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Speaker 1: Madrian Vestments. Bloomberg sound On, the Insiders, the Influencers, the insns.

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Speaker 1: Biden has comments again and again he will unite the country.

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Speaker 1: Who do you think Biden has to watch in terms

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Speaker 1: of moderate defectors in for the doructure has always been

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Speaker 1: guard part of the Zloomberg sound On on Bloomberg Radio.

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Speaker 1: I'm Genie Schanzano. Coming up on sound On. We're going

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Speaker 1: to speak with Representative Gleen Moore of Wisconsin, who spent

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Speaker 1: the day in her home state with the Secretary of

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Speaker 1: Labor talking infrastructure and jobs. Then later we'll focus on

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Speaker 1: the Senate Banking Committee hearing and the big question surrounding

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Speaker 1: the source of the coronavirus wasn't human or animal? And

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Speaker 1: I'm Genie Shenzano here with Bloomberg Politics contributor Rick Davis.

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Speaker 1: Earlier today, US Secretary of Labor Marty wals should visit

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Speaker 1: in Milwaukee, Wisconsin, to promote President Biden's American Jobs Plan.

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Speaker 1: During his visit, he made several stops, including the Wisconsin

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Speaker 1: Regional Training Partnership and a lead pipe replacement work site.

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Speaker 1: He also sparked with spoke rather with workforce development organizations,

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Speaker 1: business and labor leaders, and state and local officials. Among

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Speaker 1: the leaders he spoke with and met with was Representative

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Speaker 1: Gwen Moore, who has served the fourth Congressional district in

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Speaker 1: Wisconsin since two thousand and five. And we're so delighted

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Speaker 1: to welcome Representative more today. Thank you for taking the

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Speaker 1: time on this busy day to talk to us. Can

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Speaker 1: you tell us a little bit what you took away

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Speaker 1: from Secretary Walsh's visit today, Listen, I was so delighted

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Speaker 1: to see the Secretary Walsh, and what I took away

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Speaker 1: from it was a real that he had a real

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Speaker 1: appreciation UH for the need to fix our nation's infrastructure,

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Speaker 1: to broaden the definition of what infrastructure is. And I

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Speaker 1: was really amazed at how UH a coongnizant he was

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Speaker 1: of the need to build out support for women to

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Speaker 1: be in the workforce, for women to be able to

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Speaker 1: build themselves, of the opportunity in building back better in

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Speaker 1: the in the infrastructure plans. He met with Chardon workers

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Speaker 1: today who were women with children, one woman who was

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Speaker 1: even pregnant at the moment um, and they were these

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Speaker 1: were folks that were building houses, They were in UH

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Speaker 1: Electrician programs, laboring programs, UH type women who had uh

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Speaker 1: participated in these free apprenticeship programs that they were the

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Speaker 1: only women in their class. But one woman even broke

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Speaker 1: down in tears when she talked about, UH how hard

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Speaker 1: it was. You know that for every dollar she earned,

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Speaker 1: it seems like that dollar went out the door paying

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Speaker 1: for daycare. Uh. And another woman who talked about a

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Speaker 1: woman who has done an excellent job at all the

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Speaker 1: potential found herself having to drop out at the end

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Speaker 1: because you just could not cover health care costs. UM.

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Speaker 1: And so when we hear people talk about the importance

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Speaker 1: of building our infrastructure is something which is externally important,

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Speaker 1: we've got to like a D plus rating from the

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Speaker 1: American Society of Civil Engineers, I believe it is on

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Speaker 1: our infrastructure. UM. We have got to realize that creating

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Speaker 1: equity so that women can participate in this generational investment,

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Speaker 1: so that people of color uh can participate, is really

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Speaker 1: uh something that you're going to have to make sure

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Speaker 1: that that we lean into and representative more. As a professor,

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Speaker 1: I have to say the D grade is not a

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Speaker 1: good one, as we both know. And you're I know

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Speaker 1: a a an a lum of Marquette and they would

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Speaker 1: have never wanted you to get out with a d

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Speaker 1: um dat. It's not that much better. Um, let me

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Speaker 1: just ask you on this point you just made, which

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Speaker 1: is so important about this broadening, this definition of infrastructure.

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Speaker 1: What are you hearing on the ground from your constituents

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Speaker 1: in Wisconsin, regardless of party, Because as a working mother myself,

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Speaker 1: you know, it's hard for me to believe that that

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Speaker 1: is a partisan issue, this idea that we should have,

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Speaker 1: you know, child care, this broadened definition of infrastructure. Are

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Speaker 1: you hearing support for that quote unquote broaden definition on

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Speaker 1: the ground even amongst your more conservative Republican constituents. I

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Speaker 1: have to be honest with you, Jane. You know I

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Speaker 1: have had very decent, intelligent men say I'm scratching my

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Speaker 1: head trying to figure out why childcare is part of infrastructure,

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Speaker 1: And I said to him, you know, that's that's fair

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Speaker 1: given the fact that you've never missed the day of

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Speaker 1: work because the childcare means I mean, the story of

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Speaker 1: unemployment in America during the pandemic is a story of

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Speaker 1: women when they were wiping down the floors of a

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Speaker 1: restaurant that had closed, or whether they had to stop

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Speaker 1: doing work on their doctorial because they had to stay

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Speaker 1: at home and teach their kids. Uh. During this pandemic,

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Speaker 1: we lost two million women at a minimum um during

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Speaker 1: this period, and then the rest of the women did work.

