ability 361 00:20:15,320 --> 00:20:18,439 Speaker 1: to vote. It's a very high standard, sure is. What 362 00:20:18,520 --> 00:20:21,240 Speaker 1: does it mean though, for anyone from here trying to 363 00:20:21,320 --> 00:20:24,520 Speaker 1: challenge voting laws, it means it's going to be very 364 00:20:24,520 --> 00:20:27,520 Speaker 1: difficult to challenge voting laws from here on out. The 365 00:20:27,560 --> 00:20:31,240 Speaker 1: Supreme Court said it's very reluctant, or showed it's very 366 00:20:31,280 --> 00:20:35,480 Speaker 1: reluctant to second gay guest state laws that might restrict voting. 367 00:20:35,800 --> 00:20:38,640 Speaker 1: Basically said, you know they're gonna be very skeptical from 368 00:20:38,680 --> 00:20:42,480 Speaker 1: here on out about challenges like this one. And you know, 369 00:20:42,520 --> 00:20:46,000 Speaker 1: the standard is just very high here. And he didn't 370 00:20:46,000 --> 00:20:49,600 Speaker 1: really offer a test. He what he did was offer 371 00:20:49,640 --> 00:20:52,919 Speaker 1: a series of guide posts for judges to consider the 372 00:20:53,000 --> 00:20:56,679 Speaker 1: totality of the circumstances, things like the size of the 373 00:20:56,760 --> 00:21:00,640 Speaker 1: voting rules, burn the extended to parts from path practice, 374 00:21:00,680 --> 00:21:04,479 Speaker 1: the size of racial disparities, and justice. Kagan and her 375 00:21:04,560 --> 00:21:08,359 Speaker 1: dissent called the Leado's list of guidelines a list of 376 00:21:08,440 --> 00:21:12,240 Speaker 1: mostly made up factors at odds with section to itself. 377 00:21:12,600 --> 00:21:16,040 Speaker 1: So the question was how far after the oral arguments, 378 00:21:16,040 --> 00:21:19,960 Speaker 1: I think most observers knew that the conservative majority was 379 00:21:20,000 --> 00:21:23,200 Speaker 1: going to uphold these laws, these restrictive Arizona laws. But 380 00:21:23,240 --> 00:21:25,800 Speaker 1: the question was how they would do it, how much 381 00:21:25,960 --> 00:21:29,520 Speaker 1: they would take a bite out of Section two in 382 00:21:29,560 --> 00:21:33,119 Speaker 1: the way that they took Well, basically they just scrapped 383 00:21:33,160 --> 00:21:36,760 Speaker 1: Section five. They gutted the Voting Rights Act in the 384 00:21:36,800 --> 00:21:41,160 Speaker 1: Shelby County case. So it's going to make it much harder. June. 385 00:21:41,160 --> 00:21:44,680 Speaker 1: President Biden was asked about this ruling as he talked 386 00:21:44,680 --> 00:21:47,720 Speaker 1: to reporters today in Serfside, Florida. Here's what he said. 387 00:21:47,920 --> 00:21:54,840 Speaker 1: I think that it is critical that we make a 388 00:21:54,960 --> 00:22:03,240 Speaker 1: distinction between voters suppression and suspension. The ability of a 389 00:22:03,280 --> 00:22:07,840 Speaker 1: state legislative body to come along and vote their legislature 390 00:22:07,920 --> 00:22:11,960 Speaker 1: vote to change who has declared the winner I find 391 00:22:11,960 --> 00:22:17,080 Speaker 1: to be somewhat astounded. And this, of course follows the attempt, 392 00:22:17,080 --> 00:22:21,840 Speaker 1: the failed attempt to handle this legislatively, most recently on 393 00:22:21,920 --> 00:22:25,720 Speaker 1: Capitol Hill June. Republicans never allowed that to even come 394 00:22:25,760 --> 00:22:31,320 Speaker 1: to a vote. Really there, it's I think for Democrats 395 00:22:31,359 --> 00:22:35,119 Speaker 1: going forward, the only hope they have is to try 396 00:22:35,280 --> 00:22:38,920 Speaker 1: to get some version of a voting rights bill passed, 397 00:22:39,000 --> 00:22:43,960 Speaker 1: perhaps to convince Joe Mansion that