1 00:00:02,680 --> 00:00:06,920 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on 2 00:00:07,520 --> 00:00:09,920 Speaker 1: the parties are divided in terms of the effect that 3 00:00:09,960 --> 00:00:12,840 Speaker 1: the stimulus is going to have. This inflation debate has 4 00:00:12,920 --> 00:00:15,720 Speaker 1: really been heating up the effect of what the Biden 5 00:00:15,760 --> 00:00:21,240 Speaker 1: administration is spending on political capital. Bloomberg Sound on the insiders, 6 00:00:21,320 --> 00:00:24,959 Speaker 1: the influencers, the insights, a group of centrists are the 7 00:00:25,079 --> 00:00:28,560 Speaker 1: key senators to watch. Jill Biden gives number one focus 8 00:00:28,600 --> 00:00:32,040 Speaker 1: in addition to the COVID health crisis is jobs. I 9 00:00:32,040 --> 00:00:34,600 Speaker 1: don't think we have red roads and blu roads, and 10 00:00:34,680 --> 00:00:37,400 Speaker 1: that's the way we're looking at this. Schoomberg Sound on 11 00:00:37,800 --> 00:00:44,760 Speaker 1: with Kevin Sireli on Bloomberg Radio. Senator Elizabeth Warren in 12 00:00:45,080 --> 00:00:51,760 Speaker 1: conversation with Bloomberg's Kevin Cirelli. Plus we've got Senator Bob Menendez. 13 00:00:51,760 --> 00:00:55,040 Speaker 1: He's going to call in as well Wealth tax talking 14 00:00:55,080 --> 00:00:58,880 Speaker 1: about the wealth text. Does it have any chance, any 15 00:00:59,000 --> 00:01:04,800 Speaker 1: chance of Gardner ring any support outside of the Democratic 16 00:01:04,840 --> 00:01:10,000 Speaker 1: progressive wing, the Warren wing of the Democratic Party. We're 17 00:01:10,040 --> 00:01:12,920 Speaker 1: gonna dive into a folks every angle cover plus new 18 00:01:12,959 --> 00:01:17,560 Speaker 1: positive developments on the COVID recovery front, especially on the 19 00:01:17,640 --> 00:01:19,759 Speaker 1: vaccination effort, will bring you the latest from the White 20 00:01:19,760 --> 00:01:22,000 Speaker 1: House as well. If I'm a company none other than 21 00:01:22,000 --> 00:01:25,800 Speaker 1: our Bloomberg Politics contributor Jeanie shan Zano. We begin tonight, 22 00:01:25,840 --> 00:01:29,440 Speaker 1: folks with a jam Pact show, including an interview with 23 00:01:29,560 --> 00:01:32,760 Speaker 1: Senator Elizabeth Warren on the wealth tax. But before we 24 00:01:32,800 --> 00:01:35,920 Speaker 1: get to that conversation was Senator Warren, we have to 25 00:01:35,959 --> 00:01:39,360 Speaker 1: bring you the latest on the vaccination front, and we've 26 00:01:39,400 --> 00:01:42,400 Speaker 1: got news and sounds on this from White House Press 27 00:01:42,400 --> 00:01:46,680 Speaker 1: Secretary Jen Saki, who spoke earlier today at the White 28 00:01:46,720 --> 00:01:49,200 Speaker 1: House and said that U. S States will see a 29 00:01:49,320 --> 00:01:54,120 Speaker 1: boost in COVID nineteen vaccine shipment's next week on top 30 00:01:54,200 --> 00:01:57,480 Speaker 1: of an initial burst of the recently authorized Johnson and 31 00:01:57,560 --> 00:02:00,960 Speaker 1: Johnson vaccine. Now, Saki and to say that the Biden 32 00:02:01,000 --> 00:02:06,360 Speaker 1: administration invoked the Defense Production Act to help the historic 33 00:02:06,480 --> 00:02:11,880 Speaker 1: partnership between Murk and their rival Johnson and Johnson. Here's 34 00:02:11,919 --> 00:02:15,240 Speaker 1: the sound on that. We did invoke the d p 35 00:02:15,320 --> 00:02:18,360 Speaker 1: a UM in order to alleviate two of the biggest 36 00:02:18,400 --> 00:02:22,680 Speaker 1: bottlenecks facing Johnson and Johnson. One is a fil finished 37 00:02:22,680 --> 00:02:27,960 Speaker 1: capacity and the other is drug substance availability. Diving into 38 00:02:27,960 --> 00:02:30,880 Speaker 1: my Bloomberg terminal, Bloomberg News reports that Biden and the 39 00:02:31,000 --> 00:02:36,000 Speaker 1: US may have enough vaccine for every adult American by 40 00:02:36,040 --> 00:02:39,280 Speaker 1: the end of May. As Murk has confirmed, it will 41 00:02:39,320 --> 00:02:42,560 Speaker 1: help make rival Johnson and Johnson shot states are to 42 00:02:42,639 --> 00:02:46,520 Speaker 1: receive a boost and vaccine shipments next week, and President 43 00:02:46,560 --> 00:02:50,040 Speaker 1: Biden says that he is directing the teachers be given 44 00:02:50,520 --> 00:02:54,680 Speaker 1: the priorities. Some major development genie, especially on the vaccination front, 45 00:02:54,720 --> 00:02:57,800 Speaker 1: and really an historic move by Mark and j and 46 00:02:57,880 --> 00:03:02,160 Speaker 1: j very important to see Joe Biden and the Biden 47 00:03:02,200 --> 00:03:06,919 Speaker 1: administration fulfilling this promise that every adult can have access 48 00:03:06,960 --> 00:03:11,240 Speaker 1: to the vaccine that wants it, to prioritize teachers, to 49 00:03:11,440 --> 00:03:15,200 Speaker 1: boost vaccine shipments to all of these states. Um, this 50 00:03:15,320 --> 00:03:19,440 Speaker 1: is an an incredible you know, incredibly important for them 51 00:03:19,480 --> 00:03:22,600 Speaker 1: in terms of fulfilling one of the major campaign promises 52 00:03:22,639 --> 00:03:26,280 Speaker 1: that Joe Biden made quite frankly, and the idea that 53 00:03:26,320 --> 00:03:29,000 Speaker 1: they invoked the d p A to