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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

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Speaker 1: live weekdays at.

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Speaker 2: One Eastern on Bloomberg dot com, the iHeartRadio app and

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Speaker 2: the Bloomberg Business app.

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Speaker 1: Or listen on demand wherever you get your podcasts.

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Speaker 2: We do start with a couple of important headlines. Remember,

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Speaker 2: we've been talking a lot about the spending package that's

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Speaker 2: going into this August recess. There was a hope to

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Speaker 2: get something done before lawmakers left town, and the headlines

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Speaker 2: are not making it feel like there's a lot of

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Speaker 2: progress happening here. Knowing that we are headed to a

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Speaker 2: possible government shutdown in the fall, House bills hit snags

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Speaker 2: on floor and in committee. I read from Jack Fitzpatrick

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Speaker 2: at Bloomberg Government, remembering the House Freedom Caucus members yesterday

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Speaker 2: who were saying that, you know, they might need to

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Speaker 2: force a shut down to get what they want. Another headline, now,

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Speaker 2: the White House threatens to veto the USDA FDA funding bill.

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Speaker 2: It's a pretty big deal here, suggesting that House Republicans

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Speaker 2: are wasting time with partisan bills. And indeed, if the

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Speaker 2: President were Senate, it says in a White House statement

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Speaker 2: with HR four three six eight, he would veto it

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Speaker 2: just one reason why we wanted to talk to Congressman

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Speaker 2: John Rose, the Republican from Tennessee, is on the House

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Speaker 2: Agriculture Committee along with Financial Services, which is very busy

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Speaker 2: this week with the crypto REGs that we were talking

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Speaker 2: about earlier in the week on Bloomberg, So let's bring

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Speaker 2: him in. Congressman Rose, we thank you for joining us

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Speaker 2: today on Bloomberg Radio.

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Speaker 1: Do you think the House will pass an agriculture bill

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Speaker 1: this week?

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Speaker 3: I think we will, And Joe thank you for having

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Speaker 3: me on on on on fund today. I appreciate the

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Speaker 3: op indeed, but I do think we will.

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Speaker 1: Now then it goes.

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Speaker 2: Through some potential problems here, either to die in the

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Speaker 2: Senate or vetoed by the president. Is this an exercise

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Speaker 2: in vain based on what you're hearing from the other

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Speaker 2: chamber and the other end of Pennsylvania Avenue.

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Speaker 3: I don't think so. You know, the Senate's going to

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Speaker 3: have to learn to walk again. They haven't they have

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Speaker 3: heard appropriations bills in regular order in a long time,

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Speaker 3: so that probably is a bit of a learning process

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Speaker 3: for them. But I think that you know, we're progressing well,

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Speaker 3: and I think we'll get two of these bills through

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Speaker 3: the House before we go home for August, and then

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Speaker 3: I think we'll come back in September and the others

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Speaker 3: are cued up ready for us to tackle.

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Speaker 2: The Well, see, you're pretty optimistic. It sounds like, while

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Speaker 2: the sentence learning to walk in your words, the House

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Speaker 2: is actually going to get some things done despite the

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Speaker 2: noise in the air this week.

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Speaker 3: I think we will. I think the Republicans understand how

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Speaker 3: important this is. I think we want to advance the

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Speaker 3: commitment to America that we made as and the Americans

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Speaker 3: used to put us back in the majority last year,

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Speaker 3: and so I think we will. I think we'll get

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Speaker 3: the job.

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Speaker 1: Done right around this time.

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Speaker 2: Yesterday, a little bit earlier, I suppose Congressman Bob Good

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Speaker 2: had this to say at a Freedom Caucus briefing with reporters.

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Speaker 4: We should not fear a government shut down.

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Speaker 3: So what we do up here is bad anyway, most

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Speaker 3: of what we do up here, hearts to the American people.

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Speaker 2: Do you believe that, Congressman number one, that you shouldn't

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Speaker 2: fear a shutdown? A lot of folks think it's inevitable

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Speaker 2: and that you're somehow up to something bad here in Washington.

