WEBVTT - US Senator Bill Hagerty of Tennessee Talks 'Big Beautiful Bill'

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Return to Republican Senator Bill Haggerty of Tennessee, who is

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<v Speaker 2>back with us on the program. Senator, we appreciate your time.

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<v Speaker 2>As we just heard our colleague Tyler, they're outlining that

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<v Speaker 2>various portions of your body have demands as to what

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<v Speaker 2>it will take to get them to a yes vote

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<v Speaker 2>on this legislation. What's yours? What change do you need

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<v Speaker 2>to see for you to vote for this package.

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<v Speaker 3>I think the most critical thing to keep in mind, Kayley,

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<v Speaker 3>is the fact that if we don't get this done,

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<v Speaker 3>Americans looking at a north of four trillion dollar tax increase.

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<v Speaker 3>I was talking with Kevin Hasset at the White House yesterday.

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<v Speaker 3>His projections are that that would yield a six percent

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<v Speaker 3>decrease in our nation's GDP. That would be terrible for America. Frankly,

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<v Speaker 3>be terrible for the world economy. We can't let that happen.

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<v Speaker 3>The main interest I have is making certain that we

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<v Speaker 3>stimulate more capital investment in America, because more capital investment

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<v Speaker 3>will be get more jobs, more jobs, more economic activity.

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<v Speaker 3>This will have a very power of impact on the economy,

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<v Speaker 3>and frankly, it's something that the Congressional Budget Office completely

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<v Speaker 3>misses in their analysis. They missed it at an incredible

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<v Speaker 3>level back after the twenty seventeen tax cuts and jobs

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<v Speaker 3>after passed. In fact, they missed it by north of

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<v Speaker 3>a trillion dollars worth of revenues. So I think that

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<v Speaker 3>my colleagues need to certainly take into account the fact

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<v Speaker 3>that this is a pro growth bill. This tax package

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<v Speaker 3>is going to stimulate more economic activity here in America.

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<v Speaker 3>We will see growth that's not captured in the CBO estimates,

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<v Speaker 3>but will have a material impact on our economy, on

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<v Speaker 3>our well being, and frankly in terms of going the

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<v Speaker 3>right direction to reducing the deficit.

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<v Speaker 1>Will Senator, We've got a lot of questions about what's inside,

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<v Speaker 1>and it's great to have you back on Bloomberg. You

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<v Speaker 1>mentioned the CBO, so I do have to ask you

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<v Speaker 1>about that. Two big headlines today coming out of the

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<v Speaker 1>Congressional Budget Office. First, the Republican tax bill that cleared

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<v Speaker 1>the House. They say would add two point four trillion

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<v Speaker 1>dollars to US deficits. But that same Congressional Budget Office,

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<v Speaker 1>which I know Republicans criticize a lot, is not projecting

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<v Speaker 1>the Trump tariffs. Will cut the budget gap by two

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<v Speaker 1>point eight trillion. Do you buy that number? And if so,

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<v Speaker 1>is this bill paid for?

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<v Speaker 3>Well? In the first case, what they do is static analysis.

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<v Speaker 3>They don't take into account the dynamic of investment in

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<v Speaker 3>the economy that we yield grow. So I think that's

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<v Speaker 3>patently wrong. And the second, with regard to tariff revenue,

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<v Speaker 3>it's possible, but we're not nearly to the end of

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<v Speaker 3>our trade negotiations, Jamison Greer. Our trade rep working is

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<v Speaker 3>hard out to try to bring together a significant sea

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<v Speaker 3>change and the way America is treated on the global stage.

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<v Speaker 3>I think we're going to make great progress, but it's

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<v Speaker 3>very hard for me to say right now, and I

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<v Speaker 3>don't know how the CBO is able to say this.

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<v Speaker 3>Where we're going to land on tariff revenues as well.

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<v Speaker 2>Well, yeah, it is worth pointing out the CBO was

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<v Speaker 2>only scoring tariff revenues through where tariff stood as of

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<v Speaker 2>May thirteenth, and we already know changes have been made

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<v Speaker 2>since then. There's still some legal questions around whether or

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<v Speaker 2>not AIPA is going to stand, Senator, so we have

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<v Speaker 2>to bear that in mind. We've heard from the Senate

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<v Speaker 2>Majority Leader John fun that there's going to have to

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<v Speaker 2>be some adjustments made to the salt cap, something that

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<v Speaker 2>House Republicans from those salt districts say, what essentially mean

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<v Speaker 2>that the deal dies when it returns back to the House,

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<v Speaker 2>knowing that the debt ceiling lift is also attached to

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<v Speaker 2>this legislation. Do you see risk around making changes like that?

