1 00:00:01,440 --> 00:00:06,120 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,120 --> 00:00:09,000 Speaker 1: Plutin has made it very clear that he wants to 3 00:00:09,000 --> 00:00:12,320 Speaker 1: reunite Thesodet union. From the view is not perfectly constrained. 4 00:00:12,640 --> 00:00:16,279 Speaker 1: No such thing as risk free sanctions, but our risk 5 00:00:16,360 --> 00:00:19,119 Speaker 1: poler and test rised in the face of an actual 6 00:00:19,280 --> 00:00:24,160 Speaker 1: Landford in Bloomberg Sound On Politics, Policy and Perspective from 7 00:00:24,239 --> 00:00:27,680 Speaker 1: DC's top name serious. The science of the economy is 8 00:00:27,800 --> 00:00:31,960 Speaker 1: not super robust. Pennsylvania has there's a structurally deficient bridge. 9 00:00:32,080 --> 00:00:34,360 Speaker 1: The need has been pronounced for a while, and Joe 10 00:00:34,400 --> 00:00:38,080 Speaker 1: Biden got it done. Bloomberg Sound On with Joe Matthew 11 00:00:38,479 --> 00:00:43,440 Speaker 1: on Bloomberg Radio. The majority leader in the US Senate 12 00:00:43,520 --> 00:00:46,280 Speaker 1: says it's a priority for this year, and there is 13 00:00:46,360 --> 00:00:50,080 Speaker 1: momentum on legislation in the House, not for build back Better, 14 00:00:50,600 --> 00:00:53,800 Speaker 1: but for legalizing cannabis on the federal level, allowing the 15 00:00:53,800 --> 00:00:57,480 Speaker 1: industry to use banks, major stock exchanges. It is more 16 00:00:57,520 --> 00:00:59,600 Speaker 1: than a pipe dream today, and we're going to talk 17 00:00:59,600 --> 00:01:02,360 Speaker 1: about the whole movement with two of its biggest proponents 18 00:01:02,360 --> 00:01:05,959 Speaker 1: in Washington. Congressman Ed Pearl Mutter, Democrat from Colorado, the 19 00:01:05,959 --> 00:01:09,240 Speaker 1: force behind the Safe Banking Act, which just passed the 20 00:01:09,280 --> 00:01:13,759 Speaker 1: House again, and Representative Nancy Mace, a Republican from South Carolina, 21 00:01:14,080 --> 00:01:17,000 Speaker 1: who was behind the state's reform Act, will get reaction 22 00:01:17,040 --> 00:01:20,800 Speaker 1: from the panel. Bloomberg Politics contributor Jeanie Shenzano is with 23 00:01:20,880 --> 00:01:23,560 Speaker 1: us today along with Republican strategist Doug High Back with 24 00:01:23,680 --> 00:01:26,680 Speaker 1: us on the fastest hour in politics. It would have 25 00:01:26,720 --> 00:01:30,080 Speaker 1: been considered unthinkable even a few years ago, but Senate 26 00:01:30,120 --> 00:01:32,880 Speaker 1: Majority Leader Chuck Schumer sent a letter to members of 27 00:01:32,920 --> 00:01:37,360 Speaker 1: the Senate today dear colleagues about legalizing marijuana at the 28 00:01:37,360 --> 00:01:41,080 Speaker 1: federal level, saying the Senate is long overdue in addressing 29 00:01:41,080 --> 00:01:43,480 Speaker 1: the issue, as he has already stated he did so 30 00:01:43,560 --> 00:01:46,360 Speaker 1: on the Senate floor last summer. The doom and gloom 31 00:01:46,400 --> 00:01:52,360 Speaker 1: predictions when states like Colorado or Oregon went forward and 32 00:01:52,440 --> 00:01:58,640 Speaker 1: decriminalized and legalized never occurred in state after state. Through 33 00:01:58,680 --> 00:02:02,680 Speaker 1: ballot initiatives and kind institutional amendments. The American people are 34 00:02:02,720 --> 00:02:07,200 Speaker 1: sending a clear message that they want this policy changed, 35 00:02:07,840 --> 00:02:10,520 Speaker 1: Senator Schumer, writing in his letter today that he invites 36 00:02:10,560 --> 00:02:13,960 Speaker 1: members into the drafting process. Bills have already been drafted 37 00:02:13,960 --> 00:02:16,119 Speaker 1: in the House. In fact, the Safe Banking Act, which 38 00:02:16,120 --> 00:02:19,120 Speaker 1: we've talked about on this program before from Congressman Ed 39 00:02:19,160 --> 00:02:22,799 Speaker 1: Pearl Mutter of Colorado. Has been passed get this six 40 00:02:23,080 --> 00:02:26,440 Speaker 1: times now. It happened again just a couple of days 41 00:02:26,480 --> 00:02:29,519 Speaker 1: ago when it passed as part of the China Competition 42 00:02:29,520 --> 00:02:31,960 Speaker 1: bill that we have also talked about. So will this 43 00:02:32,040 --> 00:02:33,720 Speaker 1: time be any different? We talked about it now with 44 00:02:33,760 --> 00:02:36,800 Speaker 1: the architect himself. Congressman Pearl Mutter is with us, and 45 00:02:36,840 --> 00:02:39,720 Speaker 1: I appreciate Congressman your time, thanks for being here on 46 00:02:39,800 --> 00:02:43,160 Speaker 1: Bloomberg Radio. This bill would give cannabis companies access to banks, 47 00:02:43,200 --> 00:02:47,240 Speaker 1: to stock exchanges. It has bipartisan support. How come it 48 00:02:47,280 --> 00:02:51,760 Speaker 1: hasn't passed beyond the House. Well, it's well, it has 49 00:02:51,800 --> 00:02:55,919 Speaker 1: passed beyond the House, as you said, six times. It's passed, 50 00:02:55,960 --> 00:02:58,880 Speaker 1: as you know, part of a package like it's passed 51 00:02:58,919 --> 00:03:03,280 Speaker 1: with the Compete Eats Act China competition but basically competes 52 00:03:04,200 --> 00:03:06,320 Speaker 1: with the rest of the world on a variety of things. 53 00:03:06,400 --> 00:03:09,239 Speaker 1: But we've passed it with the Defense bill and it's 54 00:03:09,280 --> 00:03:14,440 Speaker 1: past stand alone, and it's well it should be. Yeah, 55 00:03:14,720 --> 00:03:17,720 Speaker 1: I want you to talk to a Senator Schumer. I 56 00:03:17,760 --> 00:03:20,440 Speaker 1: think what he wants to do is he has a 57 00:03:20,520 --> 00:03:24,040 Speaker 1: much bigger package that he'd like to get past that 58 00:03:24,440 --> 00:03:29,880 Speaker 1: legalizes and decriminalizes as criminal justice reform, and I support that. 59 00:03:29,960 --> 00:03:31,760 Speaker 1: I just don't think he's got the votes in the 60 00:03:31,800 --> 00:03:34,440 Speaker 1: Senate for that, where I am pretty sure he has 61 00:03:34,480 --> 00:03:38,040 Speaker 1: the votes to pass safe banking. Uh. It has forty 62 00:03:38,040 --> 00:03:42,400 Speaker 1: two co sponsors, and of home are Republicans. I think 63 00:03:42,520 --> 00:03:45,240 Speaker 1: pretty much every Democrat will vote for it. Get up 64 00:03:45,280 --> 00:03:47,960 Speaker 1: the fifteen Republicans if it gets to the floor of 65 00:03:48,000 --> 00:03:52,560 Speaker 1: the Senate. So I'm a congressman, I I'm in the House. 66 00:03:52,920 --> 00:03:56,640 Speaker 1: I've done my job. I passed six times now six times. 67 00:03:56,640 --> 00:03:59,560 Speaker 1: Over to your point, Senator Schumer, along with Senator Corey 68 00:03:59,600 --> 00:04:02,880 Speaker 1: Booker and maybe others, seem adamant about passing something with 69 00:04:02,960 --> 00:04:07,080 Speaker 1: an equity component of justice reform component. Do you support 70 00:04:07,120 --> 00:04:10,200 Speaker 1: expunging criminal records for instance, or is is that exactly 71 00:04:10,440 --> 00:04:13,960 Speaker 1: what is keeping your bill from passing? No it in 72 00:04:14,080 --> 00:04:17,960 Speaker 1: Colorado we are doing for for really the tiny infractions 73 00:04:18,040 --> 00:04:21,240 Speaker 1: of you know, an edible or something like that. Our 74 00:04:21,279 --> 00:04:24,880 Speaker 1: district attorneys are expunging the records. It's it's happening on 75 00:04:24,920 --> 00:04:28,880 Speaker 1: a district by district basis, state by state, and so 76 00:04:29,000 --> 00:04:31,119 Speaker 1: that's part of it. I mean, I think, what really 77 00:04:31,720 --> 00:04:35,039 Speaker 1: when when we sent it to the Republican Senate three 78 00:04:35,120 --> 00:04:38,200 Speaker 1: years ago, Senator Crapo said it was too big and 79 00:04:38,240 --> 00:04:41,760 Speaker 1: too broad. We sent it to a Democratic Senate where 80 00:04:42,360 --> 00:04:45,120 Speaker 1: Senator Brown is the head of banking, it's too limited 81 00:04:45,200 --> 00:04:49,240 Speaker 1: and too narrow. I'm happy they can add things to 82 00:04:49,440 --> 00:04:56,960 Speaker 1: the bill, research, veterans issues, uh, taxation expungement. Those things 83 00:04:57,000 --> 00:05:00,320 Speaker 1: I think we could probably pass in the House. The 84 00:05:00,360 --> 00:05:04,360 Speaker 1: majority will get narrower and narrower. But the real question 85 00:05:04,440 --> 00:05:07,280 Speaker 1: is what can they pass in the Senate, and they don't. 86 00:05:07,640 --> 00:05:09,640 Speaker 1: They need to take a win and need to start 87 00:05:09,680 --> 00:05:12,719 Speaker 1: moving this subject forward. Well, let's talk about this vehicle 88 00:05:12,760 --> 00:05:14,960 Speaker 1: that it's in now. Your most recent amendment past to 89 00:05:15,200 --> 00:05:19,680 Speaker 1: sixty two to one. According to my records here, the 90 00:05:19,760 --> 00:05:23,960 Speaker 1: Senate Minority Leader Mitch McConnell is opposing it, though in 91 00:05:24,000 --> 00:05:26,400 Speaker 1: the other chamber it's not just Chuck Schumer. Here's what 92 00:05:26,480 --> 00:05:28,919 Speaker 1: McConnell says this week. There bill even goes out of 93 00:05:28,920 --> 00:05:34,080 Speaker 1: its way to include provisions. Listen to this marijuana banking. 