you know, it's time 398 00:22:44,000 --> 00:22:46,760 Speaker 1: to do away with the filibuster, at least as far 399 00:22:46,800 --> 00:22:50,840 Speaker 1: as voting rights cases, because the Supreme Court really has 400 00:22:50,880 --> 00:22:54,200 Speaker 1: gutted the Voting Rights Act. Now after this and any 401 00:22:54,240 --> 00:22:56,160 Speaker 1: other challenges that are going to come to the Court, 402 00:22:56,200 --> 00:22:58,679 Speaker 1: you see which way they're going in these cases, and 403 00:22:58,720 --> 00:23:01,360 Speaker 1: it's six to three. And there have been very few 404 00:23:01,400 --> 00:23:03,920 Speaker 1: cases this term that have been six to three cases. 405 00:23:04,200 --> 00:23:08,680 Speaker 1: The justices have managed most instances to forge some kinds 406 00:23:08,680 --> 00:23:11,480 Speaker 1: of alliances so that you didn't see so many six 407 00:23:11,520 --> 00:23:13,640 Speaker 1: to three, which is now the new five to four. 408 00:23:14,160 --> 00:23:16,880 Speaker 1: Used to be five to four. Now it's six to three. 409 00:23:17,040 --> 00:23:21,120 Speaker 1: And with the conservative majority here, and so the question 410 00:23:21,200 --> 00:23:24,680 Speaker 1: is why in this case couldn't they do that? And 411 00:23:24,720 --> 00:23:28,080 Speaker 1: I think it's because, you know, they're entrenched. The Republicans 412 00:23:28,080 --> 00:23:31,360 Speaker 1: are entrenched, and the Democrats are entrenched in what they 413 00:23:31,400 --> 00:23:34,679 Speaker 1: believe in. And you know, Chief Justice John Roberts was 414 00:23:34,720 --> 00:23:38,960 Speaker 1: the one who wrote the Shelby County case cutting Section 415 00:23:39,040 --> 00:23:41,879 Speaker 1: five of the Voting Rights Act. So it's it's not 416 00:23:41,960 --> 00:23:43,760 Speaker 1: that things have changed that much on the Court. This 417 00:23:43,840 --> 00:23:46,320 Speaker 1: probably would have been a five to four decision in 418 00:23:46,480 --> 00:23:49,440 Speaker 1: other circumstances. But it's it's very serious. So I think 419 00:23:49,440 --> 00:23:52,119 Speaker 1: that what President Biden is saying is, you know, we 420 00:23:52,240 --> 00:23:55,439 Speaker 1: have to do something because remember the Georgia Law. Not 421 00:23:55,560 --> 00:24:00,680 Speaker 1: only does you know things like suppressing the vote vote 422 00:24:00,680 --> 00:24:04,120 Speaker 1: as far as you know drop boxes and giving water 423 00:24:04,200 --> 00:24:07,359 Speaker 1: to people on the line, but it also gives the 424 00:24:07,400 --> 00:24:12,960 Speaker 1: Republican legislature and the ability to to go into certain 425 00:24:13,320 --> 00:24:16,720 Speaker 1: areas and actually come in and say, wait, we have 426 00:24:16,840 --> 00:24:19,000 Speaker 1: to look at the way these votes came in after 427 00:24:19,040 --> 00:24:22,080 Speaker 1: they came in, so possible changes after the votes came in. 428 00:24:22,280 --> 00:24:24,439 Speaker 1: You're not going to have the Secretary of State anymore 429 00:24:24,480 --> 00:24:28,640 Speaker 1: in that position where he held the line, so that 430 00:24:28,800 --> 00:24:32,080 Speaker 1: also has to be addressed. That is even more serious. 431 00:24:32,359 --> 00:24:35,280 Speaker 1: I think President Biden was saying than these, you know, 432 00:24:35,320 --> 00:24:38,159 Speaker 1: the burdens that they're putting on voting in other ways. 433 00:24:38,920 --> 00:24:40,520 Speaker 1: June we have less than a minute. But the other 434 00:24:40,560 --> 00:24:44,120 Speaker 1: big story today is well, what didn't happen? No retirements announced. 