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<v Speaker 2>Could that bring the US closer to the brink of default?

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<v Speaker 3>Well, I think there's always risk in any situation like

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<v Speaker 3>this where you have a complex bill. Kyley, We're going

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<v Speaker 3>to have a conference meeting right after I'm on with

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<v Speaker 3>you now to begin the process of talking through where

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<v Speaker 3>the Senate is going to land here, and I do

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<v Speaker 3>expect that there'll be improvements. It will be different, they'll

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<v Speaker 3>be deeper cuts, and we'll start to see texts coming

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<v Speaker 3>out on Friday. What I don't want to do is

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<v Speaker 3>try to get ahead of those who are negotiating. As

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<v Speaker 3>you know, the Finance Committee is going to the White

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<v Speaker 3>House right now to meet with President Trump. This is

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<v Speaker 3>a process that's under way. But I can say this

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<v Speaker 3>at a very high level. My colleagues in the Senate

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<v Speaker 3>want to see more cuts, more definite reduction, but at

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<v Speaker 3>the same time, I've been encouraging everyone to move expediously

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<v Speaker 3>to make certain that this happens extremely quickly, because the

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<v Speaker 3>United States economy needs certainty, and with that certainty, we're

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<v Speaker 3>going to see more capital investment. The longer this takes again,

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<v Speaker 3>the less certain that we've got, and that's going to

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<v Speaker 3>have a negat impact on capital investment here in America.

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<v Speaker 1>With that in mind, Senator, I'd love to explore the

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<v Speaker 1>idea of permanence with you, because we're hearing about this

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<v Speaker 1>a lot more now, the likes of Steve Danes and

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<v Speaker 1>others who say, no, we need to make permanent certain

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<v Speaker 1>business tax breaks, specifically the full research and development deduction,

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<v Speaker 1>bonus depreciation, and interest expensing. Are you on board with

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<v Speaker 1>making them permanent?

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<v Speaker 3>Certainly I am. I agree with the premise completely, And

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<v Speaker 3>you know, Steve Danes is a business person just like me.

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<v Speaker 3>We understand the importance of being able to make long

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<v Speaker 3>term plans with respect to capital investments. That's what's driving

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<v Speaker 3>Steve's Steve's position, I think he's exactly right, and we

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<v Speaker 3>need to extend these as far as we possibly can.

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<v Speaker 3>Permanent is the best possible answer we could achieve.

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<v Speaker 2>Senator. Of course, well, you and your colleagues are working

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<v Speaker 2>on reconciliation. There is also active, actively underway, an effort

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<v Speaker 2>to advance the stable coin legislation, the Genius Act. Last

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<v Speaker 2>time you were on with us, we talked about some

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<v Speaker 2>of the various amendments that we're being put forward, which

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<v Speaker 2>you said are being worked through. Have you had direct

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<v Speaker 2>conversations more recently with either the Majority Leader or Senator

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<v Speaker 2>Roger Marshall about whether or not the Credit Card Competition

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<v Speaker 2>Act is going to become a real factor here.

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<v Speaker 3>Yes, those conversations are under way. I certainly respect the

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<v Speaker 3>process that we're addressing, but right now this really isn't

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<v Speaker 3>about policy, nor is it process. We're just trying to

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<v Speaker 3>get floor time right now to get this processed. We

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<v Speaker 3>have brought agreement, Kayley, with respect to the content of

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<v Speaker 3>the stable coin legislation, my Genius Act, and this is

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<v Speaker 3>going to, I think, take us into the twenty first

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<v Speaker 3>century in terms of upgrading our payment systems. It's going

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<v Speaker 3>to have very desirable effects taking the US economy into

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<v Speaker 3>the digital assets arena, keeping innovation here, lowering risk here

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<v Speaker 3>in America, and putting in place guardrails that will protect

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<v Speaker 3>consumers because every one of these stable coins will be

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<v Speaker 3>backed up dollar for dollar with US treasuries. Very positive

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<v Speaker 3>outcome here, We've got very strong support.

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<v Speaker 1>So okay, what's the timeline, Senator, and what does it

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<v Speaker 1>mean for the Clarity Acts coming out of the House, Joe?

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<v Speaker 3>The timeline is the key issue right now. The window

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<v Speaker 3>is closing on us to get this done because we've

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<v Speaker 3>got to turn our attention to reconciliation. As I mentioned,

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<v Speaker 3>we're going to a conference meeting, our first broad conference meeting,

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<v Speaker 3>to talk about the Reconciliation Bill. We need to get

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<v Speaker 3>the Genius Act passed. We need to get it on

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<v Speaker 3>the floor. And that's where my discussions have been with

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<v Speaker 3>the Leader and with my colleagues, is getting that time

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<v Speaker 3>on the floor as soon as possible. I like to

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<v Speaker 3>start it today tomorrow, but I like to get that

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<v Speaker 3>time on the floor as soon as possible because then

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<v Speaker 3>we can turn our attention to dealing with the Reconciliation

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<v Speaker 3>Act and getting more confirmations across the floor.

