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Speaker 1: Live from our nation's capital. This is Bloomberg's Sound On.

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Speaker 1: We're gonna talk all about the policy prescriptions of the

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Speaker 1: Biden administration. We're not going to hear anymore about Operation

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Speaker 1: warp Speeds. They're gonna be calling it the COVID response.

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Speaker 1: We're talking right now about jockeying amongst Republicans. Bloomberg Sound On,

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Speaker 1: the insiders, the influencers, the insiders fighting has commented again

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Speaker 1: and again that he will unite the country. Who do

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Speaker 1: you think Fiden has to watch in terms of moderate detectors?

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Speaker 1: The House has been voting for this stimulus package basically

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Speaker 1: for months. Bloomberg Sound On with Kevin Surley on Bloomberg Radio.

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Speaker 1: Robin Hood comes to Washington full Stop on Game Stop.

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Speaker 1: I've got complete reaction and an exclusive interview with Congressman

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Speaker 1: Trey Hollingsworth of Indiana. He's on the Financial Services Committe.

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Speaker 1: Anthony Scaramucci is going to kick things off for us.

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Speaker 1: He's all in the cryptocurrency and he's got the complete

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Speaker 1: reaction to what has been a dizzying day as Jrobin

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Speaker 1: Hood met with Chairwoman Maxine Waters. Did you see that

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Speaker 1: all of that plus the situation in Texas, and we're

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Speaker 1: going to talk to you specifically about whether or not

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Speaker 1: this is gonna spur talk of infrastructure. Spending big interview

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Speaker 1: with someone who met with President Biden yesterday in the

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Speaker 1: Oval Office on infrastructure, the head of the Plumbers Union.

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Speaker 1: You don't want to miss that. Anthony Scaramucci of Skybridge Capital,

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Speaker 1: managing partner and founder, is on the line to set

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Speaker 1: us up for tonight's big story, and that is Robin

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Speaker 1: Hood and game Stop go to Washington. I just got

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Speaker 1: back from the halls, the empty halls really of Congress,

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Speaker 1: where I was covering this big story today, and I've

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Speaker 1: got sounds on it. First up from House Financial Services

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Speaker 1: Committee Chairwoman Maxine Waters, who said those on Main Street

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Speaker 1: believe those on Wall Street always win, and that they

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Speaker 1: wanted to try to beat Wall Street investors at their

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Speaker 1: own game. These events have eliminated poteti conflicts of interest

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Speaker 1: and the predatory ways that certain funds operate, and they

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Speaker 1: have demonstrated the enormous potential power of social media in

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Speaker 1: our markets. The top Republican on the committee, Congressman Patrick

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Speaker 1: McHenry of North Carolina, said that a fundamental change is

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Speaker 1: happening that gives small investors more power through technology. And

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Speaker 1: this is the sound on that the game stop story

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Speaker 1: represents a larger truth. A fundamental change is happening like

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Speaker 1: never before. Everyday investors can communicate, access more information, and

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Speaker 1: work collectively to move markets, all in real time. I

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Speaker 1: was looking through my reporter's notebook and preparation for tonight's program,

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Speaker 1: and I underlined did this? I bolted it because it's

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Speaker 1: from Robin Hood's CEO of lad Tenev. He defended his

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Speaker 1: company's decision to restrict certain trading during the frenzy. Here's

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Speaker 1: what he said, Let's roll the tape. Robin Hood Securities

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Speaker 1: put the restrictions in place in an effort to meet

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Speaker 1: increased regular tory deposit requirements. Not to help hedge funds.

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Speaker 1: We don't answer to hedge funds. We serve the millions

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Speaker 1: of small investors use our platform every day to invest.

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Speaker 1: Let's bring in Anthony Scaramucci of Skybridge Capital. We should

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Speaker 1: also note that he just launched a cryptocurrency fund. It's

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Speaker 1: great to catch up with you again, Anthony. Thank you

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Speaker 1: so much for for making the time for us. What's

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Speaker 1: your analysis of today's hearings from Washington d c Thanks

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Speaker 1: for having me, Kevin. I I think it was a

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Speaker 1: good day for Robin Hood, actually because I thought he

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Speaker 1: did a very good job of explaining what he's doing,

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Speaker 1: what his business model is, and what the regulatory requirements

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Speaker 1: are from these oxcure places like the Depository Trust Corporation. Moreover,

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Speaker 1: if Robin Hood was better capitalized, let's say we had

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Speaker 1: gone back six months ago and he had raised three

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Speaker 1: or four billion dollars and then this game stop phenomenon happened,

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Speaker 1: I don't think you would have gotten all this buzz

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Speaker 1: and all that noise, And think the point he's making

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Speaker 1: is the regulatory system is set up to protect the

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Speaker 1: system itself so you don't have a system failure or

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Speaker 1: crashing of the system. Secondarily, it's set up to protect

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Speaker 1: the individual make sure that the individual investor has got

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Speaker 1: all the safety seals on in terms of what they're doing.

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Speaker 1: But the last piece of this thing, which was very

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Speaker 1: evident today, is that we are in a free market.

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Speaker 1: As it relates to individual traders. If they want to

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Speaker 1: trade game stop, if they want to pick another short

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Speaker 1: concentrated story to try to squeeze it upward in the markets,

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Speaker 1: they have the right to do that. But of course

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Speaker 1: there's caveat m tour in that. And I don't think

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Speaker 1: the Congress is in the business now of taking that

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Speaker 1: freedom away from individual investors. And and what we're learning

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Speaker 1: about today's testimony is that there are inherent risks in

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Speaker 1: the story. I could think he made a very compelling

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Speaker 1: case that he's not called into the hedge fund managers.

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Speaker 1: And frankly Kevin, as a hedge fund manager, I was

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Speaker 1: surprised that I didn't feel bullets whizzing by my skull

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Speaker 1: or raising my forehead. It didn't seem like the hedge

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Speaker 1: funds were in the target zone this time, so you

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Speaker 1: didn't feel like, even though with all this cold weather

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Speaker 1: that you had to hop a flight to Cancun. Like

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Speaker 1: Senator Ted Cruise, well, let me let me let me

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Speaker 1: tell he's a little gay. I mean, as I said

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Speaker 1: on Twitter, Jed Cruise is the Ted Cruise of Ted cruises.

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Speaker 1: Let's leave it a bad keV. Let's get back to

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Speaker 1: policy so my bosses don't get back. I can hear

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Speaker 1: our ep Barada saying, get back on track, keV, get

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Speaker 1: back on track. The Ted Cruise jokes just I mean,

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Speaker 1: you really can and we're gonna check in on on Texas.

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Speaker 1: I'm glad you brought up this one point though about

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Speaker 1: Robin Hood, CEO of lad Tenev, defending his company's decision

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Speaker 1: to restrict certain trading right now, but essentially uh tene

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Speaker 1: f says that Robin Hood Securities put the restrictions in

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Speaker 1: place in an effort to meet increased regulatory deposit requirements,

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Speaker 1: not to help hedge funds. We don't answer to hedge funds.

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Speaker 1: We serve the millions of small investors who use our

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Speaker 1: platform every day to investor. You know this. Anthony Scaramucci.

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Speaker 1: Senator Elizabeth Warren raised these concerns in a letter to Citadel.

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Speaker 1: Alexandria Acascio Cortes is speaking literally right now in the

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Speaker 1: virtual hearing, raising these concerns about Citadel. You know, what's

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Speaker 1: what is the what actually happened? They're denying any involvement here,

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Speaker 1: But what what is where their smoke is their fire

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Speaker 1: in this case? I don't I don't think there is.

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Speaker 1: I mean, you know, one of the things they taught

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Speaker 1: yet thirty years ago Goldman Sachs when I started there

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Speaker 1: is how to process and clear a trade and what

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Speaker 1: the regulatory and financial requirements were for broker dealers to

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Speaker 1: meet those trades, and so when they saw that influx

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Speaker 1: of volume. Remember, on robin Hood, I can go onto

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Speaker 1: the app, I can toggle two or three things and

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Speaker 1: immediately get accepted for margin. You know what, the CEO

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Speaker 1: didn't know, and none of his staff knew at that time.

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Speaker 1: Who is doing that in the frenzy and who wasn't.

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Speaker 1: That's why the regulators come knocking on his door and

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Speaker 1: they say, okay, well listen, if if if GameStop goes

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Speaker 1: to five hundred and all of your clients are borrowing

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Speaker 1: money to bid it up the five hundred, if it

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Speaker 1: drops the and there's a four hundred and eighty dollar loss,

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Speaker 1: you're wiping out all those accounts, and you guys are

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Speaker 1: gonna be on the hook for several billion dollars. So

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Speaker 1: unless you curtail that trading, we're gonna shut it down

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Speaker 1: because you're now representing a systemic risk to the overall system. Remember,

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Speaker 1: robin Hood is not a bank, So robin Hood, like

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Speaker 1: a Morgan Stanley or a Goldman Saxe, can't go to

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Speaker 1: the FED window and borrow money at a zero interest

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Speaker 1: rate to meet those capital requirements. And so that's why

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Speaker 1: they had a rush back into the markets, go to

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Speaker 1: the adventure capitalists and raise several billion dollars to shore

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Speaker 1: up the capital. The congresswomen and their aids know this. Uh,

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Speaker 1: they also know that it's good politics to rail on

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Speaker 1: places like Robin Hood. It's an ironic name because it's

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Speaker 1: supposed to be giving, taking from the ridge, and giving

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Speaker 1: to the poor, and it's not doing that. All it's

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Speaker 1: doing is providing a service to investors that they're actually

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Speaker 1: paying for. How are they paying for it? Well, their

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Speaker 1: data and their order flow is being sold to places

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Speaker 1: like Citadel, and so their data and or order flow

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Speaker 1: has value in the marketplace. Robint Hood's telling them, you know,

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Speaker 1: you can trade with us costlessly. But oh, by the way,

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Speaker 1: there's nothing for free. There's no free lunch on Wall Street.

