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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is your weekly Washington Policy Pulse, the Balance of

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Speaker 2: Power podcast. I'm Joe Matthew. Every Monday, Bloomberg Intelligence, senior

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Speaker 2: policy analyst and friend of the show, Nathan Dean shares

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Speaker 2: his weekly call on upcoming catalysts in the nation's capital.

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Speaker 2: Listen for the most recent and relevant policy research from

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Speaker 2: our team at Bloomberg Intelligence. Now with today's installment, here's

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Speaker 2: Nathan Dean.

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Speaker 1: Good morning and good afternoon everybody. My name is Nathan Dean.

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Speaker 1: I'm a senior policy analyst with Bloomberg Intelligence. Welcome to

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Speaker 1: the Washington Policy Pulse. Thanks again for all of those

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Speaker 1: of you who have joined us on our zoom call,

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Speaker 1: and thank you, excuse me, thank you for those of

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Speaker 1: you who are joining via the Balance of Power podcast.

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Speaker 1: We always welcome your listening and your readership and your support.

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Speaker 1: So we got a lot of stuff going on today

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Speaker 1: this week, A lot of stuff happened this weekend. But

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Speaker 1: the first thing I want to do is bring in

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Speaker 1: our senior litigation analyst, Elliott Stein, to talk about the

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Speaker 1: news that we just saw last night that Federal Reserve

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Speaker 1: Chairman's Rome Powell posted a two minute video in which

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Speaker 1: he said that the DOJ was investigating the Federal Reserve

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Speaker 1: over his testimony to Congress last year in regards to

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Speaker 1: the renovations that's been happening over at the Federal Reserve

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Speaker 1: and also the insinuation that potentially Powell could be under

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Speaker 1: criminal indictment and or is this just an ongoing pressure

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Speaker 1: campaign from the White House when it comes to lowering

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Speaker 1: interest rates. So Elliott, let's bring you in and could

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Speaker 1: you just talk to us about what happened, what the

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Speaker 1: note that you put out in the terminal says, and

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Speaker 1: what do you think is going to happen going forward?

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Speaker 3: Yeah, thanks Nathan, and hi everybody. Yeah, So, last evening,

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Speaker 3: in the middle of the great weekend of NFL football games,

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Speaker 3: we got news reports that the Justice Department, out of

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Speaker 3: its Washington, d C. Office had sent a suit subpoenas

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Speaker 3: to the Federal Reserve related to Chairman Powells testimony to

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Speaker 3: Congress in June concerning renovations of the Federal Reserve building.

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Speaker 3: Shortly thereafter, Chara Powell himself put out a video that

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Speaker 3: essentially confirmed that the subpoenas had been issued and also

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Speaker 3: included his thoughts about sort of what precipitated those subpoenas.

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Speaker 3: And his point was, you know, they get to frame

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Speaker 3: this in the overall context of the President essentially disagreeing

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Speaker 3: with Chair Powells views and policies towards interest rates over

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Speaker 3: the months or maybe even years. So, you know, let

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Speaker 3: me just make three points. The first is that you know,

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Speaker 3: this really, as Chair Powell alluded to in his comments,

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Speaker 3: is really should be seen as part of President Trump's

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Speaker 3: efforts ongoing efforts to control the Federal Reserve Board. But

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Speaker 3: as we know from at least a cookcase, for example,

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Speaker 3: in order to remove a Federal Reserve Board governor, the

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Speaker 3: president needs some sort of cause. And the President has

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Speaker 3: essentially conceded that mere disagreement over interest rate policy would

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Speaker 3: not be sufficient to establish that cause, so he needs

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Speaker 3: something more. And in this case, it seems that they're

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Speaker 3: trying to accuse Chair Powell of lying to Congress when

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Speaker 3: he testified there in June about perceived cost overruns of

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Speaker 3: renovations at the Federal Reserve of the Federal Reserve Building.

