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Speaker 1: Live from Our Nation's how do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do for the United States relationship with China?

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Speaker 1: Bloomberg Sound on, the Insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. You're looking at seventy Kennedy for different vectines.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg Sound On with kevin'sur

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Speaker 1: relate on Bloomberg and one oh five point seven f

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Speaker 1: m h D two. Because President Trump got a part

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Speaker 1: in Roger Stone, that's the word inside the Beltway. No

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Speaker 1: response from the White House. Multiple reports though that that

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Speaker 1: is what the president is considering the latest political gossip,

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Speaker 1: as Tom Keane would call it. Plus, we dive into

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Speaker 1: the policies of former Vice president now presumptive Democratic presidential

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Speaker 1: nominee Joe Biden's Like Anomic Plan with my exclusive interview

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Speaker 1: with Penny Pritzker. She's the former US Commerce secretary helped

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Speaker 1: draft the plan. Folks, She was one of the people

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Speaker 1: helping Joe Biden draft this plan. Penny Pritsker, I'll bring

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Speaker 1: you that. I'm gonna talk to UH brad Winstrop of

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Speaker 1: Republican French Hill, Republican from Arkansas, UH, and CMS Administrator

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Speaker 1: Seema Burma. You don't want to miss these interviews. We're

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Speaker 1: diving headfirst into policy. This is a storm gets ready

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Speaker 1: to ravage, a tropical storm, gets ready to ravage. Our

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Speaker 1: friends up there in New York. We made It's a Friday, folks.

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Speaker 1: I thought it would never come on Monday, and then

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Speaker 1: here we are. I hope everyone has a great weekend,

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Speaker 1: and we have a full coverage for you across ideological spectrum.

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Speaker 1: So we're gonna kick things off tonight with fresh reaction

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Speaker 1: from one of the key architects behind Democratic presumptive nominee

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Speaker 1: Joe Biden's economic plan. I sat down exclusively via zoom

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Speaker 1: Signed of The Times folks earlier today, for Bloomberg Television

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Speaker 1: and for Bloomberg Radio with former President Barack Obama Commerce

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Speaker 1: Secretary Penny pritsk She was very instrumental advising the Biden

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Speaker 1: campaign on workforce development. This as the Biden campaign looks

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Speaker 1: to target, really something that President Trump has consistently led

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Speaker 1: Biden on in the polls. No, not nationally and not

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Speaker 1: for support, but on the economy. I asked her, what

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Speaker 1: would a Biden plan on the economy do for America?

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Speaker 1: Take a listen to what you told me. Vice President

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Speaker 1: has put out a plan that I think is one

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Speaker 1: that will help create greater certainty in America, which is

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Speaker 1: really important. Key components of the plan are first of all,

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Speaker 1: investing in infrastructure, procurement and R and D four hundred

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Speaker 1: billion dollars for infrastructure and procurement UH and three hundred

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Speaker 1: billion dollars to invest in very important areas of R

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Speaker 1: and D sectors of the economy that we as a

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Speaker 1: country need to lead in clean energy batteries AI five

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Speaker 1: of G. This is the largest investment in these areas

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Speaker 1: since World War two. And and it's really interesting because

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Speaker 1: he framed this as first the firstly the response that

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Speaker 1: is needed to face this moment, especially given the dynamics

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Speaker 1: of of the COVID nineteen. But also he said he

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Speaker 1: wanted to end the era of shareholder capitalism. Why is

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Speaker 1: that important? Well, I think what you're seeing is in

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Speaker 1: you know, this country is facing really three crises, A

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Speaker 1: pandemic and economic crisis and Also, we're having a national

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Speaker 1: reckoning with racial inequality. And what you're seeing is the

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Speaker 1: Vice President saying, we have to address all three of

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Speaker 1: these crises simultaneously. And what I think it's consistent with

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Speaker 1: where American corporations are going, which is a recognition that

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Speaker 1: their stakeholders are not just shareholders, but its employees, it's

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Speaker 1: customers at shareholders, it's the communities in which they operate.

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Speaker 1: And so I think this is completely consistent with where

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Speaker 1: the country is moving. You know, I hear you talk

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Speaker 1: about the need for certainty, and you you're seeing, especially

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Speaker 1: in the markets over the past couple of weeks, this

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Speaker 1: adjustment of stories. But it's not just on Wall Street

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Speaker 1: where you're seeing this adjustment towards maybe the possibility of

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Speaker 1: a Biden presidency. But why is that certainty needed? As

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Speaker 1: for for main street and for small businesses as well. Look,

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Speaker 1: it's really hard to plan when you have absolutely no

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Speaker 1: idea what are the rules going to be? Are we

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Speaker 1: going to be able to have an open economy? Are

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Speaker 1: we going to be a healthy nation? And so you know,

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Speaker 1: the Vice President recognizes the first thing we have to

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Speaker 1: do is deal with the nation's health and make sure

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Speaker 1: that everyone has appropriate healthcare and that we beat this pandemic.

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Speaker 1: But the second thing is, if I'm a small business owner,

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Speaker 1: I'm someone trying to plan to open my restaurant or

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Speaker 1: open my shop on main Street, I have no idea

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Speaker 1: whether people are going me out and about what are

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Speaker 1: the rules going to be, What do I need to

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Speaker 1: do to protect my employees? How do I make my

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Speaker 1: customer feel comfortable? These are the kinds of things that

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Speaker 1: need to be clear, and they don't need to be

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Speaker 1: something that's different from one community to the next, but

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Speaker 1: rather we sha a uniform standard is to how you

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Speaker 1: know what the behavior and what expectations are to be met.

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Speaker 1: Let me follow up on this because it's one thing

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Speaker 1: to put it in the short term and and you know,

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Speaker 1: we're hopeful for a vaccine by the end of the

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Speaker 1: year or even in the first quarter of next year,

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Speaker 1: but even beyond that, once there is a vaccine, once

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Speaker 1: COVID nineteen is behind us, how do we rebuild the economy,

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Speaker 1: Secretary so that it's it's stronger but also more inclusive,

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Speaker 1: especially from a workforce development standpoint. Absolutely, you know Goldman's

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Speaker 1: Access estimates that we're gonna end the year with about

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Speaker 1: nine unemployment. Eighteen million people have lost their jobs and

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Speaker 1: who were employed just four or five months ago. We've

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Speaker 1: got a big killed the climb and a lot of

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Speaker 1: work to do to put folks back to work. One

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Speaker 1: of the most important things we need to do is

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Speaker 1: make sure that that our workforce is trained for the

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Speaker 1: opportunities and the jobs that exist today and into the future.