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Speaker 1: We're gonna take your data, take your order flow aggregated,

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Speaker 1: and sell it to places like Citadel. And now the

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Speaker 1: Congress is going to try to analyze whether that is

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Speaker 1: good for individual investors, bad for individual investors, or should

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Speaker 1: they be indifferent to it? You know, one of the

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Speaker 1: many wonky topics. And you know that's prior to come

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Speaker 1: in to Bloomberg I literally covered just the Senate Banking

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Speaker 1: and the House Financial Services Committee, and and and a

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Speaker 1: lot of these debates have been going on for years,

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Speaker 1: but now there are apps that are getting all of

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Speaker 1: the headlines and the robin hoods and the game stops

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Speaker 1: and whatnot. But T plus two And for folks, if

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Speaker 1: you're new to this topic, it's gotten a ton of

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Speaker 1: attention because many people don't realize this. But Wall Street

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Speaker 1: has a requirement that stocks be physically deposited into a

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Speaker 1: purchaser's account within two days of making an order. This

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Speaker 1: is called T plus two. And so you you alluded

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Speaker 1: to the Depository Trust and Clearing Corporation, but a lot

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Speaker 1: can happen in forty eight hours. And one of the

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Speaker 1: points that has come up over the past couple of

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Speaker 1: days from from the industry has been is T plus

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Speaker 1: two outdated? Anthony Scaramucci? Is it? Uh? You knows, and

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Speaker 1: it is? And it isn't. I mean, at the end

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Speaker 1: of the day, Uh, that system has been in place successfully,

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Speaker 1: It's been refined over eighty years. When I got into business,

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Speaker 1: it was T plus five. Uh, it is and it isn't.

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Speaker 1: You know. What's interesting is the blockchain to cure that

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Speaker 1: if you if you put all of these trades up

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Speaker 1: on the blockchain, you could probably make the transactions, the

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Speaker 1: cash and the security trans for instantaneously. I don't think

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Speaker 1: the marketplace is ready for that, and I think that

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Speaker 1: the it's it's cucumbersome. You want to talk about infrastructure,

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Speaker 1: there is a different type of infrastructure. Wall Street is

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Speaker 1: still operating off of those old fashioned IBM like mainframes. Kevin, So, uh,

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Speaker 1: you know, I Uh, the system is working. Could it

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Speaker 1: be tweaked, could it be advanced? Yes, it could be.

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Speaker 1: I think what the real question is is, though, is

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Speaker 1: the does the Wall Street trader have an edge over

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Speaker 1: the individual? Uh? And the answer to that is clearly

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Speaker 1: yes it does. And will the individual ever be able

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Speaker 1: to match Wall Street? Meaning will the individual have parity?

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Speaker 1: And what I would say to that is, this is

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Speaker 1: the closest that we've ever gotten to verity. There's near

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Speaker 1: perfect information, there's access to Bloomberg terminals for people large

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Speaker 1: and small, and the trading is relatively cluseless now. And

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Speaker 1: so that makes that individual trader akin to a principal

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Speaker 1: trader at a Wall Street firm sorca. Remember, the Wall

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Speaker 1: Street trader has high frequency trading. He has an ability

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Speaker 1: through his servers to see data more quickly than the individual.

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Speaker 1: And so if you're asking me if that's ever gonna change,

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Speaker 1: I'm gonna say no. It's the same way Tom Brady

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Speaker 1: can throw a spiral way better than me. Possibly not you,

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Speaker 1: but I'm gonna give Tom Brady over on throwing. Then

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Speaker 1: I feel like I'm back in the Brady in the

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Speaker 1: real world. I mean, come on, what do you get.

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Speaker 1: First of all, I'm an Eagles fan. Second of all,

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Speaker 1: it's been a big day for Carson Wentz uh and

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Speaker 1: and and my Eagles. I got one more question for

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Speaker 1: you because I gotta stay on topic. But you're you

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Speaker 1: know you're I feel it, I feel they hate UH.

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Speaker 1: A final question for you, because you know you did

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Speaker 1: launch this UH, this cryptocurrency. I'm sure you're familiar with

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Speaker 1: the investigations that have gone on with North Korea UH

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Speaker 1: stealing using cryptocurrency to steal millions of dollars from financial

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Speaker 1: institutions in America UH and and hacking and not. There's

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Speaker 1: so much perceived risk with cryptocurrency. As you answer into

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Speaker 1: this field, what are you going to be looking? You're

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Speaker 1: obviously now a leader in it. What are you going

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Speaker 1: to be looking at, specifically from a national security perspective

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Speaker 1: to make sure that this is a safe and trusted currency. Well,

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Speaker 1: I mean, listen, it's too long of a conversation for

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Speaker 1: a radio show, but I'll say three quick things. Are

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Speaker 1: Bitcoin is stored at Fidelity in cold storage, so it's

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Speaker 1: impregnable to hacking because it's literally unplugged from the Internet

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Speaker 1: on their servers. They have an additional layer of Lloyds

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Speaker 1: in London assurance protecting those assets. The national security question,

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Speaker 1: as you really understand the blockchain and you understand the

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Speaker 1: addresses of these wallets, the national security n s A

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Speaker 1: they can find transfers very quickly. Is bitcoin used for

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Speaker 1: piracy and money laundering and things like that? The answer

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Speaker 1: is yes, but no more than the US dollar. As

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Speaker 1: you and I both know, the bills that are in

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Speaker 1: circulation have traces of cocaine on them for a reason,

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Speaker 1: Kevin so so in some ways, uh, the lack of

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Speaker 1: all a non anonymity in those wallet addresses. If I

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Speaker 1: want to move I have five hundred million dollars a

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Speaker 1: bitcoin across the Skybridge product platform. If I want to

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Speaker 1: move that out of Fidelity into some other custodian that

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Speaker 1: comes right up on the radar screen. Everybody can actually

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Speaker 1: see that transfer. So I do think as people really

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Speaker 1: start to understand the blockchain and crypto, the fear about

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Speaker 1: that stuff will dial down. Now this is an asset class.

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Speaker 1: It's here to stay. It's growing exponentially akin to the

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Speaker 1: law's pursuance of Medcalfs law, if you will, uh. And

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Speaker 1: it's effectively becoming a monetary network the same way Amazon

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Speaker 1: as a retail network, where Google is a search and

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Speaker 1: advertising network. I'm trying to get my clients in there

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Speaker 1: ahead of these e t f that are coming and

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Speaker 1: this big swelling of institutional demand. And of course we

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Speaker 1: started this project back in in November when bitcoin was

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Speaker 1: trading at sixteen. Uh. It will be choppy, it will

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Speaker 1: be volatile. I'm in cautioning individual investors if you're interested

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Speaker 1: in the strategy, by small pieces of it for yourself,

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Speaker 1: sleep safe pieces. But I do think this is an

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Speaker 1: emerging asset class that I want my clients exposed to.

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Speaker 1: Anthony Scaramucci, thank you so much, sir for the time.

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Speaker 1: Great just catch up with you. Hope Paul is well.

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Speaker 1: All right now, Lexie said here, my name is Kevin's really,

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Speaker 1: I am the Chief Washington courseponded for Bloomberg Television and

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Speaker 1: for Bloomberg Radio, accompanied by Genie Zano Genie Chasano, Bloomberg

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Speaker 1: political contributor. I want to welcome into this conversation Congressman

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Speaker 1: Trey Hollingsworth. He is a Republican from Indiana, a member

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Speaker 1: of the House Financial Services Committee. He participated in today's

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Speaker 1: hearing on Game Stop, asking questions of for on this

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Speaker 1: very topic. Congressman, thanks for joining us. What what's your

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Speaker 1: big takeaway? I know you're have broken away from the hearing,

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Speaker 1: it's very much ongoing, but what's your big takeaway from

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Speaker 1: today's hearing? Look, I think there are all the real

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Speaker 1: important issues that we should be discussing and talking about.

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Speaker 1: Much of today's hearing didn't talk about those real important issues.

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Speaker 1: Much of today's hearing was just a circus in trying

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Speaker 1: to concoct a conspiracy theory about what may have happened

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Speaker 1: without any evidence. But frankly, I think there are real topics,

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Speaker 1: much of which you've already talked about, that we should

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Speaker 1: be looking into its policymakers to make sure that we

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Speaker 1: all and have the right policy framework for competition in

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Speaker 1: the marketplace and for retail investors to more and more

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Speaker 1: participate in the marketplace. So Representative Hollingsworth, this is genie

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Speaker 1: they know in New York and it's great to talk

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Speaker 1: to you. Um when you say that the hearing today

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Speaker 1: didn't get where you necessarily think it should go, what

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Speaker 1: do you think that people should or or the representatives

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Speaker 1: should take away or should be learning about what's going

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Speaker 1: on and what would you like to see happen next. Well,

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Speaker 1: I would have preferred to hearing that was a lot

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Speaker 1: more focused on some of the challenges that exist in

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Speaker 1: the infrastructure of the market that created some of these issues. Right,

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Speaker 1: I think we should be asking ourselves whether a brokerage

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Speaker 1: firm should be able to cease trading in certain securities

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Speaker 1: with virtually no notice to their clients. I think we

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Speaker 1: should be asking ourselves whether payment for order flow is

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Speaker 1: the right structure and provides the right incentives. I think

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Speaker 1: we should be asking ourselves, as I talked about in

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Speaker 1: the hearing, whether we want to see more and more

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Speaker 1: lit trading on exchange trading, or whether we want to

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Speaker 1: see the secular rise of off exchange trading to continue unabated,

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Speaker 1: whether it has della serious impacts on price transparency in

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Speaker 1: price discovery. I think those are the real issues. From

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Speaker 1: a policy perspective, we should be focused on, not trying

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Speaker 1: to concoct kind of political stories around what really happened

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Speaker 1: a couple of weeks ago. You know, I was talking

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Speaker 1: about this with Genie this afternoon during one of the

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Speaker 1: breaks of the hearings. And here we are in the

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Speaker 1: middle of a pandemic. Millions of Americans are out of work,

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Speaker 1: a lot of low paying jobs aren't going to come back,

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Speaker 1: and the American hustle, the spirit that entrepreneurship, they wanted

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Speaker 1: to do something. A lot of these folks who are

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Speaker 1: using robin Hood, they can't go back to work because

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Speaker 1: their their businesses aren't able to be open right now,

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Speaker 1: and so they wanted to to do something, and so

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Speaker 1: they turned to new platforms, Reddit, robin Hood, They've turned

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Speaker 1: to the social media platforms that they are familiar with,

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Speaker 1: and so I guess it can Can you talk about

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Speaker 1: Congress in Hollingsworth just the moment and how this moment

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Speaker 1: that we find ourselves in as a country really illustrated

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Speaker 1: potentially where a lot of Americans, millions of Americans who

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Speaker 1: otherwise wouldn't be able to get into these financial markets.