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Speaker 3: The second point I want to make is that this

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Speaker 3: probe is still in its early stages. This is justice

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Speaker 3: subpoena there's no certainty yet of an indictment, much less

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Speaker 3: of a conviction. For an indictment at grand jury would

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Speaker 3: have to approve that for you know, if that happens,

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Speaker 3: then the case would go to trial, and again a

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Speaker 3: jury would have to convict Chair Powell. I think it's

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Speaker 3: going to be very difficult for the Justice Department to

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Speaker 3: establish that Chair Powell intended to mislead and or lie

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Speaker 3: to Congress in his testimony in June.

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Speaker 4: It seemed like the bulk of that, or at least the.

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Speaker 3: Focus of that testimony that is part of Pina concerns

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Speaker 3: Chair Powell's explanations for why some of the details of

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Speaker 3: the renovation are different from what were in planning documents

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Speaker 3: that were sent to the National Capital Planning Commission, which

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Speaker 3: is one of the agencies that oversees the renovation. But

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Speaker 3: those explanations don't seem like they would rise to the

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Speaker 3: level of a federal crime. If there were any discrepancies.

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Speaker 3: It seems like be a matter of semantics or total

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Speaker 3: suitable explanations based on modest changes that the Federal Reserve

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Speaker 3: Board made to the renovation, and those have been supported

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Speaker 3: by an FAQ that the Federal Reserve issued on its

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Speaker 3: website after Chair Powell's testimony, further supporting his testimony and

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Speaker 3: the explanations that he gave. The third and last point

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Speaker 3: I want to make is that you should think about

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Speaker 3: the unintended consequences of this investigation. For one, it could

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Speaker 3: bolster Lisa Cook's case in the Supreme Court. As probably

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Speaker 3: most of you know, that case is set to be

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Speaker 3: argued next week. We think Lisa Cook is going to win.

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Speaker 3: The Supreme Court has hinted in a few other hearings

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Speaker 3: that it views the Federal Reserve as sort of separate

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Speaker 3: from other agencies in that it should be independent from

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Speaker 3: the presidents complete and unfettered control. And so you know,

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Speaker 3: the Supreme Court is likely attuned to headlines, and with

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Speaker 3: these headlines about an investigation of Chair Powell, if they're

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Speaker 3: already inclined to preserve independence, this could just further entrench

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Speaker 3: them in that view. I would also say that, you know,

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Speaker 3: to the extent Chair Powell was considering leaving in May

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Speaker 3: after his term as Chair ends, you know, this may,

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Speaker 3: you know, may motivate him to stay on after his

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Speaker 3: term as Chair ends, because his term as governor doesn't

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Speaker 3: end until early twenty twenty eight, and so this may,

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Speaker 3: you know, this may give him even more concern about

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Speaker 3: the Fed's independence and may give him a reason to

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Speaker 3: stay on after his terms as chair ends. And then

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Speaker 3: I would also just note Senator Tom Tillis's comments last

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Speaker 3: night where he said, you know that this move by

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Speaker 3: the Justice Department calls into question the independence of the

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Speaker 3: Justice Department much more than it does the independence of

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Speaker 3: the Federal Reserve. And Tillis also said that he would

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Speaker 3: be reluctant to confirm and not me for FED Governor

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Speaker 3: or FED chair until this investigation is resolved. So this

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Speaker 3: may actually hold up President Trump's efforts to get a

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Speaker 3: new FED chair in place. So I put on a

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Speaker 3: note this morning. If you have to double finding it,

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Speaker 3: feel free to email me my emails eastein twenty six

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Speaker 3: at Bloomberg dot Thanks Nathan.

