WEBVTT - Sen. Thom Tillis Talks Powell, Foreign Policy

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<v Speaker 1>We begin live on Capitol Hill on a very busy

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<v Speaker 1>day here once again in Washington, intentions escalating with Iran,

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<v Speaker 1>a power struggle over control of Greenland, and of course,

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<v Speaker 1>questions this week about the independence of the Federal Reserve.

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<v Speaker 1>We tackle it all now with a special guest. Republican

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<v Speaker 1>Senator Tom Tillis of North Carolina is with us. He

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<v Speaker 1>serves on both the Senate Banking Committee and the Senate

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<v Speaker 1>Judiciary Committee, and Senator is great to see you. Thanks

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<v Speaker 1>for being back on Bloomberg TV and radio. You're the

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<v Speaker 1>man of the hour, which is why we came up

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<v Speaker 1>to Capitol Hill to talk to you. And I'm going

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<v Speaker 1>to start with Iran on this parade of issues that

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<v Speaker 1>we have to discuss here. The President saying earlier today

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<v Speaker 1>that the violence has stopped, the killing has stopped, he said,

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<v Speaker 1>and the executions have been canceled. Is any potential strike

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<v Speaker 1>canceled as well?

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<v Speaker 2>Look, if he's heard that from sources on the ground,

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<v Speaker 2>I'd have to say the sources. But this is a

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<v Speaker 2>murderous regime that never stops killing. It's just a matter

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<v Speaker 2>of how many, not whether or not they're pursuing it.

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<v Speaker 2>So I'm very skeptical that something overnight could have actually occurred.

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<v Speaker 3>To have a to have.

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<v Speaker 2>Gotten from thousands to zero just doesn't make sense to me.

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<v Speaker 1>Pretty remarkable. You had a speech on the floor of

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<v Speaker 1>the Senate the other day in which you said that

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<v Speaker 1>you are sick of stupid, made a headline on the

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<v Speaker 1>Washington Post, and you were talking in that speech about

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<v Speaker 1>the people around the president, not Donald Trump himself. Is

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<v Speaker 1>he getting bad advice?

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<v Speaker 2>I think the president is. I've enjoyed a good relationship

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<v Speaker 2>with the President. It's probably different from other members. I'm

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<v Speaker 2>very direct.

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<v Speaker 3>Look.

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<v Speaker 2>I spent twenty years in top tier management consulting. I

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<v Speaker 2>spent twenty years in legislative politics. I like to think

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<v Speaker 2>that I can help look around corners. I see advice

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<v Speaker 2>here that's not taking care of the president's best interest.

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<v Speaker 2>The Greenland position is a good example. We need people

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<v Speaker 2>to make sure the president has a fully weighted set

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<v Speaker 2>of criteria before he moves forward on some of these policies.

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<v Speaker 3>I see no.

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<v Speaker 2>Path where his aspiration for Greenland occurs unless it's a

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<v Speaker 2>negotiation and something far short of what he has in mine.

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<v Speaker 1>We talked to Senator Chris Koons at this time last evening,

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<v Speaker 1>who I know is taking part in a bipartisan codell

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<v Speaker 1>to Denmark with you and others. He was strident in

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<v Speaker 1>his language, making it clear that NATO is at stake.

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<v Speaker 3>Is that where we are no.

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<v Speaker 2>I think we're going to get into a little bit

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<v Speaker 2>of a hyperbolic language here. Chris is a friend of mine,

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<v Speaker 2>he's a Democrat. I could see where he may take

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<v Speaker 2>that position. But I've been the Republican leader of the

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<v Speaker 2>Sennato Obserber Group since twenty eighteen. I'm going there to

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<v Speaker 2>resure every reassure everyone that unlike what angered me last week,

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<v Speaker 2>was one of the President's advisers making the statement that

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<v Speaker 2>it was the position of the US government that Greenland.

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<v Speaker 3>Would become a part of the United States.