94 00:05:35,560 --> 00:05:38,920 Speaker 1: China has been steadily building up its military and economic might, 95 00:05:39,160 --> 00:05:41,719 Speaker 1: and the Democrats Are answer is to help Americans get 96 00:05:41,800 --> 00:05:46,440 Speaker 1: high Congressman Pearl Mutter, Can your legislation survive a conference committee? 97 00:05:46,440 --> 00:05:50,440 Speaker 1: When you hear that? I think so. I think so 98 00:05:50,560 --> 00:05:53,599 Speaker 1: we'll see, you know, I mean, he's kind of in 99 00:05:53,640 --> 00:05:57,280 Speaker 1: the dark ages on this subject. We're up seven states 100 00:05:57,320 --> 00:05:59,760 Speaker 1: that have some level of marijuana use, and all the 101 00:06:00,000 --> 00:06:03,400 Speaker 1: oratories in the District of Columbius. So you know, McConnell 102 00:06:03,440 --> 00:06:07,520 Speaker 1: added CBD and HIMP to the Agriculture Bill a few 103 00:06:07,640 --> 00:06:10,520 Speaker 1: years ago, so you know, he's kind of talking out 104 00:06:10,520 --> 00:06:12,680 Speaker 1: of both sides of his mouth. I'd like to see 105 00:06:12,680 --> 00:06:14,960 Speaker 1: this get done. When we passed it as part of 106 00:06:14,960 --> 00:06:17,719 Speaker 1: the Defense Bill a month and a half ago, we 107 00:06:17,800 --> 00:06:23,960 Speaker 1: had three votes. Yeah. So you know, this is about 108 00:06:23,960 --> 00:06:26,719 Speaker 1: public safety, Joe. You and I've talked about this where 109 00:06:27,120 --> 00:06:30,080 Speaker 1: you know, so much cash is generated by this business, 110 00:06:30,160 --> 00:06:33,840 Speaker 1: by the marijuana industry, and in Colorado we've had robberies, 111 00:06:33,839 --> 00:06:37,560 Speaker 1: are robberies, murders, We've seen a whole raft of them 112 00:06:37,600 --> 00:06:40,640 Speaker 1: around the country just because there's so much cash in 113 00:06:40,680 --> 00:06:44,919 Speaker 1: the various marijuana businesses and legal businesses. How to have 114 00:06:45,120 --> 00:06:51,600 Speaker 1: legitimate banking services, credit cards, you know, payroll accounts, checking accounts, um, 115 00:06:51,680 --> 00:06:54,720 Speaker 1: it's it just needs to get done. The Senate is 116 00:06:54,839 --> 00:06:58,000 Speaker 1: about twenty years behind the time. Well, there are critics 117 00:06:58,000 --> 00:07:00,200 Speaker 1: on both sides of the aisle. Senator Jean She's of 118 00:07:00,200 --> 00:07:02,600 Speaker 1: New Hampshire is one Democrats, says she's not interested in 119 00:07:02,680 --> 00:07:05,360 Speaker 1: I believe the quote here, not interested in another way 120 00:07:05,400 --> 00:07:08,320 Speaker 1: for people to misuse illegal substances. How would you answer that. 121 00:07:11,840 --> 00:07:15,480 Speaker 1: I'm not sure I understand what she's saying. What we've 122 00:07:15,520 --> 00:07:19,200 Speaker 1: got is we have forty seven states where this is happening. 123 00:07:19,320 --> 00:07:22,560 Speaker 1: This is about the cash that is generated and the 124 00:07:22,640 --> 00:07:27,000 Speaker 1: public safety that is at risk because of all that cash. 125 00:07:27,080 --> 00:07:30,520 Speaker 1: And so it isn't that it's going to be misused. 126 00:07:30,600 --> 00:07:34,640 Speaker 1: It's this is about making those proceeds. Uh, so they 127 00:07:34,680 --> 00:07:37,760 Speaker 1: can be banked because it won't affect usage, is your point? Right, 128 00:07:37,800 --> 00:07:40,600 Speaker 1: It's already being used. Some lawmakers they'll like to connect 129 00:07:40,640 --> 00:07:43,600 Speaker 1: it to and Mitch McConnell did the opioid crisis. They say, 130 00:07:43,640 --> 00:07:46,480 Speaker 1: if you if you legalize marijuana, it will cause more 131 00:07:46,480 --> 00:07:48,720 Speaker 1: people to use opioids. I know that there is research 132 00:07:48,800 --> 00:07:53,239 Speaker 1: suggesting the opposite, Congressman, But to your point, the majority 133 00:07:53,280 --> 00:07:58,000 Speaker 1: of states are already using it, Well they are, and 134 00:07:58,760 --> 00:08:01,280 Speaker 1: you know, I think the point yere is Joe that, 135 00:08:02,000 --> 00:08:05,000 Speaker 1: and I'm speaking about safe banking. I know Nancy has 136 00:08:05,040 --> 00:08:07,560 Speaker 1: a bill, David Joyce has a bill that are broader. 137 00:08:07,560 --> 00:08:10,920 Speaker 1: In the House, we passed a big legalization bill called 138 00:08:10,920 --> 00:08:13,840 Speaker 1: the More Act that was Barbara Lee's building the House. 139 00:08:14,320 --> 00:08:17,040 Speaker 1: But from safe banking, this is about getting the cash 140 00:08:17,080 --> 00:08:19,840 Speaker 1: off the streets. I mean, that's the one. I think 141 00:08:19,880 --> 00:08:23,440 Speaker 1: it's an icebreaker that will then allow the Senate and 142 00:08:23,480 --> 00:08:26,440 Speaker 1: the House to look at bigger, bigger issues as is 143 00:08:27,240 --> 00:08:31,400 Speaker 1: proposed in Nancy's bill or Joyce's bill. To your point 144 00:08:31,400 --> 00:08:33,480 Speaker 1: that when we're talking about cash, you've got companies in 145 00:08:33,559 --> 00:08:37,600 Speaker 1: your state in Colorado that are using SUV caravans to 146 00:08:37,760 --> 00:08:42,560 Speaker 1: drive around millions of dollars between businesses and and UH 147 00:08:42,640 --> 00:08:45,080 Speaker 1: and safe houses where they keep this stuff. This has 148 00:08:45,120 --> 00:08:50,440 Speaker 1: created a cottage industry of security professionals, ex military, ex 149 00:08:50,520 --> 00:08:53,720 Speaker 1: law enforcement, who are simply trying to keep this money safe. 150 00:08:54,400 --> 00:08:58,280 Speaker 1: How much of it certainly public safety risk? Is that well, 151 00:08:58,320 --> 00:09:01,120 Speaker 1: it's it's it's well, they're a risk in the in 152 00:09:01,240 --> 00:09:05,040 Speaker 1: the institutions themselves. Then you've got this whole cottage industry, 153 00:09:05,080 --> 00:09:08,600 Speaker 1: as you describe. One of the UH sponsors or supporters 154 00:09:08,600 --> 00:09:11,360 Speaker 1: of the bill is Brinks armored car because they just 155 00:09:11,520 --> 00:09:16,520 Speaker 1: know that these proceeds need to be uh made legal. 156 00:09:16,559 --> 00:09:19,920 Speaker 1: In effect that the from a purpose of the it's 157 00:09:19,960 --> 00:09:22,719 Speaker 1: called the Controlled Substance Acts, says that marijuana is a 158 00:09:22,840 --> 00:09:26,200 Speaker 1: Schedule one drug, which means it's illegal for all purposes, 159 00:09:26,400 --> 00:09:29,320 Speaker 1: and any proceeds from the sale of it is illegal. 160 00:09:29,400 --> 00:09:34,600 Speaker 1: And we that's what we're trying to correct the financial institutions, 161 00:09:34,760 --> 00:09:39,280 Speaker 1: insurance companies, banks, credit unions, real estate companies, so that 162 00:09:39,320 --> 00:09:43,240 Speaker 1: they can take proceeds from the marijuana businesses and they're 163 00:09:43,280 --> 00:09:46,840 Speaker 1: not the proceeds of an illegal industry. Congressman, we're gonna 164 00:09:46,840 --> 00:09:50,120 Speaker 1: be We're gonna talk next with Representative Nancy Mace, a 165 00:09:50,200 --> 00:09:53,160 Speaker 1: Republican pursuing her own legalization bill. Are you encouraged to 166 00:09:53,160 --> 00:09:56,560 Speaker 1: see Republican movement like that on this issue? You bet 167 00:09:56,640 --> 00:09:59,520 Speaker 1: I am, and I heard bills great. They've ad Joyce 168 00:09:59,600 --> 00:10:02,400 Speaker 1: as a you know, my chief co sponsors on this 169 00:10:02,559 --> 00:10:07,360 Speaker 1: are have been David Joyce, Steve Stivers, Warren Davidson, Earl 170 00:10:07,360 --> 00:10:10,840 Speaker 1: blumen Our so Democrats and Republicans, and you can bet 171 00:10:10,880 --> 00:10:13,880 Speaker 1: I'm glad to see that everybody's trying to get up 172 00:10:13,880 --> 00:10:17,520 Speaker 1: problems solved and this hasn't taken on the real you know, 173 00:10:17,679 --> 00:10:21,679 Speaker 1: partisan kind of uh polarization that we faced on some 174 00:10:21,760 --> 00:10:26,520 Speaker 1: other subjects. You're retiring after this term. Is this your 175 00:10:26,559 --> 00:10:30,400 Speaker 1: cause while you're still in office. I've got a couple 176 00:10:30,400 --> 00:10:32,840 Speaker 1: of causes. I want to get our astronauts to Mars 177 00:10:32,920 --> 00:10:36,240 Speaker 1: by three when the orbits are close together, and that 178 00:10:36,360 --> 00:10:38,400 Speaker 1: saves a lot of travel time. I want to get 179 00:10:38,440 --> 00:10:41,360 Speaker 1: a couple of laboratories finish that I have here. But 180 00:10:41,440 --> 00:10:44,080 Speaker 1: I want to get this done. We've had people killed. 