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Speaker 1: Great, thank you. And you know, we just got one

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Speaker 1: of the client questions of what do you expect to

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Speaker 1: happen to myron spot when it expires at the end

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Speaker 1: of January. And you know, this is sort of interesting

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Speaker 1: because Senator Tillers's remark, you know, he sits on the

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Speaker 1: Senate Banking Committee and the Republicans have that committee thirteen

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Speaker 1: to eleven. So obviously, if Tilla says that he's not

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Speaker 1: going to support this, you know, that effectively blocks committee. Now,

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Speaker 1: the Senate does have the ability to bypass the committee,

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Speaker 1: they don't do it very often, and it's not supposed

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Speaker 1: to be for high profile positions like the Federal Reserve chairman.

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Speaker 1: So be very unusual for the Senate to say, look,

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Speaker 1: we're just going to bypass the committee and move forward

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Speaker 1: because of one Republican senator saying he's not going to

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Speaker 1: do this. So, you know, it would be one of

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Speaker 1: those things where it's going to be really interesting because

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Speaker 1: if this continues and Senator Tillis holds to his word,

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Speaker 1: you know, we could get to a point where, you know,

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Speaker 1: Jerome Powell remains a little bit longer as chair, and

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Speaker 1: like Elliott mentioned, you know, the assumption has always been

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Speaker 1: in Washington is that Powell would step down from the

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Speaker 1: governor position that takes him through twenty twenty eight. But

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Speaker 1: for all the talk of a shadow chair, it'd be

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Speaker 1: kind of interesting that if Jerome Poul already stick around,

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Speaker 1: you know, maybe the shadow chair goes in the other direction.

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Speaker 1: I'm just throwing that out as is just a potential

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Speaker 1: unintended consequences. So can the president point in acting FED chairman?

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Speaker 1: So if Myron stays Elliott, I don't think the President

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Speaker 1: can because but I'll defer the to you.

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Speaker 3: Yeah, I think what would happen in that case is

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Speaker 3: that is that right Myron would stay on, But no,

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Speaker 3: I don't think he could.

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Speaker 4: The point and acting sir.

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Speaker 1: Yeah. And just let's also remember is that, like Elliott's

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Speaker 1: pointed out before, you know, we're talking about the Federal

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Speaker 1: Reserve Board. We're not sharing talking about the FOMC.

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Speaker 4: Uh.

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Speaker 1: The FOMC has a different uh, you know, has a

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Speaker 1: different voting establishment for its chair positions. So you know,

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Speaker 1: there is certainly interesting story to be following, and I

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Speaker 1: think we're going to get a lot more information in

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Speaker 1: the coming days. It's also important to note that the

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Speaker 1: President yesterday and Air Force one when he was returning

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Speaker 1: to Washington d C, said he had no knowledge of this.

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Speaker 1: And Bloomberg News is reporting that FHFA director William Poulti

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Speaker 1: is one of the instigators behind this. But he was

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Speaker 1: on Bloomber television morning and you see that he had

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Speaker 1: no knowledge of this whatsoever. So again, really interesting things

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Speaker 1: to see what happened here, And I would just say,

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Speaker 1: let's stay tuned and we get more questions on this.

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Speaker 1: Definitely reach out to Elliott and I, you know, on

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Speaker 1: the term a week and happily answer anything that you

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Speaker 1: may have.

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Speaker 4: Just one thing, and you alluded to this.

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Speaker 3: The f MC guys have a separate process for electing

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Speaker 3: a chair, and it's that the Federal Reserve born governors

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Speaker 3: and selves vote for the chair of the f ORMC.

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Speaker 3: So even if President Trump tried to name an acting

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Speaker 3: chair of the Federal Reserve Board, the f o m

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Speaker 3: C could still then name ar Powell if he's still

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Speaker 3: there as chair of theth MC.