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Speaker 1: And that's something the Vice President is really behind, which

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Speaker 1: is making sure the up skilling is easily available, that

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Speaker 1: education is uniformly available to everyone, no matter what community

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Speaker 1: you're in. And so there's a lot of work that

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Speaker 1: we have to do to make opportunity uniformly available to

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Speaker 1: everyone in this country. All right, Before I let you go,

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Speaker 1: I do want to ask you about Illinois because I

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Speaker 1: know that you have been deeply involved with the recovery

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Speaker 1: effort for for underserved communities in Illinois. Uh, what what

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Speaker 1: can you tell me about how you about how philanthropy

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Speaker 1: sometimes and you know this has to step in more readily,

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Speaker 1: more responsive, faster to pick up the lag time so

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Speaker 1: to speak for lack of a better words, where the

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Speaker 1: federal government and bureaucracy can't compete as quick. Leading the

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Speaker 1: Illinois COVID Relief Fund has shown me really two major things.

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Speaker 1: First of all, very generous people stepped up really early,

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Speaker 1: early to mid March. Instead, we're gonna put up thirty

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Speaker 1: million dollars to be made available very quickly to the

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Speaker 1: those who were suffering suffering basic needs, needed food, needed shelter,

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Speaker 1: needed help with utilities, needed help with healthcare. And frankly,

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Speaker 1: we were able to get to folks much faster than

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Speaker 1: the government was in the very short run. Then the

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Speaker 1: government came in and really was able to address these

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Speaker 1: issues on a much broader scale than philanthropy was. The

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Speaker 1: other thing that I learned from leading the Illinois COVID

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Speaker 1: Relief Fund is really the cracks that we have in

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Speaker 1: our social safety net. Our African American and our Latin

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Speaker 1: Next communities are really really suffering three, four or five

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Speaker 1: times being the rate of coronavirus, not only getting the disease,

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Speaker 1: but then also deaths, and that really has to do

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Speaker 1: with underlying weaknesses in our healthcare system for those communities,

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Speaker 1: and we need to shore up our social safety net,

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Speaker 1: and I know that we'll see the Vice President really

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Speaker 1: step up in those areas as well. That was my

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Speaker 1: exclusive interview with Patty Pritzker, the former Commerce Secretary in

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Speaker 1: the Obama administration. Coming up, we check in with Sema

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Speaker 1: Verma of the CMS, the CMS administrator. I'm Kevin's really

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Speaker 1: chief Washington correspondent for Bloomberg TV and from Bloomberg Radio.

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Speaker 1: Check out on my interviews cross platform on Bloomberg dot

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Speaker 1: com or on any of our respective apps. Keep it

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Speaker 1: ready here, folks on Bloomberg. You're listening to Bloomberg Sound

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Speaker 1: On with Kevin Sirel on Bloomberg and one oh five

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Speaker 1: point seven f m h D two. You know, I

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Speaker 1: was watching Bloomberg surveillance with Tom Keene, Lisa Bramo Witch,

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Speaker 1: Jonathan Barrel, and I hear from Tom. You know, he's

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Speaker 1: got his little puppy, I don't know if it's a puppy,

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Speaker 1: a small dog, lap dog on his lap, and he's

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Speaker 1: petting the dog and he's saying, hey, he's going back

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Speaker 1: to the office. He's going back to the New York

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Speaker 1: headquarters on Monday, you know, And I just got it. It

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Speaker 1: It reminded me because you know, I learned from Tom

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Speaker 1: a lot just how grateful I am for our team.

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Speaker 1: From Sir Nicholas Falco, I said, Nick, what's your title?

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Speaker 1: He goes, Sir Sir Nicholas Falco, who's running the boards

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Speaker 1: for us today, as well as Christine Barata, Matt Shirley,

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Speaker 1: McDavid Suckerman. You know, we're all working from home. We're

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Speaker 1: all doing our best. Um, so thank you team. Proud

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Speaker 1: to be a part of it. Let's get to another

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Speaker 1: exclusive interview that we did this week with Sema Verma.

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Speaker 1: Seema is the CMS administrator and she runs everything with

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Speaker 1: like Medicaid, medicare you know so uh? I asked her

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Speaker 1: about the new rulemaking. Take a listen to my interview

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Speaker 1: here it is. I want to ask you. On November

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Speaker 1: one to nineteen, CMS issued a final rule which would

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Speaker 1: enact payment restrict actions to non evaluation and management services

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Speaker 1: in the Medicare system. After COVID and seeing the need

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Speaker 1: for some of these health servants is do you think

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Speaker 1: that rule has got to be postponed until until we

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Speaker 1: are through this or do you think we could still

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Speaker 1: follow through with that? Wells a couple of things to

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Speaker 1: know about this rule. First of all, this rule was

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Speaker 1: trying to reduce the burden that physicians based every day

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Speaker 1: with the Medicare program. We know that there's just a

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Speaker 1: lot of challenges and billing, and they spend you know,

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Speaker 1: unfortunately more time away from their patients. And this rule

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Speaker 1: is designed to give them more time face to face

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Speaker 1: time with their patients. UM. The other thing that it

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Speaker 1: does is that it really reimburses physicians for the time

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Speaker 1: that they're spending with their patients. A lot of times,

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Speaker 1: the way the system has worked in the past is

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Speaker 1: that it doesn't really advantage those providers are primary care

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Speaker 1: doctors that are on the front lines dealing with our

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Speaker 1: patients that have multiple comorbidities. You know, a lot of

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Speaker 1: our patients now have diabetes, hypertension, and a lot of

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Speaker 1: difference is these issues all going on at once and

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Speaker 1: they need more time with their doctors. And so the

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Speaker 1: changes that we made UM reimbursed providers for spending time

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Speaker 1: with their patients and reducing their burden. So and even

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Speaker 1: during this and you know, this administrative verma, during this crisis,

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Speaker 1: the elderly have been incredibly incredibly impacted both from a

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Speaker 1: psychological perspective in terms of not being able to be

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Speaker 1: with loved ones for their own safety. Uh and and

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Speaker 1: and economically as well. UH. And I'm curious about Medicare

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Speaker 1: and whether or not you think, as we stare down

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Speaker 1: the potential for another economic stimulus, whether or not Medicare

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Speaker 1: payment increases might be something on the table for right now.