181 00:10:44,400 --> 00:10:47,240 Speaker 1: I've been working on this since Barney Frank assigned it 182 00:10:47,360 --> 00:10:52,120 Speaker 1: to me in when Colorado legalized, Marijuani said, there's gonna 183 00:10:52,160 --> 00:10:55,080 Speaker 1: be a problem when the federal laws clash with the 184 00:10:55,120 --> 00:10:58,080 Speaker 1: state laws. And that's precisely what we've got and all 185 00:10:58,160 --> 00:11:00,600 Speaker 1: this cash so I want to get is done. It's 186 00:11:00,640 --> 00:11:04,000 Speaker 1: a public safety matter. Plus it's something where if the 187 00:11:04,120 --> 00:11:07,080 Speaker 1: business is legal in Colorado, it ought to have legal 188 00:11:07,840 --> 00:11:13,040 Speaker 1: banking services available to it. Congressman Promoter Democrat from Colorado, 189 00:11:13,040 --> 00:11:14,760 Speaker 1: you sure to make a lot of local businesses in 190 00:11:14,840 --> 00:11:17,480 Speaker 1: your state happy with this. Are they are they behind 191 00:11:17,600 --> 00:11:21,080 Speaker 1: this legislation? Is this in line with what the industry 192 00:11:21,160 --> 00:11:22,920 Speaker 1: is asking for as well? Or do they want that 193 00:11:23,000 --> 00:11:27,400 Speaker 1: bigger Schumer style bill. They want to safe banking. They 194 00:11:27,440 --> 00:11:30,160 Speaker 1: look at that as is something that's very important from 195 00:11:30,160 --> 00:11:33,160 Speaker 1: a public safety standpoint. They certainly like the bigger bill, 196 00:11:33,920 --> 00:11:37,360 Speaker 1: but what they want is to get this problem resolved. 197 00:11:37,400 --> 00:11:39,640 Speaker 1: And they know they have the votes for it. And 198 00:11:40,360 --> 00:11:42,800 Speaker 1: you know, I mean I got governors and treasurers and 199 00:11:42,880 --> 00:11:46,680 Speaker 1: attorney's general and you name it, the insurance industry, the 200 00:11:46,760 --> 00:11:49,520 Speaker 1: real estate industry. That we thank you, Congressman. We've been 201 00:11:49,520 --> 00:11:53,360 Speaker 1: looking forward to this. Congressman Pearlmotter on Bloomberg Sound On, 202 00:11:53,679 --> 00:11:57,160 Speaker 1: Congresswoman Nancy Mace on this issue is next. This is Bloomberg. 203 00:11:58,640 --> 00:12:02,920 Speaker 1: This is Bloomberg and sound on with Joe Matthew on 204 00:12:03,120 --> 00:12:07,720 Speaker 1: Bloomberg Radio. Congressman Pearl Mutter just made the case for 205 00:12:07,840 --> 00:12:10,520 Speaker 1: his Safe Banking Act, But it is not the only 206 00:12:10,559 --> 00:12:13,120 Speaker 1: piece of legislation that's been introduced, as we mentioned, to 207 00:12:13,200 --> 00:12:17,800 Speaker 1: decriminalize cannabis and support the industry. Representative Nancy Mace, Republican 208 00:12:17,880 --> 00:12:22,040 Speaker 1: from South Carolina, introduced hers last year. She joins us Now, Congresswoman, 209 00:12:22,320 --> 00:12:25,800 Speaker 1: welcome to Bloomberg. Thank you for having me today. You 210 00:12:25,880 --> 00:12:29,400 Speaker 1: ran on cannabis reform and you proposed the State's Reform Act. 211 00:12:29,760 --> 00:12:32,680 Speaker 1: I believe it was in November. Your Democratic colleague, Congressman 212 00:12:32,760 --> 00:12:35,080 Speaker 1: Ed Pearl Mutter, who we just spoke with, has seen 213 00:12:35,160 --> 00:12:40,880 Speaker 1: his Safe Banking Act past six times now in the House. Congressman, 214 00:12:40,880 --> 00:12:43,480 Speaker 1: what is keeping these bills from passing? Is it? Is 215 00:12:43,480 --> 00:12:45,679 Speaker 1: it the old stigma of reefer madness? Or is there 216 00:12:45,679 --> 00:12:48,000 Speaker 1: more too within them? You know, it's really it's really 217 00:12:48,040 --> 00:12:50,760 Speaker 1: hard to say. They've they've tried. They've passed it six 218 00:12:50,760 --> 00:12:52,880 Speaker 1: times out of the House, Safe Banking. They're about to 219 00:12:52,920 --> 00:12:55,480 Speaker 1: try it a seventh time. I think for some people 220 00:12:55,600 --> 00:12:57,920 Speaker 1: doesn't do enough. For others, it might do too much. 221 00:12:58,000 --> 00:13:00,960 Speaker 1: And so that's sort of what comp case this issue. 222 00:13:01,000 --> 00:13:03,839 Speaker 1: But this is the shouldn't be a controversial issue. Really. 223 00:13:03,840 --> 00:13:06,840 Speaker 1: The only place as controversial is in is in Washington. 224 00:13:06,920 --> 00:13:09,840 Speaker 1: D C. Is a wildly popular issue. There's billions of 225 00:13:09,840 --> 00:13:13,199 Speaker 1: dollars at stake. We want to prevent black markets from 226 00:13:13,200 --> 00:13:15,520 Speaker 1: creeping up everywhere, and we want to respect the rights 227 00:13:15,520 --> 00:13:19,640 Speaker 1: of states to have cannabis reforms and legalizations at whatever 228 00:13:20,120 --> 00:13:22,520 Speaker 1: level that they want. And there's got to be a 229 00:13:22,520 --> 00:13:24,200 Speaker 1: way to do this. But the only way, and I 230 00:13:24,240 --> 00:13:26,120 Speaker 1: think you know what's been done in the past has 231 00:13:26,200 --> 00:13:29,559 Speaker 1: been largely partisan. And the only way to pass cannabis 232 00:13:29,559 --> 00:13:33,040 Speaker 1: reform in this country is to build consensus, is to 233 00:13:33,120 --> 00:13:36,160 Speaker 1: work together both the left and the right to do 234 00:13:36,320 --> 00:13:40,360 Speaker 1: something really good for the American people. And uh, that's 235 00:13:40,360 --> 00:13:43,360 Speaker 1: what this bill, the State's Reform Act, that was my intent, 236 00:13:43,480 --> 00:13:46,599 Speaker 1: and my purpose was to provide a proof of concept, 237 00:13:47,000 --> 00:13:50,719 Speaker 1: a framework that we could allow the federal government to 238 00:13:50,760 --> 00:13:53,440 Speaker 1: get out of the way, respect the rights and laws 239 00:13:53,440 --> 00:13:56,720 Speaker 1: of every state and that they are unique, and uh, 240 00:13:56,920 --> 00:13:59,959 Speaker 1: do something really good for everyone, both Democrats and republic 241 00:14:00,000 --> 00:14:02,840 Speaker 1: and across the board. Um, to make this happen in 242 00:14:02,840 --> 00:14:05,840 Speaker 1: this country. Your bill would give cannabis companies access to banking. 243 00:14:06,600 --> 00:14:10,000 Speaker 1: Would that mean no more all cash transactions? Would it 244 00:14:10,000 --> 00:14:12,559 Speaker 1: mean access to more affordable loans for those companies? It 245 00:14:12,600 --> 00:14:14,480 Speaker 1: would be it would be all of the above. So 246 00:14:14,840 --> 00:14:17,280 Speaker 1: with this legislation, the State's Reform Act, you don't need 247 00:14:17,320 --> 00:14:21,040 Speaker 1: safe banking because it treats cannabis companies like alcohol companies 248 00:14:21,080 --> 00:14:23,360 Speaker 1: their grandfather. And then they'd be legal in their in 249 00:14:23,400 --> 00:14:27,200 Speaker 1: their state with at whatever level of cannabis legalization reform 250 00:14:27,240 --> 00:14:30,320 Speaker 1: is allowed in that state. So automatically you get access 251 00:14:30,360 --> 00:14:33,760 Speaker 1: to the SPA and small business loans, micro loans, every 252 00:14:33,840 --> 00:14:35,840 Speaker 1: kind of loan a company can get if they were 253 00:14:35,840 --> 00:14:41,359 Speaker 1: alcohol based. If you're cannabis based grower, producer, retailer, manufacturer, distributor, 254 00:14:41,400 --> 00:14:43,680 Speaker 1: et cetera, you be treat just like all those other 255 00:14:43,800 --> 00:14:46,880 Speaker 1: legal companies in this country. And um, so there's no 256 00:14:46,960 --> 00:14:50,200 Speaker 1: need for safe banking. And there's also a component, uh 257 00:14:50,280 --> 00:14:53,720 Speaker 1: for expungement and release of non violent cannabis users, something 258 00:14:54,120 --> 00:14:56,600 Speaker 1: I know that Democrats want and even a few Republicans, 259 00:14:57,080 --> 00:15:00,320 Speaker 1: And we want to make sure that you know, this long, 260 00:15:00,880 --> 00:15:04,360 Speaker 1: expensive and harmful federal war and a plant that we 261 00:15:04,640 --> 00:15:07,320 Speaker 1: that we do good by those who are non violent 262 00:15:07,360 --> 00:15:09,760 Speaker 1: offenders and shouldn't be in federal prison. And oh, by 263 00:15:09,800 --> 00:15:12,280 Speaker 1: the way, if we do that, that saves six million 264 00:15:12,320 --> 00:15:15,120 Speaker 1: dollars for the federal government over the next five years. 