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Speaker 1: Interesting times say to least, So okay, so let's move

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Speaker 1: off the Federal Reserve. Let's move to just some more

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Speaker 1: of the other stuff that's happening. Wait. A very busy weekend,

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Speaker 1: President Trump put out two social media posts that I

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Speaker 1: wanted to talk about. One was he said, and I'm

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Speaker 1: paraphrasing because I have these in front of me, let's

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Speaker 1: talk about this credit card interest band. So President Trump

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Speaker 1: said that he would like or not like he said,

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Speaker 1: effective January twentieth, he's instituting a ten percent cap on

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Speaker 1: all credit card interest for one year. Now. I've looked

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Speaker 1: at it multiple ways. I've tried to figure out how

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Speaker 1: to think outside the box, and I just don't see

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Speaker 1: the President having the authority to do this. A lot

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Speaker 1: of this is governed by state laws, and there have

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Speaker 1: been efforts amongst a couple of senators Senator Bernie Sanders,

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Speaker 1: the Independent from Vermont and Senator Josh Holly, the Republican

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Speaker 1: from Missouri, to actually institute this via legislation, and that

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Speaker 1: legislation went nowhere. You know, we had some numbers already

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Speaker 1: out on the terminal on this. If you took just

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Speaker 1: a drop from the twenty one percent industry average down

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Speaker 1: to ten percent, you're looking at around one hundred and

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Speaker 1: twenty one billion in terms of exposure for loss revenues

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Speaker 1: for these credit card issuers. And again you're also talking

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Speaker 1: about the potentially of tightening up credit loss, of the

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Speaker 1: loss of these reward programs. Where I'm going with this

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Speaker 1: is that President Trump said this on Friday night. The

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Speaker 1: credit card banks are going to be you know, obviously

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Speaker 1: they're reacting to this in the news. A lot of

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Speaker 1: these banks are down at the moment. We just don't

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Speaker 1: see any way of this being implemented in twenty twenty six.

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Speaker 1: I have a thirty percent chance on this legislation moving forward.

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Speaker 1: The reason being is is that you know, and this

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Speaker 1: is similar to the next story that I'm going to

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Speaker 1: tell in terms of this housing social media post that

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Speaker 1: Trump put out, is that the President Trump is moving

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Speaker 1: more towards affordability in because of the eyes of the

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Speaker 1: election in twenty twenty six. And when you get moving

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Speaker 1: to the affordability on issues, you get this bipartisan warmth.

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Speaker 1: For example, in this case, you have Bernie Sanders teamed

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Speaker 1: up with Josh Holly. You have other Democrats who probably

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Speaker 1: would be over the moon Elizabeth Warren for example, it

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Speaker 1: would be over the moon in terms of capping credit

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Speaker 1: card interest rates to ten percent. But there is a

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Speaker 1: silent Republican out there. Think of these Republicans who are

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Speaker 1: close to Wall Street who are not going to be

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Speaker 1: on board with this. And the idea here is is

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Speaker 1: that if you have this credit card ban interest coming

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Speaker 1: from the President and it needs to be driven by legislation,

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Speaker 1: the Senate Banking Committee and the House Financial Services Committee

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Speaker 1: in particular are going to want to have their hands

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Speaker 1: all over this. They don't want it driven in by

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Speaker 1: Senator Holly and Senator Sanders. They want it driven by

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Speaker 1: the committees. And french Hill, the chairman of the House

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Speaker 1: Financial Services Committee, I don't think is on board with this.

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Speaker 1: Kim Scott, the chairman of the Senate Banking Committee, probably

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Speaker 1: not on board with this because the banks certainly aren't

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Speaker 1: on board with this. And when the banks are going

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Speaker 1: to be pushing their allies on Capitol Hill, who are

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Speaker 1: already in the middle of a fight on crypto for example,

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Speaker 1: gets really messy. And as a result, I think that

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Speaker 1: the essentially the powers that be essentially say look, we're

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Speaker 1: going to slow this process down. But again, let's see

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Speaker 1: what happens on January twenty. The bully pulpit, it from

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Speaker 1: the White House is very real, and so I would

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Speaker 1: anticipate you're going to see more on this, but I

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Speaker 1: just don't see how the President can actually implement it.