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Speaker 1: Are there's a want to participate? Yeah, this is a

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Speaker 1: great question, and I love that you framed it that

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Speaker 1: exact way, because, frankly, there's a lot that has gone

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Speaker 1: right throughout the course of this four markets. Number One,

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Speaker 1: retail investors able to participate at levels and at execution

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Speaker 1: that they would never be able to attend fifteen, twenty

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Speaker 1: thirty years ago. The price of entry has declined immensely,

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Speaker 1: and we're seeing more and more investors stepping into the

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Speaker 1: market for the first time. Secondarily, this has been talked

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Speaker 1: about already. Execution and bid aspiratets are better than they

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Speaker 1: have ever been, both for retail investors and for larger

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Speaker 1: institutional investors. And then, third, access to information, as you will,

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Speaker 1: articulated access to information is more even across a wider

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Speaker 1: variety of investors than ever before. It's not perfectly even,

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Speaker 1: but it is more even than it has ever been before.

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Speaker 1: Many of these things are going right for the retail investor,

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Speaker 1: going right for American capital markets. There is an instance

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Speaker 1: throughout the courses that we've seen where a lot of

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Speaker 1: things went wrong that may have led to some harm

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Speaker 1: to retail investors. We should look into that, do proper discovery,

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Speaker 1: but it should not take away from the greater narrative

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Speaker 1: of the American spirit in warranting to better their financial

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Speaker 1: position and having access to the tools and information to

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Speaker 1: do so like never before. So they talked about I mean,

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Speaker 1: so I hear you on that, and and but then

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Speaker 1: you've got the hedge funds, and you know, there's a

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Speaker 1: lot of speculation that that there's been these pump and

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Speaker 1: dump schemes and which you've got, you know, the headline

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Speaker 1: risk and the the on social media and traders spreading

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Speaker 1: false information on social media platforms to engineer a rally

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Speaker 1: before selling at the highs. And I don't know, I mean,

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Speaker 1: dare I say it might be the social media version

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Speaker 1: of insider trading. How do you, as a as a

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Speaker 1: member of the Financial Services Committee, how do you have

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Speaker 1: a smart affair policy conversation about how to craft the

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Speaker 1: regulatory rules of the road for this uncharted territory. Great question.

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Speaker 1: So Number one, we need agencies to make sure that

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Speaker 1: they are ferreting out any wrongdoing and anything that is

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Speaker 1: currently illegal, and make sure we're prosecuting that to the

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Speaker 1: fullest sixth in the law, to the extent of their

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Speaker 1: ability to do so. I want every agency to do

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Speaker 1: the investigations necessary to ensure that no current and legal

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Speaker 1: activity is ongoing. Secondarily, we do need to look at

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Speaker 1: what the regulatory framework around this should be, and that's

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Speaker 1: what I hope that we would do more of today.

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Speaker 1: But the answer can't be, oh, we want to limit

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Speaker 1: people's access to information or we want to limit people's

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Speaker 1: access to the market. All that is going to do

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Speaker 1: is drive more and more inequality into the market between

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Speaker 1: those that have access to the information, those that have

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Speaker 1: access to the products, and those that don't. And the

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Speaker 1: last thing I want to see is for American families,

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Speaker 1: Americans all the way across this country to feel like

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Speaker 1: there are two different markets, one for them and then

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Speaker 1: one for those that are already wealthy, are already ultra

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Speaker 1: sophisticated in the market. That's not what we want to see.

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Speaker 1: So that can't be the answer to this. How we

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Speaker 1: pull all this together involves our regulatory environment, involves legislative action,

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Speaker 1: but it also involves a greater cultural conversation to make

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Speaker 1: sure that those that have tremendous power at their fingertips

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Speaker 1: at the end of these apps, also understand that there

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Speaker 1: are risks, there are responsibilities associated with that power. So

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Speaker 1: Representative Hollingsworth, I really appreciate your focus on the structure

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Speaker 1: and the infrastructure and what needs to be examined and

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Speaker 1: potentially addressed in a regulatory framework in that regard. So

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Speaker 1: one thing that seems very clear is that for all

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Speaker 1: the positive aspects for retail investors today, one real challenge

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Speaker 1: is that, for example, if Robin Hood had not been

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Speaker 1: able to raise that capital, potentially many of your constituents

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Speaker 1: and and Americans around the country who had invested could

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Speaker 1: have lost their shares. So it's a real vulnerability that's

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Speaker 1: been exposed here in that regard. And what do you

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Speaker 1: think can be done to sort of plug that hole,

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Speaker 1: if you will, in the structure there, Genie, this is

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Speaker 1: a great question. This is exactly what we've been talking

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Speaker 1: about for the last year on our side of the

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Speaker 1: aisle in financial services. If we're seeing the integration of

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Speaker 1: technology and financial services in a way that we never

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Speaker 1: have before, and let's just think about what the culture

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Speaker 1: is perhaps in Silicon Valley that we've seen right it's

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Speaker 1: a lot of let's throw it up against the wall

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Speaker 1: and see if it works. Right, Let's fail fact, Let's

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Speaker 1: get d O one out there, then give d to

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Speaker 1: the d O three. Someone call someone, call that hustle

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Speaker 1: and grit go ahead, right. I'm I've been moaning that

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Speaker 1: on the reality of that is that that may work

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Speaker 1: in a wide variety of fields. But as we've seen

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Speaker 1: in certain fields, whether that's been healthcare or in financial services,

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Speaker 1: we do have been regulatory framework for a reason to

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Speaker 1: protect people's livelihoods, protect their stavings, to protect their health

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Speaker 1: and making sure that we have a level playing field.

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Speaker 1: Something that holds tech ish fin tech firms accountable in

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Speaker 1: the same way that we hold big financial services accountable

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Speaker 1: is really important because we warrant innovation to create better opportunities,

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Speaker 1: but we don't wanted to create huge opportunities for failures

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Speaker 1: that we could have had. Like you said, with robin

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Speaker 1: Hood legislation right now, that helps to even that playing

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Speaker 1: field a little bit and make sure that if you

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Speaker 1: are going to go and tell clients that you will

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Speaker 1: provide a service to them and they invest their hard

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Speaker 1: earned money in through your app, then you should owe

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Speaker 1: them the right to disclose either where you are financially

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Speaker 1: should you be headed into trouble, alternatively to provide them. Notice,

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Speaker 1: before you claim that you need to cease trade in

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Speaker 1: certain securities, this is really important. We'll make sure you

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Speaker 1: come back on and when that legislation, when you propose

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Speaker 1: that legislation. I mean, I was just thinking about this

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Speaker 1: the other day when I was getting my coffee yesterday,

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Speaker 1: in between hits for Bloomberg TV, I was, you know,

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Speaker 1: everything is fintech, you know, I was loading up my

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Speaker 1: my app where I get my coffee, Philadelphia based chain,

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Speaker 1: and I and I'm thinking, okay, yeah, now every every app,

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Speaker 1: even a coffee app, is now protecting you know, my

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Speaker 1: account information for for for whatever information Jim's if anyone

430
00:24:09,080 --> 00:24:11,439
Speaker 1: does you know the gym classes and whatnot. All of

431
00:24:11,480 --> 00:24:14,639
Speaker 1: the everything is touching fintech. And I think, you know,

432
00:24:14,720 --> 00:24:17,359
Speaker 1: it's it's really evolved incredibly quickly. I do want to

433
00:24:17,400 --> 00:24:19,840
Speaker 1: talk to you about a red headline that just crossed

434
00:24:19,840 --> 00:24:22,840
Speaker 1: my Bloomberg terminal. The Biden administration would be willing to

435
00:24:22,880 --> 00:24:26,760
Speaker 1: meet with Iran to discuss a diplomatic way forward on

436
00:24:26,840 --> 00:24:30,200
Speaker 1: efforts to return to the nuclear deal that President Trump

437
00:24:30,320 --> 00:24:34,359
Speaker 1: quit in eighteen This according to State Department spokesman Ned Price,

438
00:24:34,440 --> 00:24:37,280
Speaker 1: again redheadline, the US says it would meet with Iran,

439
00:24:37,400 --> 00:24:40,879
Speaker 1: is that the right move, Congressman Hollingsworth, Well, it depends

440
00:24:40,920 --> 00:24:42,520
Speaker 1: on what they're meeting and what the intention is. That

441
00:24:42,640 --> 00:24:45,600
Speaker 1: the intention is a deal at any cost. You and

442
00:24:45,640 --> 00:24:48,720
Speaker 1: I and every business person listening to this understands that

443
00:24:48,720 --> 00:24:51,959
Speaker 1: that is no real negotiating power. Iran has shown aggression

444
00:24:52,160 --> 00:24:54,919
Speaker 1: not only before the bad deal that was inc but

445
00:24:55,040 --> 00:24:58,840
Speaker 1: then after the bad deal was terminated in the region,

446
00:24:58,960 --> 00:25:01,080
Speaker 1: shown a threat to United States. Don't to shut to

447
00:25:01,119 --> 00:25:03,480
Speaker 1: our partners in the region. If you're going in to

448
00:25:03,560 --> 00:25:06,919
Speaker 1: negotiate a better deal and get better terms for peace

449
00:25:07,080 --> 00:25:09,520
Speaker 1: in that region and peace around the world, then meet

450
00:25:09,520 --> 00:25:11,240
Speaker 1: with them. But if you're going in to beg to

451
00:25:11,359 --> 00:25:14,560
Speaker 1: be to get a bad deal back, then we're headed

452
00:25:14,560 --> 00:25:18,480
Speaker 1: for a worse situation and more tensions, more escalation as

453
00:25:18,480 --> 00:25:20,520
Speaker 1: Iron learns that all it needs to do to get

454
00:25:20,600 --> 00:25:24,119
Speaker 1: its way is to continue to be aggressive and escalate force.