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Speaker 1: You know, one of the things that we've done in

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Speaker 1: the Medicare program is provide accelerated payments for our providers,

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Speaker 1: so if they've had trouble, our health care providers have

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Speaker 1: had trouble with finances, they've been able to seek loans

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Speaker 1: from the Medicare program. The other thing that we've done

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Speaker 1: is so that the President has been focused on and

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Speaker 1: and is signing the Cares Act, and that actually provided

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Speaker 1: a hundred and seventy five billion dollars to providers across

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Speaker 1: the country. We know that providers have been hit hard.

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Speaker 1: They have increased costs for personal protective equipment, many of

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Speaker 1: them haven't been able to perform elective surgeries, and many

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Speaker 1: of them have closed down their practices. So those funds

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Speaker 1: are there to help the health care system deal with

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Speaker 1: the impact of the coronavirus. That being said, I can

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Speaker 1: tell you from the Medicare program is we're starting to

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Speaker 1: see services come back up. We're seeing a lot of

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Speaker 1: our patients accessing telehealth services, which is one of the

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Speaker 1: things that the President is from the very beginning uh

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Speaker 1: to make sure that our Medicare beneficiaries could communicate with

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Speaker 1: their providers while they were sheltering in place. Do you

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Speaker 1: think we have enough doctors in the Medicare system because

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Speaker 1: with so many people getting sick or is that is

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Speaker 1: that how many people should be concerned about it? Earl.

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Speaker 1: You know, I think generally we're we're adding ten thousand

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Speaker 1: new beneficiaries in the Medicare program every single day, So

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Speaker 1: the needs on the healthcare system and the impact are significant.

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Speaker 1: But that's why the President has been focused on workforce challenges.

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Speaker 1: That's why we've been providing more flexibility to the healthcare system,

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Speaker 1: especially during COVID, so that we can augment the workforce.

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Speaker 1: We're allowing providers to operate at the top of their license,

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Speaker 1: whether it be our nurse and necessis also providing more

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Speaker 1: flexibility for nurse practitioners so that we can make sure

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Speaker 1: that especially those hot spots and areas are able to

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Speaker 1: address the surges and that they have a capacity to

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Speaker 1: address the healthcare needs of their communities. Seems administrators Seema

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Speaker 1: Verma is on the line and and you know, I'm

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Speaker 1: struck by this because we hear of all of the heroic,

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Speaker 1: incredible frontline workers who are just really you know, they're

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Speaker 1: risking their lives, they're working these incredibly long shifts. And

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Speaker 1: then I get angry because I hear about the fraud stirs,

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Speaker 1: and I hear about people taking advantage of whether it's

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Speaker 1: the elderly, whether it's it's uh folks, you know, anyone really,

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Speaker 1: you know, and they're being fraudulent and they're tricking people

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Speaker 1: into making some telehealth payments. And you know, I know

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Speaker 1: that this has been something that you've really, you know,

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Speaker 1: pushed back against and and been trying to stop. So

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Speaker 1: what are what are policymakers, what are you doing in

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Speaker 1: order to make sure that people aren't being It's it's

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Speaker 1: crazy to me, but that people aren't falling for these fraudsters. Yeah,

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Speaker 1: it's disappointing that those frosters would try to take advantage

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Speaker 1: of the American taxpayer during this very difficult time. You know,

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Speaker 1: we have waived hundreds of regulations so that the health

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Speaker 1: care system could work better, more efficiently, especially during this

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Speaker 1: time of crisis, and unfortunately, people are taking advantage of it.

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Speaker 1: I can tell you at the agency that we have

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Speaker 1: focused on a very strong plan that for every waiver,

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Speaker 1: for every flexibility, we have a plan to track potential frousters.

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Speaker 1: So in telehealth, we've already found some people that were

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Speaker 1: billing for more services that were humanly possible in a

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Speaker 1: twenty four hour period. So you know, rest assured at

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Speaker 1: tax payers should know that in the scenes, we're looking

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Speaker 1: for those individuals and we'll do everything we can to

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Speaker 1: um to to bring them to justice. And just a

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Speaker 1: final question for you on the issue of telehealth. I mean,

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Speaker 1: it really is the future of medicine. What what I

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Speaker 1: I would argue it might be one of the legacies

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Speaker 1: of the of this horrible pandemic is that it's telehealth

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Speaker 1: has really surged to to read program really how we

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Speaker 1: view getting access to our healthcare. But what what advances

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Speaker 1: have been made in the telehealth field during the last

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Speaker 1: couple of months. Well, you know, the president has been

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Speaker 1: focused on making sure that we're bringing innovation technology and

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Speaker 1: really modernizing the Medicare program. So what we've done from

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Speaker 1: the very beginning, what he's done, and I think this

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Speaker 1: speaks to his leadership around without bringing every tool possible

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Speaker 1: to address the coronavirus, and so we made telehealth available

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Speaker 1: not only in the Medicare program, but also in Medicaid.

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Speaker 1: And it's been really important for people because it's allowed

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Speaker 1: them to receive healthcare in the safety of their homes.

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Speaker 1: And it's also helps keep our healthcare workers safe and

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Speaker 1: reduce use of protective equipment. UM. You know, it's been

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Speaker 1: amazing to see the rapid adoption across the health care system.

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Speaker 1: Our patients seem to like it. Doctors were reluctant at first,

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Speaker 1: but I think they're recognizing that tallehealth can be a

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Speaker 1: tool to increase accessibility of healthcare services. So I've said

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Speaker 1: that this is uh, the genie has been let out

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Speaker 1: of the bottle, and I don't think there's any going

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Speaker 1: back when it comes to tallehealth. I think the American

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Speaker 1: public have clearly seen that there are that there is

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Speaker 1: a place for telehealth in our health care system. Las

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Speaker 1: Murma coming up next, Congressman brad Wen shrup Im, Kevin Sireli.