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Speaker 1: So let's talk about the housing social media posts that

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Speaker 1: he also said last week. Now, this was where President

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Speaker 1: Trump said that he is going to work with Congress

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Speaker 1: to codify legislation that would ban corporations from purchasing the

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Speaker 1: intitutional purchases of single family homes. Now, there were really

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Speaker 1: two angles here. You can look at single family reads

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Speaker 1: and you can look at Blackstone. Now we have a

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Speaker 1: big report that came out this morning on the terminal.

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Speaker 1: But essentially the story is this is that when President

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Speaker 1: Trump goes to Davos in a week and a half,

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Speaker 1: I think it's a week and a half. When President

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Speaker 1: Trump goes to Davos, he said he's going to release

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Speaker 1: more information related to this, and then he's going to

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Speaker 1: ask Congress to codify this. And there is already legislation

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Speaker 1: out there on this, but it's coming from Democrats. Senator

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Speaker 1: Jackie Rosen from Nevada, for example, already has a piece

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Speaker 1: of legislation that would do something similar. Senator Bernie Moreno

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Speaker 1: from Pennsylvania, Republican, has said that he would actually put

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Speaker 1: this into law. So again, President Trump puts this idea

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Speaker 1: out here, it's got to support some Democrats, it's got

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Speaker 1: to support some Republicans. But again there's this silent Republican

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Speaker 1: out there that's not going to be on board with

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Speaker 1: this idea. Bloomberg Television had a great interview with the

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Speaker 1: former Chairman of the House Financial Services Committee, Patrick McHenry

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Speaker 1: last week, and in that Patrick McHenry said, Look, if

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Speaker 1: I'm on if I was on Capitol Hill, I'm not

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Speaker 1: gonna be on board with this. But at the very least,

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Speaker 1: the House Financial Services Committee is going to run and

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Speaker 1: wrap the issue, grab it back and say we're going

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Speaker 1: to study it. We're gonna have a hearing. And when

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Speaker 1: you have a hearing plus studying plus an issue that

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Speaker 1: really may not get sixty votes plus an election year,

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Speaker 1: I just don't see it really going anywhere. I think

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Speaker 1: President Trump is going to continue the bully pulpit because look,

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Speaker 1: affordability is an issue that he's really trying to push

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Speaker 1: before the midterms. But I don't think it's going to happen.

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Speaker 1: But in terms of the companies that we looked at,

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Speaker 1: these single family reads like Invitation Homes and AMH, there's

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Speaker 1: real risk here because if this were to brew into something,

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Speaker 1: this is really speaks to their business model. But when

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Speaker 1: you look at Blackstone or the private equity firms in particular,

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Speaker 1: they are a lot less exposed to single family retail

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Speaker 1: than when you look at it and it as part

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Speaker 1: of their assets under management. So there was a lot

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Speaker 1: of sentiment I think last week going and it against

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Speaker 1: Blackstone in particular, that may not be warranted. So again

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Speaker 1: keep that in mind. We're going to talk about cryptocurrency

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Speaker 1: just briefly. We have two planned markups. One of them

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Speaker 1: is actually going to happen. The other one is a

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Speaker 1: little bit I still think uncertain. We have a Senate

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Speaker 1: Banking Committee and a Senate ad Committee markup. Now, we've

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Speaker 1: talked about cryptocurrency in the past. I'm not going to

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Speaker 1: rehash this. If you're listening to us, to us on

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Speaker 1: the podcast, go back to last week. That's where I

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Speaker 1: talked about this in greater detail. But the story about

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Speaker 1: these markups is this. Right now, I'm at a seventy

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Speaker 1: percent chance of passage of a crypto bill in the

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Speaker 1: first half of this year. If we get through these

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Speaker 1: markups and people are talking great, and there's lots of saying, yep,

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Speaker 1: we had some great movement, some great negotiations, still have

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Speaker 1: some work to do, but hey, let's figure this out.