265 00:15:15,600 --> 00:15:18,880 Speaker 1: So there's really something for everyone at the schedules cannabis. 266 00:15:18,880 --> 00:15:22,640 Speaker 1: So in order to study marijuana from metal purposes, you 267 00:15:22,680 --> 00:15:25,040 Speaker 1: can't treat it like Schedule one like you do heroin 268 00:15:25,080 --> 00:15:28,160 Speaker 1: and opioids, right, and so you've got to take these 269 00:15:28,160 --> 00:15:30,600 Speaker 1: steps to do it right and do it responsibly. The 270 00:15:30,600 --> 00:15:32,760 Speaker 1: equity piece seems to be slowing this down a little bit. 271 00:15:32,800 --> 00:15:35,040 Speaker 1: I know you mentioned that it does have support among 272 00:15:35,080 --> 00:15:38,000 Speaker 1: Democrats and some Republicans, but is that the sticking point here? 273 00:15:38,040 --> 00:15:40,480 Speaker 1: Is that why this isn't allow for some the the 274 00:15:40,520 --> 00:15:42,720 Speaker 1: equity is an issue for the far left. But I'll 275 00:15:42,720 --> 00:15:45,240 Speaker 1: tell you, in this bill, we allow states to do 276 00:15:45,320 --> 00:15:47,520 Speaker 1: whatever they want in terms of social equity. And I 277 00:15:47,560 --> 00:15:50,760 Speaker 1: think that's how you get there by uh, that's the 278 00:15:50,800 --> 00:15:53,160 Speaker 1: way to get both Republicans and Democrats on board, as 279 00:15:53,200 --> 00:15:56,360 Speaker 1: you can't go too far into their fringes, either being 280 00:15:56,600 --> 00:15:58,800 Speaker 1: too far right or too far left. You've got to 281 00:15:58,880 --> 00:16:03,160 Speaker 1: be uh, just right. And I believe that this this 282 00:16:03,280 --> 00:16:06,880 Speaker 1: framework provides for both sides. States with adult use cannabis 283 00:16:06,880 --> 00:16:09,640 Speaker 1: have now generated I read, more than ten billion dollars 284 00:16:09,680 --> 00:16:13,440 Speaker 1: in tax revenue according to the Marijuana Policy Project. What 285 00:16:13,480 --> 00:16:16,280 Speaker 1: would your bill mean for tax revenue on a national level? 286 00:16:16,320 --> 00:16:18,840 Speaker 1: Can you even quantify that? Yeah, well, it would depend 287 00:16:18,840 --> 00:16:21,400 Speaker 1: on the industry. So at three exercise tax the industry 288 00:16:21,400 --> 00:16:26,440 Speaker 1: they're saying five will bellion upwards of in just a 289 00:16:26,480 --> 00:16:28,960 Speaker 1: few years. There will be revenue, and it's it's a 290 00:16:29,000 --> 00:16:32,040 Speaker 1: matter of ensuring that we are responsible with that. If 291 00:16:32,080 --> 00:16:34,880 Speaker 1: you have taxes that are too high, then you're going 292 00:16:34,960 --> 00:16:38,360 Speaker 1: to incentivize illicit markets and black markets. You're going to 293 00:16:38,520 --> 00:16:41,680 Speaker 1: incentivize people to go on the street and buy it illegally. 294 00:16:41,720 --> 00:16:44,640 Speaker 1: So we want to make sure that taxes remain very 295 00:16:44,720 --> 00:16:48,480 Speaker 1: low so that we prevent and reduce, reduce the propensity 296 00:16:48,520 --> 00:16:51,680 Speaker 1: for illegal cannabis in this country. It's here, it's not 297 00:16:51,800 --> 00:16:55,240 Speaker 1: going away, and it's it's kind of stupid not to 298 00:16:55,280 --> 00:16:57,840 Speaker 1: take this up and actually do something with it. It's 299 00:16:57,880 --> 00:17:00,400 Speaker 1: something as a Republican I ran on and my general election, 300 00:17:01,520 --> 00:17:03,480 Speaker 1: and when I run on issues, I try to make 301 00:17:03,520 --> 00:17:05,320 Speaker 1: good on it. And so that's why you saw us 302 00:17:05,359 --> 00:17:07,360 Speaker 1: working on this bill this year. Yours is the only 303 00:17:07,400 --> 00:17:10,200 Speaker 1: Republican proposal as I understand, that's been endorsed by Amazon. 304 00:17:10,280 --> 00:17:13,560 Speaker 1: You're also endorsed by Normal. Where is the Republican Party 305 00:17:13,640 --> 00:17:16,000 Speaker 1: on this at large? Mitch McConnell just the other day 306 00:17:16,080 --> 00:17:18,720 Speaker 1: was very critical of Democrats attaching the Safe Banking Act 307 00:17:18,760 --> 00:17:20,960 Speaker 1: of the U SKA bill. He called it a poison pill. 308 00:17:21,440 --> 00:17:24,560 Speaker 1: He referred to the opioid addiction crisis. Does Mitch McConnell 309 00:17:24,560 --> 00:17:27,199 Speaker 1: reflect the broader party position on this? I think the 310 00:17:27,240 --> 00:17:30,640 Speaker 1: party has a very diverse, you know, diversity of opinion 311 00:17:30,800 --> 00:17:33,560 Speaker 1: on the cannabis issue, and it does affect the opioid 312 00:17:33,640 --> 00:17:36,160 Speaker 1: crisis because in states, and you can read in the 313 00:17:36,240 --> 00:17:39,800 Speaker 1: Journal of American Medicine and other period viewed medical journals 314 00:17:39,800 --> 00:17:43,320 Speaker 1: that states that have an opioid crisis, when cannabis is 315 00:17:43,400 --> 00:17:47,760 Speaker 1: introduced legally, the rate of addiction to opioids in that 316 00:17:47,800 --> 00:17:52,880 Speaker 1: state is statistically significantly reduced. He was implying the opposite. 317 00:17:53,000 --> 00:17:55,680 Speaker 1: It might have been better for me to clarify that. Okay, 318 00:17:55,720 --> 00:17:59,439 Speaker 1: so um, but uh, you know, I've been attacked by 319 00:17:59,440 --> 00:18:02,920 Speaker 1: the chairman of my Republican state party, which is ironic 320 00:18:03,000 --> 00:18:05,959 Speaker 1: because you know, you don't understand the bill or understand 321 00:18:05,960 --> 00:18:08,399 Speaker 1: what we're trying to do. Um. If that's your in 322 00:18:08,440 --> 00:18:11,320 Speaker 1: my opinion, that's your position on it. Because in South Carolina, 323 00:18:11,440 --> 00:18:15,480 Speaker 1: bright red conservative South Carolina, it's actually Republicans that brought 324 00:18:15,520 --> 00:18:18,119 Speaker 1: CBD and HIMP to the state. It's actually Republicans that 325 00:18:18,640 --> 00:18:22,800 Speaker 1: just last night, State Senator Tom Davis passed medical marijuana 326 00:18:22,840 --> 00:18:24,600 Speaker 1: out of the Senate Chamber and it'll go to the 327 00:18:24,600 --> 00:18:26,600 Speaker 1: State House next week and I hope it gets to 328 00:18:26,600 --> 00:18:30,119 Speaker 1: the Governor's desk for signage this legislative cycle. So you know, 329 00:18:30,119 --> 00:18:32,520 Speaker 1: We've got to be really careful because it's something that 330 00:18:32,560 --> 00:18:38,200 Speaker 1: people want. In Mississippi, medical marijuana was popular with seventy 331 00:18:38,240 --> 00:18:42,360 Speaker 1: eight percent of voters, so it's enormously popular. If Mississippi 332 00:18:42,400 --> 00:18:43,960 Speaker 1: can do it, then I think we all can do it. 333 00:18:44,040 --> 00:18:47,000 Speaker 1: But it's popular with both Republicans and Democrats. It does 334 00:18:47,040 --> 00:18:49,040 Speaker 1: not have a political party affiliation. And if you're a 335 00:18:49,080 --> 00:18:52,840 Speaker 1: Republican and against responsible reforms, you're on the wrong side 336 00:18:52,840 --> 00:18:56,360 Speaker 1: of the issue. Congresswoman Nancy Mace, Republican South Carolina's great 337 00:18:56,400 --> 00:18:57,919 Speaker 1: to have you with us today on Bloomberg, and I 338 00:18:57,920 --> 00:19:02,360 Speaker 1: appreciate your insights. Stay with us some Bloomberg sound on. 339 00:19:02,640 --> 00:19:09,040 Speaker 1: I'm Joe Matthew in Washington. This is Bloomberg. This is Bloomberg. 340 00:19:09,200 --> 00:19:15,520 Speaker 1: So no with Joe Matthew on Bloomberg Radio. The headline 341 00:19:15,520 --> 00:19:19,159 Speaker 1: on the terminal pot legalization boosted as Schumer makes issue 342 00:19:19,200 --> 00:19:22,120 Speaker 1: a top priority. You just heard from the lawmakers who 343 00:19:22,119 --> 00:19:25,240 Speaker 1: wrote the bills. Next will hear from the panel. See 344 00:19:25,280 --> 00:19:27,439 Speaker 1: if these have any chance in a mid term election year. 345 00:19:27,480 --> 00:19:31,560 Speaker 1: Bloomberg Politics contributor Jeanie Schanzano's with us today along with 346 00:19:31,600 --> 00:19:35,680 Speaker 1: Republican strategist Doug High Senator Chuck Schumer, the majority leader 347 00:19:35,680 --> 00:19:38,680 Speaker 1: in the Senate, of course, said recently that he will 348 00:19:38,800 --> 00:19:43,960 Speaker 1: formally unveil his own cannabis legislation as soon as April. 