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Speaker 1: This is Bloomberg and Night and one one. You're listening

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Speaker 1: to Bloomberg Sound On with Kevin Surrey on Bloomberg and

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Speaker 1: One All five point seven f M h D two

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Speaker 1: programming note of that's me. I'm Kevin's really chief Washington

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Speaker 1: correspondent for Bomber TV and Radio, and I'm sitting down

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Speaker 1: with Governor Larry Hogan on Monday for an exclusive interview

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Speaker 1: in Annapolis. You don't want to miss it. But first

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Speaker 1: let's turn to my other interview from this week, Congressman

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Speaker 1: Bradwin Strip a Republican tape. Well, in general, I would

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Speaker 1: say what we're focusing on is a reopening package. In

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Speaker 1: other words, instead of Phase four or five whatever that

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Speaker 1: we were talking about, reopening phase one and it's still

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Speaker 1: addresses the effect of COVID, and it's just it's effects

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Speaker 1: on our economy. And I think that that's going to

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Speaker 1: be the big push, and we're going to continue to

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Speaker 1: look for any of the glitches and the things that

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Speaker 1: we've already done so that we can maintain and get

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Speaker 1: back to a healthy economy, whether it's our hospitals, our businesses,

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Speaker 1: or individuals are small businesses. We have to take a

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Speaker 1: look at all that we painted things with a pretty

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Speaker 1: broadbrush when we first started, and we've seen we've had

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Speaker 1: to make some changes. Extending programs like p PP. I

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Speaker 1: think is is a great deal for what's going on

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Speaker 1: in America today and the needs that people have, and

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Speaker 1: we have to continue to look at things going in

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Speaker 1: a positive direction and uh doing and doing it safely.

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Speaker 1: And that's the that's the conundrum. So, you know, from

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Speaker 1: an economic perspective, especially as economist, Congressman are talking about

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Speaker 1: their being a stepped up recovery with the with the

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Speaker 1: you know, positive economic indicators and the Q three beginning

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Speaker 1: Q four. You know, you've just passed significant other significant

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Speaker 1: economic deals including U S M c A which recently

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Speaker 1: went into effect. From an economic standpoint, it's not just

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Speaker 1: the virus, but what else needs to be done in

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Speaker 1: order to get a faster recovery. Well, I think that

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Speaker 1: you you'll see the administration working with us UH to

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Speaker 1: to do pro growth things. UM. You know, I think that, um,

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Speaker 1: there's so many things to look at, and I know

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Speaker 1: that I'm being kind of vague because there there are

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Speaker 1: a lot of opportunities out there UM and to allow

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Speaker 1: people to uh continue with the tax breaks to maintain

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Speaker 1: more of their income, UM. But we also have to

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Speaker 1: get kids back in school. These these are some of

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Speaker 1: the things that we have to do for allow to

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Speaker 1: allow our economy to take place, and of course we

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Speaker 1: have to do it do it safely. So it's a

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Speaker 1: combination of returning to normal in a in a safe place,

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Speaker 1: in a way that people aren't anxious and and so

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Speaker 1: it really comes down so much of this is involved

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Speaker 1: with health right and so as you look, we have

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Speaker 1: got to look at the virus itself and continue to

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Speaker 1: go in positive directions medically, which we have done with treatments.

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Speaker 1: You're seeing far fewer people uh dying. You're seeing people

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Speaker 1: that have recovered and they have convalescent plasma. They can

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Speaker 1: help the next person. Those are things that we need

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Speaker 1: to do to build confidence in in our society in general.

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Speaker 1: Um and we would and when we do that, we

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Speaker 1: can eliminate some of the other things that have been

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Speaker 1: happening because people aren't at work or they are shut down.

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Speaker 1: We see an increase in suicide, domestic violence, all these

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Speaker 1: things that are negatives for us. So we have to

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Speaker 1: take a look at those and make sure that we

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Speaker 1: can re institute normal life for a lot of people,

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Speaker 1: so that people can go to work because their kids

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Speaker 1: are taken care of at school and afterwards, and all

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Speaker 1: of these things come into play. We have a shortage

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Speaker 1: of daycare providers. That's the problem for our economy because

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Speaker 1: you can't return to work and just leave your kids

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Speaker 1: at home. All of these things have to be addressed.

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Speaker 1: And I'm going to look for incentives for those types

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Speaker 1: of programs and to encourage more people to go into

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Speaker 1: those fields because there's a definite need there. And if

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Speaker 1: we don't, if we don't address every component of this,

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Speaker 1: people just can't all return back to work. But I

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Speaker 1: am encouraged by the numbers that we have seen in

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Speaker 1: the last couple of months in Congressmen. I want to

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Speaker 1: pick up on that point because from an economic standpoint

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Speaker 1: here we are staring down the next round of economic

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Speaker 1: stimulus negotiations ahead of the August recess. And and and

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Speaker 1: you you mentioned about the psychology of the American worker

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Speaker 1: in terms of going back to work. Part of that

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Speaker 1: includes sending your kids back to school and having faith

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Speaker 1: that the school not even but being reassured that sending

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Speaker 1: your your kids back to school, back to daycare, back

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Speaker 1: to you know, elementary school, high school, that they're going

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Speaker 1: to be safe. And so you talked about providing incentives

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Speaker 1: for these schools to be able to get access to

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Speaker 1: to clean facilities and whatnot. How important is that to

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Speaker 1: to to reopening the economy. It's really important. And you

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Speaker 1: talk to anybody that has employees, especially in small businesses,

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Speaker 1: and that is one of their major concerns and it's

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Speaker 1: going to be a limiting factor. So we've seen good numbers.

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Speaker 1: We want to see the numbers going up. But those

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Speaker 1: are the things that come into play. And so I

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Speaker 1: represent both urban and rural areas, and it's a very

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Speaker 1: different environment in each. I have some counties where their

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Speaker 1: hospital maybe has had zero admissions for COVID or one

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Speaker 1: and and only one death and that was with co morbidities,

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Speaker 1: and so they're not understanding the same way an urban

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Speaker 1: setting is, where you have higher numbers than you have deaths.

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Speaker 1: Cincinnati is not the same as New York, and my

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Speaker 1: rural errors aren't the same as Cincinnati. So how we

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Speaker 1: go about doing that really is going to involve good

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Speaker 1: medical decisions at the local level to build the confidence

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Speaker 1: of parents and of kids going to school. The desire

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Speaker 1: is there. I have seen that tremendously. The desire is

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Speaker 1: there to return to that normal, and we just have

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Speaker 1: to do all that we can to allow, especially at

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Speaker 1: a local level people to provide the safety that is

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Speaker 1: necessary and the competent of that safety if they're going

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Speaker 1: to go back to to work and and be able

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Speaker 1: to send their kids to school. But at the same time,

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Speaker 1: what's really important on people's minds is they don't want

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Speaker 1: their kids missing out on their education. And so it's

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Speaker 1: a combination there. So it's a very holistic approach that

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Speaker 1: we need to take because it's not just about the virus.