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Speaker 1: We're working in great peril. But not only do is

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Speaker 1: do we have to build the women's capacity to have childcare.

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Speaker 1: You can't earn fifteen dollars and then pay somebody fifteen

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Speaker 1: dollars an hour. So you know the President's plan and

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Speaker 1: and and and and Mary Walsh talked about it is

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Speaker 1: to make sure that no woman pays more than seven

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Speaker 1: per cent of her income her childcare. And again it

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Speaker 1: is a matter of equity for women working. I mean

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Speaker 1: this was a problem before before COVID nineteen, but COVID

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Speaker 1: nineteen really lifted this up in people's minds that you

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Speaker 1: you know, you talk about equally all the time. Make

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Speaker 1: sure black people's good jobs, make sure Latin next people

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Speaker 1: to women. Women. Women cannot work, uh if their children

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Speaker 1: are not a safe at home. And I think, Jane,

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Speaker 1: it really bugs me to hear employers swine and cry

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Speaker 1: about you know, these lazy people getting back to work,

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Speaker 1: um when they don't want to raise the middle ways. Uh,

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Speaker 1: they you know, only fourth person of employers in this country,

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Speaker 1: God bless them pay subsidized childcare um. And then say,

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Speaker 1: I'm scratching my head as to why why the government

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Speaker 1: has to make an intervention and providing this utility um.

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Speaker 1: You know, and maybe it wasn't needed back in the day.

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Speaker 1: You know, I'm old enough to remember. Leave it to

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Speaker 1: Beaver June Cleaver who had her hair done and are

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Speaker 1: apron on all the time. But over to your supercent

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Speaker 1: of women are in the workforce, and they're not just working,

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Speaker 1: you know during the Christmas season to have a little

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Speaker 1: extra money. I mean often they are the main greadwinners.

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Speaker 1: And even if they're not the main breadwinners, the family

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Speaker 1: cannot make it without their influt. And so I would

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Speaker 1: just hate to see us with trillions of dollars of money,

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Speaker 1: uh and make a once in a generation investment in

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Speaker 1: infrastructure at our lead pipes and broad band and rolls

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Speaker 1: and gridges, and completely leads women out of this opportunity

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Speaker 1: not only to help rebuild the infrastructures, but to pursue there.

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Speaker 1: But if they are providing child here that they ought

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Speaker 1: to be doing it at a livable way. I wanted

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Speaker 1: to ask you while we still have a couple of

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Speaker 1: minutes left. Um, there's been a lot of talk publicly

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Speaker 1: about the negotiations over the infrastructure built in Congress right now,

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Speaker 1: and I wanted to get your cent while we tell

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Speaker 1: a little bit of time. Where do you think that stands?

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Speaker 1: Are these progressive talks? I mean, like a trillion dollars

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Speaker 1: is a pretty big infrastructure plan. Is there likely to

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Speaker 1: be a deal? Is there any chance that there could

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Speaker 1: be a handshake deal this week before recess? And what

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Speaker 1: do you think the chances are that that you and

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Speaker 1: the Republicans can come up with a way to pay

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Speaker 1: for all this? Well, Rick, I'm gonna tell you, I've

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Speaker 1: been an office for you know, three years, and honestly, God,

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Speaker 1: I never thought i'd be pining from the where the

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Speaker 1: Republicans of days gone by, Um, because I am scratching

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Speaker 1: my head. Uh, everybody needs infrastructure improvements everywhere. You know,

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Speaker 1: the seventy thousand lead types we have here in in

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Speaker 1: in Milwaukee, I mean that's all over the country. Um.

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Speaker 1: You know, uh, you know, I think we found that. Um,

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Speaker 1: I think we found that, you know, Republicans don't want

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Speaker 1: to pay for it. They want their fix, but they

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Speaker 1: don't want to raise taxes on the wealthiest corporations and

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Speaker 1: people that were funded to the job in the tax

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Speaker 1: job back. Um, they want everything done by user fees,

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Speaker 1: which is unrealistic. I think, Um, the gas tax won't

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Speaker 1: cover all these things that I think that we have

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Speaker 1: run into a no rain tax problem, the sort of

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Speaker 1: Grover Norquist pledge that they've all taken, which which now

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Speaker 1: makes absolutely no sense. Says, as we mentioned earlier in

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Speaker 1: this discussion, the infrastructure is crumbling. I mean I went

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Speaker 1: and solve those lids type replacements today. Uh. And um,

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Speaker 1: you know ten percent of the kids in Milwaukee are

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Speaker 1: land poison every year. Congressman, what do you think of

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Speaker 1: the idea raised by some in the Republican Party about

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Speaker 1: using leftover in leftover COVID funds. I think they're talking

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Speaker 1: about maybe seven rebillion hasn't been actually allocated at the

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Speaker 1: state level of the federal level. Could you see a

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Speaker 1: compromise somewhere in between on that. Well, you know, the

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Speaker 1: thing of it is that they're they're double counting a

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Speaker 1: lot of this money is has already been allocated for

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Speaker 1: things and hasn't been expended yet. Um. They you know,

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Speaker 1: the Trump administration already clawed that um about that amount

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Speaker 1: of money from the pair backs already. So I think

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Speaker 1: that they're trying to have it both ways. They're trying

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Speaker 1: to say that they they they're going to cut the

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Speaker 1: budget and then clawback money that has already gone through

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Speaker 1: the painful process of of of being appropriated and voted

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Speaker 1: uh and uh put put into law. I think that uh,

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Speaker 1: the Republican Party is really demonstrating that they want to

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Speaker 1: make in that there's theory of the cases that we

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Speaker 1: need to make investments incorporations, uh and not in people

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Speaker 1: and that trickled down and representative representative more. That music

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Speaker 1: means we have to let you go. Thank you so

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Speaker 1: much for taking the time to talk to us. That

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Speaker 1: is representative more from the fourth Congressional District of Wisconsin.