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<v Speaker 2>He doesn't have an election certificate, he is not a

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<v Speaker 2>member of the Article one branch.

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<v Speaker 3>I am.

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<v Speaker 2>It can be his position, it can currently be the

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<v Speaker 2>position of the President. But the people, the people in Denmark,

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<v Speaker 2>the NATO countries, our allies, our partners, the people who

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<v Speaker 2>have gone to war with us, fought side by side

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<v Speaker 2>with us, lost life when they came to Afghanistan, and

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<v Speaker 2>consistent with their Article five commitment.

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<v Speaker 3>In NATO, I want to make them very.

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<v Speaker 2>Aware of the fact that there is not support for

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<v Speaker 2>this in Congress, regardless of what they may say in

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<v Speaker 2>the White House. I think that an illegal taking of

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<v Speaker 2>another territory from a sovereign nation and a member of

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<v Speaker 2>NATO is just not good advice. And I'm going there

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<v Speaker 2>to tell them there's at least one branch of government

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<v Speaker 2>that stands with the NATO Alliance and still wanting to

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<v Speaker 2>achieve the President's goals. Of course, we need to project

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<v Speaker 2>power in the Arctic. Of course we need to counter

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<v Speaker 2>with the first ever joint military exercises with China and

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<v Speaker 2>Russia in the Arctic. Let's get there in a faster,

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<v Speaker 2>more sustainable, less acrimonious way that strengthens the nation Alliance,

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<v Speaker 2>not putting it into question.

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<v Speaker 1>We've heard a lot of justifications for this idea. It

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<v Speaker 1>was critical minerals, it was strategic importance, the fact that

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<v Speaker 1>it was a neighbor. Today President says we need Greenland

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<v Speaker 1>to build the Golden Dome. Would you be able to

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<v Speaker 1>officials in Copenhagen that there will be no military action

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<v Speaker 1>against Greenland.

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<v Speaker 2>If there is military action against Greenland, I will be

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<v Speaker 2>one of the first people to file and co sponsor

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<v Speaker 2>war Powers resolution it will pass. That is what I'm

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<v Speaker 2>trying to communicate to the President.

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<v Speaker 3>We want to help him.

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<v Speaker 2>I support the vast majorities of the President's policies have

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<v Speaker 2>in the past well in the future, but we have

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<v Speaker 2>to speak truth to power when the single most important

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<v Speaker 2>alliance in the history of the democratic world is put

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<v Speaker 2>into question, and it shouldn't be so.

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<v Speaker 3>If you know, if I.

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<v Speaker 2>Understand with the meeting with the foreign ministers that they

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<v Speaker 2>came away frustrated and that Vice President Vance may have

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<v Speaker 2>taken a different position, I just respectfully disagree. This is

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<v Speaker 2>not the way you strengthen alliances that are vitally important

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<v Speaker 2>for the safety and security of this world.

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<v Speaker 1>Understood to be clear, the existing arrangement that we have

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<v Speaker 1>with Denmark and with Greenland would allow.

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<v Speaker 3>Us to positions. That's why that's what you.

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<v Speaker 2>Know, as a fiscal conservative think about this. We don't

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<v Speaker 2>have to pay whatever we have to pay or go

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<v Speaker 2>to the expense of whatever it would take to take

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<v Speaker 2>this country and then have a discount with all the

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<v Speaker 2>loss of alliances. At our height, we had as many

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<v Speaker 2>as seventeen military installations there.

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<v Speaker 3>There's no question that.

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<v Speaker 2>Denmark and that Greenland would like to have American technology

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<v Speaker 2>to potentially fully realize the rarer minerals potential they have there.

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<v Speaker 2>There's no doubt that the infrastructure that at one point

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<v Speaker 2>allowed as many as seventeen military basis could be modernized

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<v Speaker 2>and we could be there with an ally projecting power

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<v Speaker 2>in a contested part of the world.

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<v Speaker 3>That's what I mean.