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Speaker 1: Are we going to have a generation of kids that

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Speaker 1: were uneducated because we're not letting him go to school?

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Speaker 1: That's the problem. And I can tell you is you know,

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Speaker 1: I'm lucky my my son in kindergarten. We we get

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Speaker 1: his his teachers online every day, and we have his

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Speaker 1: class work online every day and we can print the

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Speaker 1: programs and do the work with him. Not everyone has

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Speaker 1: that capability across America, and we have to recognize that.

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Speaker 1: And that's why the importance of continuing to educate our

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Speaker 1: children is really important, especially for our workforce, not only

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Speaker 1: for today for parents that are working, but for the

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Speaker 1: future and our workforce. Congress and Bradwin strips on the line.

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Speaker 1: He's a Republican and he serves for Ohio second Congressional district.

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Speaker 1: He's also an Iraq war veteran and serves as a

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Speaker 1: member of the House Select Intelligence Committee. Uh and Uh,

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Speaker 1: that's really where I want to go next in terms

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Speaker 1: of more geopolitical If if I could for a minute,

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Speaker 1: how has the United States collectively been protecting itself against

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Speaker 1: some of what's what's coming out of China, or how

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Speaker 1: has this been changing the dynamic from Beijing with their

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Speaker 1: lack of transparency Congressmen, in terms of resetting, uh, some

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Speaker 1: of the some of the geopolitical relationship there. We have

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Speaker 1: a lot of restructuring to do. And I think that

432
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Speaker 1: this president was on his way and doing that, and

433
00:24:39,560 --> 00:24:41,399
Speaker 1: I think we're going to continue to do it. And

434
00:24:41,440 --> 00:24:43,879
Speaker 1: I think it's going to happen with the support of

435
00:24:43,920 --> 00:24:48,000
Speaker 1: Congress because it needs to. I'm I'm a military guy.

436
00:24:48,040 --> 00:24:51,160
Speaker 1: I did spent a year in Iraq, also a position

437
00:24:51,320 --> 00:24:54,600
Speaker 1: very concerned about the World Health Organization. If you're not

438
00:24:54,640 --> 00:24:58,560
Speaker 1: getting honest data and honest answers out of the membership,

439
00:24:58,920 --> 00:25:01,280
Speaker 1: then it's not worth being it at all. And we

440
00:25:01,320 --> 00:25:03,960
Speaker 1: should just trying to together our own data as best

441
00:25:04,000 --> 00:25:08,040
Speaker 1: that we can. And and so that's a recognized problem,

442
00:25:08,040 --> 00:25:10,479
Speaker 1: and I think the President was right to respond to

443
00:25:10,480 --> 00:25:12,560
Speaker 1: that in some ways and let it be known that

444
00:25:12,680 --> 00:25:15,440
Speaker 1: we're not going to tolerate this, this type of bad

445
00:25:15,520 --> 00:25:18,959
Speaker 1: behavior when it comes to the health of humankind. This

446
00:25:19,000 --> 00:25:22,399
Speaker 1: has affected the entire world. That's one thing. We've also

447
00:25:22,520 --> 00:25:25,200
Speaker 1: learned a valuable, valuable lesson that I think has really

448
00:25:25,240 --> 00:25:28,320
Speaker 1: been brought to the forefront and maybe been ignored for

449
00:25:28,320 --> 00:25:31,880
Speaker 1: for decades now, and that's our supply chain. And so

450
00:25:31,960 --> 00:25:34,280
Speaker 1: we are going to have to change our economy in

451
00:25:34,280 --> 00:25:37,879
Speaker 1: a way that manufacturing comes back to the United States,

452
00:25:37,880 --> 00:25:40,600
Speaker 1: which this president has been doing since the day he

453
00:25:40,640 --> 00:25:43,639
Speaker 1: took office. And that is key. I got asked early

454
00:25:43,680 --> 00:25:46,159
Speaker 1: on when it was recognized we had a supply chain problem,

455
00:25:46,440 --> 00:25:48,200
Speaker 1: So what do you do? I said, what this president

456
00:25:48,240 --> 00:25:51,240
Speaker 1: has been doing bringing manufacturing back to the United States

457
00:25:51,240 --> 00:25:53,800
Speaker 1: of America. We're gonna have to find ways of doing that.

458
00:25:54,040 --> 00:25:56,399
Speaker 1: As a military person, if you had told me that

459
00:25:56,480 --> 00:26:00,920
Speaker 1: my protective equipment and my pharmaceuticals we that we got

460
00:26:00,960 --> 00:26:03,440
Speaker 1: in a rack we're coming from China, I would have said,

461
00:26:03,440 --> 00:26:06,840
Speaker 1: there is no way. And but that's the situation we're in,

462
00:26:06,960 --> 00:26:09,520
Speaker 1: and I can tell you right now we're working diligently

463
00:26:09,560 --> 00:26:13,000
Speaker 1: to identify where vulnerabilities are and working to correct that.

464
00:26:13,920 --> 00:26:15,800
Speaker 1: You know, it's a thread, to be honest, folks. You

465
00:26:15,880 --> 00:26:17,840
Speaker 1: just heard that from Congressman Brad One Trup. It's a

466
00:26:17,880 --> 00:26:20,480
Speaker 1: thread that we've had in conversations, whether it's Pete Buddha

467
00:26:20,560 --> 00:26:23,320
Speaker 1: Judge or with Brad one Shrup, about where the U. S.

468
00:26:23,359 --> 00:26:26,560
Speaker 1: Foreign policy is moving on US China relations Coming up next.

469
00:26:26,560 --> 00:26:30,359
Speaker 1: Congressman french Hill calls in live Republican Arkansas. Kevin silly,

470
00:26:30,400 --> 00:26:34,920
Speaker 1: this is Bloomberg nine and I want even after all

471
00:26:35,280 --> 00:26:44,439
Speaker 1: the year and it pains me so much. Then you

472
00:26:44,680 --> 00:26:59,760
Speaker 1: don't know me, and I don't want to say go back.