allow these two 54 00:03:29,080 --> 00:03:33,640 Speaker 1: giant competitors to work together is really critical. And of 55 00:03:33,680 --> 00:03:37,000 Speaker 1: course this comes at the same time we're seeing states 56 00:03:37,080 --> 00:03:41,040 Speaker 1: like Texas and Mississippi end their mask man dates and 57 00:03:41,120 --> 00:03:45,480 Speaker 1: lift COVID restrictions. So it's an interesting juxtaposition and we 58 00:03:45,520 --> 00:03:48,440 Speaker 1: should also mention on the one year anniversary really of 59 00:03:48,480 --> 00:03:53,920 Speaker 1: the COVID shutdown across the country. So absolutely astonishingly fast 60 00:03:54,000 --> 00:03:56,680 Speaker 1: in terms of how this is sort of laid out. 61 00:03:57,360 --> 00:04:00,000 Speaker 1: You know, I spent my afternoon on Capitol Hill, uh 62 00:04:00,080 --> 00:04:02,720 Speaker 1: speaking with Senator Warren and some other sources, and and 63 00:04:02,800 --> 00:04:05,600 Speaker 1: that one year anniversary, Genie, I'm so glad you brought 64 00:04:05,640 --> 00:04:08,960 Speaker 1: it up. Is on the minds of policy makers in particular, 65 00:04:09,720 --> 00:04:13,120 Speaker 1: and it really does feel as if it's an opportunity 66 00:04:13,160 --> 00:04:15,400 Speaker 1: for policy makers on both sides of the aisle to 67 00:04:15,480 --> 00:04:19,800 Speaker 1: really check in to see the direction that the country 68 00:04:19,880 --> 00:04:22,520 Speaker 1: is moving in on a host of different issues. You know, 69 00:04:22,920 --> 00:04:26,200 Speaker 1: we've been covering the stimulus front so much here and 70 00:04:26,279 --> 00:04:29,240 Speaker 1: as it moves closer to likely passage even without the 71 00:04:29,279 --> 00:04:32,039 Speaker 1: minimum wage. But I gotta be candid. You get this 72 00:04:32,360 --> 00:04:38,159 Speaker 1: incredibly positive news on the vaccination front, Jeanie Schanzano Bloomberg 73 00:04:38,200 --> 00:04:42,599 Speaker 1: political contributor. But the Chamber of Commerce releases some analysis today, 74 00:04:42,640 --> 00:04:46,560 Speaker 1: did you see the Genie in which they suggest that 75 00:04:46,720 --> 00:04:50,960 Speaker 1: perhaps this massive amount of stimulus isn't as needed because 76 00:04:50,960 --> 00:04:53,720 Speaker 1: of some positive developments in some of the states. And 77 00:04:53,800 --> 00:04:56,679 Speaker 1: this is and I'm excited to hear what Elizabeth Warren 78 00:04:56,680 --> 00:04:59,279 Speaker 1: has to say on several of these questions. But this 79 00:04:59,400 --> 00:05:03,400 Speaker 1: is really the big question, right are we going? Everybody 80 00:05:03,440 --> 00:05:07,680 Speaker 1: agrees stimulus as needed? The question is how much? Is 81 00:05:07,760 --> 00:05:11,520 Speaker 1: one point nine trillion too much? And it is absolutely 82 00:05:11,520 --> 00:05:14,800 Speaker 1: fascinating that this Chamber of Commerce release this. And of 83 00:05:14,839 --> 00:05:17,200 Speaker 1: course we've seen this debate, and it's not just a 84 00:05:17,240 --> 00:05:20,960 Speaker 1: debate we should say amongst Democrats and Republicans. We've seen 85 00:05:21,360 --> 00:05:24,520 Speaker 1: Democrats some you know, not as many, but we've seen 86 00:05:24,600 --> 00:05:27,960 Speaker 1: some Democrats say we need to be careful here because 87 00:05:28,000 --> 00:05:32,159 Speaker 1: there are challenges like stimulus ahead if we go too big. 88 00:05:32,240 --> 00:05:35,000 Speaker 1: So I think that is the question now. And of 89 00:05:35,040 --> 00:05:37,560 Speaker 1: course we should say this is a bill supported by 90 00:05:37,640 --> 00:05:42,239 Speaker 1: about three quarters of the American public, and so that 91 00:05:42,400 --> 00:05:46,719 Speaker 1: is important to mention widely supported across parties, this bill 92 00:05:46,800 --> 00:05:49,560 Speaker 1: at one point nine trillion. So I bring up the 93 00:05:49,640 --> 00:05:52,720 Speaker 1: Chamber of Commerce and their assessment, which raises questions about 94 00:05:52,760 --> 00:05:56,640 Speaker 1: the size of the one point nine trillion dollars stimulus bill. 95 00:05:56,680 --> 00:05:59,920 Speaker 1: And we head to Capitol Hill where sentiment are sentiment Already, 96 00:06:00,040 --> 00:06:03,880 Speaker 1: Leader Chuck Schumer gave a weekly press conference and we 97 00:06:04,000 --> 00:06:07,840 Speaker 1: pulled this sound on this particular topic. As it relates 98 00:06:07,880 --> 00:06:10,480 Speaker 1: to the stimulus, because it really is starting to frame 99 00:06:10,880 --> 00:06:15,440 Speaker 1: the dynamics of the final week or two at least 100 00:06:15,520 --> 00:06:19,320 Speaker 1: of negotiations on the stimulus front. So take a listen 101 00:06:19,920 --> 00:06:23,520 Speaker 1: to the sound on this from Senator Mitch McConnell. We'll 102 00:06:23,560 --> 00:06:26,840 Speaker 1: be fighting this and every way that we can. It 103 00:06:27,000 --> 00:06:30,599 Speaker 1: is my hope that at the end Senate Republicans will 104 00:06:30,680 --> 00:06:34,680 Speaker 1: unanimously oppose it, just like House Republicans did. This package 105 00:06:34,720 --> 00:06:38,280 Speaker 1: should have been negotiator on a bipartisan basis like the 106 00:06:38,360 --> 00:06:42,920 Speaker 1: last five bills were done. Instead, the new administration made 107 00:06:42,920 --> 00:06:46,680 Speaker 1: a conscious decision to jam us to do it one 108 00:06:46,720 --> 00:06:50,760 Speaker 1: party only. It's not just McConnell who was raising questions 109 00:06:50,760 --> 00:06:53,240 Speaker 1: about this and Republicans, but as Genie pointed out, it 110 00:06:53,360 --> 00:06:58,880 Speaker 1: also includes some Democrats, including Larry Summers, the former Treasury secretary. 