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Speaker 1: This is Bloomberg Sound On on Bloomberg Radio. I'm Jeanie

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Speaker 1: Chanzano with Bloomberg Politics contributor Rick Davis and joining us

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Speaker 1: as Amy Turcanian, former Nevada State GOP chairwoman and Republican strategist. So,

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Speaker 1: the White House said today that they expect to receive

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Speaker 1: a counter offer from the Republican negotiators on an infrastructure

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Speaker 1: plan soon. The proposal reportedly will set aside roughly one

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Speaker 1: trillion dollars for infrastructure repairs and projects. At the press briefing,

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Speaker 1: Deputy Press Secretary Karine Jehan Pierre said, the President is

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Speaker 1: hopeful infrastructure legislation can get asked with bipartisan support, and

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Speaker 1: we have sound on that this is a process. We

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Speaker 1: understand that this is a town that hasn't seen a

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Speaker 1: whole lot of bipartisanship over the last few years, last

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Speaker 1: four years to be exact. But this president is committed

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Speaker 1: to trying to end that, which is why you have

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Speaker 1: seen us continue to negotiate in good faith. So Amy,

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Speaker 1: it's great to talk to you. Love to get your

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Speaker 1: reaction to this optimism. I was feeling less optimistic when

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Speaker 1: I heard even somebody like a Romney was saying sort

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Speaker 1: of not so fast and has his own little seems

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Speaker 1: to be centrist group of Democrats and Republicans putting together

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Speaker 1: another proposal. So how hopeful are you that we can

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Speaker 1: get a deal here? Well, unfortunately, I would probably lean

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Speaker 1: more towards your train of thought on this matter than

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Speaker 1: rather than the White House of optimism. Um, it's nice

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Speaker 1: to be optimistic, it's nice to have um that that

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Speaker 1: tone in the White House. However, by the fact that

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Speaker 1: we have completely different um possible bills that are going

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Speaker 1: to be brought forward. You have Kevin McCarthy who has

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Speaker 1: brought forward the Congressional counter and that's you know, four

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Speaker 1: d sixty billion roughly UM. And then you've got, like

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Speaker 1: you mentioned, the Senate Republicans, who we still have yet

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Speaker 1: to find out what the details are in their counter offer,

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Speaker 1: which is rumored to be upwards of one trillion rather

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Speaker 1: than the Democrats two point three trillions. So that at

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Speaker 1: the pretty big difference in the amount of money that

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Speaker 1: all three possibilities are are aiming for, and of course

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Speaker 1: then it would it would be more of what is

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Speaker 1: actually entailed, and so the Democrat their plan only roughly

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Speaker 1: twenty five percent those to what's traditionally infrastructure, where you've

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Speaker 1: got Kevin McCarthy's bill and the rest of the Republicans

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Speaker 1: in Congress they're looking at more of the traditional focus

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Speaker 1: of the roads, bridges, water, broadb ends. But then they

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Speaker 1: want to also include regulatory reform. So it's going to

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Speaker 1: be interesting to see actually what the Senate counter stop

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Speaker 1: with I mean, I was wondering if I could follow

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Speaker 1: up with that, because it's interesting that there seems to

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Speaker 1: be more and more consensus growing around a number right now.

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Speaker 1: As you said, the trading ranges about a trillion dollars

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Speaker 1: and and and that excludes some of those softer quote

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Speaker 1: democratic labeled infrastructure things and really focuses a lot of

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Speaker 1: the hard infrastructure that Republicans have been pitching. But it

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Speaker 1: seems there's a lot of confusion around how to pay

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Speaker 1: for this. UH. Goop says no new taxes. UH, don't

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Speaker 1: want to dig into the two thousand seventeen Trump tax cuts. UH.

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Speaker 1: And UH and has said, hey, you've got seven hundred

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Speaker 1: billion dollars UH sitting there unallocated from previous COVID relief funds. UH,

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Speaker 1: let's put that to work. But we just spoke to

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Speaker 1: Representative Gwen Moore from Wisconsin, who, when I asked you

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Speaker 1: that question about like, how do you feel about getting

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Speaker 1: some of that money out of those spare funds from

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Speaker 1: the UH the COVID relief fund bills, absolutely categorically ruled

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Speaker 1: it out. Those have been spent, those are allocated. UM.

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Speaker 1: I was wondering if you have the insight to on

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Speaker 1: like Nevada, they've got some of those funds and are

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Speaker 1: they running a surplus? Would they have funds to kick

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Speaker 1: back into the pot if we can help fund infrastructure

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Speaker 1: through that mechanism. Right. Well, And the infrastructure is very important,

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Speaker 1: and I don't think many people understand how how much

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Speaker 1: you've actually allowed it to deterate. UM. You know since

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Speaker 1: President Eisenhower, let's just go back to him. UM. I

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Speaker 1: mean he was the one who really started this whole

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Speaker 1: investing into infrastructure and making sure that we were leading

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Speaker 1: the world with making sure that we were having the

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Speaker 1: top roads, bridges, etcetera. UM. This is incredibly important, and

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Speaker 1: it's it's kind of disheartening for me to hear that,

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Speaker 1: UM in that in that interview. Uh. And who was it?