473
00:27:00,320 --> 00:27:03,320
Speaker 1: I'm not like amr Folis sound Kevin SURREALI I'm cheap

474
00:27:03,359 --> 00:27:06,919
Speaker 1: Washington correspondent for Bloomberg Television and for Bloomberg Radio and

475
00:27:06,920 --> 00:27:12,480
Speaker 1: again programming note Monday exclusive with Governor Larry Hogan, the

476
00:27:12,560 --> 00:27:16,480
Speaker 1: Republican from Maryland. I'm going to Annapolis. I missed Annapolis.

477
00:27:16,520 --> 00:27:18,760
Speaker 1: They're letting me out of the belt Way. I'm going

478
00:27:18,800 --> 00:27:22,040
Speaker 1: to Annapolis. And you know where do I eat when

479
00:27:22,040 --> 00:27:23,880
Speaker 1: I'm there? I love that place. There's so many good

480
00:27:23,880 --> 00:27:26,520
Speaker 1: restaurants in Annapolis where should I eat. I'm gonna be

481
00:27:26,560 --> 00:27:31,600
Speaker 1: thinking about it all weekend. Congressman French Hill, Republican from Arkansas. Congressman,

482
00:27:31,680 --> 00:27:34,320
Speaker 1: you know all the barbecue spots in Arkansas. Do you

483
00:27:34,359 --> 00:27:37,840
Speaker 1: ever go to Annapolis? Where do I eat in Annapolis? Well?

484
00:27:37,920 --> 00:27:40,080
Speaker 1: The number one go on Annapolis is for you to

485
00:27:40,119 --> 00:27:45,800
Speaker 1: get a fantastic crap cake lunch. Absolutely, And I've never

486
00:27:45,880 --> 00:27:50,240
Speaker 1: had a bad crap cake in Anapolis with some Cajun fries.

487
00:27:50,560 --> 00:27:52,600
Speaker 1: You know you gotta have the fries with the crap cake.

488
00:27:53,080 --> 00:27:56,000
Speaker 1: You know, you got it alright, You got it all right.

489
00:27:56,040 --> 00:27:58,560
Speaker 1: You have an opbed out in the Hill, Bob Cusacks

490
00:27:58,640 --> 00:28:02,359
Speaker 1: the Hill, in which you write about how to target

491
00:28:03,200 --> 00:28:06,560
Speaker 1: some small businesses and streamline the process for PPP loans.

492
00:28:06,640 --> 00:28:08,440
Speaker 1: And you know we're staring down the next round of

493
00:28:08,480 --> 00:28:11,160
Speaker 1: economic stimulus. You are wrapped up in the negotiations. Are also,

494
00:28:11,200 --> 00:28:14,200
Speaker 1: of course on the oversight Panel, the bipartisan group that's

495
00:28:14,240 --> 00:28:18,960
Speaker 1: making sure there's no shenanigans with how the the there's

496
00:28:19,000 --> 00:28:21,879
Speaker 1: distribution on this. But tell me what are some of

497
00:28:21,920 --> 00:28:25,160
Speaker 1: your ideas in order to get small businesses the access

498
00:28:25,240 --> 00:28:30,520
Speaker 1: that they need to stay alive during this horrific downturn well, Kevin,

499
00:28:30,640 --> 00:28:34,080
Speaker 1: it's important, and particularly since we have new cases, uh,

500
00:28:34,119 --> 00:28:37,880
Speaker 1: and we also have had some additional opportunities to close

501
00:28:37,960 --> 00:28:41,000
Speaker 1: businesses again. So that's why I've had hundred and thirty

502
00:28:41,000 --> 00:28:43,960
Speaker 1: billion dollars in the paycheck protection program that is not

503
00:28:44,080 --> 00:28:47,440
Speaker 1: yet spent. Needs to be extended. I'm so glad Senator

504
00:28:47,480 --> 00:28:49,880
Speaker 1: Marco Rubio got that done in the Senate. We passed

505
00:28:49,920 --> 00:28:52,120
Speaker 1: it in the House last week. But I think we

506
00:28:52,160 --> 00:28:54,080
Speaker 1: need to do to make it better is we have

507
00:28:54,240 --> 00:28:57,280
Speaker 1: the weeks of flexibility of spending, but we need to

508
00:28:57,320 --> 00:29:01,640
Speaker 1: allow a business that's still suffering probably to come back

509
00:29:02,120 --> 00:29:04,360
Speaker 1: to the p p P program. In other words, we

510
00:29:04,400 --> 00:29:09,320
Speaker 1: need to allow if someone still has severe revenue damage

511
00:29:09,920 --> 00:29:13,880
Speaker 1: to access those funds. Secondly, you know that we had

512
00:29:14,400 --> 00:29:18,120
Speaker 1: emergency disaster loans that were offered by the s b A,

513
00:29:18,280 --> 00:29:22,280
Speaker 1: the E I D L loans. Those were slow, they

514
00:29:22,320 --> 00:29:25,120
Speaker 1: weren't transparent. It was a bit of a black box.

515
00:29:25,200 --> 00:29:27,760
Speaker 1: Nobody knew if they were going to get any money

516
00:29:27,840 --> 00:29:30,840
Speaker 1: or not. I propose that we changed that from a

517
00:29:30,880 --> 00:29:34,720
Speaker 1: disaster loan program and shift it as well out as

518
00:29:34,760 --> 00:29:39,160
Speaker 1: a bank originated emergency loan. Let the SPA buy those

519
00:29:39,240 --> 00:29:41,880
Speaker 1: loans out of the banks. I think people will be

520
00:29:41,960 --> 00:29:45,560
Speaker 1: able to accept money faster and with more transparency. So

521
00:29:45,600 --> 00:29:47,400
Speaker 1: those are just a couple of ideas to help our

522
00:29:47,440 --> 00:29:49,480
Speaker 1: small businesses. Congress and French Hills on the line. He's

523
00:29:49,520 --> 00:29:52,080
Speaker 1: Republican from our Kansas, and he writes in his op

524
00:29:52,200 --> 00:29:55,360
Speaker 1: ed in the Hill uh quote, the loans allow small

525
00:29:55,400 --> 00:29:59,800
Speaker 1: businesses to access up to twenty five dollars while waiting