111 00:06:59,000 --> 00:07:02,520 Speaker 1: And that's where I end my conversation with Senator Elizabeth 112 00:07:02,560 --> 00:07:05,880 Speaker 1: Warren earlier this afternoon, and I asked her to respond 113 00:07:06,000 --> 00:07:09,479 Speaker 1: to criticism from Larry Summers as well as others who 114 00:07:09,520 --> 00:07:12,679 Speaker 1: say that the price of the stimulus is just simply 115 00:07:12,760 --> 00:07:16,280 Speaker 1: too much. Was he right? Take a listen to her answer, 116 00:07:17,280 --> 00:07:21,320 Speaker 1: He's wrong. Look, we should have learned the lesson. Number 117 00:07:21,320 --> 00:07:24,320 Speaker 1: one lesson from the two thousand and eight crash is 118 00:07:24,320 --> 00:07:28,000 Speaker 1: that when you don't put enough into recovery, recovery is 119 00:07:28,080 --> 00:07:31,600 Speaker 1: slow and some folks never get a chance to get 120 00:07:31,640 --> 00:07:34,400 Speaker 1: back to where they were before, much less be able 121 00:07:34,440 --> 00:07:38,800 Speaker 1: to thrive and go forward. We need a full, strong, 122 00:07:39,120 --> 00:07:42,840 Speaker 1: robust recovery. That's what the Secretary of the Treasury says, 123 00:07:43,320 --> 00:07:46,160 Speaker 1: that's what the head of the Fed says, that's what 124 00:07:46,280 --> 00:07:50,000 Speaker 1: the top economists in this country say. So I think 125 00:07:50,080 --> 00:07:51,800 Speaker 1: we got to do this. What about the minimum wage? 126 00:07:51,800 --> 00:07:53,760 Speaker 1: Because it's looking like the minimum wage is not going 127 00:07:53,800 --> 00:07:56,440 Speaker 1: to be included in this, and many progressives want to 128 00:07:56,480 --> 00:07:59,680 Speaker 1: see that included. Look, I'd love to see it included. 129 00:07:59,760 --> 00:08:04,760 Speaker 1: The problem, ultimately it's the filibuster. We're trying to get 130 00:08:04,800 --> 00:08:09,440 Speaker 1: the minimum wage in through a package in reconciliation because 131 00:08:09,480 --> 00:08:12,000 Speaker 1: we want to do it by majority vote. We think 132 00:08:12,080 --> 00:08:15,200 Speaker 1: that a majority of people will vote for the minimum wage, 133 00:08:15,240 --> 00:08:18,880 Speaker 1: that we can make that work. But as long as 134 00:08:18,920 --> 00:08:22,680 Speaker 1: we have a filibuster, Mitch McConnell has a veto. Mitch 135 00:08:22,760 --> 00:08:24,920 Speaker 1: McConnell should not have a veto. We need to get 136 00:08:25,000 --> 00:08:27,760 Speaker 1: rid of the filibuster that will give us the Senator 137 00:08:28,080 --> 00:08:31,880 Speaker 1: because some senators in your party Senator mentioned Senator Cinema, 138 00:08:32,160 --> 00:08:37,160 Speaker 1: they've come out against this. Look. In order to get 139 00:08:37,200 --> 00:08:41,520 Speaker 1: things done, we're gonna have to deal with a fundamental question. 140 00:08:41,559 --> 00:08:44,120 Speaker 1: Does Mitch McConnell get a veto or are we going 141 00:08:44,160 --> 00:08:46,320 Speaker 1: to do the things that the American people sent us 142 00:08:46,360 --> 00:08:49,320 Speaker 1: here to do. I don't think the American people want 143 00:08:49,400 --> 00:08:51,960 Speaker 1: us to sit back and say, oh darn, we can't 144 00:08:51,960 --> 00:08:54,520 Speaker 1: get anything done. Can't get a minimum wage pass, can't 145 00:08:54,520 --> 00:08:59,679 Speaker 1: get immigration reform, can't get guns safety, can't get universal 146 00:09:00,000 --> 00:09:03,600 Speaker 1: mild care, can't do things that are broadly supported across 147 00:09:03,600 --> 00:09:08,880 Speaker 1: this country because Niche McConnell in the minority has the 148 00:09:08,960 --> 00:09:12,240 Speaker 1: power to block that. So I think what's going to 149 00:09:12,360 --> 00:09:14,959 Speaker 1: happen is we're gonna keep putting up the things that 150 00:09:15,080 --> 00:09:18,480 Speaker 1: we need to do, and if Mitch McConnell keeps blocking them, 151 00:09:18,520 --> 00:09:20,600 Speaker 1: I think I think Democrats will step up and get 152 00:09:20,640 --> 00:09:22,440 Speaker 1: rid of the Film of the questions I get from 153 00:09:22,480 --> 00:09:25,720 Speaker 1: Republicans when we talk about all of these different plans 154 00:09:25,720 --> 00:09:26,800 Speaker 1: is well, how are they going to pay for it? 155 00:09:26,880 --> 00:09:29,840 Speaker 1: You've got an idea, I do the wealth tax. Explain 156 00:09:29,880 --> 00:09:31,760 Speaker 1: it to me, because you've tweaked it from the last version. 157 00:09:32,160 --> 00:09:35,280 Speaker 1: So let's remind everybody what it is. This is on fortunes, 158 00:09:35,360 --> 00:09:40,040 Speaker 1: attacks on fortunes that are bigger than fifty million dollars. 