455
00:25:24,840 --> 00:25:27,640
Speaker 1: Stimulus talks got this pivots to the to the one

456
00:25:27,680 --> 00:25:30,280
Speaker 1: point nine trillion dollars stimulus. Genie and I were talking

457
00:25:30,280 --> 00:25:33,720
Speaker 1: about this before the show a massive stimulus deal. When

458
00:25:33,800 --> 00:25:35,680
Speaker 1: is that going to be ink? Do you have concerns

459
00:25:35,680 --> 00:25:39,960
Speaker 1: about the size of the price tage? Kind of significant

460
00:25:39,960 --> 00:25:42,439
Speaker 1: concerns about the price tage. What we've seen in the

461
00:25:42,520 --> 00:25:45,919
Speaker 1: last thirty to forty five days is significant acceleration in

462
00:25:45,960 --> 00:25:49,200
Speaker 1: the economy. All of the real time indicators are showing

463
00:25:49,560 --> 00:25:52,480
Speaker 1: that there is strength in the economy that is beginning

464
00:25:52,480 --> 00:25:55,280
Speaker 1: to build, and especially as we're seeing case counts fall dramatically,

465
00:25:55,359 --> 00:25:59,080
Speaker 1: vaccination come up dramatically. I think there is a robust

466
00:25:59,119 --> 00:26:02,680
Speaker 1: economic future or ahead of us. But I think spending

467
00:26:02,720 --> 00:26:05,920
Speaker 1: one point nine trillion, when nine billion remains earn spent

468
00:26:06,000 --> 00:26:09,879
Speaker 1: from previous simulars, is adding fuel to the fire that

469
00:26:10,000 --> 00:26:13,000
Speaker 1: is right now unnecessary should it become necessary. I want

470
00:26:13,000 --> 00:26:15,480
Speaker 1: to help every American family. I want to help every

471
00:26:15,520 --> 00:26:18,399
Speaker 1: American business as we can to get through this, but

472
00:26:18,480 --> 00:26:20,240
Speaker 1: I want to make sure we're being good stewards of

473
00:26:20,320 --> 00:26:23,960
Speaker 1: taxpayer dollars and not over spending. Right now, we've already

474
00:26:24,080 --> 00:26:29,119
Speaker 1: spent nearly four trillion dollars on this. That's an astounding

475
00:26:29,160 --> 00:26:31,320
Speaker 1: some of money, larger than every economy around the world

476
00:26:31,359 --> 00:26:33,639
Speaker 1: except for China and the United States. I want to

477
00:26:33,640 --> 00:26:36,879
Speaker 1: make sure that when we're spending these dollars, we're thinking

478
00:26:36,920 --> 00:26:39,280
Speaker 1: about the future generations of Americans that have to pay

479
00:26:39,320 --> 00:26:41,520
Speaker 1: them back. I want to help, I want to make

480
00:26:41,560 --> 00:26:42,879
Speaker 1: sure we get through this, but I want to be

481
00:26:42,960 --> 00:26:46,080
Speaker 1: good steward of taxpayer dollars as well. I think a targeted,

482
00:26:46,240 --> 00:26:49,720
Speaker 1: thoughtful package that focuses on the health crisis that we

483
00:26:49,800 --> 00:26:53,200
Speaker 1: are still in, so that we return confidence to Americans,

484
00:26:53,200 --> 00:26:55,560
Speaker 1: so they travel again, they get back in classrooms, so

485
00:26:55,560 --> 00:26:57,520
Speaker 1: they go back to work. All of these that's what

486
00:26:57,600 --> 00:26:59,760
Speaker 1: we should be focused on right now, not trying to

487
00:26:59,840 --> 00:27:03,719
Speaker 1: do right check. So, Representative Hollingsworth, what then, would you

488
00:27:03,960 --> 00:27:07,439
Speaker 1: take out, if you will, of the bill, maybe setting

489
00:27:07,440 --> 00:27:11,280
Speaker 1: aside the fifteen dollar minimum wage? What other things would

490
00:27:11,280 --> 00:27:13,399
Speaker 1: you like to see stripped out of this bill to

491
00:27:13,400 --> 00:27:15,639
Speaker 1: get it down to a price or a cost that

492
00:27:15,720 --> 00:27:18,480
Speaker 1: you think is reasonable. And of course we'll do the

493
00:27:18,600 --> 00:27:20,960
Speaker 1: job that we all need seat we know know needs

494
00:27:21,000 --> 00:27:23,760
Speaker 1: to be done. Yeah, this is a really soulful courtion.

495
00:27:23,800 --> 00:27:25,840
Speaker 1: Let me take the opposite question, which is what do

496
00:27:25,880 --> 00:27:28,920
Speaker 1: I think we should do immediately? And I think when

497
00:27:28,920 --> 00:27:31,280
Speaker 1: I talked to American families all the way across the country,

498
00:27:31,280 --> 00:27:33,880
Speaker 1: what they're waiting for is confidence to come back. When

499
00:27:33,880 --> 00:27:36,720
Speaker 1: I talk to hospitality owners, when I talked to restaurant owners,

500
00:27:36,920 --> 00:27:38,720
Speaker 1: they want people to come back in drows and we

501
00:27:38,760 --> 00:27:40,840
Speaker 1: need confidence to do so. So what I would do

502
00:27:40,920 --> 00:27:42,879
Speaker 1: is take the part of this bill which is around

503
00:27:42,880 --> 00:27:47,199
Speaker 1: a hundred and that is genuinely focused on how do

504
00:27:47,240 --> 00:27:49,760
Speaker 1: we speed up vaccinations right, how do we get more

505
00:27:49,880 --> 00:27:52,400
Speaker 1: shocked than arms more quickly. How do we make sure

506
00:27:52,400 --> 00:27:54,960
Speaker 1: we've got enough anti virals to lessen sentence for those

507
00:27:55,000 --> 00:27:57,960
Speaker 1: that haven't yet gotten the shot. I would really focus

508
00:27:58,080 --> 00:28:00,600
Speaker 1: on that, because what I continue to hear from people

509
00:28:00,880 --> 00:28:04,760
Speaker 1: is that they've built overall, inaggregate, everybody's experiences different, but

510
00:28:04,800 --> 00:28:07,960
Speaker 1: American households have built a tremendous amount of savings over

511
00:28:07,960 --> 00:28:10,760
Speaker 1: the last year two trillion dollars according to Federal Reserve.

512
00:28:11,080 --> 00:28:14,200
Speaker 1: People want to go out and have those shared experiences again,

513
00:28:14,880 --> 00:28:17,040
Speaker 1: spend money in all of our local and small businesses,

514
00:28:17,119 --> 00:28:18,879
Speaker 1: but they don't have the confidence yet to do so.

515
00:28:18,960 --> 00:28:21,800
Speaker 1: And so I would really focus on unlocking the health

516
00:28:21,880 --> 00:28:24,600
Speaker 1: crisis piece of this first. Then let's assess where we

517
00:28:24,680 --> 00:28:27,200
Speaker 1: stand after we've gotten through that. I've seen some really

518
00:28:27,240 --> 00:28:30,240
Speaker 1: impressive reports. The Wallster Journal had a great editorial today

519
00:28:30,520 --> 00:28:33,320
Speaker 1: talking about how close we are to her immunity. I

520
00:28:33,320 --> 00:28:35,359
Speaker 1: want to see a speed up our process to get that.

521
00:28:35,359 --> 00:28:38,200
Speaker 1: That way we get back to a robust recovery this summer.

522
00:28:38,920 --> 00:28:42,040
Speaker 1: Congressman Trey Hollingsworth is with us. He is a Republican

523
00:28:42,080 --> 00:28:46,960
Speaker 1: who represents Indiana's ninth congressional district. We're talking now about

524
00:28:47,080 --> 00:28:52,880
Speaker 1: the economic stimulus. Uh and and where things stand. I'm

525
00:28:52,960 --> 00:28:57,200
Speaker 1: struck by this congressman, this minimum wage debate that's happening

526
00:28:57,320 --> 00:29:01,239
Speaker 1: on the left right now. Uh. And it really was

527
00:29:01,280 --> 00:29:06,080
Speaker 1: spurred by comments from President Biden at that CNN town

528
00:29:06,120 --> 00:29:08,720
Speaker 1: hall earlier this week, in which he said I got

529
00:29:08,720 --> 00:29:10,920
Speaker 1: the quote here, hold on, let me let me make sure.

530
00:29:10,920 --> 00:29:12,520
Speaker 1: I don't want to I don't want to mince anywhere.

531
00:29:12,600 --> 00:29:16,800
Speaker 1: He says, quote, I do support a fifteen dollar minimum wage,

532
00:29:17,160 --> 00:29:21,840
Speaker 1: but that's a debatable issue. And he said that he

533
00:29:21,920 --> 00:29:24,560
Speaker 1: floated the possibility of raising the minimum wages. The Wall

534
00:29:24,560 --> 00:29:27,560
Speaker 1: Street Journal notes to twelve or thirteen dollars an hour.