526
00:30:00,000 --> 00:30:02,600
Speaker 1: to receive the E I D L. And again, folks,

527
00:30:02,640 --> 00:30:06,080
Speaker 1: if you're if you're drowning in alphabet soup. It is

528
00:30:06,240 --> 00:30:09,800
Speaker 1: the Economic Injury Disaster Loan program. And the whole point

529
00:30:09,800 --> 00:30:11,560
Speaker 1: of the Congressman, correct me if I'm wrong, is that

530
00:30:11,760 --> 00:30:16,000
Speaker 1: they get that assistance as fast as possible. Yeah, but

531
00:30:16,080 --> 00:30:18,080
Speaker 1: here's the deal. I mean, you apply the end of

532
00:30:18,160 --> 00:30:21,000
Speaker 1: March for one of these spies. After loans, you're given

533
00:30:21,000 --> 00:30:23,480
Speaker 1: a loan number, but you don't hear anything for six

534
00:30:23,600 --> 00:30:26,960
Speaker 1: or eight weeks and count on that Monday night. It's

535
00:30:27,000 --> 00:30:30,000
Speaker 1: too late. It's too late. And also when you're assembling

536
00:30:30,080 --> 00:30:32,440
Speaker 1: all your money, you will you need to know how

537
00:30:32,440 --> 00:30:35,080
Speaker 1: it's gonna come and what pieces. I think if we

538
00:30:35,400 --> 00:30:39,120
Speaker 1: raise that emergency amount to a hundred and fifty thousand dollars.

539
00:30:39,200 --> 00:30:42,480
Speaker 1: We let the banks originated and then sell that loan

540
00:30:42,560 --> 00:30:45,360
Speaker 1: off to the s b A. People will know what

541
00:30:45,440 --> 00:30:48,440
Speaker 1: they've qualified for. And I think it will be faster

542
00:30:48,600 --> 00:30:51,400
Speaker 1: and more transparent. And when you're in a desperate mode,

543
00:30:52,080 --> 00:30:54,200
Speaker 1: UH to find the resources you need to keep your

544
00:30:54,200 --> 00:30:58,320
Speaker 1: business open, waiting in a black box is not helpful. Well,

545
00:30:58,400 --> 00:31:00,800
Speaker 1: and and I you know, I was speaking about this

546
00:31:00,800 --> 00:31:04,440
Speaker 1: when I interviewed earlier this week the Small Business Administrations

547
00:31:05,120 --> 00:31:08,840
Speaker 1: UH Givida Corenza, and she was talking about how this

548
00:31:08,880 --> 00:31:12,000
Speaker 1: issue of transparency, and there's been this debate. Democrats have

549
00:31:12,080 --> 00:31:14,720
Speaker 1: argued that everything should be disclosed, who gets what and

550
00:31:14,760 --> 00:31:18,840
Speaker 1: how much, But Republicans have argued that that loans for

551
00:31:18,840 --> 00:31:21,200
Speaker 1: for less than about a hundred and fifty thou dollars,

552
00:31:21,200 --> 00:31:23,840
Speaker 1: that maybe it ought to be protected because simply people

553
00:31:23,840 --> 00:31:27,440
Speaker 1: are entitled to not have their um financial records and

554
00:31:27,560 --> 00:31:29,560
Speaker 1: data out there on the internet, especially if they're a

555
00:31:29,560 --> 00:31:32,480
Speaker 1: small business. But I gotta ask you, Congressman, you know,

556
00:31:32,600 --> 00:31:35,520
Speaker 1: all week long, and it's not just Republicans, but we've

557
00:31:35,520 --> 00:31:38,960
Speaker 1: been reading reports of you know, from Kanye West to

558
00:31:39,800 --> 00:31:42,800
Speaker 1: UH two allies, the speaker Pelo Seed too. I mean

559
00:31:42,800 --> 00:31:45,840
Speaker 1: you've seen the same headlines too, two sports teams and

560
00:31:45,840 --> 00:31:47,920
Speaker 1: and folks who I think people are scratching their heads

561
00:31:47,960 --> 00:31:51,920
Speaker 1: thinking how did they get loans? When the small business

562
00:31:52,360 --> 00:31:55,920
Speaker 1: you know it's all around the country had to wait

563
00:31:56,080 --> 00:32:00,000
Speaker 1: six to eight weeks for for the bureau bureaucrats in Washington,

564
00:32:00,000 --> 00:32:01,719
Speaker 1: in on both sides of the aisles to get their

565
00:32:01,720 --> 00:32:04,960
Speaker 1: act together in order to to find to give them assistance.

566
00:32:05,000 --> 00:32:08,840
Speaker 1: How do we stop that from happening? Well, I think

567
00:32:08,840 --> 00:32:11,120
Speaker 1: we write a better law. You know, back in March,

568
00:32:11,160 --> 00:32:14,120
Speaker 1: when the Kars Act was being drafted. In early April,

569
00:32:14,560 --> 00:32:20,160
Speaker 1: the Senate took out the qualification paragraph on the PPP loans.

570
00:32:20,200 --> 00:32:23,680
Speaker 1: In other words, the original bill had a definition that

571
00:32:23,760 --> 00:32:27,000
Speaker 1: you had to have fewer than five employees and you

572
00:32:27,040 --> 00:32:29,560
Speaker 1: had to have a like a fifty percent loss in

573
00:32:29,720 --> 00:32:35,360
Speaker 1: revenue before you could qualify for one of those loans. Uh.

574
00:32:35,400 --> 00:32:39,480
Speaker 1: And so putting a qualification in would more narrowly target

575
00:32:39,560 --> 00:32:44,120
Speaker 1: the loans. Secondly, Uh, Look, the Treasury and the Congress

576
00:32:44,160 --> 00:32:47,840
Speaker 1: wanted money out to help save the American economy, and

577
00:32:47,920 --> 00:32:52,000
Speaker 1: they did not prohibit public companies from accessing p p

578
00:32:52,120 --> 00:32:55,400
Speaker 1: P or a sports team or a franchise. In fact,

579
00:32:55,400 --> 00:32:59,840
Speaker 1: they were very generous about hotels and food franchisees. So

580
00:33:00,080 --> 00:33:03,080
Speaker 1: some of it was intentional, Kevin, to get money out

581
00:33:03,160 --> 00:33:07,000
Speaker 1: to save as many Johns as possible, as quickly as possible.