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Speaker 1: It was senator who representative of and more from Wisconsin. Yeah,

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Speaker 1: that they would be against that. UM. As a Republican,

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Speaker 1: I know it. I'm supposed to be against taxes or

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Speaker 1: or be against uh, you know, taking of funds elsewhere,

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Speaker 1: but I'm not because I actually find this to be

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Speaker 1: incredibly important and we've allowed this to go on for

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Speaker 1: too long and not take care of this area. UM.

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Speaker 1: We do have a surplus Nevada does. My husband is

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Speaker 1: a Douglas County commissioner, which is in northern Nevada, and

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Speaker 1: he has shared with me that Nevada does have a surplus. Um.

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Speaker 1: We are not anti fact um, mainly because we are

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Speaker 1: predominantly We used to be a pride ourselves and being

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Speaker 1: a purple state, but now we are definitely a more

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Speaker 1: blue left weaning state and a lot of our Democratic

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Speaker 1: um partners do love to taxt um. But but I

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Speaker 1: I don't. I don't know, um what our governor or

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Speaker 1: what are u s senators how they feel about using

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Speaker 1: that surplus. But I'm sure that something to be considered.

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Speaker 1: And it's such a good point. I mean, we keep

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Speaker 1: coming back again and again. I feel a little bit like, um,

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Speaker 1: you know, hamlet, will they or won't they? How do

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Speaker 1: you define infrastructure? How are they going to pay for it?

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Speaker 1: Are they going to be willing to tax some? You know,

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Speaker 1: all of these proposals coming down the pike. I'm Jenie

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Speaker 1: Schanzano am here with Bloomberg Politics contributor Rick Davis and

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Speaker 1: Amy Tarkanian, former Nevada State GEOP chairwoman and a Republican strategist.

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Speaker 1: Today the Senate Banking Committee heard from the CEOs of

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Speaker 1: the nation's major financial institutions, and they talked about a

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Speaker 1: wide range of issues, including the challenges they faced during

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Speaker 1: the COVID pandemic and what can be done to help

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Speaker 1: the economic recovery post pandemic. Just after the hearing, Bloomberg's

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Speaker 1: Joe Wisenthal and Caroline Hyde spoke with New Jersey Senator

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Speaker 1: Bob Menendez, who's member of the Senate Banking Committee to

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Speaker 1: get his reaction. Here's sound on that these large financial

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Speaker 1: institutions are an important part of our financial system, of

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Speaker 1: our economy, of our UH international economic system. But they

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Speaker 1: have a responsibility. UH. The United States government came to

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Speaker 1: their rescue and the Great Recession. UM they did well

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Speaker 1: under the p p P program. UH, they can be

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Speaker 1: far more engaged in, for example, in the line of

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Speaker 1: questioning that I was leading on creating greater access to

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Speaker 1: financial products for those of the lower income scale, of

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Speaker 1: making sure that the unbanked have banking products. Instead of

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Speaker 1: spending sixties six million dollars in fees to cash their

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Speaker 1: checks to you know, check cashing places. UH, that money

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Speaker 1: could have been used far more powerfully in our economy,

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Speaker 1: and for these families they can ultimately engage in more

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Speaker 1: significant lending to small and midsized businesses, particularly in disadvantaged communities.

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Speaker 1: They say they do that, but when you press them

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Speaker 1: and you look at their PPP lending, you can see

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Speaker 1: that in fact that wasn't the case. And so therefore

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Speaker 1: by pressing them by have any sorts of public events

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Speaker 1: where you hold their feet to the fart to certain extent,

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Speaker 1: is that going to be enough to rectify that sort

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Speaker 1: of behavior? Do you think or is more needed? Are

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Speaker 1: you looking for more regulatory oversight to ensure that the

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Speaker 1: lending goes where you wanted to? Well, I think it's

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Speaker 1: important to have this public vetting. It does make them think.

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Speaker 1: I have a corporate diversity survey I do every two years,

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Speaker 1: and it's amazing how many CEOs called me out after

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Speaker 1: their information comes to them and they say, oh, I

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Speaker 1: didn't know we were doing this poorly. So sometimes bringing

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Speaker 1: this to their attention in the midst of being at

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Speaker 1: the pinnacle of their institutions, they may not have a

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Speaker 1: full accounting of this. But I also think it's an

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Speaker 1: important job of the regulators that we receive to make

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Speaker 1: sure that the regular leaders are making sure that they

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Speaker 1: are in the midst of meeting their responsibilities under federal law. UM.

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Speaker 1: And then lastly, you know, if both the regulator part

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Speaker 1: and the self engagement part doesn't work, then we should

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Speaker 1: look at legislatively, how do we ultimately get them to

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Speaker 1: be more engaged in creating a portal of access to

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Speaker 1: financial products for you know, the lower part of our

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Speaker 1: economic spectrum, those who are on bank and for small

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Speaker 1: and midsized businesses. What would that look like in your view,

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Speaker 1: either from a greater regulatory engagement or if you say

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Speaker 1: it has to come from a new law UH to

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Speaker 1: do that, what would that look like specifically because it

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Speaker 1: sounds great, more inclusion and so forth, But what do

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Speaker 1: you have an idea, sort of concrete in your mind

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Speaker 1: of Okay, this is what it would look like for

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Speaker 1: the banks to be to be taking this seriously. Well,

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Speaker 1: if you look at the Community Reinvestment Act as a standard, UH,

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Speaker 1: it gives a clear desire. One of the things we're

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Speaker 1: concerned about our regulators is that the o c C

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Speaker 1: issued a Community Reinvestment Act standard that I just thought

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Speaker 1: was horrible and we're glad to see the acting o

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Speaker 1: CC Director is revisiting it UH, and that the FEDS,

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Speaker 1: Federal Reserve and others are are looking at their standard.