535
00:29:29,080 --> 00:29:32,160
Speaker 1: That's a lot different than, uh than a fifteen dollar

536
00:29:32,800 --> 00:29:37,680
Speaker 1: minimum wage. Uh. I'm curious or would that be something

537
00:29:37,720 --> 00:29:40,920
Speaker 1: currently it's a it's at seven dollars and cents. Would

538
00:29:40,920 --> 00:29:44,280
Speaker 1: that type of gradual increase be something that you would

539
00:29:44,320 --> 00:29:48,400
Speaker 1: be able to support? Congressman Hollingsworth, Well, I come back

540
00:29:48,400 --> 00:29:51,920
Speaker 1: to basic economics. How do I drive a sustainable increase

541
00:29:51,960 --> 00:29:55,320
Speaker 1: for wages for Americans? That's what every American family wants

542
00:29:55,320 --> 00:29:56,720
Speaker 1: to see. That's what I want to see as a

543
00:29:56,760 --> 00:29:59,280
Speaker 1: policy maker. And the best way I know to do

544
00:29:59,320 --> 00:30:01,280
Speaker 1: that is to have up the economy so that we

545
00:30:01,360 --> 00:30:05,520
Speaker 1: improve demand for labor over time, and that is really

546
00:30:05,560 --> 00:30:07,400
Speaker 1: really important to the Second way that we can do

547
00:30:07,440 --> 00:30:10,840
Speaker 1: this is to increase the marginal productivity of labor right

548
00:30:10,880 --> 00:30:14,719
Speaker 1: making sure that we're training kids for the future jobs

549
00:30:14,760 --> 00:30:16,160
Speaker 1: that are going to be out there. Those are the

550
00:30:16,200 --> 00:30:18,720
Speaker 1: two ways to sustainably do that over time. And I'm

551
00:30:18,760 --> 00:30:22,280
Speaker 1: hopeful that we can make the minimum wage debate irrelevant

552
00:30:22,280 --> 00:30:25,160
Speaker 1: by virtue of the wage increases American families are seen

553
00:30:25,280 --> 00:30:29,320
Speaker 1: because we build a strong, robust economy right now. But

554
00:30:29,520 --> 00:30:32,920
Speaker 1: right now, when it's seven I mean, and Senator Mitt Romney,

555
00:30:32,920 --> 00:30:36,040
Speaker 1: a Republican from Utah, and even Tom Cotton of Arkansas,

556
00:30:36,120 --> 00:30:39,600
Speaker 1: another Republican, they said that they're going to introduce legislation

557
00:30:40,120 --> 00:30:43,680
Speaker 1: that would also gradually raise the minimum wage. I mean,

558
00:30:43,720 --> 00:30:47,120
Speaker 1: I I. You know, and this with millions of Americans.

559
00:30:47,120 --> 00:30:51,120
Speaker 1: You mentioned the issue of retraining, but to your point,

560
00:30:51,120 --> 00:30:53,600
Speaker 1: I mean, there's zero dollars in this one point nine

561
00:30:53,600 --> 00:30:58,160
Speaker 1: trillion stimulus bill that would go to retraining, right, I mean,

562
00:30:58,200 --> 00:31:00,479
Speaker 1: this is this is the real shame of the bill. Right.

563
00:31:00,600 --> 00:31:03,920
Speaker 1: What I want to see happen is us help Americans

564
00:31:03,920 --> 00:31:07,720
Speaker 1: sustainably get to a better financial position. Not just write

565
00:31:07,720 --> 00:31:09,920
Speaker 1: them a check so they get it tomorrow and have

566
00:31:10,080 --> 00:31:12,880
Speaker 1: that sugar rush bump, but instead, how do we find

567
00:31:12,880 --> 00:31:14,840
Speaker 1: them the right career path forward that will provide them

568
00:31:14,840 --> 00:31:17,160
Speaker 1: wage gains over the long term. How do we provide

569
00:31:17,160 --> 00:31:19,920
Speaker 1: them access to the financial services that help them buy home,

570
00:31:20,040 --> 00:31:22,160
Speaker 1: by cars, send their kids to college, all of the

571
00:31:22,200 --> 00:31:24,840
Speaker 1: things that are corner storms of our American dream. We

572
00:31:24,960 --> 00:31:28,600
Speaker 1: do that by genuine and thoughtful legislative policy that reflects

573
00:31:28,640 --> 00:31:32,640
Speaker 1: economic realities, not by just writing checks to people, not

574
00:31:32,680 --> 00:31:36,720
Speaker 1: by short term solutions like foreclosure bars or eviction bars.

575
00:31:37,000 --> 00:31:40,400
Speaker 1: We need to find the right long term policy framework

576
00:31:40,640 --> 00:31:44,600
Speaker 1: that empowers Americans to move forward, and I continue to

577
00:31:44,640 --> 00:31:46,280
Speaker 1: be an advocate for that. We saw that during the

578
00:31:46,280 --> 00:31:49,360
Speaker 1: Trump administration, where lower regulatory burden, changes to the tax

579
00:31:49,440 --> 00:31:53,440
Speaker 1: code improve wage gains for Americans. I want to make

580
00:31:53,480 --> 00:31:56,640
Speaker 1: sure that the Biden administration picks up that mantle and

581
00:31:56,680 --> 00:32:00,240
Speaker 1: recognizes that now is not the time for significant regulatory burt.

582
00:32:00,280 --> 00:32:02,120
Speaker 1: Now is not the time to go backwards on the tax.

583
00:32:02,560 --> 00:32:05,320
Speaker 1: Now is not the time to strap small businesses across

584
00:32:05,400 --> 00:32:08,640
Speaker 1: Indiana with a really, really high minimum weight. Now is

585
00:32:08,640 --> 00:32:12,000
Speaker 1: the time to get the economy roaring again so that

586
00:32:12,040 --> 00:32:15,280
Speaker 1: Americans get back to work again. Well, here's the here's

587
00:32:15,320 --> 00:32:18,360
Speaker 1: the sound on Biden from earlier this week as at

588
00:32:18,400 --> 00:32:21,320
Speaker 1: CNN Sound Hall, Genie that we were able to pull

589
00:32:21,720 --> 00:32:25,440
Speaker 1: our ep Christine Barata pulled it. Take a listen. No

590
00:32:25,560 --> 00:32:28,040
Speaker 1: one should work forty hours a week and live in poverty.

591
00:32:28,440 --> 00:32:30,320
Speaker 1: No one should worked for the hour of reason and

592
00:32:30,360 --> 00:32:36,000
Speaker 1: the place. But there's totally legitimate for small business owners

593
00:32:36,200 --> 00:32:39,760
Speaker 1: to be concerned about how that changes, how it changes

594
00:32:39,760 --> 00:32:42,080
Speaker 1: their bottom line. Genie's into I mean, especially right now

595
00:32:42,160 --> 00:32:44,440
Speaker 1: when a lot of these small businesses are being told

596
00:32:44,520 --> 00:32:46,840
Speaker 1: by their state officials they can't do they they're not

597
00:32:46,840 --> 00:32:50,640
Speaker 1: allowed to open. It's it's fascinating to me in terms

598
00:32:50,720 --> 00:32:53,800
Speaker 1: of President Biden making that statement the other day as

599
00:32:53,840 --> 00:32:57,640
Speaker 1: to how Democrats rather are going to be responding to that,

600
00:32:57,760 --> 00:32:59,600
Speaker 1: and have been responding to that. I have a friend

601
00:32:59,640 --> 00:33:01,520
Speaker 1: who used to tell me everything before a butt is

602
00:33:01,560 --> 00:33:03,760
Speaker 1: a lie. And what you hear there, and I say

603
00:33:03,800 --> 00:33:06,400
Speaker 1: that facetiously, but what you hear there is something that's

604
00:33:06,400 --> 00:33:09,920
Speaker 1: got to make Democrats very, very concerned about the future

605
00:33:09,960 --> 00:33:13,360
Speaker 1: of the fift minimum wage. But Representative Hollingsworth, I wanted

606
00:33:13,440 --> 00:33:15,560
Speaker 1: to ask you in terms of and I know this

607
00:33:15,640 --> 00:33:17,240
Speaker 1: is a little bit of of a of a turn,

608
00:33:17,560 --> 00:33:20,680
Speaker 1: but in terms of the immigration bill that we're just

609
00:33:21,040 --> 00:33:24,080
Speaker 1: seeing come out. And I know it's you've been in

610
00:33:24,200 --> 00:33:26,680
Speaker 1: hearings all day. I'm sure you haven't been very busy,

611
00:33:27,160 --> 00:33:29,480
Speaker 1: but this idea as sort of a top line of

612
00:33:29,560 --> 00:33:33,040
Speaker 1: an eight year pathway to citizenship. Do you have any

613
00:33:33,160 --> 00:33:36,600
Speaker 1: thoughts on what the proposal is or might be and

614
00:33:36,760 --> 00:33:41,680
Speaker 1: where you might find yourself on this issue. I don't yet, honestly,

615
00:33:41,720 --> 00:33:43,640
Speaker 1: as you will said, I've really focused on the game

616
00:33:43,680 --> 00:33:45,560
Speaker 1: stuff here and throughout the course of today. This was

617
00:33:45,680 --> 00:33:49,760
Speaker 1: really important to me, and despite some headline chasing by members,

618
00:33:49,880 --> 00:33:52,360
Speaker 1: I felt thing. I think there are real policy issues

619
00:33:52,400 --> 00:33:54,560
Speaker 1: that need to be addressed here, and as a member

620
00:33:54,560 --> 00:33:57,120
Speaker 1: of Financial Services, I want to make sure every American

621
00:33:57,160 --> 00:34:01,160
Speaker 1: feels like they's the opportunity to expand their financial future.

622
00:34:01,200 --> 00:34:03,040
Speaker 1: So I don't know about that yet. Certainly I will

623
00:34:03,080 --> 00:34:04,600
Speaker 1: continue to dig into it as we head back to

624
00:34:04,680 --> 00:34:07,200
Speaker 1: Washington for another session week next week. I know this

625
00:34:07,320 --> 00:34:09,360
Speaker 1: is going to be a topic of hot debate in

626
00:34:09,440 --> 00:34:12,160
Speaker 1: figuring out where do we go from here? Well, so,

627
00:34:12,480 --> 00:34:14,560
Speaker 1: I mean the other big issue and I hear you

628
00:34:14,640 --> 00:34:20,680
Speaker 1: on this, but Jim Webb former a former senator Democratic

629
00:34:20,760 --> 00:34:23,880
Speaker 1: senator from from Virginia, He's got an op ed in

630
00:34:23,960 --> 00:34:28,080
Speaker 1: the Journal today headlined an American Belt and Road Initiative.