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<v Speaker 2>And when will your attention, Senator turned to market structure

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<v Speaker 2>And when the time comes to actually look at a

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<v Speaker 2>market structure bill, how can do you expect it will

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<v Speaker 2>be to the Clarity Act that was just introduced in

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<v Speaker 2>the House last week.

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<v Speaker 3>Well, there's been a great deal of good work that's

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<v Speaker 3>been done in the House. A lot of questions that

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<v Speaker 3>come up in the process of building the stable coin

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<v Speaker 3>legislation that have been more appropriate to market structure. We're

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<v Speaker 3>focused on it. We've already begun the process of building

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<v Speaker 3>it here in the Senate. Again, as I mentioned, a

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<v Speaker 3>lot of it's natural outgrowth, outgrowth of the stable coin

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<v Speaker 3>legislation that we've been pushing forward. So we're going to

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<v Speaker 3>turn our attention immediately to that. But I think the

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<v Speaker 3>most immediate thing that will happen is the Reconciliation Bill

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<v Speaker 3>coming to the floor of the Senate. In the meantime,

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<v Speaker 3>I pledged to President Trump I would get this done

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<v Speaker 3>in the first one hundred days if I possibly could.

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<v Speaker 3>We've exceeded that by a bit. But President Trump wants

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<v Speaker 3>to see this legislation on his desk. JD. Advance was

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<v Speaker 3>at the Bitcoin conference in Las Vegas just last week

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<v Speaker 3>saying he wants to see a clean bill in front

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<v Speaker 3>of him on stable coin legislation in front of President Trump,

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<v Speaker 3>and I think we can get there.

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<v Speaker 1>Interesting, as you bear down on the reconciliation, tax and

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<v Speaker 1>spend legislation. Here, Senator, I know it's going to be

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<v Speaker 1>an important day, and you're walking into this meeting after

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<v Speaker 1>we're done with our conversation to begin hearing from Republican

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<v Speaker 1>members of the House who apparently didn't have enough time

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<v Speaker 1>to read the whole bill. Congresswoman Marjorie Taylor Green says

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<v Speaker 1>she's a no, having not read a section banning states

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<v Speaker 1>from passing their own AI regulations. Mike Flood, Republican from Nebraska,

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<v Speaker 1>doesn't like this idea making it harder for judges to

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<v Speaker 1>hold officials and contempt of court. They both did see

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<v Speaker 1>it in the first pass. Have you had a chance

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<v Speaker 1>to read that bill?

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<v Speaker 3>Having gone through the entirety of the bill, we're in

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<v Speaker 3>the process of reviewing all the texts that just came

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<v Speaker 3>over in the past couple of days. But again, we're

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<v Speaker 3>moving on it. The Finance Committee is at the White

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<v Speaker 3>House negotiating it right now. The text is in process,

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<v Speaker 3>and it's an item that's in motion. I understand that

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<v Speaker 3>there may be items here that not everyone is happy with,

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<v Speaker 3>but at the end of the day, we're going to

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<v Speaker 3>have to compromise and get it done. I'll come back

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<v Speaker 3>to the original point. The American economy needs this certainty,

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<v Speaker 3>and I'm going to be working my heart out to

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<v Speaker 3>make certain that we deliver the best possible product we

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<v Speaker 3>can here. But I'll remind you as well, this isn't

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<v Speaker 3>the last bite at the apple. We'll have the opportunity

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<v Speaker 3>to have another reconciliation process coming up fairly soon. So

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<v Speaker 3>we're going to find a number of other opportunities to

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<v Speaker 3>improve the situation you're in. The American economy achieves some

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<v Speaker 3>of the other objectives our legislators, and we can. If

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<v Speaker 3>we don't solve it all here, we'll have another opportunity

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<v Speaker 3>to do that well.

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<v Speaker 2>Senator, you will have an opportunity as soon as tonight

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<v Speaker 2>to vote for the confirmation of Mickey Bowman to be

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<v Speaker 2>the Fed's new Vice CHAIRFF Supervision after the closure vote

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<v Speaker 2>passed earlier today. This comes just day after the FED

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<v Speaker 2>officially lifted the asset cap on Wells Fargo starting today.

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<v Speaker 2>Is this a new era of banking regulation in the

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<v Speaker 2>United States?