159 00:09:40,080 --> 00:09:42,840 Speaker 1: So your first fifty million is free and clear, no 160 00:09:43,000 --> 00:09:46,360 Speaker 1: tax at all, but your fifty million, the first dollar 161 00:09:46,840 --> 00:09:51,080 Speaker 1: two cents and two cents on every dollar above fifty 162 00:09:51,120 --> 00:09:54,120 Speaker 1: million until you hit a billion, and then we add 163 00:09:54,160 --> 00:09:57,680 Speaker 1: a little bit more on top of that. That would 164 00:09:58,160 --> 00:10:03,160 Speaker 1: raise over the next ten years three trillion dollars. What 165 00:10:03,200 --> 00:10:04,839 Speaker 1: do you want to do with that money? Oh, look, 166 00:10:05,000 --> 00:10:07,760 Speaker 1: there's so much we could do. We can do universal 167 00:10:07,920 --> 00:10:13,080 Speaker 1: child care. We could do a big infrastructure package. We 168 00:10:13,120 --> 00:10:16,600 Speaker 1: could do more on racial equity, we could do an 169 00:10:16,679 --> 00:10:20,679 Speaker 1: environmental package. It would give us the resources to help 170 00:10:20,760 --> 00:10:22,720 Speaker 1: build up. There was now a good time because you 171 00:10:22,760 --> 00:10:25,000 Speaker 1: know this, I mean already the feedback from the from 172 00:10:25,040 --> 00:10:27,559 Speaker 1: the Wall Street crowd has been attacked. This. This is 173 00:10:27,600 --> 00:10:32,080 Speaker 1: Senator Warren once again demonizing wealth, demonizing the wealthy. Why now, 174 00:10:32,120 --> 00:10:36,840 Speaker 1: why I'll do now, let's talk about demonizing for just 175 00:10:37,080 --> 00:10:41,440 Speaker 1: one minute. Here the ninety nine percent in America, the 176 00:10:41,480 --> 00:10:45,199 Speaker 1: people not at fifty million dollars in assets, the ninety 177 00:10:45,280 --> 00:10:49,000 Speaker 1: nine percent last year, paid about seven point two percent 178 00:10:49,040 --> 00:10:53,680 Speaker 1: of their total wealth and taxes that top one tenth 179 00:10:53,679 --> 00:10:57,000 Speaker 1: of one percent. The people above fifty million, they paid 180 00:10:57,480 --> 00:11:01,240 Speaker 1: three point two percent less and half as much. This 181 00:11:01,320 --> 00:11:04,800 Speaker 1: is not demonizing you can still grow your fortune. Just 182 00:11:04,960 --> 00:11:08,120 Speaker 1: pitch in two cents so everybody else gets a chance. 183 00:11:08,640 --> 00:11:12,319 Speaker 1: And why, Now, do you know what's happened over the 184 00:11:12,400 --> 00:11:15,520 Speaker 1: last year, just last year, just in the last year, 185 00:11:15,840 --> 00:11:19,880 Speaker 1: we have watched millions of people struggle, millions of people 186 00:11:19,920 --> 00:11:22,880 Speaker 1: lose their jobs or be cut back in their hours 187 00:11:22,920 --> 00:11:26,720 Speaker 1: at work, deplete their savings, go into debt. You know 188 00:11:26,720 --> 00:11:29,800 Speaker 1: what's happened to the six hundred and sixty billionaires in America? 189 00:11:30,679 --> 00:11:37,760 Speaker 1: They have increased their worth by one point three trillion dollars. 190 00:11:37,960 --> 00:11:41,400 Speaker 1: So I'm thinking of Pittsfield, Massachusetts. I'm thinking of suburban Philadelphia. 191 00:11:41,440 --> 00:11:43,880 Speaker 1: I mean, there's there's this massive disconnect at a time 192 00:11:44,240 --> 00:11:48,000 Speaker 1: in which you have RACI or you have income inequality 193 00:11:48,040 --> 00:11:51,240 Speaker 1: exacerbated during this pandemic. You were just named the chairwoman 194 00:11:51,280 --> 00:11:54,120 Speaker 1: of two subcommittees on the Senate Banking Committee, and this 195 00:11:54,200 --> 00:11:57,839 Speaker 1: is really your first issue to jure that you're diving into. 196 00:11:57,960 --> 00:12:00,600 Speaker 1: Is this is this a forecast of more things to come. 197 00:12:00,840 --> 00:12:04,120 Speaker 1: You know, you are exactly right about the inequality problem. 198 00:12:04,120 --> 00:12:10,679 Speaker 1: But understand this, income inequality looks like this. Wealth inequality 199 00:12:10,960 --> 00:12:14,680 Speaker 1: looks like this, and all the way up through the ceiling, 200 00:12:15,600 --> 00:12:19,960 Speaker 1: the people at the top have amassed huge fortunes and 201 00:12:20,080 --> 00:12:24,280 Speaker 1: those fortunes are continuing to grow, and they're not making 202 00:12:24,280 --> 00:12:28,959 Speaker 1: a contribution on taxes. All I'm saying is pay fair share, 203 00:12:29,040 --> 00:12:32,520 Speaker 1: because here's how we build a future. We invest in 204 00:12:32,720 --> 00:12:36,640 Speaker 1: universal childcare and universal pre K. We put more money 205 00:12:36,720 --> 00:12:40,640 Speaker 1: into K twelve education. We make technical school to your 206 00:12:40,640 --> 00:12:44,640 Speaker 1: college four year college tuition free. Now our kids have 207 00:12:44,960 --> 00:12:49,080 Speaker 1: real opportunity two cents more than the folks who are 208 00:12:49,080 --> 00:12:51,120 Speaker 1: trying to forecast and price this in. Whether or not 209 00:12:51,160 --> 00:12:53,160 Speaker 1: this as a chance, it's it's you know, I'll be 210 00:12:53,200 --> 00:12:55,160 Speaker 1: honest with you. It's a very difficult and the short 211 00:12:55,240 --> 00:12:57,160 Speaker 1: term to see this wealth tax getting through. But the 212 00:12:57,200 --> 00:13:00,120 Speaker 1: polls suggests, I think it was an Episodes poll that 213 00:13:01,559 --> 00:13:04,880 Speaker 1: of Republicans are on board with this. You attracted, yes, 214 00:13:04,920 --> 00:13:08,520 Speaker 1: some progressives on this, but also Congressman Brendan Boyle, who's 215 00:13:08,840 --> 00:13:11,440 Speaker 1: you know, respectfully to Congress and Boyle, I mean, he's 216 00:13:11,800 --> 00:13:13,760 Speaker 1: much more middle of the road than I think some 217 00:13:13,800 --> 00:13:16,280 Speaker 1: people would think here. So again, do you think that 218 00:13:16,400 --> 00:13:19,400 Speaker 1: over the longer term that this is going to catch 219 00:13:19,520 --> 00:13:21,920 Speaker 1: traction on? And have you spoken to the administration on 220 00:13:22,000 --> 00:13:25,200 Speaker 1: it to get this through? So yes, I think it's 221 00:13:25,200 --> 00:13:26,800 Speaker 1: going to and I think when you say over the 222 00:13:26,840 --> 00:13:29,760 Speaker 1: longer term, I think it's actually over the shorter term, 223 00:13:29,960 --> 00:13:32,240 Speaker 1: more and more people are starting to look at the 224 00:13:32,280 --> 00:13:34,920 Speaker 1: wealth tax and save wait a minute, this makes a 225 00:13:34,960 --> 00:13:41,200 Speaker 1: lot of sense. You know, people across this nation get it. Independence, Republicans, Democrats, 226 00:13:41,679 --> 00:13:43,920 Speaker 1: a majority of all of them want to see us 227 00:13:43,920 --> 00:13:46,480 Speaker 1: to a wealth tax because they know that the system 228 00:13:46,559 --> 00:13:49,080 Speaker 1: is rigged against them. The people are out a step 229 00:13:49,400 --> 00:13:52,720 Speaker 1: are the folks here in Washington. We get them into 230 00:13:52,800 --> 00:13:55,960 Speaker 1: line with what's happening across this country. We can get this. 231 00:13:56,240 --> 00:13:59,480 Speaker 1: Secretary Yelling spoke at a deal book event, I believe 232 00:13:59,559 --> 00:14:01,840 Speaker 1: the previous this week, and she raised some concerns about 233 00:14:01,840 --> 00:14:03,640 Speaker 1: the wealth ax and said that it was very hard 234 00:14:03,640 --> 00:14:07,800 Speaker 1: to enforce. So so I'm going to have a conversation 235 00:14:08,080 --> 00:14:10,959 Speaker 1: with Secretary Ellen about enforcement. But let me just tell 236 00:14:11,000 --> 00:14:13,200 Speaker 1: you a little bit about the plan, because we worked 237 00:14:13,200 --> 00:14:17,000 Speaker 1: on this one seriously. What we proposed to do is 238 00:14:17,120 --> 00:14:20,640 Speaker 1: nearly double the i r S budget, we put about 239 00:14:20,640 --> 00:14:25,720 Speaker 1: a hundred billion dollars into enforcement. That three trillion dollars 240 00:14:25,720 --> 00:14:29,440 Speaker 1: that this will yield is net of having really stepped 241 00:14:29,520 --> 00:14:33,080 Speaker 1: up the enforcement and the audit rate for this top 242 00:14:33,480 --> 00:14:36,280 Speaker 1: one tenth of one percent the hundred thousand families that 243 00:14:36,280 --> 00:14:39,760 Speaker 1: would be affected, the audit rate will be thirty percent. 244 00:14:40,120 --> 00:14:43,640 Speaker 1: That means every three years. In effect, you're going to 245 00:14:43,720 --> 00:14:48,560 Speaker 1: get audited on this. And understand this, a huge part 246 00:14:48,560 --> 00:14:51,320 Speaker 1: of the wealth are things that are really easy to value. 247 00:14:51,760 --> 00:14:53,920 Speaker 1: We've said we're not gonna not even going to try 248 00:14:53,920 --> 00:14:56,840 Speaker 1: to cover anything worth less than fifty dollars, so we're 249 00:14:56,840 --> 00:15:01,880 Speaker 1: not coming in looking at people's double wide subside refrigerators 250 00:15:01,880 --> 00:15:04,960 Speaker 1: and trying to figure out what they're worth. But instead 251 00:15:05,160 --> 00:15:08,320 Speaker 1: it's things like their stock portfolios. Man, that one's easy 252 00:15:08,400 --> 00:15:13,560 Speaker 1: to value. Real estate gets valued every year anyway. And 253 00:15:13,760 --> 00:15:18,920 Speaker 1: remember we value property for the very very wealthy every 254 00:15:18,960 --> 00:15:22,880 Speaker 1: time there's a death. So we're already in this process. 255 00:15:23,080 --> 00:15:25,560 Speaker 1: I think this one is one that we can manage. 256 00:15:25,600 --> 00:15:28,200 Speaker 1: You're in. Senator John McCain introduced class ego. Can you 257 00:15:28,280 --> 00:15:30,760 Speaker 1: got a Republican senator on board with this? Oh, i'd 258 00:15:30,840 --> 00:15:34,200 Speaker 1: like to i' are you talking to it. I actually am. 259 00:15:34,520 --> 00:15:37,720 Speaker 1: I am talking to a couple. I will. I got 260 00:15:37,720 --> 00:15:39,280 Speaker 1: a couple more questions on ship stop. What do you 261 00:15:39,280 --> 00:15:41,240 Speaker 1: want to see done on game Stop? I want to 262 00:15:41,240 --> 00:15:45,240 Speaker 1: see a full investigation. I want to, but that is 263 00:15:45,280 --> 00:15:47,800 Speaker 1: the policy wise. I want to know who was behind 264 00:15:47,840 --> 00:15:51,080 Speaker 1: the scenes on some of the critical decisions that were made, 265 00:15:51,520 --> 00:15:55,680 Speaker 1: including the decisions about who could trade and who couldn't 266 00:15:55,760 --> 00:15:59,120 Speaker 1: at critical moments. I also want to see an investigation 