582
00:33:07,320 --> 00:33:09,960
Speaker 1: And I think that's really important to know because we

583
00:33:10,000 --> 00:33:13,000
Speaker 1: live in the cancel clickbait culture, right And and I

584
00:33:13,080 --> 00:33:15,000
Speaker 1: hear you on that point, because a lot of these big,

585
00:33:15,080 --> 00:33:18,400
Speaker 1: you know, people have their own opinions about everything these days,

586
00:33:18,400 --> 00:33:22,480
Speaker 1: including businesses, big, small, whatever. And so even I think

587
00:33:22,560 --> 00:33:24,320
Speaker 1: some of the some of the reports that I've seen

588
00:33:24,360 --> 00:33:26,680
Speaker 1: making their way through the social media feeds, it's it's

589
00:33:27,040 --> 00:33:29,880
Speaker 1: we we forget that there are employees that are working

590
00:33:30,400 --> 00:33:32,600
Speaker 1: all over the country for for some of these companies.

591
00:33:32,640 --> 00:33:34,080
Speaker 1: And and so I hear you on that point, and

592
00:33:34,080 --> 00:33:36,240
Speaker 1: I think it is an important point that I think

593
00:33:36,240 --> 00:33:39,280
Speaker 1: should be injected into this conversation. I want to switch

594
00:33:39,320 --> 00:33:41,560
Speaker 1: gears now give us a preview of the next round

595
00:33:41,560 --> 00:33:43,880
Speaker 1: of economic stimulus, because I think a lot of people

596
00:33:43,920 --> 00:33:47,680
Speaker 1: are wondering precisely what this is going to entail. People

597
00:33:47,680 --> 00:33:50,480
Speaker 1: have been talking all week about the potential for students

598
00:33:50,520 --> 00:33:53,000
Speaker 1: returning to the classroom. What would you like to see

599
00:33:53,000 --> 00:33:55,920
Speaker 1: in this next round of stimulus and what's realistic for

600
00:33:55,920 --> 00:33:59,960
Speaker 1: for getting signed into law. Well, there's a good conversation

601
00:34:00,000 --> 00:34:02,640
Speaker 1: and on a biparson basis, on both sides of the hill.

602
00:34:02,720 --> 00:34:05,160
Speaker 1: I'll give you the categories that I think are important.

603
00:34:05,520 --> 00:34:07,120
Speaker 1: First of all, what are we going to do about

604
00:34:07,160 --> 00:34:11,600
Speaker 1: the pandemic unemployment compensation piece of six hundred dollars flat

605
00:34:11,760 --> 00:34:14,839
Speaker 1: per week. A lot of employers are saying, look, it's

606
00:34:14,880 --> 00:34:18,080
Speaker 1: an impediment to me bringing people back to the workforce

607
00:34:18,160 --> 00:34:22,120
Speaker 1: because it annualizes out to about fifty thousand dollars a year.

608
00:34:22,600 --> 00:34:26,000
Speaker 1: UH Douglas whole Seacon suggested about six of the people

609
00:34:26,200 --> 00:34:30,000
Speaker 1: on pandemic unemployment insurance are making more than they made

610
00:34:30,000 --> 00:34:33,200
Speaker 1: when they worked. So how do we restructure that to

611
00:34:33,360 --> 00:34:37,280
Speaker 1: protect families but encourage work. So I think that's category

612
00:34:37,480 --> 00:34:41,080
Speaker 1: number one. Category number two is guidance for state and

613
00:34:41,200 --> 00:34:45,200
Speaker 1: local governments. UH The National Legal Cities says that some

614
00:34:46,120 --> 00:34:49,560
Speaker 1: of the governors have not shared the Cares Act money

615
00:34:49,600 --> 00:34:52,680
Speaker 1: with their state and local and county officials. How do

616
00:34:52,719 --> 00:34:55,400
Speaker 1: we deliver more guidance there that that money can be

617
00:34:55,480 --> 00:34:58,680
Speaker 1: spent at the state and local level, at a lower

618
00:34:58,719 --> 00:35:01,840
Speaker 1: subdivision of government. I think that's very inportant. Should we

619
00:35:01,960 --> 00:35:05,520
Speaker 1: broughten it. Should we include broadband for example? And then

620
00:35:05,560 --> 00:35:08,920
Speaker 1: President Trump has talked about stimulus check should we do

621
00:35:08,960 --> 00:35:12,719
Speaker 1: another round of tax rebate checks? And then finally you

622
00:35:12,800 --> 00:35:15,560
Speaker 1: brought up a very important issue, which is and I'm

623
00:35:15,600 --> 00:35:19,600
Speaker 1: introducing a bill next week on grants for our teachers

624
00:35:19,600 --> 00:35:22,319
Speaker 1: to make sure our schools are ready to open. I

625
00:35:22,320 --> 00:35:24,959
Speaker 1: think it's so important. I get a lot of nervousness

626
00:35:25,040 --> 00:35:28,360
Speaker 1: from my teachers and from my mom's out there about

627
00:35:28,440 --> 00:35:31,880
Speaker 1: six people weren't their kids to go back to school,

628
00:35:31,920 --> 00:35:35,680
Speaker 1: but they want to do it safely exactly. Congressman friendshill Uh,

629
00:35:35,880 --> 00:35:38,560
Speaker 1: thank you, because you know, every time I interviewed Congressman

630
00:35:38,560 --> 00:35:42,279
Speaker 1: Friends Shill, I get, you know, a very clear landscape

631
00:35:42,360 --> 00:35:44,920
Speaker 1: of what said. Have a great weekend, and I'll let

632
00:35:44,960 --> 00:35:46,920
Speaker 1: you know about which crap cake I decided to go

633
00:35:46,960 --> 00:35:50,160
Speaker 1: with down over in Annapolis. Thank you, and again, stay

634
00:35:50,160 --> 00:35:53,120
Speaker 1: tuned on Monday for an interview with Governor Larry Hogan.

635
00:35:53,160 --> 00:35:55,239
Speaker 1: I'm vin's really have a great weekend. Thanks for listening

636
00:35:55,280 --> 00:36:04,040
Speaker 1: to Bloomberg Night, and I want thank god it's side,

637
00:36:10,400 --> 00:36:15,640
Speaker 1: thank God it's si