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<v Speaker 3>I certainly think so. Michael Barr took us in exactly

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<v Speaker 3>the wrong direction, and I'm very glad to see someone

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<v Speaker 3>with the sensibilities of Mickey coming into this position, She's

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<v Speaker 3>going to do a great job. What we need to

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<v Speaker 3>do is return to the overarching mission of making certain

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<v Speaker 3>that our capital markets are as competitive and safe as

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<v Speaker 3>they possibly can be. Get out of the business that

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<v Speaker 3>these extraneous policy issues, whether it regards climate or other

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<v Speaker 3>sorts of issues that essentially make the US economy less competitive,

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<v Speaker 3>and the goal plating that Michael Barr attempted to do

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<v Speaker 3>making US a subject even more regulations than the Europeans

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<v Speaker 3>only Hamper's American Capital Formation. Mickey has a very different

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<v Speaker 3>point of view, and I'm very excited to see her

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<v Speaker 3>come into this role.

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<v Speaker 1>Well, it is interesting seeing this asset cap lifted on

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<v Speaker 1>Wells Fargo today. Senator, your colleague Elizabeth Warren, who's going

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<v Speaker 1>to be with us a bit later this hour, is

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<v Speaker 1>asking for five years of exam reports from the Bank

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<v Speaker 1>as a member of the Banking Committee, having suggested that

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<v Speaker 1>they have not gone a year without breaking the law.

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<v Speaker 1>Statement says, it's stunning the Fed could not wait till

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<v Speaker 1>the company went a full year without breaking the law

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<v Speaker 1>before wiping its slate clean. Should she get those documents,

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<v Speaker 1>should the committee see them?

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<v Speaker 3>I'm all for transparency, Joe, And I'm all for having

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<v Speaker 3>committee members have access to the information that they need,

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<v Speaker 3>but I'm not about to respond to something that Elizabeth

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<v Speaker 3>Warren has said just based on what she probably doesn't have.

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<v Speaker 3>You know, she didn't have access to the documents at

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<v Speaker 3>this point, so I don't understand her leveling these accusations,

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<v Speaker 3>but she's wont to do that.

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<v Speaker 2>Well, I wonder, Senator, if you'd like to respond to

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<v Speaker 2>something President Trump has just said, as he shared with

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<v Speaker 2>us on True Social that he spent an hour and

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<v Speaker 2>fifteen minutes on the phone today with Russian President Vladimir Putin.

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<v Speaker 2>He suggested that phone call will not lead to an

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<v Speaker 2>immediate peace with Ukraine, but went on to say that

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<v Speaker 2>Putin believes or suggested he could participate in discussions with

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<v Speaker 2>Iron And of course, the US approach to Iran is

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<v Speaker 2>something I know you feel quite passionate, passionately about. Is

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<v Speaker 2>it appropriate for Russia to be stepping in here?

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<v Speaker 3>Well, I think you understand well the fact that the

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<v Speaker 3>previous administration removed all of the maximum pressure campaign that

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<v Speaker 3>we had imposed on Iran. We had ran to a

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<v Speaker 3>point where they were ready to deal. Their reserves were

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<v Speaker 3>below ten billion dollars. As soon as the Biden administration

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<v Speaker 3>came in, they stopped enforcing the sanctions. They put Iran

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<v Speaker 3>in a position to fund terror. We saw what happened

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<v Speaker 3>with Hamas, we saw what happened with Hasbalah, we saw

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<v Speaker 3>what happened with the UTIs. We're bringing that situation back

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<v Speaker 3>under control. We're putting back in place at maximum sanctions,

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<v Speaker 3>and we also have the opportunity to get the world

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<v Speaker 3>behind us, and I think the world should be behind

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<v Speaker 3>us to ensure that Iran does not have the capability

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<v Speaker 3>to threaten the rest of the world as they seem

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<v Speaker 3>to want to do. President Trump has every right to

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<v Speaker 3>seek out other world leaders, to find allies wherever you may,

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<v Speaker 3>but at the end of the day, it's going to

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<v Speaker 3>be up to us to take the leadership position to

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<v Speaker 3>deal with Iran and to make certain that they don't

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<v Speaker 3>have the capability or the capacity to threaten the rest

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<v Speaker 3>of the world as they have in the past. And

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<v Speaker 3>understand this, they're behind all of the terror and all

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<v Speaker 3>the disruption in the Middle East. It's got to come

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<v Speaker 3>to an end.

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<v Speaker 1>A deep dive with Republican Senator Bill Haggerty of Tennessee.

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<v Speaker 1>Senator it's good to see you, and we appreciate all

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<v Speaker 1>of your time. Today on Bloomberg TV and radio,