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<v Speaker 2>It would cost us less money, it would produce less

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<v Speaker 2>tumult and give us the same sort of capability. What

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<v Speaker 2>is not to like about that plan? The question I

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<v Speaker 2>have is did anyone actually tell the president that all

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<v Speaker 2>that was possible? And it was possible not because of

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<v Speaker 2>some future planning, but it's been that way in the past.

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<v Speaker 1>Right, Yes, all of that said, we've also got something

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<v Speaker 1>cooking in Venezuela.

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<v Speaker 3>Oh yeah.

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<v Speaker 1>Should there be a war powers No?

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<v Speaker 2>I see that's a I think that by voting for

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<v Speaker 2>the war powers resolution that Senator came, it's a messaging exercise, right,

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<v Speaker 2>how are they different? Let me well, I'll explain Number one,

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<v Speaker 2>it's a messaging exercise. Does anybody really believe that this

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<v Speaker 2>president wouldn't veto it?

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<v Speaker 3>And it is subject to veto authority?

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<v Speaker 2>Sure, there's also a question as to whether or not

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<v Speaker 2>the House would even whether it would be successful in

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<v Speaker 2>the House.

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<v Speaker 3>So at the end of the day, it's a messaging exercise.

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<v Speaker 1>That they have the war powers in the House, I know,

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<v Speaker 1>but I thought it.

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<v Speaker 2>Sends a message that I didn't support, that I would

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<v Speaker 2>not be supporting what the President did in Venezuela. I

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<v Speaker 2>am thrilled with the precision and the exquisite execution of

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<v Speaker 2>what it took to get Maduro and his wife into

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<v Speaker 2>custody and now, you know, have to defend themselves in

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<v Speaker 2>a court of law. I don't want anyone to think

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<v Speaker 2>that I'm the least bit concerned with the execution of that.

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<v Speaker 2>I also know that there are no boots on the ground,

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<v Speaker 2>and so to me, it's a war powers resolution flexing

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<v Speaker 2>a message that I don't agree with in the same.

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<v Speaker 3>Week that I'm happy with what they did.

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<v Speaker 2>In the future, if boots go on the ground, of course,

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<v Speaker 2>we're going to have to have a war powers resolution.

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<v Speaker 1>That's the line for you.

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<v Speaker 2>Yeah, yeah, we're going to need all that because at

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<v Speaker 2>some point, if we really want Venezuela to be successful,

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<v Speaker 2>we've got to have a long term plan that goes

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<v Speaker 2>far beyond this President, so they can achieve what their

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<v Speaker 2>real potential is in Venezuela, and it's enormous.

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<v Speaker 1>We're talking about a ten year build out there.

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<v Speaker 3>For core I've worked.

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<v Speaker 2>I worked in Venezuela around the turn of the century,

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<v Speaker 2>and I've always said they were one of the most extraordinary,

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<v Speaker 2>their natural resources, their geographic positioning, they could be the

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<v Speaker 2>envy of the Western hemisphere if we help them, and

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<v Speaker 2>I think that's what the President wants to do.

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<v Speaker 1>Interesting, I have to ask you about what's going on

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<v Speaker 1>with the Chairman of the Federal Reserve.

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<v Speaker 3>This has put you on the content riach week.

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<v Speaker 1>Say it's only Wednesday, Senator, You've been on front pages

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<v Speaker 1>all over the country as essentially the face of opposition

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<v Speaker 1>to this idea, at least from the Republican side of

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<v Speaker 1>the isle. President Trump says, you didn't know what was coming.

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<v Speaker 1>The idea of J. Powell in an orange jumpsuit has

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<v Speaker 1>upset a lot of people up here on Capitol Hill.

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<v Speaker 1>Is that where this is going.

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<v Speaker 2>Yeah, Look, I think I probably leaned in more heavily

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<v Speaker 2>than other people, but everybody should look at the statements

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<v Speaker 2>made by House and Senate members about their concern The

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<v Speaker 2>President said he wasn't aware of it. I wasn't either

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<v Speaker 2>when I when I saw something like that, I thought

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<v Speaker 2>we had to move very quickly again to make sure

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<v Speaker 2>that the markets. I think the markets could have reacted

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<v Speaker 2>very differently this week if everybody thought that the independence

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<v Speaker 2>of the FED was about.