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Speaker 3: You know, I don't particularly fear a shutdown. I don't

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Speaker 3: think that's necessarily the best thing. But my grandfather taught

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Speaker 3: me years ago that if you want to get the

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Speaker 3: best deal, you've got to be willing to push away

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Speaker 3: from the table at times and negotiations, and so that's

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Speaker 3: part of the process, the give and take that happens

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Speaker 3: here in Washington, and we need to be willing to

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Speaker 3: stand our ground and fight for the issues that are

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Speaker 3: important to us. But in the end, I think we've

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Speaker 3: proven previously this year that the Republican majority in the

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Speaker 3: House is able to get business done, and I think

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Speaker 3: we'll get business done this time as well.

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Speaker 1: Well.

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Speaker 2: I can't imagine, Congressman, what your grandfather would say about

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Speaker 2: regulating crypto, because even the kids don't quite know what

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Speaker 2: to do with this, and it's something that the Financial

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Speaker 2: Services Committee is undertaking right now, and there are some

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Speaker 2: important hearings this week to that end. When it came

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Speaker 2: to regulating stable coin and then kind of a broader

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Speaker 2: market structure, a separate piece of legislation on the crypto verse,

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Speaker 2: we spoke with a member of Congress just yesterday. Congressman

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Speaker 2: Wiley Nickel, spoke about his optimism in getting something done.

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Speaker 4: Here's what he said the place that we started. We

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Speaker 4: want to prevent another FTX, and I think that that

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Speaker 4: the bill does that, and it puts the guardrails in

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Speaker 4: place that matter. My staff just told me too that

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Speaker 4: one of one of our concerns was that the CFTC,

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Speaker 4: which would be an increasingly more important player, is going

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Speaker 4: to have the funding as part of this effort. You know,

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Speaker 4: that was one of my concerns that the CFTC wouldn't

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Speaker 4: be funded to administer you know, the rules that we're

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Speaker 4: setting and put in place. That part is getting worked out.

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Speaker 4: So I'm very optimistic that, you know, this could be

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Speaker 4: one of the bigger bipartisan accomplishments in this Congress, one.

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Speaker 2: Of the bigger bipartisan accomplishments of this Congress. Congressman Roads,

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Speaker 2: do you share his optimism.

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Speaker 3: I do, And we've been working hard on this. Obviously,

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Speaker 3: this work began on a bipartisan basis last Congress when

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Speaker 3: the Democrats were in the majority. It has continued a

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Speaker 3: pace into this Congress, and I think we have a

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Speaker 3: good bill text. We're doing the markup on this, the

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Speaker 3: debate on this, and listening to amendments this afternoon, but

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Speaker 3: I think we'll get a market bill out of the

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Speaker 3: House on a bipartisan basis, certainly out of committee this week,

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Speaker 3: but I think the stage is set for the House

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Speaker 3: to get its part done. We do have some work

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Speaker 3: to do over again on the Senate side and making

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Speaker 3: sure they understand how important it is to number one,

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Speaker 3: protect American consumers and those who might be involved in

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Speaker 3: the digital assets place and who want to own crypto

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Speaker 3: or use that, but also making sure that innovation can

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Speaker 3: happen and that it happens here in the United States.

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Speaker 3: And so this is very important to get done. We

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Speaker 3: build on the existing regulatory framework that's existed in this

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Speaker 3: country since nineteen thirty three and beyond, and so I

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Speaker 3: think it will be in line with what Americans have

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Speaker 3: come to expect in terms of the protections and guardrails

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Speaker 3: that regulators have provided in other places like the securities markets.

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Speaker 2: Well, I have to admit that'll be music to a

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Speaker 2: lot of our listeners years. I know not everyone agrees

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Speaker 2: on this, but the idea of bipartisan solution is kind

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Speaker 2: of surprising, because it seemed to me, Congressman that this

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Speaker 2: was starting to fall along party lines that Democrats wanted

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Speaker 2: to go after crypto and Republicans were trying to protect

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Speaker 2: the industry.