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Speaker 1: But that's an example of how you can constructively get

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Speaker 1: the financial system to engage UH in these communities in

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Speaker 1: a way that will maneur to the benefit and ultimately

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Speaker 1: to the overall economy. And so, you know, I don't

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Speaker 1: have a specific legislative idea in mind, but I do

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Speaker 1: have a framework that in fact has already been used

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Speaker 1: to community reinvestment UH others, which could be I think

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Speaker 1: incredibly powerful. That was New Jersey Senator Bob Menendez speaking

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Speaker 1: with Bloomberg earlier today. Um Rick, this was a much

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Speaker 1: type hearing. What did you take away from what the

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Speaker 1: CEO has had to say today? You know, I think

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Speaker 1: they were able to tell a story about how they

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Speaker 1: survived well the pandemic. Their systems were in place, there

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Speaker 1: were no failures UH, and they profited UH extremely well

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Speaker 1: during the downturn, So there was stability there. And I

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Speaker 1: think that that probably generated a little anxiety amongst the

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Speaker 1: members of Congress, who you know, wanted to see them

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Speaker 1: really take more active role in banking the unbanked. As

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Speaker 1: Senator Menendez just said in his interview earlier today, and

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Speaker 1: I think that by and large I was shocked by

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Speaker 1: the fact that there really weren't many prescriptions for future action.

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Speaker 1: And Amy, let me just go to you and ask,

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Speaker 1: in the brief time we have remaining, what was your

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Speaker 1: big takeaway from the hearing today? I mean it went

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Speaker 1: on for many hours, but but what did you learn

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Speaker 1: from the hearing today? Well, he's writing in a lot

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Speaker 1: of his point, Senator Menendez is, however, I don't want

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Speaker 1: my thanks to be engaged in social projects. I don't

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Speaker 1: want them to be engaged environmental projects. I want them

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Speaker 1: to be fair with the way that they lend money.

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Speaker 1: They did extremely well when we had the reception in

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Speaker 1: two thousand seven, two thousand nine. It feels like we

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Speaker 1: have that all over again. And they seem to favor

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Speaker 1: the very wealthy and they hardly give any breaks for

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Speaker 1: the small business owners. Um and in the interest rates

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Speaker 1: that they that they lend out usually are like point

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Speaker 1: zero to point I've no percentage points, but now you've

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Speaker 1: got it anywhere. My husband was just able to get

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Speaker 1: one finally, and it's all the way up to five

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Speaker 1: point two five. That's insane. There's no way small businesses

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Speaker 1: can can survive if they don't have that assistance and

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Speaker 1: thanks is very unfair. This is Bloomberg sound on on

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Speaker 1: Bloomberg Radio. I'm g d Chante No along with Bloomberg

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Speaker 1: Politics contributor Rick Davis and Amy Tarkanian, former Nevada State

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Speaker 1: GOP chair one and and Republican strategist. Listening to the

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Speaker 1: hearing today, many of us were struck by how very

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Speaker 1: different the lines of questioning and inquiry were when you

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Speaker 1: listen to the Democratic side versus the Republicans. This was

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Speaker 1: illustrated by Committee Chairman Shared Brown, Democrat of Ohio, who

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Speaker 1: in his opening statement stressed the need for banks to

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Speaker 1: make decisions that benefit all Americans, not just a select

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Speaker 1: wealthy few. Here sound on that the invisible hand doesn't

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Speaker 1: lay off workers, the invisible hand didn't invent credit default swaps,

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Speaker 1: the invisible hand doesn't decide to invest in private equity

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Speaker 1: firms that buy up mobile home parks in Iowa and

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Speaker 1: across the country and then jack up the rent. And

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Speaker 1: this was in stark contrast to the opening statement of

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Speaker 1: ranking Member Pat Toomey, Republican of Pennsylvania, who warned CEOs

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Speaker 1: to stay out of the political arena when making business

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Speaker 1: and banking decisions, we have sound on that if there's

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Speaker 1: a highly charged social or political issue that involves balancing

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Speaker 1: competing values, such as balancing access to voting with election security,

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Speaker 1: both of which are important, sometimes competing values that ought

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Speaker 1: to be left to elected lawmakers. Amy, can I ask

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Speaker 1: you how much do you think um? And I don't

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Speaker 1: know if you were struck by this difference as I was,

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Speaker 1: but how much do you think that social issues should

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Speaker 1: be used to make banking and investment decisions? Zero? Um.

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Speaker 1: Like I mentioned Fior, I am more concerned with the

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Speaker 1: fact of banks being fair and honest in the way

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Speaker 1: that they lend money, in the way that they handle

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Speaker 1: our our future financially. I'm not interested in their thought

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Speaker 1: process on any social or environmental um topics. I want

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Speaker 1: to make sure the fact that, UM, what i'd actually

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Speaker 1: what I should point out is the fact that you

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Speaker 1: even have the fact that we even have members of

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Speaker 1: Congress trying to influence the way that banks, UM should

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Speaker 1: get involved or not get involved, is actually incredulous. UM.