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<v Speaker 1>To be shredd like, it didn't take it that seriously.

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<v Speaker 2>I think that the markets saw statements from members of

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<v Speaker 2>Congress and others who are saying, look, you want to

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<v Speaker 2>go through this process. It's remarkable to me that someone

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<v Speaker 2>in the DOJ would move without the President's knowledge, but

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<v Speaker 2>apparently they did. But look, if suddenly the threat of

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<v Speaker 2>a lawsuit can take a chair out of play, how

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<v Speaker 2>can anybody think that that's anything more than a de

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<v Speaker 2>facto ending the independence of the FED?

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<v Speaker 3>And we all know what that does to markets worldwide.

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<v Speaker 1>You said that you would block President's efforts to name

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<v Speaker 1>a new chair until this matter is resolved? How do

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<v Speaker 1>we define no?

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<v Speaker 2>Actually, to be clear, I will block any effort to

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<v Speaker 2>name any member of the FED board until this matter

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<v Speaker 2>is resolved.

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<v Speaker 1>What we find resolved with charges withdrawn.

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<v Speaker 2>Or it's either got to be fully adjudicated, or they

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<v Speaker 2>don't move forward with an indictment, and they close the

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<v Speaker 2>case and they explain reasons why it'll take as long

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<v Speaker 2>as they've chosen to take that. I didn't put them here.

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<v Speaker 2>They put them here. Yes, And I think that why

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<v Speaker 2>because to me, to move on would almost validate that

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<v Speaker 2>this is a way that you can actually get the

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<v Speaker 2>FED under heel. I mean, that's why I'm not trying

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<v Speaker 2>to be cantakers. Again, I support this president in this case.

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<v Speaker 2>How can anybody logically say well, we'll move on from

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<v Speaker 2>Chair Powell and not think that that becomes a device

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<v Speaker 2>for influence over the board. So to me, it was

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<v Speaker 2>just something that we had to do fairly quickly because

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<v Speaker 2>I was mindful of how the markets could react, and

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<v Speaker 2>I was very pleased to see a fair number of

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<v Speaker 2>Republicans on both sides of capital.

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<v Speaker 1>Yeah, as I mentioned, this is upset a number of

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<v Speaker 1>people up here at the markets.

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<v Speaker 3>MA anymore.

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<v Speaker 2>Look at former Treasury secretaries, look at I mean, this

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<v Speaker 2>is a Bob partisan.

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<v Speaker 1>Concerned happy about it either.

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<v Speaker 3>I'm not going to speak for him, but he didn't

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<v Speaker 3>appear to.

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<v Speaker 1>He did not appear to be. So would we end

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<v Speaker 1>up in a world where J. Powell says, you know what,

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<v Speaker 1>I'm not going anywhere, and he's on the board till

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<v Speaker 1>twenty eight.

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<v Speaker 2>He could be, but you know, I think that everything

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<v Speaker 2>that I've heard from Chair Powell is that he was

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<v Speaker 2>stepping down from the chairman's role and he may or

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<v Speaker 2>may not serve out his entire term. But with this

0:10:55.240 --> 0:11:01.240
<v Speaker 2>sort of a flex from some person in the DCA district,

0:11:01.520 --> 0:11:03.840
<v Speaker 2>I know how I would react to it. And we'll

0:11:03.880 --> 0:11:06.079
<v Speaker 2>just have to see how mister Powell does after the

0:11:06.440 --> 0:11:07.920
<v Speaker 2>underlying matters adjudicated.

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<v Speaker 1>We just walked through three big buckets here.

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<v Speaker 3>Yeah.

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<v Speaker 1>Do you like the way you're being framed in the

0:11:13.400 --> 0:11:15.559
<v Speaker 1>media as to check on Trump the Republican?