267 00:15:59,720 --> 00:16:03,720 Speaker 1: and to the contracts that folks signed UH in order 268 00:16:03,800 --> 00:16:06,880 Speaker 1: to work through game Stop, which means they have forced 269 00:16:06,960 --> 00:16:10,520 Speaker 1: arbitration closets, so if they get cheated, they had actually 270 00:16:10,560 --> 00:16:12,960 Speaker 1: got to court. That's not right, Mark Garland, are you 271 00:16:12,960 --> 00:16:17,440 Speaker 1: satisfied on this any trust? Uh answers as he's you 272 00:16:17,480 --> 00:16:19,600 Speaker 1: think he's going to the right direction. Trust, I think 273 00:16:19,600 --> 00:16:22,080 Speaker 1: that Merrick Garland is definitely going in there. Mentioned one 274 00:16:22,160 --> 00:16:24,920 Speaker 1: year later into the pandemic, we've become more reliant as 275 00:16:24,960 --> 00:16:27,560 Speaker 1: a society on the internet. On big tech, you've raised 276 00:16:27,600 --> 00:16:29,400 Speaker 1: a lot of concerns about big tech. Are you more 277 00:16:29,400 --> 00:16:32,120 Speaker 1: concerned now about big tech than you were a year ago? Yes? 278 00:16:32,240 --> 00:16:36,000 Speaker 1: How because vic to heck is now more powerful than 279 00:16:36,040 --> 00:16:39,560 Speaker 1: ever you think are yes, they are more powerful economically. 280 00:16:39,960 --> 00:16:44,440 Speaker 1: We rely on them more economically, they are more powerful socially, 281 00:16:44,720 --> 00:16:47,600 Speaker 1: we rely on them more for our connections, and they 282 00:16:47,600 --> 00:16:51,200 Speaker 1: are more powerful politically. We need to break up big 283 00:16:51,520 --> 00:16:53,720 Speaker 1: as To ask you one final question. You mentioned this earlier, 284 00:16:53,760 --> 00:16:57,280 Speaker 1: Governor Palmo. Should he resigned? Governor Cuomo needs a full 285 00:16:57,520 --> 00:17:01,400 Speaker 1: independent investigation, and I think the Attorney General has that 286 00:17:01,480 --> 00:17:08,119 Speaker 1: in mind. That was my conversation with Senator Elizabeth Warren. 287 00:17:08,200 --> 00:17:11,560 Speaker 1: I'm Kevin Cirelli, chief Washington correspondent for Bloomberg TV and 288 00:17:11,680 --> 00:17:16,000 Speaker 1: for Bloomberg Radio, accompanied by Bloomberg Politics contributor Jeanie Schanzano 289 00:17:16,400 --> 00:17:20,480 Speaker 1: and my colleague and edger Tim Bloomberg News. Genie, I 290 00:17:20,480 --> 00:17:24,200 Speaker 1: mean your reaction, you covered so much ground and that 291 00:17:24,320 --> 00:17:26,920 Speaker 1: with her, and I think for me what came out 292 00:17:27,000 --> 00:17:30,720 Speaker 1: clear is despite the election of somebody like Joe Biden, 293 00:17:30,800 --> 00:17:34,120 Speaker 1: who has been very clear that he is not supportive 294 00:17:34,160 --> 00:17:37,359 Speaker 1: of the wealth tax, this is something that she is 295 00:17:37,400 --> 00:17:41,200 Speaker 1: indeed set on pursuing. And when you talk, you asked 296 00:17:41,200 --> 00:17:44,600 Speaker 1: her so importantly about Janet Yellen and others on the 297 00:17:44,640 --> 00:17:48,080 Speaker 1: Democratic side who have said this thing is, amongst other things, 298 00:17:48,119 --> 00:17:51,240 Speaker 1: hard to enforce. She has a work around for that, 299 00:17:51,320 --> 00:17:54,800 Speaker 1: and this is something that she intends to pursue. So 300 00:17:54,960 --> 00:17:59,200 Speaker 1: I was, you know, you know, particularly you know, sort 301 00:17:59,240 --> 00:18:03,240 Speaker 1: of moved to hear that and and wondering how she, indeed, 302 00:18:03,600 --> 00:18:06,800 Speaker 1: you know, is going to do that despite the fact 303 00:18:06,880 --> 00:18:10,280 Speaker 1: that there are Democrats who will oppose that. And then 304 00:18:10,320 --> 00:18:14,920 Speaker 1: of course she indeed said she will and she does 305 00:18:15,200 --> 00:18:18,479 Speaker 1: want to get rid of the filibuster and that is 306 00:18:18,520 --> 00:18:21,440 Speaker 1: something that again and Joe Biden and others have not 307 00:18:21,560 --> 00:18:25,080 Speaker 1: been you know, supportive of. So your has been on 308 00:18:25,119 --> 00:18:27,320 Speaker 1: both sides of if you can say so. I think 309 00:18:27,359 --> 00:18:31,400 Speaker 1: there's a lot there that divides Democrats, not surprisingly that 310 00:18:31,440 --> 00:18:34,160 Speaker 1: she is being very public about that she is indeed 311 00:18:34,200 --> 00:18:38,840 Speaker 1: committed to. So the political reporter in me was struck 312 00:18:38,920 --> 00:18:42,879 Speaker 1: by two things. First and foremost that Brendan Boyle is 313 00:18:42,880 --> 00:18:45,919 Speaker 1: a co sponsor on this bill because he's largely seen 314 00:18:46,480 --> 00:18:49,960 Speaker 1: in many ways akin to a Connor Lamb in the 315 00:18:49,960 --> 00:18:51,880 Speaker 1: House of Representatives on the other side of the state 316 00:18:51,880 --> 00:18:57,080 Speaker 1: of Pennsylvania. He's a suburban uh congressman. Uh. He's been 317 00:18:57,080 --> 00:18:59,440 Speaker 1: on this program frequently, and so for him to co 318 00:18:59,560 --> 00:19:03,280 Speaker 1: sponsor this, you know, she did garner some centrist support, 319 00:19:03,320 --> 00:19:07,119 Speaker 1: which which again raises questions if you and we have 320 00:19:07,200 --> 00:19:11,760 Speaker 1: no comments on this, but should Biden only seek one term? 321 00:19:11,840 --> 00:19:15,119 Speaker 1: This is a marker issue and I gotta be candid. 