349 00:19:43,960 --> 00:19:48,320 Speaker 1: Would legalize marijuana. It would set tax and banking rules 350 00:19:48,359 --> 00:19:51,400 Speaker 1: like we were just discussing with Congressman Pearl Mutter and 351 00:19:52,040 --> 00:19:56,840 Speaker 1: Representative Mace, But he's looking for more than that. We 352 00:19:56,960 --> 00:19:59,720 Speaker 1: got into this little bit with Congressman Pearl Mutter in 353 00:19:59,800 --> 00:20:04,720 Speaker 1: term of the equity component of this and criminal justice reform, 354 00:20:04,840 --> 00:20:08,919 Speaker 1: something that Senator Schumer talked about on the Senate floor 355 00:20:09,640 --> 00:20:12,320 Speaker 1: last summer. It's not just an idea whose time has come. 356 00:20:12,400 --> 00:20:17,720 Speaker 1: It's long overdue. We have all seen the agony of 357 00:20:17,880 --> 00:20:22,720 Speaker 1: a young person arrested with a small amount of marijuana 358 00:20:23,320 --> 00:20:26,440 Speaker 1: in his or her pocket, and because of the over 359 00:20:26,720 --> 00:20:30,840 Speaker 1: the historical over criminalization of marijuana, they have a very 360 00:20:30,920 --> 00:20:34,120 Speaker 1: severe criminal record. They have to live with their whole lives, 361 00:20:35,080 --> 00:20:37,560 Speaker 1: tougher to get a job, tougher to get credit, tougher 362 00:20:37,600 --> 00:20:42,320 Speaker 1: to live a normal life. The waste of human resources 363 00:20:42,400 --> 00:20:46,760 Speaker 1: because of the historic over criminalization has been one of 364 00:20:46,800 --> 00:20:50,560 Speaker 1: the great historical wrongs for the last decades, and we 365 00:20:50,600 --> 00:20:53,240 Speaker 1: are going to change making it a personal matter. He 366 00:20:53,320 --> 00:20:57,959 Speaker 1: appeared in the Senate gallery with Senator Corey Booker and 367 00:20:58,160 --> 00:21:00,760 Speaker 1: Senator Ron Wyden, both of whom he have to help 368 00:21:00,760 --> 00:21:02,639 Speaker 1: write this A loo as I mentioned earlier, kicked out 369 00:21:02,680 --> 00:21:06,080 Speaker 1: a letter to Day to the so the full Senate body, uh, 370 00:21:06,119 --> 00:21:08,960 Speaker 1: certainly the Democratic Caucus, inviting everyone to be involved in 371 00:21:09,040 --> 00:21:12,440 Speaker 1: drafting all of this. But you know, then there's reality. 372 00:21:13,080 --> 00:21:16,000 Speaker 1: Like we discussed with Congress from Pearl Mutter, his bill 373 00:21:16,040 --> 00:21:20,240 Speaker 1: has passed six times. There's no law yet, and that 374 00:21:20,320 --> 00:21:23,880 Speaker 1: could be different this time around. We'll see the China 375 00:21:23,920 --> 00:21:27,240 Speaker 1: Competes Bill as its own story. But in a midterm 376 00:21:27,240 --> 00:21:29,679 Speaker 1: election year, when build Back Better is on the shelf, 377 00:21:29,720 --> 00:21:31,919 Speaker 1: when a lot of the priorities, voting rights and so 378 00:21:32,000 --> 00:21:35,320 Speaker 1: forth for the Democratic Party are being challenged, we wonder 379 00:21:35,359 --> 00:21:38,640 Speaker 1: what's happening here, and so we assemble the panel. Bloomberg 380 00:21:38,680 --> 00:21:42,760 Speaker 1: Politics contributor Jeannie Chanzano is with us, along with Republican 381 00:21:42,840 --> 00:21:45,960 Speaker 1: strategist Doug High back with us today for the first 382 00:21:45,960 --> 00:21:48,359 Speaker 1: time in a bit, former deputy chief of staff to 383 00:21:48,440 --> 00:21:52,240 Speaker 1: Erik Canter, former r NC communications director. It's great to 384 00:21:52,280 --> 00:21:54,720 Speaker 1: have you, Doug and Genie. As always, Genie, I'll start 385 00:21:54,760 --> 00:21:56,600 Speaker 1: with you, as a Democrat, do you see this as 386 00:21:56,640 --> 00:22:01,119 Speaker 1: a viable I'll say option never. In priority is the 387 00:22:01,160 --> 00:22:04,120 Speaker 1: word that Chuck Schumer is using in this midterm election year. 388 00:22:04,880 --> 00:22:08,040 Speaker 1: You know, I think I agree with Representative Mace when 389 00:22:08,080 --> 00:22:10,680 Speaker 1: she says, you know, much of this is only controversial 390 00:22:10,720 --> 00:22:14,560 Speaker 1: in Washington, d c. And it is about time. My 391 00:22:14,960 --> 00:22:18,040 Speaker 1: real challenge here, what I see is what you talked 392 00:22:18,040 --> 00:22:21,240 Speaker 1: about with Representative prol Motter, which is that Chuck Schumer 393 00:22:21,359 --> 00:22:24,919 Speaker 1: wanting to go bigger all things that many Democrats and 394 00:22:24,960 --> 00:22:28,000 Speaker 1: even some moderate Republicans and others agree with, but it 395 00:22:28,040 --> 00:22:30,679 Speaker 1: may be difficult to pass in an election year. So 396 00:22:30,800 --> 00:22:35,080 Speaker 1: why not, for instance, do the Safe Banking Act? Get 397 00:22:35,119 --> 00:22:37,840 Speaker 1: that through and work on the others when you can 398 00:22:37,920 --> 00:22:40,560 Speaker 1: make move get movement there. But you know the issue 399 00:22:40,560 --> 00:22:43,640 Speaker 1: of the criminalization and the equity, those are critically important. 400 00:22:43,720 --> 00:22:46,680 Speaker 1: Chuck Schumer is right, but getting those passed as part 401 00:22:46,680 --> 00:22:49,640 Speaker 1: of a bigger mill this year is going to be tough. Well, 402 00:22:49,680 --> 00:22:52,320 Speaker 1: how about the Safe Banking Act itself? Though, uh, Doug, 403 00:22:52,359 --> 00:22:54,520 Speaker 1: if Mitch McConnell's you know, making fun of us, he's 404 00:22:54,560 --> 00:22:56,600 Speaker 1: making jokes about it on on the Senate floor, does 405 00:22:56,640 --> 00:22:59,440 Speaker 1: this even stand a chance to get through a conference committee, 406 00:23:00,280 --> 00:23:02,240 Speaker 1: I think it would be very tough for not just 407 00:23:02,359 --> 00:23:04,280 Speaker 1: this to get through, but anything on this issue to 408 00:23:04,320 --> 00:23:06,159 Speaker 1: get through. Look, you know, one of the things that 409 00:23:06,200 --> 00:23:10,399 Speaker 1: we've seen with a lack of Democratic enthusiasm going into 410 00:23:10,440 --> 00:23:13,199 Speaker 1: the elections is that they don't see Washington and they 411 00:23:13,200 --> 00:23:15,760 Speaker 1: don't see frankly you know, are more more specifically the 412 00:23:15,760 --> 00:23:20,239 Speaker 1: Biden administration or Democratic Congress getting their priorities done. And 413 00:23:20,280 --> 00:23:22,800 Speaker 1: so if you can't get through these things that the 414 00:23:22,840 --> 00:23:25,280 Speaker 1: President has now been pushing for about a year, things 415 00:23:25,320 --> 00:23:28,159 Speaker 1: like build back better in whatever form that may be, 416 00:23:28,800 --> 00:23:31,840 Speaker 1: or or voting rights which they've put back up as 417 00:23:31,880 --> 00:23:34,320 Speaker 1: on the front burner again, how this is going to 418 00:23:34,359 --> 00:23:36,399 Speaker 1: be the thing that gets through and be some kind 419 00:23:36,440 --> 00:23:39,040 Speaker 1: of feather in the cap for Democrats. Um seems like 420 00:23:39,080 --> 00:23:41,880 Speaker 1: a stretch. We should probably make the difference, though, I think, 421 00:23:42,160 --> 00:23:45,560 Speaker 1: as Genie did, between a more comprehensive approach DOUG and 422 00:23:45,640 --> 00:23:48,359 Speaker 1: simply the Safe Banking Act that that Pearl Mutter is 423 00:23:48,359 --> 00:23:51,159 Speaker 1: talking about, which which seeks to do even less than 424 00:23:51,240 --> 00:23:53,600 Speaker 1: Nancy Mace's bill. Look for states, and some of them 425 00:23:53,600 --> 00:23:57,000 Speaker 1: are Republican states that have legalized marijuana. This would simply 426 00:23:57,000 --> 00:24:00,000 Speaker 1: protect businesses that are already operating. Is that too controvers 427 00:24:00,080 --> 00:24:03,400 Speaker 1: full to pass? Well, it may not be too controversial 428 00:24:03,440 --> 00:24:05,680 Speaker 1: to pass, but it doesn't seem right now that there's 429 00:24:05,720 --> 00:24:08,800 Speaker 1: an impetus for members to have this be what they 430 00:24:08,840 --> 00:24:11,680 Speaker 1: get behind in an election year. There's not a lot 431 00:24:11,760 --> 00:24:15,159 Speaker 1: that's really getting through obviously in the um with the 432 00:24:15,200 --> 00:24:17,800 Speaker 1: Supreme Court nomination coming up, the Senate will be a 433 00:24:17,800 --> 00:24:20,879 Speaker 1: little further distracted, as those things always do. UM, So 434 00:24:20,960 --> 00:24:23,880 Speaker 1: for this to be a priority at this point seems 435 00:24:24,040 --> 00:24:26,919 Speaker 1: um seems like it just won't be Jeannie. When you 436 00:24:26,920 --> 00:24:29,360 Speaker 1: hear Chuck Schumer speak to this, and I realize your 437 00:24:29,400 --> 