435 00:24:46,359 --> 00:24:48,520 Speaker 1: I'm not surprised. I have to say, I am not 436 00:24:48,720 --> 00:24:54,040 Speaker 1: surprised because I thought from the way that Justice Brier was. 437 00:24:54,119 --> 00:24:57,800 Speaker 1: First of all, he hired new clerks for next term. 438 00:24:57,880 --> 00:25:01,480 Speaker 1: He really in that speed. She gave it at Harvard. 439 00:25:01,640 --> 00:25:05,080 Speaker 1: He seemed to say politics shouldn't be involved in in 440 00:25:05,240 --> 00:25:09,200 Speaker 1: Supreme Court jurisprudence and Supreme Court anything. So it seemed 441 00:25:09,200 --> 00:25:11,800 Speaker 1: to me as if he was giving off signals almost 442 00:25:11,840 --> 00:25:15,120 Speaker 1: that he wasn't going to bow to the enormous pressure 443 00:25:15,720 --> 00:25:20,240 Speaker 1: that you know, Democrats and particularly progressive Democrats put on him. 444 00:25:20,280 --> 00:25:23,800 Speaker 1: You know, Brier retired those big billboards and everything. So 445 00:25:23,840 --> 00:25:27,440 Speaker 1: I wasn't. But this is why you listen to Bloomberg 446 00:25:27,480 --> 00:25:29,480 Speaker 1: Law to night. June could have told you, June Grasso, 447 00:25:29,560 --> 00:25:32,679 Speaker 1: thank you so much. I'm Joe Matthew. You're listening to 448 00:25:32,800 --> 00:25:37,320 Speaker 1: Bloomberg you Sound on with Joe Matthew on Bloomberg Radio. 449 00:25:39,160 --> 00:25:41,480 Speaker 1: Thanks for spending some time with us on Bloomberg Radio. 450 00:25:41,560 --> 00:25:44,399 Speaker 1: Welcome to sound On as we focus on this ruling 451 00:25:44,400 --> 00:25:47,600 Speaker 1: on voting rights today from the Supreme Court. As we 452 00:25:47,720 --> 00:25:50,560 Speaker 1: discussed with June Grasso, the Court today ruling right down 453 00:25:50,600 --> 00:25:54,679 Speaker 1: the middle six three that Arizona did not violate the 454 00:25:54,800 --> 00:25:59,639 Speaker 1: landmark Voting Rights Act. In this decision that provides legal 455 00:25:59,720 --> 00:26:03,040 Speaker 1: cover for Republicans as they push for new rules around 456 00:26:03,400 --> 00:26:06,879 Speaker 1: the country ahead of the two elections that we're joined 457 00:26:07,359 --> 00:26:09,160 Speaker 1: by the Panel I want to hear from both Rick 458 00:26:09,200 --> 00:26:12,119 Speaker 1: and Genie on this Bloomberg Politics contributors Genie she in 459 00:26:12,240 --> 00:26:15,720 Speaker 1: Zano and Rick Davis. Genie, this, I guess was no 460 00:26:15,800 --> 00:26:18,400 Speaker 1: surprise to see it come down six to three. It 461 00:26:18,480 --> 00:26:20,560 Speaker 1: wasn't a surprise. We have to remember this was the 462 00:26:20,640 --> 00:26:24,520 Speaker 1: first year, the first Supreme Court term with three Trump 463 00:26:24,560 --> 00:26:28,040 Speaker 1: appointees on the bench. M Amy Corney Barrett the last 464 00:26:28,080 --> 00:26:30,360 Speaker 1: to to go on. She is not the person who 465 00:26:30,400 --> 00:26:33,080 Speaker 1: granted certain most of these cases, but she certainly has 466 00:26:33,119 --> 00:26:36,360 Speaker 1: had an impact. And of course this is a really 467 00:26:36,440 --> 00:26:41,159 Speaker 1: really important day in American history because now following the 468 00:26:41,200 --> 00:26:45,720 Speaker 1: Shelby decision in you see the Supreme Court really essentially 469 00:26:45,760 --> 00:26:48,760 Speaker 1: gutting as you and June were talking about, this last 470 00:26:48,800 --> 00:26:52,159 Speaker 1: remaining stalwarts section of the Voting Rights Acts, section two, 471 00:26:52,480 --> 00:26:55,760 Speaker 1: which means if Congress doesn't act to pass a voting 472 00:26:55,840 --> 00:26:58,880 Speaker 1: rights bill, and that's a big if, it doesn't look 473 00:26:58,920 --> 00:27:00,640 Speaker 1: like the Court is going to step been when these 474 00:27:00,680 --> 00:27:04,400 Speaker 1: states and localities passed restricted voting rights, and so that 475 00:27:04,480 --> 00:27:07,440 Speaker 1: creates a real challenge. I mean, I'm thinking we're looking 476 00:27:07,480 --> 00:27:09,800 Speaker 1: at July four in a few days. This is a 477 00:27:09,840 --> 00:27:12,960 Speaker 1: time we celebrate American independence and the right to vote 478 00:27:13,000 --> 00:27:16,840 Speaker 1: is critical for that independence. Rick, there's no chance that 479 00:27:16,840 --> 00:27:19,639 Speaker 1: that's going to happen in the legislature. Isn't no chance? 480 00:27:19,680 --> 00:27:22,000 Speaker 1: And I'm not I'm sure it needs to. I mean, 481 00:27:22,480 --> 00:27:25,399 Speaker 1: I'm probably the one person you'll talk to today who's 482 00:27:25,400 --> 00:27:28,959 Speaker 1: actually run elections in Arizona. And I can tell you 483 00:27:29,040 --> 00:27:31,639 Speaker 1: right now the two provisions that were taken before the 484 00:27:31,680 --> 00:27:37,040 Speaker 1: Supreme Court, ballast harvesting and and voters who vote outside 485 00:27:37,080 --> 00:27:40,600 Speaker 1: their precinct are not Voting Rights Act issues. I mean, 486 00:27:40,680 --> 00:27:42,359 Speaker 1: like you got to really get it down into the 487 00:27:42,560 --> 00:27:45,280 Speaker 1: nitty gritty. Do we really want people going door to 488 00:27:45,359 --> 00:27:49,600 Speaker 1: door knocking on voters houses and getting their ballots and 489 00:27:49,680 --> 00:27:54,160 Speaker 1: collecting them and then turning them into a voting location. 490 00:27:54,840 --> 00:27:58,119 Speaker 1: Um uh? In mass it's just a really bad idea. 491 00:27:58,160 --> 00:28:01,200 Speaker 1: It's called ballot harvesting. It's not allowed in virtually any state. 492 00:28:01,760 --> 00:28:04,800 Speaker 1: Normally you have to designate somebody to be able to 493 00:28:04,840 --> 00:28:06,040 Speaker 1: pick up your ballot and they have to be a 494 00:28:06,080 --> 00:28:08,760 Speaker 1: member of your family or something like that in other states. 495 00:28:09,200 --> 00:28:12,080 Speaker 1: So I I completely applaud what the Supreme Court did 496 00:28:12,160 --> 00:28:14,919 Speaker 1: because allowing people to go outside their precincts, why do 497 00:28:14,920 --> 00:28:17,400 Speaker 1: we have precincts if we're gonna allow people to vote 498 00:28:17,400 --> 00:28:20,359 Speaker 1: anywhere they want to vote, and so I'm not sure 499 00:28:20,400 --> 00:28:23,440 Speaker 1: there's like so many big implications. Believe me, I've I've 500 00:28:23,440 --> 00:28:26,479 Speaker 1: spent most of my career with John McCain doing campaign 501 00:28:26,560 --> 00:28:31,120 Speaker 1: finance reform and ballot issues, and a practical political consideration 502 00:28:31,160 --> 00:28:34,120 Speaker 1: here is, don't we want some rules that govern how 503 00:28:34,160 --> 00:28:38,840 Speaker 1: we vote? Justice Alito Rick said that that this mere 504 00:28:38,960 --> 00:28:42,080 Speaker 1: inconvenience line has really seemed to get a lot of 505 00:28:42,080 --> 00:28:44,760 Speaker 1: people's attention, not enough reason to win validate voting rules. 