322 00:19:15,119 --> 00:19:17,800 Speaker 1: There are populists in the Republican Party, you know, and 323 00:19:17,840 --> 00:19:19,960 Speaker 1: I don't want to name names yet, but when I 324 00:19:19,960 --> 00:19:23,600 Speaker 1: can report it out, you know, I'll share. Obviously I'll 325 00:19:23,640 --> 00:19:26,120 Speaker 1: report it. But there are populists in the Republican Party. 326 00:19:26,200 --> 00:19:30,600 Speaker 1: Genie liked the late great Senator John McCain who worked 327 00:19:30,640 --> 00:19:34,199 Speaker 1: with her on Glass Stiegel Uh that this is going 328 00:19:34,240 --> 00:19:36,920 Speaker 1: to get their attention, and she's not. She's not bluffing 329 00:19:36,920 --> 00:19:39,600 Speaker 1: when she talks about that. She's not. And she said 330 00:19:39,640 --> 00:19:42,560 Speaker 1: she would come back to you, which I'm waiting, baited 331 00:19:43,040 --> 00:19:47,879 Speaker 1: to hear. I'm waiting to hear what Republicans are or 332 00:19:47,920 --> 00:19:50,520 Speaker 1: if any or on her side, And of course we 333 00:19:50,560 --> 00:19:53,720 Speaker 1: should say you started out the interview where she said 334 00:19:53,800 --> 00:19:58,400 Speaker 1: somebody like Larry Summers, a Democrat, is dead wrong when 335 00:19:58,440 --> 00:20:00,800 Speaker 1: he's got to talk about Larry, that there is a 336 00:20:00,920 --> 00:20:04,800 Speaker 1: concern about inflation as a result of the size of 337 00:20:04,840 --> 00:20:08,719 Speaker 1: this bill. And I was struck by the language of that, 338 00:20:08,840 --> 00:20:11,959 Speaker 1: not even just that she doesn't agree, but that he 339 00:20:12,160 --> 00:20:15,560 Speaker 1: is dead wrong. To even raise the issue, so you know, 340 00:20:15,760 --> 00:20:20,520 Speaker 1: she she was making news today. Is my takeaway from 341 00:20:20,560 --> 00:20:23,840 Speaker 1: this on a variety of perspectives. She is committed to 342 00:20:24,400 --> 00:20:27,760 Speaker 1: what she campaigned on and that has not you know, 343 00:20:27,800 --> 00:20:30,840 Speaker 1: abated in the last few months. And the campaign is 344 00:20:30,880 --> 00:20:33,879 Speaker 1: just getting started to be blunt and look, I spoke 345 00:20:33,880 --> 00:20:36,200 Speaker 1: about this with our with our friends on Bloomberg Surveillance 346 00:20:36,240 --> 00:20:38,600 Speaker 1: earlier this morning, and I just want to be you know, 347 00:20:38,800 --> 00:20:41,679 Speaker 1: very simple here. The prospects of this getting done in 348 00:20:41,720 --> 00:20:45,280 Speaker 1: the next few months are are zero, uh slim to none, 349 00:20:45,680 --> 00:20:49,199 Speaker 1: but again and covering her for nearly a decade uh 350 00:20:49,560 --> 00:20:52,000 Speaker 1: in her from her first year in the Senate on 351 00:20:52,080 --> 00:20:56,040 Speaker 1: Senate banking, and to see how her policies and her 352 00:20:56,080 --> 00:21:01,000 Speaker 1: sales pitch for these policies have taken hold. That is 353 00:21:01,280 --> 00:21:05,040 Speaker 1: that to me, is is the longer term storyline to 354 00:21:05,080 --> 00:21:07,760 Speaker 1: continue following. Here's some color for you, some off camera 355 00:21:07,800 --> 00:21:10,720 Speaker 1: color ahead of the interview and part of my prep 356 00:21:11,400 --> 00:21:15,520 Speaker 1: our colleagues at Bloomberg Wealth, Simon Hunts and Ben Steverman. 357 00:21:15,760 --> 00:21:17,399 Speaker 1: I don't know if you've seen this, go read it. 358 00:21:17,400 --> 00:21:21,400 Speaker 1: It's on the terminal richest one Americans would pay seventy 359 00:21:21,440 --> 00:21:25,480 Speaker 1: eight billion dollars under Warren tax and they actually ran 360 00:21:25,560 --> 00:21:30,000 Speaker 1: the analysis. Now, Warren's office was communicating with me ahead 361 00:21:30,040 --> 00:21:34,400 Speaker 1: of the interview about this analysis in which they look 362 00:21:34,440 --> 00:21:38,200 Speaker 1: at folks like Jeff Bezos, like Elon Musk, Bill Gates, 363 00:21:38,200 --> 00:21:42,040 Speaker 1: Mark Zuckerberg, Larry Page Buffett, all of them, how uh, 364 00:21:42,280 --> 00:21:47,200 Speaker 1: the ultra millionaire attacks could cost the top ten richest Americans. 365 00:21:47,560 --> 00:21:50,440 Speaker 1: And they were fascinated by my colleagues analysis of this. 366 00:21:50,520 --> 00:21:53,960 Speaker 1: And she right in the lead up, Genie was asking me, well, 367 00:21:53,960 --> 00:21:56,320 Speaker 1: how did they crunch these numbers? And and you know, 368 00:21:56,400 --> 00:22:00,959 Speaker 1: she was very interested in the methodology methodology of this analysis. 369 00:22:00,960 --> 00:22:03,359 Speaker 1: And I will tell you that it got a thumbs 370 00:22:03,440 --> 00:22:05,480 Speaker 1: up for how they did this analysis. So that's a 371 00:22:05,520 --> 00:22:09,480 Speaker 1: plug for my colleagues who ran this analysis in which 372 00:22:09,520 --> 00:22:13,959 Speaker 1: they really found that the wealthiest Americans would pay seventy 373 00:22:13,960 --> 00:22:18,639 Speaker 1: eight billion dollars under this tax. Uh, Jeanie and I 374 00:22:18,720 --> 00:22:21,720 Speaker 1: love it because of course we all remember Elizabeth Warren. 