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Speaker 1: I'm going to stay at seventy percent if we come

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Speaker 1: out of these markups and they are partisan, meaning the

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Speaker 1: Democrats are not on board with this, and look, I

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Speaker 1: don't think the Democrats are on board with this. Going

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Speaker 1: into it. But if the Democrats come out here with

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Speaker 1: pretty harsh language about what's going on, I'm going to

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Speaker 1: be lowering my chances because right now this fight is

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Speaker 1: over yield when it comes to stable coins. This is

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Speaker 1: part of the Genius Act. And you've heard statements from

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Speaker 1: the Bank saying we're not going to support this if

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Speaker 1: we don't get what we want. If you've heard statement

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Speaker 1: from Crypto saying we're not going to support this if

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Speaker 1: we don't get what we want. We even saw the

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Speaker 1: White House last week come out and say, look, folks

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Speaker 1: need to stop complaining about this. And again I'm paraphrasing,

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Speaker 1: because you tell us that the current situation is untenable.

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Speaker 1: There's a lot of emotion going on with this, and

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Speaker 1: so I think these markups are going to be really

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Speaker 1: interesting to watch. So call me on Friday if you

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Speaker 1: want my take on this. I'm going to be putting

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Speaker 1: my takeout after these markups. So if you want to

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Speaker 1: talk about crypto, Friday is probably the best day to

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Speaker 1: talk about it real quickly. On the shutdown and the calendar, again,

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Speaker 1: we're at a thirty percent chance of a shutdown. I

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Speaker 1: don't think that's changing, even with some of the stuff

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Speaker 1: that's going on with the FED shair or anything like that.

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Speaker 1: At the moment, Congress is actually working on. Congress is

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Speaker 1: just working on a mini omnibus at the moment for Commerce, Justice, Energy,

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Speaker 1: and Interior. The idea here is that they could pass

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Speaker 1: that get it through the rest of the year, but

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Speaker 1: more likely than not, they're going to kick the cannon

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Speaker 1: into March. Think about it this way, the calendar is

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Speaker 1: the most important thing to think about this week. The

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Speaker 1: Senate is really focused on this war powers authorization related

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Speaker 1: to Venezuela. Now, look, I'm not paying attention to that

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Speaker 1: just because it really doesn't any investable angable It's a resolution.

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Speaker 1: Trump Trump can veto resolutions all you want. I'm not

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Speaker 1: really paying attention to it. But it's going to eat

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Speaker 1: up the Senate calendar. Next week we have Martin Luther

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Speaker 1: King on Monday, the Senate is out for recess. Then

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Speaker 1: they come back and boom, it's right before January thirty first.

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Speaker 1: Very unlikely they're going to come to an agreement before

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Speaker 1: January thirty first. They know this, and so don't be

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Speaker 1: surprised if they kick the can, because you know, it's

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Speaker 1: just one of those things there's really no strategy on

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Speaker 1: either side at the moment, and so I think they

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Speaker 1: come back after the recess, they say, right, we need

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Speaker 1: more time. They do a continuing resolution that gets us

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Speaker 1: to February or March, and then they have the shutdown

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Speaker 1: threat if it happens at that point as well. The

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Speaker 1: last thing I'm going to leave you with, and I

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Speaker 1: apologize that we went a few minutes over, but I

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Speaker 1: think there's just so much happening is is that we

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Speaker 1: did not see the AEBDA case come out on Friday.