631
00:34:28,120 --> 00:34:31,960
Speaker 1: Everyone's talking about infrastructure, Uh, they were. President Biden is

632
00:34:32,000 --> 00:34:34,319
Speaker 1: talking about infrastructure earlier this week. We're gonna have one

633
00:34:34,320 --> 00:34:36,759
Speaker 1: of the folks who met with him, Mark McManus at

634
00:34:36,760 --> 00:34:38,960
Speaker 1: the Plumbers Union, join us at the at the coming

635
00:34:39,040 --> 00:34:45,000
Speaker 1: up next But you know, I I'm Texas. Millions of

636
00:34:45,080 --> 00:34:50,640
Speaker 1: folks without power crisis down in Texas. Does it exacerbate

637
00:34:50,760 --> 00:34:55,359
Speaker 1: the need for there to be infrastructure? Um or are

638
00:34:55,440 --> 00:34:58,279
Speaker 1: you still or and if so, how would you fund it?

639
00:34:58,360 --> 00:35:00,799
Speaker 1: Because China is building a way, They're building all over

640
00:35:00,840 --> 00:35:04,239
Speaker 1: the world. But does American need to compete and to

641
00:35:04,440 --> 00:35:09,640
Speaker 1: read harness its infrastructure power Congressman Hollingsworth. No, absolutely, And

642
00:35:09,719 --> 00:35:12,440
Speaker 1: I think I think, frankly, this is a bipartisan issue.

643
00:35:12,440 --> 00:35:15,160
Speaker 1: I think everyone across the I think Americans all the

644
00:35:15,200 --> 00:35:18,560
Speaker 1: way across that country agree that America should be investing

645
00:35:18,719 --> 00:35:22,360
Speaker 1: more in infrastructure. The problem and the debate comes in

646
00:35:22,760 --> 00:35:25,759
Speaker 1: and is how people define infrastructure? Right? Are we going

647
00:35:25,800 --> 00:35:30,040
Speaker 1: to define infrastructure as just windmills and electric charging stations?

648
00:35:30,080 --> 00:35:33,399
Speaker 1: Are we going to define infrastructure as pipelines to carry

649
00:35:33,520 --> 00:35:36,560
Speaker 1: natural gas? Are we're gonna find infrastructure as roads or

650
00:35:36,719 --> 00:35:39,160
Speaker 1: better airways by virtue of the next gen at the

651
00:35:39,320 --> 00:35:42,319
Speaker 1: f a A. These are the debates that we are having.

652
00:35:42,400 --> 00:35:45,239
Speaker 1: No one thinks, gosh, we shouldn't be investing for an infrastructure.

653
00:35:45,480 --> 00:35:48,600
Speaker 1: I think where everyone begins to debate is what does

654
00:35:48,680 --> 00:35:52,560
Speaker 1: infrastructure really mean? And frankly, I hope that the calamity

655
00:35:52,719 --> 00:35:55,880
Speaker 1: going on in Texas that I continue to hear about

656
00:35:56,000 --> 00:35:58,759
Speaker 1: over and over again highlights the need for us to

657
00:35:59,000 --> 00:36:04,880
Speaker 1: invest in reliable infrastructure that has approven technology today, not

658
00:36:05,280 --> 00:36:08,279
Speaker 1: invest in pie in the sky notions of what infrastructure

659
00:36:08,360 --> 00:36:12,080
Speaker 1: might be in twenty or thirty years. Let's let technology unfold.

660
00:36:12,239 --> 00:36:14,080
Speaker 1: I'm a big believer in that, but let's not get

661
00:36:14,160 --> 00:36:17,279
Speaker 1: too far ahead of the technology and build something and

662
00:36:17,320 --> 00:36:20,480
Speaker 1: then they don't come. So do you actually think infrastructure

663
00:36:20,520 --> 00:36:25,000
Speaker 1: could pass this year? I think infrastructure is an area

664
00:36:25,080 --> 00:36:27,560
Speaker 1: where we could get real legislative acts done. But I

665
00:36:27,640 --> 00:36:29,560
Speaker 1: think the President is going to have to be a

666
00:36:29,840 --> 00:36:32,520
Speaker 1: leader on this and actually follow through on his promise

667
00:36:32,600 --> 00:36:36,560
Speaker 1: of unity instead of a partisan appeal. That's what we

668
00:36:36,680 --> 00:36:39,719
Speaker 1: haven't seen in conversion the last forty five days. I

669
00:36:39,840 --> 00:36:42,480
Speaker 1: want us to see that unity and focus on how

670
00:36:42,520 --> 00:36:45,920
Speaker 1: we get things done. The House majority is very very

671
00:36:46,040 --> 00:36:49,200
Speaker 1: thin and only getting thinner as those reps leads to

672
00:36:49,320 --> 00:36:51,960
Speaker 1: go to the administration. I think there should be a

673
00:36:52,000 --> 00:36:55,920
Speaker 1: recognition that bipartisanship is the way to get something done. Alright.

674
00:36:55,960 --> 00:36:58,320
Speaker 1: Congressman Shallings where it's always great to have you on.

675
00:36:58,440 --> 00:37:01,880
Speaker 1: He is a Republican from Indiana, this ninth congressional district.

676
00:37:01,960 --> 00:37:04,040
Speaker 1: We hit all the topics. I really appreciate your time,

677
00:37:04,320 --> 00:37:06,239
Speaker 1: even very generous with it. Come back and talk to

678
00:37:06,360 --> 00:37:11,920
Speaker 1: us soon, especially as this game stop issue UH continues onward.

679
00:37:12,000 --> 00:37:14,279
Speaker 1: And he is also the the vice ranking member of

680
00:37:14,320 --> 00:37:19,640
Speaker 1: the House Financial Services Committee Subcommittee on Investor Protection, Entrepreneurship

681
00:37:20,160 --> 00:37:23,959
Speaker 1: and Capital Market. It's a very influential subcommittee. UH, no doubt.

682
00:37:24,160 --> 00:37:27,839
Speaker 1: All right, coming up next, we pivot back to UH, Infrastructure.

683
00:37:27,840 --> 00:37:30,279
Speaker 1: We're gonna stay with this conversation. Jeanie shown Zano's with me.

684
00:37:30,640 --> 00:37:34,720
Speaker 1: You can download the Bloomberg Sound On podcast on Apple iTunes,

685
00:37:34,760 --> 00:37:37,680
Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app.

686
00:37:37,760 --> 00:37:40,080
Speaker 1: You can also find us on Radio dot Com, I

687
00:37:40,239 --> 00:37:44,040
Speaker 1: Heart Radio, and Spotify. I'm Kevin Currelli. I'm the chief

688
00:37:44,120 --> 00:37:47,040
Speaker 1: Washington correspondent for Bloomberg Television and from Bloomberg Radio. And

689
00:37:47,280 --> 00:38:02,440
Speaker 1: this is Bloomer. You're listening to Bloomberg Sound On with

690
00:38:02,600 --> 00:38:09,640
Speaker 1: Ken on Bloomberg Radio. Did you see this? NASA nails

691
00:38:09,680 --> 00:38:15,040
Speaker 1: and historic Mars landing and the hunt for ancient life reason,

692
00:38:15,320 --> 00:38:20,200
Speaker 1: Reading from Justin Bachman's report on the Bloomberg Terminal, NASA

693
00:38:20,960 --> 00:38:26,400
Speaker 1: successfully landed its largest and most sophisticated science rover on Mars.

694
00:38:27,480 --> 00:38:30,640
Speaker 1: I'm Kevin Curreli, chief Washington correspondent for Bloomberg Television and

695
00:38:30,680 --> 00:38:35,760
Speaker 1: for Bloomberg Radio, accompanied by Bloomberg Politics contributor Jennie Chazano. Jennie,

696
00:38:35,760 --> 00:38:39,400
Speaker 1: any idea what they named the spacecraft that touchdown on

697
00:38:39,480 --> 00:38:45,960
Speaker 1: the Red Rock? It's not perseverance, it is you persevered.

698
00:38:47,520 --> 00:38:49,799
Speaker 1: It's it's the only time I ever get those questions. Right.

699
00:38:49,840 --> 00:38:51,960
Speaker 1: I was at NASA not long ago with my sons,

700
00:38:52,040 --> 00:38:55,680
Speaker 1: and it's such an it's such an amazing place and people,

701
00:38:55,760 --> 00:38:57,920
Speaker 1: and there's so much to learn, and I know that

702
00:38:58,040 --> 00:39:00,400
Speaker 1: they were very nervous about this. Today's so what a

703
00:39:00,520 --> 00:39:02,799
Speaker 1: what a success? Yeah? Look and for all the talk

704
00:39:02,880 --> 00:39:08,200
Speaker 1: of artificial artificial intelligence and automation taken over, Well, folks,

705
00:39:09,080 --> 00:39:13,839
Speaker 1: artificial intelligence and robots just landed on Mars. So we've

706
00:39:14,200 --> 00:39:17,920
Speaker 1: we've come a long long way. But the space race,

707
00:39:17,960 --> 00:39:20,480
Speaker 1: I mean, it really is absolutely fascinating, you know, speaking

708
00:39:20,560 --> 00:39:23,399
Speaker 1: of of virtual and going virtual. I was up there

709
00:39:23,480 --> 00:39:27,920
Speaker 1: on Capitol Hill, um covering that virtual hearing Genie. I

710
00:39:28,040 --> 00:39:30,160
Speaker 1: told you this in the show prep. It is a

711
00:39:30,239 --> 00:39:32,480
Speaker 1: ghost town. I mean there's no one there. The lights

712
00:39:32,520 --> 00:39:34,480
Speaker 1: in the hallways are off. When I would walk down,

713
00:39:34,560 --> 00:39:38,000
Speaker 1: the lights would go back on because for the motion detectors.