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Speaker 1: How did you describe.

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Speaker 3: It, Well, I understand that that's kind of become the narrative,

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Speaker 3: but I think the reality is is that again the

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Speaker 3: two priorities that I announced, which are and I think

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Speaker 3: both parties agree on. We want to protect the American consumers.

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Speaker 3: We all saw what happened with FTX last year, and

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Speaker 3: we don't want our consumers and participant MAREK participants to

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Speaker 3: be at risk of not having the protective regulatory guardrails

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Speaker 3: that they're used to having and that they expect and

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Speaker 3: that they should expect. And then secondly, this is the

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Speaker 3: next generation of finance in the world, and we want

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Speaker 3: it to happen. We want that innovation to happen here.

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Speaker 3: It is happening here, but we don't want the lack

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Speaker 3: of a regulatory structure, a coherent regulatory structure, to dissuade

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Speaker 3: innovators from doing that here in the United States.

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Speaker 2: Getting back to the work at hand in terms of

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Speaker 2: funding the government, You've got this week, you go on

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Speaker 2: August recess, then it's going to be a truly historic

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Speaker 2: I'm guessing appropriations process that comes into play following the

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Speaker 2: debt ceiling deal. It's been suggesting Congressman that's somehow that

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Speaker 2: deal that Speaker McCarthy made with President Biden is being relitigated.

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Speaker 1: Now do you feel that way, Well.

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Speaker 3: I understand why some would represent it that way, and certainly,

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Speaker 3: you know, the appropriations process is the place where we

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Speaker 3: tackle these issues. The Fiscal Responsibility Act that passed back

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Speaker 3: in late May that dealt with the debt ceiling, it

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Speaker 3: does put in place some backstops importantly that create incentives

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Speaker 3: for us to get our work done on time. We

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Speaker 3: don't need to continue what has happened in recent years

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Speaker 3: in Washington, where we package all of this up in

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Speaker 3: a giant omnibus bill at the end of the year.

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Speaker 3: That's not good for the taxpayers, it's not good for

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Speaker 3: our national defense. And so we have some incentives built

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Speaker 3: in because of the Fiscal Responsibility Act that will I

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Speaker 3: think serve to keep us on track.

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Speaker 1: Interesting, you know.

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Speaker 2: There's a bit of a distraction here as you try

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Speaker 2: to get the work done that you're describing, and that

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Speaker 2: is a new conversation about an impeachment inquiry. Even the

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Speaker 2: Speaker said that, you know, we might be on track.

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Speaker 2: Darryl Isis said that might happen even in early September.

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Speaker 2: That's pretty soon, Congressman. Should that be the business of

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Speaker 2: the House Republican Caucus right now to begin investigating the

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Speaker 2: president's impeachment in mind?

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Speaker 3: Well, you know, it was part of our commitment to

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Speaker 3: America to make sure that we have a government that's

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Speaker 3: responsible to the people. And so, you know, we've seen

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Speaker 3: a lot of evidence that's already been brought forward that

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Speaker 3: shows that the Biden family, principally Hunter and the President's brother,

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Speaker 3: we're receiving and other family members millions upon millions of dollars.

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Speaker 3: They haven't offered explanations for how what they did to

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Speaker 3: deserve those payments. Increasingly, it's becoming evidence that the President

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Speaker 3: was aware, may have even been in the room when

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Speaker 3: some of these transactions were being negotiated or being consummated,

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Speaker 3: and so it raises serious questions about the president. And

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Speaker 3: obviously alongside that, we've seen serious questions raised about the

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Speaker 3: justice system in this country, the Justice Department, the FBI,

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Speaker 3: the irs with respect to how the investigations into the

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Speaker 3: president and his family have been conducted. That raised concerns

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Speaker 3: that I think rise to this level. And so we

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Speaker 3: still have work to do evidence, to gather witnesses, to

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Speaker 3: subpoena that sort of thing.