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Speaker 1: If you take a step back, because many of these

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Speaker 1: many of these people sitting in Congress, they're the one

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Speaker 1: who actually help overseeing and they influence in regulating these banks.

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Speaker 1: So the fact that they're even pushing this towards them,

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Speaker 1: I find that to be um questionable. Yeah, I mean,

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Speaker 1: I think it's an interesting uh analysis because today's here

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Speaker 1: and kind of showed that you were damned if you did,

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Speaker 1: and you're damned if you don't write. You know, if

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Speaker 1: you if you get active in these issues. Um, you know,

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Speaker 1: the Republicans say you're wolked capitalist if you don't get

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Speaker 1: involved in these issues. Then the Democrats say you're not

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Speaker 1: doing enough as an institution or community and that you know,

431
00:26:53,840 --> 00:26:56,359
Speaker 1: you're the difference between Main Street and Wall Street. Um,

432
00:26:56,400 --> 00:26:58,720
Speaker 1: I would say, you know, just in defense of a

433
00:26:58,720 --> 00:27:00,679
Speaker 1: couple of issues on the bank king side. I mean,

434
00:27:00,720 --> 00:27:03,320
Speaker 1: climate has been a major issue for banks to deal with,

435
00:27:03,680 --> 00:27:06,960
Speaker 1: not just because of its uh you know impact, but

436
00:27:07,160 --> 00:27:12,959
Speaker 1: it is a regulatory, an insurance and a investment risk. Um.

437
00:27:13,000 --> 00:27:15,200
Speaker 1: You know. Uh, there are a lot of communities where

438
00:27:15,280 --> 00:27:18,720
Speaker 1: real estate has become almost worthless because of the impact

439
00:27:18,760 --> 00:27:21,959
Speaker 1: on the environment. Uh. That's uh, that's been happening over

440
00:27:22,040 --> 00:27:24,760
Speaker 1: the last twenty years. So I think banks have to

441
00:27:24,800 --> 00:27:28,560
Speaker 1: take those kinds of things in their underwriting decisions. Because

442
00:27:28,600 --> 00:27:32,160
Speaker 1: insurance companies are demanding it, uh, and so it's it's

443
00:27:32,160 --> 00:27:34,439
Speaker 1: a it's a it's a difficult line for these guys

444
00:27:34,480 --> 00:27:38,159
Speaker 1: to walk. I think today was a good example that

445
00:27:38,240 --> 00:27:40,200
Speaker 1: as long as the banks are making money and there

446
00:27:40,320 --> 00:27:43,720
Speaker 1: continue to employ people, you know, and probably continue to

447
00:27:43,760 --> 00:27:47,480
Speaker 1: give campaign contributions, there's probably not going to be legislation

448
00:27:47,560 --> 00:27:50,880
Speaker 1: to regulate them more. But if those things change and

449
00:27:51,040 --> 00:27:53,520
Speaker 1: we do get into a downturn at some point, and

450
00:27:53,640 --> 00:27:56,560
Speaker 1: you know, they cut back on employment and they withdraw

451
00:27:56,600 --> 00:28:00,879
Speaker 1: from the political circles UH support, then I think we

452
00:28:00,960 --> 00:28:05,160
Speaker 1: can find that maybe there's more regulatory involvement by Congress

453
00:28:05,920 --> 00:28:08,800
Speaker 1: and Rick, you just mentioned the issue of the environment.

454
00:28:08,880 --> 00:28:11,840
Speaker 1: Another issue of the many that came up was brought

455
00:28:11,960 --> 00:28:16,520
Speaker 1: up by Massachusetts Senator Elizabeth Warren, who really slammed JP

456
00:28:16,680 --> 00:28:21,280
Speaker 1: Morgan CEO Jamie Diamond fairly hard when she argued that

457
00:28:21,359 --> 00:28:26,480
Speaker 1: banks are kept charging ownerous fees to customers struggling during

458
00:28:26,480 --> 00:28:31,280
Speaker 1: the pandemic. Here's some sound on that. How much, in fact,

459
00:28:31,400 --> 00:28:35,520
Speaker 1: did JP Morgan collect an overdraft fees from their customers

460
00:28:35,600 --> 00:28:39,160
Speaker 1: in do you know the number? I don't know the

461
00:28:39,240 --> 00:28:41,400
Speaker 1: number in front of me, but I actually have the

462
00:28:41,960 --> 00:28:48,760
Speaker 1: front of me one or six three billion dollars. That's

463
00:28:49,080 --> 00:28:52,880
Speaker 1: nearly one and a half billion dollars that you collected

464
00:28:53,320 --> 00:28:56,000
Speaker 1: from your customers. Now, do you know how much JP

465
00:28:56,080 --> 00:28:59,960
Speaker 1: Morgan's profit would have been in if you had followed

466
00:29:00,080 --> 00:29:04,280
Speaker 1: recommendation of the regulators and waved over draft fees to

467
00:29:04,400 --> 00:29:08,680
Speaker 1: help struggling consumers. In other words, without that overdraft money,

468
00:29:08,960 --> 00:29:12,959
Speaker 1: would your bank have been in financial trouble. We waived

469
00:29:12,960 --> 00:29:16,240
Speaker 1: the fees for customers upon request if they were under

470
00:29:16,280 --> 00:29:20,320
Speaker 1: stressed as of COVID. You know, I appreciate that you

471
00:29:20,320 --> 00:29:23,040
Speaker 1: want to duck this question. Do you know how much

472
00:29:23,080 --> 00:29:26,840
Speaker 1: your profits would have been if you'd actually wave as

473
00:29:26,880 --> 00:29:30,680
Speaker 1: the regulators recommended the fees every time? The answer is,

474
00:29:30,880 --> 00:29:36,440
Speaker 1: your profits would have been twenty seven point six billion dollars.