506 00:28:44,760 --> 00:28:47,040 Speaker 1: What are what are communities of colors supposed to make 507 00:28:47,040 --> 00:28:50,000 Speaker 1: of that? You know, I I don't think it's even 508 00:28:50,040 --> 00:28:54,840 Speaker 1: considered a inconvenience to require people to make arrange if 509 00:28:54,880 --> 00:28:57,680 Speaker 1: they can't get to a ballot a polling place, or 510 00:28:57,720 --> 00:29:01,120 Speaker 1: they can't mail their ballot themselves. Is it really an 511 00:29:01,120 --> 00:29:05,120 Speaker 1: inconvenience to to find someone within the rules of the 512 00:29:05,160 --> 00:29:08,360 Speaker 1: state who can deliver your ballot. I mean, we're talking 513 00:29:08,400 --> 00:29:12,320 Speaker 1: about a very small percentage of people who simply cannot 514 00:29:12,440 --> 00:29:14,560 Speaker 1: do one of the two things that are allowed in 515 00:29:14,600 --> 00:29:17,640 Speaker 1: Arizona in this case, and that is to mail your 516 00:29:17,640 --> 00:29:21,800 Speaker 1: ballot or to actually drop it off in a designated location, 517 00:29:22,040 --> 00:29:25,520 Speaker 1: and so you know again, I mean, I think there 518 00:29:25,560 --> 00:29:29,000 Speaker 1: are huge issues related to these laws passed by these 519 00:29:29,040 --> 00:29:33,600 Speaker 1: states about constraints on voting. This is not one of them. 520 00:29:33,760 --> 00:29:36,520 Speaker 1: Is there a move here for the White House, Genie 521 00:29:36,600 --> 00:29:39,880 Speaker 1: for Democrats in Congress, knowing what just happened with an 522 00:29:39,920 --> 00:29:43,520 Speaker 1: attempt at legislation there is It is going to put 523 00:29:43,560 --> 00:29:46,520 Speaker 1: a lot of energy behind moving forward one of these 524 00:29:46,560 --> 00:29:48,480 Speaker 1: two bills. And I just want to go back on 525 00:29:48,520 --> 00:29:51,080 Speaker 1: what Rick said. I think it's important to remember when 526 00:29:51,160 --> 00:29:54,920 Speaker 1: Chief Justice Roberts wrote the decision in Shelby, he upheld 527 00:29:55,000 --> 00:29:57,760 Speaker 1: section two. He said, keep it in place. Strike down five, 528 00:29:57,840 --> 00:30:01,200 Speaker 1: keep two in place. We protect voting rights by allowing 529 00:30:01,320 --> 00:30:05,080 Speaker 1: people to litigate after the fact. The problem this this ruling. 530 00:30:05,120 --> 00:30:07,640 Speaker 1: I don't disagree on the specifics of the Arizona law. 531 00:30:07,840 --> 00:30:10,880 Speaker 1: The problem with this ruling is the burden is now 532 00:30:10,920 --> 00:30:14,360 Speaker 1: on the challenger. The standard is so high now to 533 00:30:14,520 --> 00:30:17,920 Speaker 1: challenge laws. It's going to be incredibly difficult to challenge 534 00:30:17,920 --> 00:30:20,560 Speaker 1: them and get those overturned. And that's why I think 535 00:30:20,600 --> 00:30:23,400 Speaker 1: there is going to be wind behind more than there 536 00:30:23,400 --> 00:30:25,600 Speaker 1: otherwise would have been if the Court had gone another way. 537 00:30:26,040 --> 00:30:30,160 Speaker 1: Some movement in Congress, because now the only hope for 538 00:30:30,280 --> 00:30:32,880 Speaker 1: people who feel they've been discriminated against that state and 539 00:30:33,000 --> 00:30:35,920 Speaker 1: local level is going to be a federal law because 540 00:30:35,920 --> 00:30:39,320 Speaker 1: obviously the federal courts, if they follow this decision, and 541 00:30:39,360 --> 00:30:42,320 Speaker 1: they will, are not going to find any comfort in 542 00:30:42,360 --> 00:30:46,720 Speaker 1: the federal courts under Section two, which has largely been gutted. Now, Jennie, 543 00:30:46,760 --> 00:30:51,040 Speaker 1: are you disappointed that we did not get a retirement announcement? Today? 544 00:30:51,080 --> 00:30:54,719 Speaker 1: Justice Stephen Bryer carries them. I have to say, you know, 545 00:30:55,000 --> 00:30:57,880 Speaker 1: it's very hard to push somebody to retire. I am 546 00:30:57,960 --> 00:31:00,920 Speaker 1: one of those people who call them Justice Ginsburg to retire. 