00:24:33,520 Speaker 1: position on it, Uh, it seems to be consistent with 438 00:24:33,600 --> 00:24:36,080 Speaker 1: the theme of the last year, does it not. Democrats 439 00:24:36,920 --> 00:24:40,440 Speaker 1: seeing an opportunity and reaching too far, going too big 440 00:24:40,480 --> 00:24:42,840 Speaker 1: to make it happen. Yeah, I mean, I think they 441 00:24:42,880 --> 00:24:45,520 Speaker 1: have got to count. And you know, we have seen 442 00:24:45,680 --> 00:24:49,399 Speaker 1: movement on some pieces of legislation where they can cobble 443 00:24:49,480 --> 00:24:53,040 Speaker 1: together a majority, the Post Office bill we talked about yesterday, 444 00:24:53,240 --> 00:24:56,520 Speaker 1: this agreement on violence against women, the mandatory arbitration. So 445 00:24:56,960 --> 00:24:59,119 Speaker 1: you know, I think the danger here is that they 446 00:24:59,240 --> 00:25:02,520 Speaker 1: try to go too big, They try to do this 447 00:25:02,640 --> 00:25:07,280 Speaker 1: sort of comprehensive approach to equity, you know, decriminalization or 448 00:25:07,359 --> 00:25:10,840 Speaker 1: you addressing criminal rights reform, all of these things, when 449 00:25:10,880 --> 00:25:14,879 Speaker 1: the fact is you should not be legalizing an industry 450 00:25:15,000 --> 00:25:18,119 Speaker 1: in multiple states across the country and not give the 451 00:25:18,160 --> 00:25:21,439 Speaker 1: people working that industry access to the banking system in 452 00:25:21,480 --> 00:25:24,560 Speaker 1: a way that's safe. This is actually as promoter set 453 00:25:24,600 --> 00:25:27,920 Speaker 1: about safety and that's something that a lot of people 454 00:25:28,080 --> 00:25:30,879 Speaker 1: Republicans and Democrats can get behind. And it's a lot 455 00:25:30,920 --> 00:25:33,280 Speaker 1: of jobs we're talking about here. Um, you know, we're 456 00:25:33,280 --> 00:25:36,800 Speaker 1: talking about these companies doug listing their stocks on major exchanges. 457 00:25:37,240 --> 00:25:40,080 Speaker 1: When you hear a Republican like Nancy Mace make the case, 458 00:25:40,119 --> 00:25:45,680 Speaker 1: does it still does it still sound like a fringe issue? Um, 459 00:25:45,720 --> 00:25:48,119 Speaker 1: it still does do a lot of members and senators, 460 00:25:48,160 --> 00:25:51,520 Speaker 1: and you know that ultimately is that's what you know, 461 00:25:51,560 --> 00:25:53,879 Speaker 1: go go back to the hearings that we had a 462 00:25:53,880 --> 00:25:57,240 Speaker 1: couple of years ago where you saw Republican and Democratic 463 00:25:57,320 --> 00:26:00,960 Speaker 1: senators really struggle to come up with what Facebook meant 464 00:26:00,960 --> 00:26:04,359 Speaker 1: and what Twitter really is. Um for those members to 465 00:26:04,480 --> 00:26:08,480 Speaker 1: really be on the forefront of anything that legalizes or 466 00:26:08,840 --> 00:26:11,720 Speaker 1: you know, goes around the financial or banking systems around 467 00:26:11,800 --> 00:26:15,160 Speaker 1: legalizing marijuana is something that they're just not going to get. 468 00:26:16,600 --> 00:26:19,080 Speaker 1: What's the last word on this, Genie. Does it make 469 00:26:19,119 --> 00:26:21,960 Speaker 1: it through at least the Conference Committee here before it 470 00:26:22,000 --> 00:26:24,560 Speaker 1: goes to the floor with regard to the China Competes 471 00:26:24,560 --> 00:26:26,639 Speaker 1: Act or is this as far as it goes? Number six? 472 00:26:26,960 --> 00:26:29,439 Speaker 1: And that's all. I think it shouldn't have been part 473 00:26:29,480 --> 00:26:31,600 Speaker 1: of the China Competes Act myself, I think it should 474 00:26:31,600 --> 00:26:34,080 Speaker 1: be separate. And to Doug's point, they've got to explain 475 00:26:34,480 --> 00:26:37,680 Speaker 1: that this is about safe banking and not about increasing use. 476 00:26:38,720 --> 00:26:42,719 Speaker 1: Jennie Chanzano along with Doug High on the panel today 477 00:26:42,720 --> 00:26:46,000 Speaker 1: on Bloomberg sound On. Thanks for being with us on 478 00:26:46,080 --> 00:26:48,199 Speaker 1: the fastest hour in politics. We have a lot of 479 00:26:48,200 --> 00:26:50,239 Speaker 1: other issues to get to as well. Today. It's been 480 00:26:50,240 --> 00:26:53,480 Speaker 1: a busy day in Washington. Joe Mansions talking about inflation. 481 00:26:53,560 --> 00:26:57,720 Speaker 1: You saw that this morning cp I. He's not changing 482 00:26:57,760 --> 00:27:02,240 Speaker 1: his tune even as President Biden leaves the bubble. This 483 00:27:02,359 --> 00:27:07,520 Speaker 1: is Bloomberg, This is Bloomberg, So Nong with Joe Matthew 484 00:27:08,000 --> 00:27:13,200 Speaker 1: on Bloomberg Radio. The big headline this morning is Charlie 485 00:27:13,240 --> 00:27:16,080 Speaker 1: has been mentioning the latest reading on inflation. The consumer 486 00:27:16,119 --> 00:27:19,840 Speaker 1: price index help pie more than expected seven a half percent, 487 00:27:20,440 --> 00:27:24,399 Speaker 1: most in four decades. Moved the markets, and for that matter, 488 00:27:24,560 --> 00:27:28,920 Speaker 1: Senator Joe Manchin, who reiterated his opposition to a big 489 00:27:28,960 --> 00:27:32,280 Speaker 1: spending plan allah build back Better. Today in Washington, this 490 00:27:32,359 --> 00:27:34,440 Speaker 1: is not a time to be throwing fuel on the fire. 491 00:27:34,520 --> 00:27:37,760 Speaker 1: We have an inflation. We have inflation, and we have 492 00:27:37,880 --> 00:27:41,840 Speaker 1: basically an economy that's on fire. You don't throw more 493 00:27:41,880 --> 00:27:44,040 Speaker 1: fuel on the fire that's already on fire causing the 494 00:27:44,040 --> 00:27:47,240 Speaker 1: problems that we have. Reassemble the panel with Bloomberg Politics 495 00:27:47,240 --> 00:27:51,440 Speaker 1: contributor Jeanie Shenzano and Republican strategist Doug High. This our 496 00:27:51,520 --> 00:27:54,480 Speaker 1: former communications director at the r n C, former chief 497 00:27:54,520 --> 00:27:58,040 Speaker 1: of staff to Eric Cantor. Doug We mentioned build Back 498 00:27:58,080 --> 00:28:02,320 Speaker 1: Better very briefly earlier at this hour. There's been talk 499 00:28:02,400 --> 00:28:05,480 Speaker 1: of chunking this up, about maybe finding some individual pieces 500 00:28:05,520 --> 00:28:08,320 Speaker 1: that could pass. If you ask Joe Manchin, he says 501 00:28:08,359 --> 00:28:11,200 Speaker 1: it's dead. Is there any chance for something to come 502 00:28:11,200 --> 00:28:13,199 Speaker 1: out of the ashes of that bill before it's too 503 00:28:13,280 --> 00:28:16,440 Speaker 1: late in the midterm election year. There's always a chance 504 00:28:16,480 --> 00:28:19,159 Speaker 1: of something coming back, and the Biden administration needs it. 505 00:28:19,240 --> 00:28:21,720 Speaker 1: You know, there's polling today I saw John King on 506 00:28:21,800 --> 00:28:26,600 Speaker 1: CNN Highlights. Fifty six percent of Americans couldn't identify something 507 00:28:26,680 --> 00:28:29,119 Speaker 1: good that Joe Biden has done. So he has to 508 00:28:29,160 --> 00:28:32,480 Speaker 1: pass some bills. He has to be seen signing legislation 509 00:28:32,520 --> 00:28:34,600 Speaker 1: in the law. He has to talk about those things, 510 00:28:35,080 --> 00:28:36,720 Speaker 1: and the best way to do that is probably to 511 00:28:36,760 --> 00:28:39,680 Speaker 1: break some of these things up, explain why they're important 512 00:28:39,720 --> 00:28:42,480 Speaker 1: to the American people, and how Congress do those things 513 00:28:42,480 --> 00:28:44,120 Speaker 1: that he can cut a deal with Joe Manchin and 514 00:28:44,360 --> 00:28:48,880 Speaker 1: otherwise just pack it up. Genie. The President left Washington today, 515 00:28:48,960 --> 00:28:52,000 Speaker 1: got on the chopper, they put the reporters on the osbreath. 516 00:28:52,040 --> 00:28:55,880 Speaker 1: They went to beautiful Culpepper, Virginia, where he made the 517 00:28:55,920 --> 00:29:00,680 Speaker 1: case for lowering prices, specifically for prescription d Slowing the 518 00:29:00,720 --> 00:29:03,960 Speaker 1: cost of prescription drugs is important and getting families like 519 00:29:04,080 --> 00:29:07,680 Speaker 1: yours just a little bit more breeding room makes a 520 00:29:07,760 --> 00:29:11,560 Speaker 1: gigantic difference. But Jennie, there's no bill outside of Build 521 00:29:11,560 --> 00:29:14,080 Speaker 1: Back Better that would do that. What are we talking about. 