714
00:39:38,120 --> 00:39:41,720
Speaker 1: But it's absolutely unreal. I mean it's it's no one's,

715
00:39:42,040 --> 00:39:44,120
Speaker 1: no one's up there. I can't if you've ever been

716
00:39:44,160 --> 00:39:47,560
Speaker 1: in the halls of Congress, usually it's bustling and there's

717
00:39:47,880 --> 00:39:50,880
Speaker 1: you know, dozens of people. I texted one of my sources,

718
00:39:50,920 --> 00:39:52,879
Speaker 1: I said, where are people getting coffee on the house

719
00:39:52,920 --> 00:39:56,320
Speaker 1: side these days? Because and I mean nothing was open.

720
00:39:56,719 --> 00:39:59,879
Speaker 1: I mean they're at so it's it's really it's it's

721
00:40:00,200 --> 00:40:02,440
Speaker 1: very different than the I can't stress this enough than

722
00:40:02,480 --> 00:40:05,080
Speaker 1: the Washington that you and I are used to. It's

723
00:40:05,080 --> 00:40:06,800
Speaker 1: so kevin. I just have to ask you when you

724
00:40:07,000 --> 00:40:09,839
Speaker 1: are covering that's then where are you are? You are

725
00:40:09,920 --> 00:40:13,040
Speaker 1: you're in the help by yourself? Well pretty much, I

726
00:40:13,080 --> 00:40:17,400
Speaker 1: mean it's it's Harvey. Are are are indefatigable photographers with us?

727
00:40:17,480 --> 00:40:20,840
Speaker 1: You know? And and there was maybe two other correspondents

728
00:40:20,880 --> 00:40:23,560
Speaker 1: and what was the Cannon Rotunda Typically there would be

729
00:40:23,840 --> 00:40:27,399
Speaker 1: on a day like today, there there the the uh

730
00:40:27,840 --> 00:40:31,759
Speaker 1: the Senate and House Congressional TV gallery that that order

731
00:40:31,880 --> 00:40:35,440
Speaker 1: that helps facilitate everything they would be doing, you know,

732
00:40:35,600 --> 00:40:38,400
Speaker 1: the ropes outside of the hearing, and it would be

733
00:40:38,480 --> 00:40:41,440
Speaker 1: shoulder to shoulder. You'd be going live, you know, with

734
00:40:41,680 --> 00:40:46,680
Speaker 1: with you know, correspondents from competing networks, and it's really different.

735
00:40:46,920 --> 00:40:48,960
Speaker 1: But you know, hey, we gotta keep hustling through it

736
00:40:49,000 --> 00:40:51,560
Speaker 1: because I mean it was a really an historic, historic

737
00:40:52,200 --> 00:40:54,360
Speaker 1: hearing and they're going to continue next week with Big Farmer,

738
00:40:54,360 --> 00:40:57,520
Speaker 1: and then the week after that Solar Wind and the Senate. UM.

739
00:40:57,840 --> 00:41:00,520
Speaker 1: I checked in with the Rubio source today. Just see this,

740
00:41:01,000 --> 00:41:04,800
Speaker 1: Vanka is not going to run for Florida's Senate against

741
00:41:04,880 --> 00:41:07,920
Speaker 1: Ruby Elle. Wow? And and what about Lara Trump? Is

742
00:41:07,960 --> 00:41:11,160
Speaker 1: she running? Maybe in North Carolina? But the Ruby O

743
00:41:11,239 --> 00:41:13,080
Speaker 1: stafford said, We've tried to tell you keV No one

744
00:41:13,120 --> 00:41:15,040
Speaker 1: believed us in the media, but we knew she wasn't

745
00:41:15,040 --> 00:41:18,560
Speaker 1: going to run anyway. The other big conversation, of course,

746
00:41:18,640 --> 00:41:21,319
Speaker 1: his infrastructure spending. So let's let's get back on track

747
00:41:21,360 --> 00:41:24,719
Speaker 1: with us some policy discourse here with our next guest.

748
00:41:24,840 --> 00:41:27,120
Speaker 1: Really grateful that he made time for us today. I

749
00:41:27,200 --> 00:41:30,680
Speaker 1: know he's very, very busy. It's Mark McManus, general president

750
00:41:30,719 --> 00:41:34,520
Speaker 1: of the United Association of Journeymen and Apprentices of the

751
00:41:34,719 --> 00:41:38,520
Speaker 1: Plumbing and Pipe Fitting industry of the US and Canada,

752
00:41:38,640 --> 00:41:42,000
Speaker 1: the plumbers unions. He met with President Biden earlier this

753
00:41:42,160 --> 00:41:46,480
Speaker 1: week in the Oval Office. What did you talk about, Mark, Well,

754
00:41:46,600 --> 00:41:49,759
Speaker 1: we talked about uh, we talked about infrastructure. We had

755
00:41:49,800 --> 00:41:52,160
Speaker 1: a two hour meeting. He was very generous and a

756
00:41:52,239 --> 00:41:55,840
Speaker 1: Vice president as well with their time UH yesterday, So

757
00:41:55,920 --> 00:41:58,600
Speaker 1: it was a fresh off the press yesterday afternoon at

758
00:41:58,640 --> 00:42:01,640
Speaker 1: four o'clock, and uh, all the above. He wants to

759
00:42:01,719 --> 00:42:05,080
Speaker 1: go big on infrastructure, and it's a long overdoing this country,

760
00:42:05,120 --> 00:42:06,920
Speaker 1: I think. Right, So, do you think you actually have

761
00:42:07,040 --> 00:42:08,719
Speaker 1: a chance. Do you think you have a chance, because

762
00:42:08,760 --> 00:42:11,640
Speaker 1: I just talked to a Republican Congressman, Trey Hollingsworth of

763
00:42:11,640 --> 00:42:14,279
Speaker 1: Indiana and the and the segment before you, and look,

764
00:42:14,320 --> 00:42:16,480
Speaker 1: I mean a lot of Republicans, you know this, Mark,

765
00:42:16,760 --> 00:42:19,080
Speaker 1: they're very wary about government spending. How are you going

766
00:42:19,160 --> 00:42:22,240
Speaker 1: to convince them? Well, I think you got to convince

767
00:42:22,600 --> 00:42:25,720
Speaker 1: the people. It's it's four years ago. We were invited

768
00:42:25,760 --> 00:42:29,160
Speaker 1: into the Oval Office when the Republicans held all three branches,

769
00:42:29,719 --> 00:42:32,120
Speaker 1: and uh, the president at time, President Trump said we're

770
00:42:32,120 --> 00:42:35,000
Speaker 1: gonna have the largest infrastructure package, and I pushed back

771
00:42:35,160 --> 00:42:37,440
Speaker 1: a little bit. I said, Mitch McConnell's never been for it.

772
00:42:37,880 --> 00:42:40,440
Speaker 1: Paul Ryan at the time as well, and quite honestly,

773
00:42:40,480 --> 00:42:41,919
Speaker 1: he said, I don't want to look back, but he says,

774
00:42:41,920 --> 00:42:43,839
Speaker 1: I got him right here underneath my finger. We'll get

775
00:42:43,880 --> 00:42:46,319
Speaker 1: it done. And we didn't get anything done. He said

776
00:42:46,360 --> 00:42:49,520
Speaker 1: to trillion and good zero for four years. I think

777
00:42:49,560 --> 00:42:53,880
Speaker 1: Biden's President Biden's experience and uh not to make the

778
00:42:53,960 --> 00:42:57,480
Speaker 1: same mistakes with the three branches and his experience on

779
00:42:57,560 --> 00:43:01,160
Speaker 1: how to navigate. Um uh, you know, the halls of

780
00:43:01,239 --> 00:43:04,960
Speaker 1: Congress with his experience go a long way there. And

781
00:43:05,320 --> 00:43:07,720
Speaker 1: I think you have to put it in real people's

782
00:43:07,840 --> 00:43:11,120
Speaker 1: terms of when we get out of COVID, people sitting

783
00:43:11,160 --> 00:43:14,320
Speaker 1: in traffic on bridges and roads and and the railways

784
00:43:14,400 --> 00:43:18,560
Speaker 1: and the infrastructure that the airport's pre COVID work were mobbed.

785
00:43:18,880 --> 00:43:21,640
Speaker 1: Uh So I think it's a way of life. Uh So,

786
00:43:21,800 --> 00:43:24,600
Speaker 1: I think that's that's where it's got to come from. Uh.

787
00:43:24,680 --> 00:43:26,399
Speaker 1: They're going to be fights on it on how big

788
00:43:26,480 --> 00:43:28,759
Speaker 1: and how bold to go with it, for sure. Though

789
00:43:28,920 --> 00:43:32,239
Speaker 1: you know, Mr McManus, it's Genie Chanzano in New York.

790
00:43:32,280 --> 00:43:34,600
Speaker 1: It's such a pleasure to talk to you and you

791
00:43:34,800 --> 00:43:37,440
Speaker 1: you just were mentioning that you seem optimistic or you

792
00:43:37,520 --> 00:43:39,920
Speaker 1: feel somewhat optimistic that this can get done after you

793
00:43:40,040 --> 00:43:43,680
Speaker 1: mentioned several years of talking about infrastructure weeks and bills

794
00:43:43,760 --> 00:43:46,880
Speaker 1: and things like that. Um, we know that the Biden

795
00:43:46,920 --> 00:43:52,040
Speaker 1: administration has wanted to tie this build back better two jobs, jobs, jobs,

796
00:43:52,080 --> 00:43:54,480
Speaker 1: and hence having all of you there the other day,

797
00:43:55,000 --> 00:43:58,200
Speaker 1: What do you think the messages that the Administration and

798
00:43:58,640 --> 00:44:01,440
Speaker 1: Congress can put out to the American people to let

799
00:44:01,560 --> 00:44:03,840
Speaker 1: them know that the as big as this bill, maybe

800
00:44:04,120 --> 00:44:07,359
Speaker 1: it is going to result in a payback in terms

801
00:44:07,440 --> 00:44:10,520
Speaker 1: of jobs and give people on the ground the income

802
00:44:10,560 --> 00:44:15,040
Speaker 1: they need coming out of COVID. Yeah, it's a great point.