547 00:31:01,040 --> 00:31:04,360 Speaker 1: She obviously didn't. She wrote a famous descent in Shelby. 548 00:31:04,480 --> 00:31:07,840 Speaker 1: Now we're facing brier Um. You know, I do think, 549 00:31:08,040 --> 00:31:11,200 Speaker 1: you know, it is very tough to have these people 550 00:31:11,280 --> 00:31:13,480 Speaker 1: stay this long. But I have a hard time telling 551 00:31:13,480 --> 00:31:16,720 Speaker 1: somebody personally when they should retire. I'm not certain that 552 00:31:16,720 --> 00:31:19,800 Speaker 1: that call for those retirements didn't work against it. He's 553 00:31:19,840 --> 00:31:21,680 Speaker 1: not the kind of person who's going to listen to that. 554 00:31:22,120 --> 00:31:25,200 Speaker 1: Ye would you, Rick? Uh No? I think that the 555 00:31:25,200 --> 00:31:28,440 Speaker 1: Supreme Court should be immune from these kinds of political shenanigans. 556 00:31:28,600 --> 00:31:31,160 Speaker 1: And I would say that there's another way to change 557 00:31:31,760 --> 00:31:36,040 Speaker 1: these laws, and that elections have consequences. In the Arizona case, 558 00:31:36,080 --> 00:31:38,520 Speaker 1: where the state Senate and State House or within a 559 00:31:38,560 --> 00:31:42,120 Speaker 1: couple of votes of one another politically, um, if if 560 00:31:42,160 --> 00:31:44,640 Speaker 1: that changes and Democrats take over, they write the rules 561 00:31:45,040 --> 00:31:48,440 Speaker 1: related to this, to this election or to these election laws. 562 00:31:48,560 --> 00:31:53,480 Speaker 1: And so that is the proper place to litigate election 563 00:31:53,600 --> 00:31:56,760 Speaker 1: rules is on a state by state basis. It's called federalism. 564 00:31:56,800 --> 00:31:58,920 Speaker 1: It's been a backbone of how we run our elections. 565 00:31:59,240 --> 00:32:03,280 Speaker 1: It's not by are going to Congress or by being 566 00:32:03,320 --> 00:32:06,480 Speaker 1: able to try and get the bench to litigate Jennie, 567 00:32:06,520 --> 00:32:08,960 Speaker 1: let's talk about voter I D for a minute. Since 568 00:32:08,960 --> 00:32:12,520 Speaker 1: we're on this topic. It's been suggested recently that Democrats 569 00:32:12,600 --> 00:32:15,920 Speaker 1: might be warming up to this idea. Congressional democrats kind 570 00:32:15,920 --> 00:32:19,480 Speaker 1: of softening the edge when it comes to something that 571 00:32:19,680 --> 00:32:22,080 Speaker 1: was not even a conversation a couple of years ago, 572 00:32:22,480 --> 00:32:24,920 Speaker 1: and they should be softening to it. There's no reason. 573 00:32:25,040 --> 00:32:26,720 Speaker 1: I mean, I'm gonna date myself here. But if you 574 00:32:26,760 --> 00:32:29,040 Speaker 1: went in to get a video at the video store, 575 00:32:29,120 --> 00:32:30,800 Speaker 1: or you went in to get you going now to 576 00:32:30,800 --> 00:32:32,719 Speaker 1: get a book at the book at the library, you 577 00:32:32,760 --> 00:32:35,680 Speaker 1: need some kind of I D most American supportive voter 578 00:32:35,800 --> 00:32:38,080 Speaker 1: I D. I think Democrats should warrant to that. I 579 00:32:38,160 --> 00:32:41,040 Speaker 1: even think that they should support this, you know, this 580 00:32:41,160 --> 00:32:43,280 Speaker 1: for the People Act. I think hr one s when 581 00:32:43,320 --> 00:32:45,520 Speaker 1: they go too far. But I want to push back 582 00:32:45,520 --> 00:32:47,520 Speaker 1: a little bit on what Rick has said. I agree 583 00:32:47,560 --> 00:32:50,480 Speaker 1: with him that you resolve these questions in a legislature. 