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Speaker 2: But eventually, you know, would that be the Oversight Committee?

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Speaker 1: And when are we going to see that evidence?

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Speaker 3: Well, so the Oversight Committee has already brought forward you know,

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Speaker 3: we have we have produced the evidence or the committee

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Speaker 3: has produced the evidence that brought forward the evidence of

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Speaker 3: the payments that went to a large number ten to

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Speaker 3: fifteen Biden family members, and they have not the Bidens

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Speaker 3: have not offered credible explanations for what they did to

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Speaker 3: merit receiving those payments, and ultimately, you know, it becomes

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Speaker 3: incumbent upon the president and his family to explain, why

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Speaker 3: did you receive millions of dollars from foreign nationals.

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Speaker 2: Yeah, it's just an interesting conversation here because I keep

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Speaker 2: hearing about a double standard when it comes to justice.

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Speaker 2: But Republicans in the House never wanted to investigate claims

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Speaker 2: that Donald Trump was enriching his family when he was

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Speaker 2: in office.

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Speaker 1: How come?

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Speaker 3: Well, no, I think there were significant investigations, obviously, but

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Speaker 3: there was never a showing that payments were being made

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Speaker 3: that could not be explained. In other words, the Trump

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Speaker 3: family business was very you know, evident and out in

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Speaker 3: the public, and it was obvious what payments were being

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Speaker 3: made to them to provide services. In the case of

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Speaker 3: the Bidens, they're not in any businesses that we know

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Speaker 3: of other than government and selling influence, and so you

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Speaker 3: know that, and they have yet to offer credible explanations

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Speaker 3: for what they did a value to deserve those payments.

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Speaker 3: And so it's really an apple and orange comparisons between

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Speaker 3: the Biden family and the Trump family. And of course

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Speaker 3: the president was investigated, and just in recent weeks we've

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Speaker 3: had the Durham Report come forward that you know, pretty

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Speaker 3: completely vindicates the president in terms of the so called

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Speaker 3: Russia collusion, which it turns out was a hoax paid

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Speaker 3: for by the Democrat National Committee and the Hillary Clinton campaign.

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Speaker 2: You've obviously got certain ideas about this. I just you

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Speaker 2: can understand why people on both sides think there's a

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Speaker 2: double standard because Donald Trump wasn't investigated for that stuff.

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Speaker 2: I know there were investigations, but it was about other matters.

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Speaker 2: You've got candidates like Chris Christi out there talking about

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Speaker 2: Jared Kushner and the Trumps fleecing other countries while in office,

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Speaker 2: and at some point on the campaign trail. I hope

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Speaker 2: we'll get a chance to shake all of this out.

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Speaker 1: Congressman, well, I.

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Speaker 3: Think we will. And again, the president, the forty fifth president,

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Speaker 3: of course, the most investigated president in the history of

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Speaker 3: the Republic, So I think it's unfair to characterize that

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Speaker 3: that was never investigated. Probably more money spent by the

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Speaker 3: federal taxpayers to pursue a president investigate his family than

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Speaker 3: any other individual in the history of the country.

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Speaker 1: Yeah, I just mean.

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Speaker 2: That the two billion dollars that was invested in Jared

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Speaker 2: Kushner's private equity firm shortly after he left his White

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Speaker 2: House position. That's just the type of stuff that people

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Speaker 2: think about as being kind of swampy. I'm sure it's

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Speaker 2: nothing that you would be involved in, Congressman, but this

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Speaker 2: is what we're all reading about. We thank you for

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Speaker 2: coming by, by the way, and when you have a

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Speaker 2: chance to talk to us about this spending plan, this

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Speaker 2: agriculture bill getting done, we'd love to do it. Republican

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Speaker 2: Congressman from Tennessee, John Rose with us on Bloomberg sound On.

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Speaker 1: Thanks for listening to the sound on podcast.

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Speaker 2: pm Eastern Time at Bloomberg dot com