475
00:29:36,480 --> 00:29:39,000
Speaker 1: I did the math for you. So here's the thing.

476
00:29:39,240 --> 00:29:41,320
Speaker 1: You and your colleagues come in today to talk about

477
00:29:41,360 --> 00:29:43,720
Speaker 1: how you stepped up and took care of customers during

478
00:29:43,720 --> 00:29:46,960
Speaker 1: the pandemic. And it's a bunch of bologney. In fact,

479
00:29:47,080 --> 00:29:50,360
Speaker 1: it's about four billion dollars worth of bologny. But you

480
00:29:50,440 --> 00:29:53,720
Speaker 1: can fix that right now, Mr Diamond, Will you commit

481
00:29:53,880 --> 00:29:57,160
Speaker 1: right now to refund one and a half billion dollars

482
00:29:57,560 --> 00:30:04,320
Speaker 1: you took from consumers during the pandemic right now, No, No,

483
00:30:05,320 --> 00:30:08,280
Speaker 1: that's right. Over the past year, you could have passed

484
00:30:08,280 --> 00:30:10,240
Speaker 1: on the brakes that you got from the FED to

485
00:30:10,280 --> 00:30:13,800
Speaker 1: your customers, but you didn't do it. Everybody else here,

486
00:30:13,840 --> 00:30:17,000
Speaker 1: those other three bankers, Will any of you agree to

487
00:30:17,080 --> 00:30:24,600
Speaker 1: refund the overdraft fees that you collected? I didn't think so. So,

488
00:30:24,680 --> 00:30:27,240
Speaker 1: no matter how you try to spend it this past year,

489
00:30:27,360 --> 00:30:30,600
Speaker 1: his show that corporate profits are more important to your

490
00:30:30,680 --> 00:30:34,000
Speaker 1: bank than offering just a little help to struggling families,

491
00:30:34,320 --> 00:30:37,120
Speaker 1: even when we are in the middle of a worldwide crisis.

492
00:30:37,720 --> 00:30:43,680
Speaker 1: Thank you, Mr Chairman Amy. Does does Senator Warren have

493
00:30:43,840 --> 00:30:47,600
Speaker 1: a point? Um? She did press the CEO of JP

494
00:30:47,720 --> 00:30:50,440
Speaker 1: Market fairly hurt as we just heard. Does she have

495
00:30:50,560 --> 00:30:52,720
Speaker 1: a point in terms of the amount of fees that

496
00:30:52,760 --> 00:30:56,840
Speaker 1: they were collecting during the pandemic? She absolutely does. And

497
00:30:56,880 --> 00:30:58,880
Speaker 1: that was the first time I've heard that sound, and

498
00:30:59,400 --> 00:31:02,600
Speaker 1: you probably heard me chuckle because I would. She got

499
00:31:02,600 --> 00:31:04,760
Speaker 1: me excited. I wanted to cheer on and go on

500
00:31:04,840 --> 00:31:07,720
Speaker 1: high fives. The fact that she actually pointed out all

501
00:31:07,760 --> 00:31:10,560
Speaker 1: of this, this is brutally honest, and it is so

502
00:31:10,600 --> 00:31:13,080
Speaker 1: sad um. The fact that we know that the banks

503
00:31:13,080 --> 00:31:17,720
Speaker 1: have actually like less money since two thousand thirteen, when

504
00:31:17,720 --> 00:31:21,360
Speaker 1: the country needed it the most, they were lending the

505
00:31:21,560 --> 00:31:24,880
Speaker 1: lease and it's criminal, the fact that they were sitting

506
00:31:24,920 --> 00:31:29,600
Speaker 1: there and making such huge amounts on people who were desperate.

507
00:31:30,040 --> 00:31:34,600
Speaker 1: I agree with her. That really does say something. Rick Davis,

508
00:31:34,640 --> 00:31:37,680
Speaker 1: do you agree with Amy on that she's obviously a

509
00:31:37,760 --> 00:31:41,360
Speaker 1: Republican the yo GOP strategist and she wants to high

510
00:31:41,360 --> 00:31:44,160
Speaker 1: five Senator Warren that that's big news. There are some

511
00:31:44,320 --> 00:31:47,880
Speaker 1: things I will simply not do so immortal words of

512
00:31:47,960 --> 00:31:53,120
Speaker 1: Jamie Diamond. No, I love it. I wanted to get

513
00:31:53,160 --> 00:31:56,240
Speaker 1: both of your reaction to another big story today. President

514
00:31:56,520 --> 00:31:59,360
Speaker 1: Biden and the White House announced today that they're calling

515
00:31:59,400 --> 00:32:02,280
Speaker 1: on the U S Intelligence community to do more to

516
00:32:02,360 --> 00:32:05,640
Speaker 1: look into how COVID nineteen spread around the world. The

517
00:32:05,840 --> 00:32:09,320
Speaker 1: WHO announced earlier that it was unlikely that the virus

518
00:32:09,400 --> 00:32:12,320
Speaker 1: originated in a lab in China, but the US has

519
00:32:12,360 --> 00:32:15,880
Speaker 1: been critical of China, saying officials aren't sharing enough data

520
00:32:16,000 --> 00:32:20,120
Speaker 1: or information to conduct a thorough investigation, and today at

521
00:32:20,120 --> 00:32:23,640
Speaker 1: the White House brief briefing, the Deputy Press Secretary said

522
00:32:23,640 --> 00:32:26,440
Speaker 1: that the new request from the president asks the intelligence

523
00:32:26,480 --> 00:32:30,160
Speaker 1: officials to investigate further and report back in ninety days.