584 00:32:50,680 --> 00:32:53,600 Speaker 1: But their prerequisite for that as you're able to have 585 00:32:53,800 --> 00:32:57,520 Speaker 1: a fair and transparent voting system that doesn't discriminate against 586 00:32:57,560 --> 00:33:01,120 Speaker 1: people on the basis of race, sex, under or anything else. 587 00:33:01,400 --> 00:33:04,280 Speaker 1: And that is the problem here. You do have states 588 00:33:04,280 --> 00:33:08,400 Speaker 1: and localities that are passing legislation that is discriminatory, and 589 00:33:08,440 --> 00:33:11,240 Speaker 1: that's the problem Rick. Would it help the ODDS to 590 00:33:11,280 --> 00:33:15,080 Speaker 1: handle this legislatively if Democrats used voter i D as 591 00:33:15,160 --> 00:33:18,200 Speaker 1: a more effective bargaining chip. Yeah. I think it's a 592 00:33:18,240 --> 00:33:20,800 Speaker 1: really interesting debate. Um. You know, we've gone through so 593 00:33:20,840 --> 00:33:24,040 Speaker 1: many cycles on voter I D where Republicans were suspicious 594 00:33:24,080 --> 00:33:26,080 Speaker 1: that the federal government was going to track their movements. 595 00:33:26,120 --> 00:33:29,200 Speaker 1: Now Democrats are anxious about it. And I do think 596 00:33:29,240 --> 00:33:33,320 Speaker 1: it's actually worth a national discussion about because if the 597 00:33:33,320 --> 00:33:35,320 Speaker 1: Democrats could put it in play, I mean something as 598 00:33:35,360 --> 00:33:37,400 Speaker 1: simple as what we've talked about in the past is 599 00:33:38,160 --> 00:33:41,240 Speaker 1: on these COVID vaccinations. It would be nice to be 600 00:33:41,280 --> 00:33:43,080 Speaker 1: able to track all this stuff and in some kind 601 00:33:43,120 --> 00:33:45,440 Speaker 1: of a database, and right now we don't even have 602 00:33:45,480 --> 00:33:47,720 Speaker 1: a facility to do that on a national basis. So 603 00:33:48,080 --> 00:33:49,840 Speaker 1: I think it's time to crack open this debate and 604 00:33:49,880 --> 00:33:53,120 Speaker 1: see where it stands. Bloomberg political contributors Genie she and 605 00:33:53,160 --> 00:33:55,840 Speaker 1: Zano and Rick Davis with us today on Bloomberg Sound On. 606 00:33:55,920 --> 00:33:57,880 Speaker 1: In our remaining moments, I want to look ahead to 607 00:33:57,880 --> 00:34:00,560 Speaker 1: tomorrow morning. We've got a big day here tomorrow, the 608 00:34:00,680 --> 00:34:04,520 Speaker 1: jobs report coming out. Obviously it'll be an hour before 609 00:34:04,520 --> 00:34:07,000 Speaker 1: the bell, but we're looking at this through the prism 610 00:34:07,000 --> 00:34:10,000 Speaker 1: of politics. Here the Labor Secretary is ready to go, 611 00:34:10,080 --> 00:34:11,719 Speaker 1: and we know that the president is going to be 612 00:34:11,760 --> 00:34:15,840 Speaker 1: speaking about this. Genie, why well, this this is big 613 00:34:15,880 --> 00:34:18,560 Speaker 1: because the last few months the numbers haven't been quite 614 00:34:18,600 --> 00:34:20,720 Speaker 1: what they wanted or so what if they're not tomorrow 615 00:34:20,760 --> 00:34:23,720 Speaker 1: He's he's already got a speech, he's got a speech 616 00:34:23,760 --> 00:34:25,759 Speaker 1: schedule that you know, it's a little bit dicey, but 617 00:34:25,800 --> 00:34:29,080 Speaker 1: I think they are feeling confident, and of course, you know, 618 00:34:29,200 --> 00:34:31,640 Speaker 1: if the numbers are what they're hoping and thinking they 619 00:34:31,680 --> 00:34:33,839 Speaker 1: will be. They want to try to take some kind 620 00:34:33,880 --> 00:34:36,200 Speaker 1: of credit for it. And I would say, as we 621 00:34:36,239 --> 00:34:38,960 Speaker 1: look at your discussion about you know that the tax 622 00:34:39,000 --> 00:34:42,800 Speaker 1: around the world as corporate tax, Janet Yellen has I think, 623 00:34:42,920 --> 00:34:45,520 