803
00:44:15,160 --> 00:44:16,920
Speaker 1: It's great talking to you as well, and I appreciate

804
00:44:16,960 --> 00:44:20,160
Speaker 1: you having me on. It's a great point. Uh. You know,

805
00:44:20,320 --> 00:44:24,080
Speaker 1: infrastructure uh was always by partisan for years and years

806
00:44:24,120 --> 00:44:27,280
Speaker 1: and years until every single thing has gotten partisan lately.

807
00:44:27,719 --> 00:44:30,600
Speaker 1: Democrats and Republicans use the rails and use the and

808
00:44:30,880 --> 00:44:33,560
Speaker 1: use the airports and bridges and the roads. Um. But

809
00:44:33,719 --> 00:44:36,680
Speaker 1: it's it's unique, and I think it's the selling point

810
00:44:37,160 --> 00:44:40,680
Speaker 1: that it restores money back into the economy. For every

811
00:44:40,719 --> 00:44:43,920
Speaker 1: dollar that you spend in infrastructure, money comes back not

812
00:44:44,080 --> 00:44:48,480
Speaker 1: only with good, sustainable middle class jobs performing that work,

813
00:44:48,880 --> 00:44:52,719
Speaker 1: but then uh all the other um down the line. Um,

814
00:44:52,960 --> 00:44:56,319
Speaker 1: you know, ways of life to make commutes quicker, uh

815
00:44:56,760 --> 00:45:00,399
Speaker 1: and different things. So so it pays for itself coming back.

816
00:45:00,520 --> 00:45:03,560
Speaker 1: You know, it's the initial guts to to to to

817
00:45:03,719 --> 00:45:05,759
Speaker 1: go out in front of it, and I do think

818
00:45:05,800 --> 00:45:08,719
Speaker 1: I'm optimist. I'm always optimistic, even in these times. I

819
00:45:08,840 --> 00:45:14,080
Speaker 1: do think if there is bipartisan ship somewhere, it has

820
00:45:14,160 --> 00:45:16,320
Speaker 1: to be on infrastructure. I think that's the least of

821
00:45:16,400 --> 00:45:19,600
Speaker 1: the partisan thing. Uh. There'll be a partisan fight on

822
00:45:19,719 --> 00:45:22,120
Speaker 1: how big, for sure, but I think we can get

823
00:45:22,239 --> 00:45:24,000
Speaker 1: some of that there. I mean, China has the Belt

824
00:45:24,040 --> 00:45:26,800
Speaker 1: and Road initiative. I mean, and and and guests have

825
00:45:26,920 --> 00:45:29,640
Speaker 1: come on this program. Mark McMann as head of the

826
00:45:29,840 --> 00:45:32,680
Speaker 1: UH plumbing and pipe fitting industry of the United States

827
00:45:32,719 --> 00:45:34,880
Speaker 1: and Canada's with us. He met with President Biden earlier

828
00:45:34,960 --> 00:45:36,719
Speaker 1: this week. I mean, are we at a at a

829
00:45:36,840 --> 00:45:42,000
Speaker 1: global competitive disadvantage because we don't we're not all speaking

830
00:45:42,040 --> 00:45:46,520
Speaker 1: from the same long term infrastructure playbook. Absolutely, I think

831
00:45:46,560 --> 00:45:50,920
Speaker 1: we are. Absolutely, and and you know, you hear politicians

832
00:45:50,960 --> 00:45:54,440
Speaker 1: from both sides of the aisle and presidential candidates speak

833
00:45:54,480 --> 00:45:57,200
Speaker 1: when they travel the world of whether it's high speed

834
00:45:57,360 --> 00:46:00,840
Speaker 1: rail in Asia or different things in Europe. UM. So

835
00:46:01,520 --> 00:46:04,000
Speaker 1: the will is there, and it should be more than

836
00:46:04,400 --> 00:46:08,480
Speaker 1: a talking point. But the days when you cannot export

837
00:46:08,680 --> 00:46:12,880
Speaker 1: or move your products around this country, UH, crippled country,

838
00:46:12,960 --> 00:46:15,080
Speaker 1: we do not we do not become leaders. You know

839
00:46:15,360 --> 00:46:19,280
Speaker 1: what one specific Uh. Thing was the gateway tunnels between

840
00:46:19,280 --> 00:46:21,439
Speaker 1: New York and New Jersey where you're you're up that way,

841
00:46:21,880 --> 00:46:24,800
Speaker 1: you really got damaged, got damaged pretty well in in

842
00:46:24,960 --> 00:46:29,080
Speaker 1: Hurricane Sandy. And quite honestly, Uh, the President Trump, he

843
00:46:29,239 --> 00:46:31,960
Speaker 1: was transparent, whether you like them or not, said we're

844
00:46:32,000 --> 00:46:34,200
Speaker 1: not going to do that because that's in Chuck Schumer's district.

845
00:46:34,239 --> 00:46:35,920
Speaker 1: That we're not going to give him a win on that. Well,

846
00:46:35,960 --> 00:46:39,840
Speaker 1: a quarter of America's population from Boston to d C

847
00:46:40,480 --> 00:46:45,840
Speaker 1: on that corridor. Uh, and that goes cumbling down. That

848
00:46:46,200 --> 00:46:50,160
Speaker 1: is an economic disaster and impact. You know, what's the

849
00:46:50,239 --> 00:46:52,800
Speaker 1: court I think what we have to ask, Kevin. I

850
00:46:52,880 --> 00:46:54,920
Speaker 1: think what we have to ask, what's the price of

851
00:46:55,080 --> 00:46:57,080
Speaker 1: not doing this? Well, let's go from New York to

852
00:46:57,200 --> 00:46:59,600
Speaker 1: Texas because you mentioned traffic. Well, a lot millions of

853
00:46:59,640 --> 00:47:02,080
Speaker 1: America cons right now are stuck at home and they're

854
00:47:02,120 --> 00:47:04,280
Speaker 1: on the power and their and their pipes are bursting

855
00:47:04,360 --> 00:47:07,560
Speaker 1: and they've frozen over. I mean, what I got thirty

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00:47:07,600 --> 00:47:09,960
Speaker 1: seconds left at you, Mark McManus. But what pressure does

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Speaker 1: the situation down in Texas put on the infrastructure debate?

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00:47:13,800 --> 00:47:16,120
Speaker 1: I think I think it highlights it. The highlights are

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00:47:16,239 --> 00:47:19,160
Speaker 1: disconnect Texas is solo on the grid, which is a

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00:47:19,200 --> 00:47:22,640
Speaker 1: separate problem. They can't even import energy from any other

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00:47:22,760 --> 00:47:26,000
Speaker 1: states through the only one that way. But it highlights

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00:47:26,160 --> 00:47:28,360
Speaker 1: our grids that need to be upgraded as well. This

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00:47:28,520 --> 00:47:31,160
Speaker 1: isn't just broke roads and bridges in the President of

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00:47:31,160 --> 00:47:36,319
Speaker 1: the United States Biden absolutely was knee deep on all

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00:47:36,400 --> 00:47:39,120
Speaker 1: of these issues of upgrading our energy and our power

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00:47:39,160 --> 00:47:41,600
Speaker 1: grids as well. What surprised you about the Oval Office,

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00:47:43,920 --> 00:47:47,320
Speaker 1: his openness and his met them, Mark, I met the

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00:47:47,400 --> 00:47:50,720
Speaker 1: rim I always here about the White House eminence small,

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00:47:51,000 --> 00:47:55,800
Speaker 1: a little bit smaller uh than I thought. Alright, alright, tiny,

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00:47:56,160 --> 00:47:59,120
Speaker 1: tiny bit smaller than I thought. It's humbling for a

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00:47:59,200 --> 00:48:01,920
Speaker 1: kid from New Jersey, she originally that made his way

872
00:48:01,920 --> 00:48:04,240
Speaker 1: through an apprenticeship program to sit in the Oval Office.

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00:48:04,440 --> 00:48:06,480
Speaker 1: And it wasn't about me. It was about my membership.

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Speaker 1: All right, come back on, I gotta let you go.

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00:48:09,360 --> 00:48:11,319
Speaker 1: I gotta let you go because we've been You've been

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00:48:11,320 --> 00:48:13,680
Speaker 1: so great with your time. Thank you, Mark McManus. February

877
00:48:13,760 --> 00:48:16,520
Speaker 1: is Black History Month. Here with today's installment is Bloomberg's

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00:48:16,520 --> 00:48:21,520
Speaker 1: are needed young on this day in Black History. In Germantown, Pennsylvania,

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00:48:21,640 --> 00:48:26,160
Speaker 1: Quakers hold the first formal protest against slavery. A petition

880
00:48:26,280 --> 00:48:28,560
Speaker 1: was drafted on behalf of the German town meeting of

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00:48:28,600 --> 00:48:32,040
Speaker 1: the religious Society of Friends. In the document, the four

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00:48:32,120 --> 00:48:35,520
Speaker 1: men used the Bible's Golden rule to argue against such

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00:48:35,600 --> 00:48:39,160
Speaker 1: inhumane treatment of their fellow man, regardless of the color

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00:48:39,239 --> 00:48:41,840
Speaker 1: of their skin, and the golden rule, of course, is

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00:48:41,920 --> 00:48:44,239
Speaker 1: the principle of treating others as you would want to

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00:48:44,280 --> 00:48:48,040
Speaker 1: be treated. The petition argued that every human, regardless of

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00:48:48,120 --> 00:48:51,880
Speaker 1: their belief color, or ethnicity, has rights that should not

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00:48:52,200 --> 00:48:56,239
Speaker 1: be violated. Seeing the injustices of the slave trade, these

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00:48:56,360 --> 00:49:00,040
Speaker 1: men courageously took a stand against slavery based on a

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Speaker 1: religious and moral beliefs that's today in black history. I'm

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Speaker 1: Rainia Young Bloomberg Radio, and I'm Kevin Cerilli. This say

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00:49:08,520 --> 00:49:09,160
Speaker 1: is Bloomberg