0:11:15.640 --> 0:11:16.760
<v Speaker 3>No, I don't can say nothing.

0:11:16.840 --> 0:11:18.720
<v Speaker 1>I don't you said, you've never had an argue with

0:11:18.840 --> 0:11:20.640
<v Speaker 1>an argument with him, Presidently Trump.

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<v Speaker 2>And I'm going to throw this phone over here because

0:11:22.520 --> 0:11:24.280
<v Speaker 2>somebody's trying to call me, and I'm tired of I

0:11:24.280 --> 0:11:26.160
<v Speaker 2>think you're tired. It's probably a friend of mine, because

0:11:26.160 --> 0:11:28.040
<v Speaker 2>I do for you. I played tricks on them. I

0:11:28.040 --> 0:11:29.800
<v Speaker 2>call him during you all's interviews. I did it with

0:11:29.880 --> 0:11:32.079
<v Speaker 2>mckenry the other day. Thanks, So maybe it's getting me

0:11:32.160 --> 0:11:37.079
<v Speaker 2>back then anyway, was so you know, look, I am

0:11:37.559 --> 0:11:40.840
<v Speaker 2>trying to. When I decided to retire, I felt like

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<v Speaker 2>I could be a much better advisor to the president

0:11:43.520 --> 0:11:46.800
<v Speaker 2>and discern him many eate any any thought in the

0:11:46.880 --> 0:11:49.120
<v Speaker 2>press that when I agree with him, which is the

0:11:49.200 --> 0:11:51.400
<v Speaker 2>majority of the time, I'm only doing it because I'm

0:11:51.400 --> 0:11:54.560
<v Speaker 2>afraid of my reelection prospects. To me, I felt like

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<v Speaker 2>I could be a much better resource to the president

0:11:57.600 --> 0:12:00.840
<v Speaker 2>to check against some of the amateurish policies that he

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<v Speaker 2>is pursuing well by being completely independent, to call balls

0:12:05.320 --> 0:12:07.480
<v Speaker 2>and strike. Since why we put in the statement what

0:12:07.559 --> 0:12:10.719
<v Speaker 2>we did. I am here to make sure that this

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<v Speaker 2>president has a strong legacy. There are people working for

0:12:14.880 --> 0:12:17.400
<v Speaker 2>him who couldn't care less about the legacy. They care

0:12:17.480 --> 0:12:21.079
<v Speaker 2>about the moment and the transaction. I care about how

0:12:21.120 --> 0:12:25.720
<v Speaker 2>this president is remembered in history, because a successful Republican president,

0:12:25.800 --> 0:12:28.040
<v Speaker 2>in my opinion, is a successful nation.

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<v Speaker 1>So you think you're surrounded by the wrong people.

0:12:30.679 --> 0:12:32.640
<v Speaker 2>I know, I haven't said that he's got some good

0:12:32.640 --> 0:12:34.600
<v Speaker 2>people there. I'm going to go through a list because

0:12:34.600 --> 0:12:36.960
<v Speaker 2>I've decided I've talked to him individually. Going through a list,

0:12:37.000 --> 0:12:38.960
<v Speaker 2>I'm saying, the majority of you guys are good stuff,

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<v Speaker 2>but some people are given the president.

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<v Speaker 3>Advice is problematic, and it's my job.

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<v Speaker 2>To speak truth and hopefully we'll maintain a good relationship

0:12:49.160 --> 0:12:50.560
<v Speaker 2>that's entirely up to the president.

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<v Speaker 1>Well, we appreciate your candid very much and I always

0:12:52.600 --> 0:12:54.720
<v Speaker 1>enjoy the time. Yeah, you're spending some time with us

0:12:54.720 --> 0:12:56.040
<v Speaker 1>to see if down Capitol Hill centator.

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<v Speaker 3>Thank thank you, Joe.

0:12:56.720 --> 0:12:58.600
<v Speaker 1>That's of course, Tom Tillis of North Carolina