Speaker 1: really really made a name for herself. She has been 624 00:34:45,520 --> 00:34:48,280 Speaker 1: able to negotiate and work things that I think people 625 00:34:48,320 --> 00:34:50,200 Speaker 1: didn't expect. So they do have some things in this 626 00:34:50,280 --> 00:34:52,719 Speaker 1: realm to celebrate. What do you think about that Ricky 627 00:34:52,760 --> 00:34:55,120 Speaker 1: schedule to speed before you know the number? Well, I 628 00:34:55,160 --> 00:34:57,080 Speaker 1: think he's got to give a speech no matter what 629 00:34:57,120 --> 00:35:00,760 Speaker 1: the number is, because his entire economic land is starting 630 00:35:00,760 --> 00:35:04,640 Speaker 1: to rest on these jobs numbers from the past. So 631 00:35:04,680 --> 00:35:07,200 Speaker 1: you got it, yeah, exactly, you got speech one good news, 632 00:35:07,239 --> 00:35:11,000 Speaker 1: Speech two good news is even worse. So I think 633 00:35:11,000 --> 00:35:13,400 Speaker 1: he's got to lean in. He's got a huge amount 634 00:35:13,400 --> 00:35:15,040 Speaker 1: of work to do on Capitol Hill to get these 635 00:35:15,040 --> 00:35:18,120 Speaker 1: big trillion dollar packages pass, and no matter what this 636 00:35:18,680 --> 00:35:20,759 Speaker 1: job's report is, he's got to lean in on it 637 00:35:20,800 --> 00:35:22,960 Speaker 1: and try to sell it hard tomorrow because you know, 638 00:35:23,120 --> 00:35:25,640 Speaker 1: the narrative Genie is going to be if the number 639 00:35:25,719 --> 00:35:31,239 Speaker 1: is not good, jobless recovery echoes to the recovery during 640 00:35:31,280 --> 00:35:34,520 Speaker 1: the Obama administration. That's right, and it's going to make 641 00:35:34,600 --> 00:35:36,920 Speaker 1: him that much harder for him to push for the 642 00:35:37,000 --> 00:35:40,760 Speaker 1: big kind of reconciliation bill he wants on something like infrastructure. 643 00:35:41,000 --> 00:35:42,400 Speaker 1: It's going to be hard for him to get his 644 00:35:42,520 --> 00:35:45,880 Speaker 1: legislative agenda through, so he's gonna have to do, to 645 00:35:46,040 --> 00:35:49,359 Speaker 1: Rick's point, have two speeches ready that make the case 646 00:35:49,440 --> 00:35:51,719 Speaker 1: for what he wants to do. And the fact is 647 00:35:51,920 --> 00:35:54,480 Speaker 1: he's got to make the case for these big bills 648 00:35:54,480 --> 00:35:57,000 Speaker 1: that he's been pushing for. Well. I will encourage everyone 649 00:35:57,040 --> 00:35:59,840 Speaker 1: to listen to Bloomberg Radio at thirty to hear that 650 00:36:00,040 --> 00:36:03,440 Speaker 1: number when it is released, and be here tomorrow. Obviously 651 00:36:03,480 --> 00:36:05,520 Speaker 1: we're going to have that as a major story, but 652 00:36:05,560 --> 00:36:07,640 Speaker 1: we'll take a deep dive on that job's report and 653 00:36:07,640 --> 00:36:11,520 Speaker 1: look ahead in an interview with Labor Secretary Marty Walsh. 654 00:36:11,600 --> 00:36:14,960 Speaker 1: Bloomberg Politics contributors Jeannie she and Zano and Rick Davis 655 00:36:15,000 --> 00:36:17,640 Speaker 1: thank you so much, as ever for all the insights 656 00:36:17,640 --> 00:36:21,120 Speaker 1: and helping us understand yet another busy day here. We 657 00:36:21,239 --> 00:36:23,399 Speaker 1: covered a lot of ground today in Washington, and we've 658 00:36:23,440 --> 00:36:26,760 Speaker 1: got one more tomorrow again. Join us for more on Jobs, 659 00:36:26,760 --> 00:36:31,640 Speaker 1: the Labor Secretary as we connect the dots between policy 660 00:36:31,719 --> 00:36:35,919 Speaker 1: and business here on Bloomberg Radio, it's Sound On. I'm Joe, 661 00:36:35,920 --> 00:36:36,280 Speaker 1: Matthew