522 00:29:14,480 --> 00:29:16,360 Speaker 1: I love the way you say could Pepper, Joe Math, 523 00:29:16,480 --> 00:29:20,360 Speaker 1: thank you. It just comes out. Um. You know, this 524 00:29:20,520 --> 00:29:23,360 Speaker 1: is a piece of the Build Back Better agenda. One 525 00:29:23,360 --> 00:29:25,680 Speaker 1: of the things the Democrats wanted to do, was allowed 526 00:29:25,720 --> 00:29:29,680 Speaker 1: Medicare to negotiate drug pirace is starting. That's part of 527 00:29:29,720 --> 00:29:33,440 Speaker 1: what was on the table there. So despite Joe Mention 528 00:29:33,520 --> 00:29:36,840 Speaker 1: continuing to say it's dead, we have President Biden hitting 529 00:29:36,840 --> 00:29:39,720 Speaker 1: the road with this in this you know swing district 530 00:29:39,800 --> 00:29:42,880 Speaker 1: where Abigail Spanburger is is, you know, has a really 531 00:29:42,880 --> 00:29:45,640 Speaker 1: tough race. He's going to be talking about one piece 532 00:29:45,680 --> 00:29:48,600 Speaker 1: of this. So it's it's one of two things. Either 533 00:29:48,720 --> 00:29:51,720 Speaker 1: he's talked to Mention and they have a pathway forward 534 00:29:51,760 --> 00:29:54,000 Speaker 1: on a chunk of this, or he's just gonna go 535 00:29:54,040 --> 00:29:57,080 Speaker 1: out and still talk about something that, by the way, 536 00:29:57,320 --> 00:30:00,040 Speaker 1: is popular with the American public and they want to 537 00:30:00,160 --> 00:30:04,240 Speaker 1: see drug prices decreased. So he's trying to, I think, 538 00:30:04,440 --> 00:30:07,760 Speaker 1: have it both ways to a certain extent. Looking at 539 00:30:07,840 --> 00:30:10,320 Speaker 1: a live shot on the terminal right now, live go 540 00:30:10,800 --> 00:30:14,880 Speaker 1: of the stakeout cameras, the steakeout microphones, I should say, 541 00:30:14,880 --> 00:30:17,640 Speaker 1: out in front of the West Wing. An important meeting 542 00:30:17,760 --> 00:30:20,200 Speaker 1: happening there tonight. That has to do with the President's 543 00:30:20,240 --> 00:30:24,200 Speaker 1: deliberations over the Supreme Court. President and Vice President Kamala 544 00:30:24,200 --> 00:30:27,200 Speaker 1: Harris that he's meeting with Democrats on the Senate Judiciary Committee. 545 00:30:27,560 --> 00:30:30,880 Speaker 1: He's telling NBC News tonight that his shortlist is down 546 00:30:30,960 --> 00:30:34,440 Speaker 1: to about four people. Doug will an announcement be imminent here? 547 00:30:34,480 --> 00:30:36,480 Speaker 1: I know he said the end of February. Why not now, 548 00:30:37,640 --> 00:30:40,240 Speaker 1: I would say do this sooner rather than later. You know, 549 00:30:40,320 --> 00:30:43,120 Speaker 1: Donald Trump had a list of people UM in advance 550 00:30:43,160 --> 00:30:44,800 Speaker 1: that he said he was going to consider. I don't 551 00:30:44,840 --> 00:30:47,720 Speaker 1: think anybody would think that Joe Biden didn't have that list, 552 00:30:47,880 --> 00:30:50,440 Speaker 1: especially since he had promised it was going to come 553 00:30:50,440 --> 00:30:53,040 Speaker 1: from you know, a subset of you know, the larger 554 00:30:53,040 --> 00:30:56,320 Speaker 1: population of who might be considered and get moving on it. 555 00:30:56,680 --> 00:30:59,440 Speaker 1: You know, he needs to deliver something to his base 556 00:30:59,520 --> 00:31:01,640 Speaker 1: that they can point to and say, this is why 557 00:31:01,720 --> 00:31:03,680 Speaker 1: we put Joe Biden in office, and this is a 558 00:31:03,960 --> 00:31:06,440 Speaker 1: you know, even though essentially he'll be replacing a square 559 00:31:06,440 --> 00:31:09,280 Speaker 1: peg with a square peg, a liberal for a liberal, 560 00:31:09,600 --> 00:31:12,760 Speaker 1: it still is something that will excite certainly African American voters, 561 00:31:12,760 --> 00:31:15,600 Speaker 1: but also as basic needs to see a win on something. 562 00:31:16,440 --> 00:31:19,720 Speaker 1: But you can't get a Republican to vote. I think 563 00:31:19,760 --> 00:31:23,000 Speaker 1: I think we'll have on who he nominates. I'd advise 564 00:31:23,080 --> 00:31:26,640 Speaker 1: Republicans to um, you know, keep the focus on where 565 00:31:26,680 --> 00:31:29,480 Speaker 1: you want it to be on inflation, on rising violent crime, 566 00:31:30,000 --> 00:31:32,120 Speaker 1: on all the other myriad of issues that are a 567 00:31:32,160 --> 00:31:35,000 Speaker 1: problem for Joe Biden. The challenges You're going to have 568 00:31:35,040 --> 00:31:38,360 Speaker 1: some Republicans who are potentially who are on the Judiciary Committee, 569 00:31:38,440 --> 00:31:40,600 Speaker 1: who are potentially running for governor want to have our 570 00:31:40,640 --> 00:31:43,400 Speaker 1: president UM have some moments that stick out and that 571 00:31:43,440 --> 00:31:45,720 Speaker 1: could cause problems for that strategy. Do you remember how 572 00:31:45,720 --> 00:31:47,760 Speaker 1: long we waited for those FED nominees. We talked about 573 00:31:47,760 --> 00:31:49,480 Speaker 1: it every week until we kind of gave up for 574 00:31:49,520 --> 00:31:52,480 Speaker 1: a while. Uh, we're not going to do that again, 575 00:31:52,520 --> 00:31:55,880 Speaker 1: I presume with a Supreme Court nominee, but why not now? Gosh, 576 00:31:55,880 --> 00:31:57,800 Speaker 1: I hope we don't do that. We waited so long 577 00:31:57,840 --> 00:32:00,320 Speaker 1: for those um you know, I think the President is 578 00:32:00,360 --> 00:32:03,280 Speaker 1: going to release these, you know, make his his appointment, 579 00:32:03,480 --> 00:32:08,640 Speaker 1: his nomination sooner rather than later. I would think he 580 00:32:08,920 --> 00:32:10,800 Speaker 1: is close to making up his mind. I think it's 581 00:32:10,800 --> 00:32:13,320 Speaker 1: probably less of that and more of him wanting to 582 00:32:13,400 --> 00:32:16,400 Speaker 1: make sure whoever he puts forward is going to be 583 00:32:16,480 --> 00:32:19,720 Speaker 1: well received. I think he wants to get at least 584 00:32:19,760 --> 00:32:21,920 Speaker 1: a nominee who will get one or two at the 585 00:32:21,960 --> 00:32:25,360 Speaker 1: minimum Republicans to support them. And there are names out 586 00:32:25,360 --> 00:32:29,200 Speaker 1: there We've already heard Lindsey Graham, Lisa Murkowski, Susan Collins, 587 00:32:29,200 --> 00:32:31,880 Speaker 1: some others say there are people on that short list 588 00:32:32,000 --> 00:32:35,040 Speaker 1: they could support, So, you know, we may he may 589 00:32:35,080 --> 00:32:37,320 Speaker 1: get that, but I do think that's what he's banking on, 590 00:32:37,640 --> 00:32:40,880 Speaker 1: and I also think he wants to, you know, put 591 00:32:40,960 --> 00:32:45,920 Speaker 1: somebody forward that progressive Democrats are going to be excited 592 00:32:45,960 --> 00:32:49,560 Speaker 1: about that. And the abortion decision by the Supreme Court 593 00:32:49,600 --> 00:32:52,040 Speaker 1: are going to play big in the mid term for Democrats. 594 00:32:52,200 --> 00:32:55,920 Speaker 1: These are huge issues and his choice will as well. Uh, Doug, 595 00:32:55,960 --> 00:32:58,120 Speaker 1: you mentioned some of the things that this president and 596 00:32:58,120 --> 00:33:01,680 Speaker 1: that Democrats need to do. You're also writing in the 597 00:33:01,720 --> 00:33:05,600 Speaker 1: Washington Post about what the Republican Party should be doing 598 00:33:05,720 --> 00:33:09,320 Speaker 1: or in this case not, with the headline Republicans are 599 00:33:09,360 --> 00:33:12,959 Speaker 1: attacking each other at the worst possible time. I'd encourage 600 00:33:13,000 --> 00:33:15,680 Speaker 1: everybody to go check this out. It since today's Washington Post. 601 00:33:16,480 --> 00:33:18,680 Speaker 1: As you point out, the party could do well in November, 602 00:33:18,680 --> 00:33:21,040 Speaker 1: but censuring its own members won't help. And of course 603 00:33:21,080 --> 00:33:24,520 Speaker 1: I'm looking at a picture of Representatives Adam Kinzinger and 604 00:33:24,640 --> 00:33:26,880 Speaker 1: Liz Cheney here. We've talked about this quite a bit 605 00:33:27,160 --> 00:33:31,040 Speaker 1: since the resolution to center these two was past last Friday, 606 00:33:31,120 --> 00:33:34,480 Speaker 1: Doug Uh, Mitch McConnell is not on board. I just 607 00:33:34,520 --> 00:33:38,400 Speaker 1: wonder how much of the Republican Party you think is well. 608 00:33:38,440 --> 00:33:41,040 Speaker 1: I don't think we really know. Um. You know, certainly 609 00:33:41,120 --> 00:33:44,160 Speaker 1: the activist part of the party, which is made up 610 00:33:44,200 --> 00:33:47,960 Speaker 1: of county chairs and state party chairs, committee members who 611 00:33:48,040 --> 00:33:51,040 Speaker 1: voted on the center, UM do. But for most I think, 612 00:33:51,040 --> 00:33:54,480 Speaker 1: I think most Republicans, regardless of where they stand