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Speaker 1: This is President Trump's tariffs. The next choice, the next

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Speaker 1: chance of this is Wednesday at ten am Eastern. Just

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Speaker 1: from a logistics standpoint, we're going to be on standby

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Speaker 1: at ten am. We have Bloomberg Intelligence are going to

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Speaker 1: put together a webinar. I think, and Elliott can correct

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Speaker 1: me if I'm wrong. In the chat, I think it's

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Speaker 1: for Friday, if it were to happen. Also in the chat,

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Speaker 1: just Elliott put in a little bit more and more

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Speaker 1: point about Potus and Jerome Paull. But when it comes

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Speaker 1: to these tariffs, there are two questions that I'm asking

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Speaker 1: myself when we read that decision. If the decision comes

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Speaker 1: out and says that these tariffs are unlawful. We are

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Speaker 1: still at a sixty percent prediction. Markets are actually a

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Speaker 1: little bit higher. They're just north to seventy percent at

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Speaker 1: the moment. But if Scotus comes out and says that

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Speaker 1: these tariffs are unlawful, the two questions you should be

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Speaker 1: asking yourself is one, are there going to be refunds

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Speaker 1: involved or not? Now? January second, the Customs and Border

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Speaker 1: Patrol put out a very small interim final rule into

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Speaker 1: the Federal Register. I didn't notice it until last week

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Speaker 1: that they actually confirmed that these refunds, if they were

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Speaker 1: to come out, or refunds and general would be sent

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Speaker 1: via electronic funds transfer. If you've heard me on this

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Speaker 1: call before, you said it'd be payper check. The paper

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Speaker 1: check is gone. They can do this via electronic funds transfer.

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Speaker 1: Now the second question, so the first question is is

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Speaker 1: the Supreme Court going to allow refunds or not. We're

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Speaker 1: going to have to look at that and see because

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Speaker 1: that a lot of companies are dictating, including myself. I

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Speaker 1: went to Finland earlier this year bought some ETHH law,

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Speaker 1: and I have like some import taxes I want to

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Speaker 1: get back. I still have that receipt, So I'm going

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Speaker 1: to be watching. But that's the question. Refunds are not.

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Speaker 1: Then the next question is outside of the Supreme Court,

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Speaker 1: and we really have to look at the White House.

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Speaker 1: The second question is this President Trump has other ways

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Speaker 1: to do tariffs. Section two thirty one, Section three oh one,

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Speaker 1: Section one twenty two. All these investigations. Now, they can

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Speaker 1: come out and say we're going to do an investigation

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Speaker 1: that moment that and we are going to kickstart this

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Speaker 1: and we're going to put these tariffs back on. But

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Speaker 1: investigations take time, and those investigations, if they end or

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Speaker 1: when they end, would most likely be two or three

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Speaker 1: months before the midterms. And again I'm not going to

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Speaker 1: convinced that President Trump would immediately come back and say, look,

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Speaker 1: we're going to plate these tariffs back on that are

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Speaker 1: extremely unpopular with the American populace two to three months

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Speaker 1: before an election. So again something to keep in mind.

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Speaker 1: I don't have a view on that either way in

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Speaker 1: terms of like he's going to do it or not.

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Speaker 1: But that's like my spidy sense is tingling on that.

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Speaker 1: So again that's the question that we're going to have

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Speaker 1: to see on the tariffs, So I apologize that we

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Speaker 1: went twenty minutes, but though but I do want to

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Speaker 1: say thank you for sticking around. We're going to have

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Speaker 1: a really busy week this week, so again, feel free

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Speaker 1: to reach out to us on the terminal or call

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Speaker 1: us email us. Thank you very much for listening. We

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Speaker 1: really appreciate it. Hope you have a great week and

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Speaker 1: we'll talk soon.

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Speaker 2: Our thanks to Nathan Deed, Bloomberg Intelligence Senior policy analyst,

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Speaker 2: bringing you the latest installment of his weekly Washington Policy Pulse.

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Speaker 2: For more from BI or to join this call live

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Speaker 2: each week, you can email Nathan at ndan at Bloomberg

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Speaker 2: dot net. That's nd EA n at Bloomberg dot net.

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Speaker 2: Come back to the podcast later today for the latest

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Speaker 2: tradition of Balance of Power

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Speaker 3: M