524
00:32:30,840 --> 00:32:33,840
Speaker 1: She also told reporters that the president has been vocal

525
00:32:33,920 --> 00:32:37,560
Speaker 1: about getting China to cooperate for months. We have sound

526
00:32:37,600 --> 00:32:39,880
Speaker 1: on that. We have been saying that for a very

527
00:32:39,920 --> 00:32:42,680
Speaker 1: long time that China needed to provide more access to

528
00:32:42,720 --> 00:32:47,400
Speaker 1: the lab, cooperate more fully with the scientific investigators, and

529
00:32:47,920 --> 00:32:51,800
Speaker 1: we don't think that they have met that standard. So, Rick,

530
00:32:52,000 --> 00:32:54,920
Speaker 1: do you think the president was right? I was surprised

531
00:32:55,000 --> 00:32:57,040
Speaker 1: that he did this, But do you think he is

532
00:32:57,120 --> 00:33:00,239
Speaker 1: right to press for this investigation? Well, I think it's

533
00:33:00,280 --> 00:33:02,920
Speaker 1: pretty clear that there's something there. I don't think the

534
00:33:02,920 --> 00:33:04,800
Speaker 1: president would have stuck his neck out at a time

535
00:33:04,880 --> 00:33:07,280
Speaker 1: when you know, you've got so much going on around

536
00:33:07,280 --> 00:33:11,600
Speaker 1: the COVID good news uh side, that that he'd start

537
00:33:11,680 --> 00:33:14,320
Speaker 1: to go and relitigate something that frankly, Donald Trump was

538
00:33:14,400 --> 00:33:18,720
Speaker 1: doing throughout COVID, laying it on the doorstep of the Chinese,

539
00:33:18,800 --> 00:33:21,719
Speaker 1: laying it on the doorstep of this Wuhan lab, and

540
00:33:21,760 --> 00:33:24,720
Speaker 1: he was roundly criticized by Democrats every time he did it.

541
00:33:25,320 --> 00:33:29,080
Speaker 1: So it's it's it's it's not an easy decision by

542
00:33:29,440 --> 00:33:31,320
Speaker 1: Joe Biden away in on this, and I can only

543
00:33:31,360 --> 00:33:34,080
Speaker 1: assume that the reason he's doing it is because there's

544
00:33:34,080 --> 00:33:36,960
Speaker 1: some there there and Amy in the thirty or so

545
00:33:37,040 --> 00:33:39,040
Speaker 1: seconds we have left, what is your view on the

546
00:33:39,320 --> 00:33:42,520
Speaker 1: on the President announcing this and asking for feedback or

547
00:33:42,600 --> 00:33:47,440
Speaker 1: report within ninety days, right, I think that's a very

548
00:33:47,760 --> 00:33:51,720
Speaker 1: lengthy period of time to wait when I think the

549
00:33:51,760 --> 00:33:56,440
Speaker 1: majority of the same thinking people out there UM are

550
00:33:56,520 --> 00:34:00,600
Speaker 1: leaning towards that this came from the lab UM. I

551
00:34:00,600 --> 00:34:03,720
Speaker 1: don't think anybody believed that it came from a back

552
00:34:03,880 --> 00:34:07,520
Speaker 1: randomly um. And the fact that Dr Fauci has been

553
00:34:07,760 --> 00:34:11,040
Speaker 1: grilled and taken to pack by Senator Rand Paul and

554
00:34:11,080 --> 00:34:13,200
Speaker 1: we find out that and I age here a month

555
00:34:13,360 --> 00:34:16,560
Speaker 1: six hundred thousand dollars to go towards this gain A

556
00:34:16,640 --> 00:34:21,040
Speaker 1: function research. And the fact that Senator Paul also um

557
00:34:21,200 --> 00:34:24,080
Speaker 1: cost an amendment in the Senate to ban all further

558
00:34:24,239 --> 00:34:27,319
Speaker 1: funding of GAINA function research in China. I think that

559
00:34:27,560 --> 00:34:30,680
Speaker 1: right right there tells you and tell the administrations give

560
00:34:30,680 --> 00:34:32,839
Speaker 1: need to keep looking, and I'm glad they are. And

561
00:34:32,920 --> 00:34:35,560
Speaker 1: we ended on a bipartisan agreement here. I want to

562
00:34:35,600 --> 00:34:40,319
Speaker 1: thank Representative Gwen Moore Bloomberg Politics contributor Rick Davis, and

563
00:34:40,360 --> 00:34:44,360
Speaker 1: of course Amy Turcanian, former Nevada State GEOP chairwoman. I

564
00:34:44,440 --> 00:34:47,960
Speaker 1: am Jeanie Shanzano and this is Sound one on Bloomberg

565
00:34:48,040 --> 00:34:48,360
Speaker 1: Radio