on 613 00:33:55,360 --> 00:33:59,840 Speaker 1: Liz Cheney or Adam Kinsinger, they want Republicans focused on 614 00:34:00,080 --> 00:34:03,160 Speaker 1: Joe Biden. And in politics, the best thing you can 615 00:34:03,160 --> 00:34:05,440 Speaker 1: do is stay out of your own way. And what 616 00:34:05,480 --> 00:34:09,120 Speaker 1: Republicans did, or the Republican National Committee did, made sure 617 00:34:09,200 --> 00:34:12,240 Speaker 1: that Republicans were continuing to fight with each other, bringing 618 00:34:12,600 --> 00:34:14,759 Speaker 1: you know, the the r n C, bringing Mitch McConnell 619 00:34:14,800 --> 00:34:17,000 Speaker 1: into the fight and Mitt Romney in the fight, which 620 00:34:17,040 --> 00:34:19,439 Speaker 1: then brought Donald Trump in the fight. So now we've 621 00:34:19,440 --> 00:34:22,400 Speaker 1: been talking about this for six days, going to continue 622 00:34:22,440 --> 00:34:24,240 Speaker 1: to talk about it for several days when we should 623 00:34:24,239 --> 00:34:28,200 Speaker 1: be talking about just today, uh seven percent unemployment and 624 00:34:28,360 --> 00:34:33,040 Speaker 1: or excuse me, inflation, and the Americans who don't think 625 00:34:33,040 --> 00:34:35,600 Speaker 1: that Joe Biden has done anything good talk about that 626 00:34:35,800 --> 00:34:39,040 Speaker 1: all day every day and stop fighting amongst yourselves. Wells 627 00:34:39,080 --> 00:34:41,000 Speaker 1: the former Coms director for the r n C. I 628 00:34:41,040 --> 00:34:44,399 Speaker 1: just wonder what you make of of the committee kind 629 00:34:44,440 --> 00:34:47,120 Speaker 1: of playing this role, as Mitch McConnell put, of picking 630 00:34:47,120 --> 00:34:51,120 Speaker 1: winners and losers who were already elected to office. Yeah. Well, 631 00:34:51,160 --> 00:34:54,080 Speaker 1: one thing, the RNC is very strict rules about whether 632 00:34:54,120 --> 00:34:57,319 Speaker 1: it can and can't get in primaries, and overwhelmingly it's 633 00:34:57,360 --> 00:35:00,360 Speaker 1: that they can't. What happened last Friday, it's them in 634 00:35:00,400 --> 00:35:03,200 Speaker 1: a position to now do so in the Cheney primary. 635 00:35:03,280 --> 00:35:05,319 Speaker 1: So what you'll see as the Republicans we about the 636 00:35:05,360 --> 00:35:07,759 Speaker 1: National Committee now will be spending money in at least 637 00:35:07,800 --> 00:35:10,799 Speaker 1: one race, not against Democrats but against another Republican, which 638 00:35:10,840 --> 00:35:13,440 Speaker 1: I'd say is a waste of resources, but also again 639 00:35:13,480 --> 00:35:17,160 Speaker 1: continues to fight amongst itself and stay in its own 640 00:35:17,160 --> 00:35:20,200 Speaker 1: way when it should be focused on Joe Biden, who's 641 00:35:20,320 --> 00:35:23,920 Speaker 1: unpopular right now, and who's unpopularity is lower than it 642 00:35:24,000 --> 00:35:26,359 Speaker 1: was for Barack Obama going into the two thousand ten 643 00:35:26,400 --> 00:35:29,319 Speaker 1: mid terms, when Republicans had had a big night, And 644 00:35:29,360 --> 00:35:30,960 Speaker 1: so if you want to have a big night in 645 00:35:32,600 --> 00:35:36,040 Speaker 1: focus on Democrats fighting amongst yourself, we're spending time with 646 00:35:36,040 --> 00:35:39,000 Speaker 1: Doug Hi, Genie Shenzano in our remaining moments here with 647 00:35:39,080 --> 00:35:41,799 Speaker 1: the panel. Uh, they passed another bills today. My god, 648 00:35:41,840 --> 00:35:43,720 Speaker 1: this is what two in a row we talked about 649 00:35:43,719 --> 00:35:47,080 Speaker 1: the Post Office bill yesterday. Senators today in a voice vote, 650 00:35:47,080 --> 00:35:50,080 Speaker 1: a bipartisan voice vote, clear to build and what they 651 00:35:50,080 --> 00:35:52,279 Speaker 1: call forced arbitration. You might have heard about this for 652 00:35:52,360 --> 00:35:55,719 Speaker 1: victims of sexual assault or harassment in the workplace. This 653 00:35:55,760 --> 00:35:57,560 Speaker 1: will now go to the president. The bill would allow 654 00:35:57,640 --> 00:35:59,919 Speaker 1: victims not only to speak out publicly, but what also 655 00:36:00,000 --> 00:36:03,360 Speaker 1: allow them to go to court. Senator Kirsten Gillibrand of 656 00:36:03,360 --> 00:36:05,279 Speaker 1: New York was one of the early sponsors of the bill. 657 00:36:05,440 --> 00:36:08,520 Speaker 1: No longer will survivors of sexual assault or harassment in 658 00:36:08,520 --> 00:36:11,440 Speaker 1: the workplace come forward and be told that they are 659 00:36:11,520 --> 00:36:14,840 Speaker 1: legally forbidden to see their employer because somewhere buried in 660 00:36:14,880 --> 00:36:18,719 Speaker 1: their employment contracts? Was this forced arbitration clause? Genie, how 661 00:36:18,760 --> 00:36:21,360 Speaker 1: significant is it that this passed by a voice vote? 662 00:36:22,239 --> 00:36:26,880 Speaker 1: Very important. This bill was bipartisan. You mentioned Kristen gillibrand 663 00:36:27,040 --> 00:36:30,440 Speaker 1: Lindsay Graham. On the other side. Fox News Gretchen Carlson 664 00:36:30,480 --> 00:36:33,319 Speaker 1: apparently was able to get him on board with this. 665 00:36:33,320 --> 00:36:36,600 Speaker 1: This is a critical piece of legislation, and I heard 666 00:36:36,640 --> 00:36:40,280 Speaker 1: some of the hearings last year when victims testified about 667 00:36:40,320 --> 00:36:42,600 Speaker 1: the fact that they are silenced. I mean, what had 668 00:36:42,600 --> 00:36:45,480 Speaker 1: been happening is you took a job, you signed away 669 00:36:45,520 --> 00:36:48,920 Speaker 1: your ability. If something happened to address it in court, 670 00:36:49,000 --> 00:36:52,759 Speaker 1: you were forced to go to mandatory arbitration. This ends that, 671 00:36:52,920 --> 00:36:56,560 Speaker 1: and that is critically important for all victims, men and 672 00:36:56,640 --> 00:36:59,960 Speaker 1: women of sexual harassment and sexual abuse in the workplace 673 00:37:00,200 --> 00:37:03,839 Speaker 1: and beyond. Quickly, Genie, this bill is retroactive. I learned 674 00:37:03,880 --> 00:37:06,239 Speaker 1: today from Mark Crumpton. First word news, are we about 675 00:37:06,239 --> 00:37:08,480 Speaker 1: to see a lot of cases reopen? We may see 676 00:37:08,520 --> 00:37:12,040 Speaker 1: a bunch of cases reopened, and rightly so, because victims 677 00:37:12,040 --> 00:37:15,240 Speaker 1: have been silenced on this for far too long. Great 678 00:37:15,239 --> 00:37:18,239 Speaker 1: conversation with Jennie Shenzano and great to have Doug high 679 00:37:18,239 --> 00:37:20,520 Speaker 1: back day. Doug, thank you for your insights today and 680 00:37:20,560 --> 00:37:23,640 Speaker 1: I look forward to putting this together once again soon 681 00:37:23,719 --> 00:37:27,160 Speaker 1: on the fastest hour in politics. Indeed, sir, February is 682 00:37:27,160 --> 00:37:29,880 Speaker 1: Black History Month. Every day this month we're celebrating significant 683 00:37:29,920 --> 00:37:32,880 Speaker 1: moments in US black history. And now with your installment 684 00:37:32,960 --> 00:37:36,600 Speaker 1: on this tenth of February, here's Bloomberg's Rnita Young on 685 00:37:36,680 --> 00:37:40,760 Speaker 1: this day in Black History. In nine, Attorney Ron Brown 686 00:37:40,920 --> 00:37:44,480 Speaker 1: becomes the first African American elected national chairman of the 687 00:37:44,520 --> 00:37:48,319 Speaker 1: Democratic Party. As Chairman, Brown played a key role in 688 00:37:48,400 --> 00:37:52,680 Speaker 1: securing the election of Bill Clinton, who was the first 689 00:37:52,680 --> 00:37:56,200 Speaker 1: Democrat to win the US presidency since Jimmy Carter in 690 00:37:56,280 --> 00:38:01,120 Speaker 1: nineteen seventy six. So in three, clear To nominated Brown 691 00:38:01,200 --> 00:38:04,880 Speaker 1: as Commerce Secretary, and when the Senate confirmed him, Brown 692 00:38:05,000 --> 00:38:08,240 Speaker 1: became the first black person to hold that cabinet post 693 00:38:08,520 --> 00:38:12,640 Speaker 1: in US history. That's today in Black History. I'm Rinita 694 00:38:12,719 --> 00:38:16,919 Speaker 1: Young Bloomberg Radio, and I'm Joe Matthew in Washington. Thanks 695 00:38:16,920 --> 00:38:20,120 Speaker 1: for being with us on this little Friday on Bloomberg 696 00:38:20,200 --> 00:38:21,920 Speaker 1: Sound On. I'll meet you back here tomorrow for the 697 00:38:21,960 --> 00:38:26,279 Speaker 1: Friday edition on the fastest hour in politics. Stay with us, 698 00:38:26,280 --> 00:38:31,480 Speaker 1: we'll check the market straight ahead. Daybreak Asia follows. I'm 699 00:38:31,560 --> 00:38:33,560 Speaker 1: Joe Matthew. This is Bloomberg