375 00:22:21,880 --> 00:22:24,800 Speaker 1: She is an academic. I was gonna say, she is 376 00:22:24,840 --> 00:22:28,600 Speaker 1: a scholar. She you know, she has a plan for everything. 377 00:22:28,640 --> 00:22:30,919 Speaker 1: And I love the fact and I am not surprised 378 00:22:30,920 --> 00:22:33,720 Speaker 1: that she is saying Kevin Bloomberg, how did you crunch 379 00:22:33,800 --> 00:22:37,439 Speaker 1: these numbers. That's how detailed she gets. And you know, 380 00:22:37,560 --> 00:22:40,600 Speaker 1: this has been Elizabeth Warren. And I give her credit 381 00:22:40,640 --> 00:22:44,720 Speaker 1: because she has stuck to what she believes in, you know, 382 00:22:44,920 --> 00:22:48,480 Speaker 1: from beginning to now. She does not change, She does 383 00:22:48,520 --> 00:22:51,480 Speaker 1: not alter as a result of changing times. And I 384 00:22:51,520 --> 00:22:54,880 Speaker 1: think your point is very well taken. Both she, I think, 385 00:22:54,880 --> 00:22:59,720 Speaker 1: and Bernie Sanders have been incredibly important in bringing many 386 00:22:59,800 --> 00:23:03,200 Speaker 1: of Americans along with what we're at just a few 387 00:23:03,280 --> 00:23:06,680 Speaker 1: years ago, considered, you know, sometimes a little bit out 388 00:23:06,720 --> 00:23:10,280 Speaker 1: their ideas that have now come into the forefront. And 389 00:23:10,280 --> 00:23:12,600 Speaker 1: I think she is feeling the wind on her back, 390 00:23:13,080 --> 00:23:16,359 Speaker 1: and rightly so. She has been, you know, really on 391 00:23:16,400 --> 00:23:19,800 Speaker 1: the forefront of a lot of these issues and talking 392 00:23:19,840 --> 00:23:24,120 Speaker 1: about this wealth gap, which she sees as something that 393 00:23:24,200 --> 00:23:27,520 Speaker 1: she can address from the Senate and intends to. It's 394 00:23:27,520 --> 00:23:30,840 Speaker 1: gonna be fascinating, especially if a Republican comes out, and 395 00:23:30,880 --> 00:23:32,679 Speaker 1: there's a lot of Republicans in the Senate who are 396 00:23:32,680 --> 00:23:34,520 Speaker 1: thinking about running for president, which one of them will 397 00:23:34,560 --> 00:23:38,160 Speaker 1: join her on this. That's that's where this story is headed. 398 00:23:38,480 --> 00:23:42,200 Speaker 1: Coming up next, much more policy and politics. I'm Kevin Surley. 399 00:23:42,280 --> 00:23:59,280 Speaker 1: This is Bloomberg, this is Bloomberg Sound On with Kevin 400 00:23:59,280 --> 00:24:05,280 Speaker 1: Shirley all Bloomberg Radio. My name is Kevin Sirilli, and 401 00:24:05,320 --> 00:24:09,520 Speaker 1: I am the chief Washington correspondent for Bloomberg TV and 402 00:24:09,640 --> 00:24:15,680 Speaker 1: for Bloomberg the Radio. Great panel, Great panel. Jennie Shanzano, 403 00:24:15,720 --> 00:24:20,399 Speaker 1: Bloomberg Politics contributor is with me, as is my colleague 404 00:24:20,560 --> 00:24:25,320 Speaker 1: and Edgerton, and she is Bloomberg Politics Editor. And let's 405 00:24:25,440 --> 00:24:28,879 Speaker 1: let's ub now talk about this wealth tax through the 406 00:24:28,920 --> 00:24:32,919 Speaker 1: analytical lens. Chances of this getting past actually in this 407 00:24:33,080 --> 00:24:37,639 Speaker 1: Congress are what pretty close to zero, and the reason 408 00:24:38,000 --> 00:24:41,560 Speaker 1: being that Democrats have such narrow margins. Do they only 409 00:24:41,600 --> 00:24:44,840 Speaker 1: have fifty seats in the Senate, They've a narrow majority 410 00:24:44,840 --> 00:24:47,280 Speaker 1: in the House, and not even all Democrats are on 411 00:24:47,280 --> 00:24:49,040 Speaker 1: board with this. I think we should look at this 412 00:24:49,560 --> 00:24:51,960 Speaker 1: as an important piece of legislation, but more as a 413 00:24:52,040 --> 00:24:55,359 Speaker 1: marker of where progressives want to go, not necessarily what 414 00:24:55,359 --> 00:24:58,360 Speaker 1: they're going to be able to accomplish in this Congress. Well, 415 00:24:58,400 --> 00:25:00,960 Speaker 1: I do you think it also provide had some political 416 00:25:01,080 --> 00:25:04,960 Speaker 1: cover for progressives to talk about something else other than 417 00:25:05,600 --> 00:25:09,879 Speaker 1: the reality that is looking increasingly like they lost the 418 00:25:09,880 --> 00:25:14,440 Speaker 1: minimum wage issue as a part of this stimulus. Yeah, 419 00:25:14,440 --> 00:25:17,359 Speaker 1: I mean, I see something like an increase to fifteen 420 00:25:17,400 --> 00:25:20,240 Speaker 1: dollars in a minimum wage is much more realistic in 421 00:25:20,359 --> 00:25:23,160 Speaker 1: terms of policy compared to a wealth tax. I think 422 00:25:23,160 --> 00:25:26,320 Speaker 1: this is kind of an attempt to shift the overton windows, 423 00:25:26,320 --> 00:25:28,399 Speaker 1: who would say, you know, to kind of expand the 424 00:25:28,440 --> 00:25:30,919 Speaker 1: reality is what it's possible, and part of it is 425 00:25:30,960 --> 00:25:33,439 Speaker 1: just kind of the bureaucratic mechanics of it. You know, 426 00:25:33,480 --> 00:25:37,360 Speaker 1: we already have a federal minimum wage, so it's not 427 00:25:37,600 --> 00:25:41,800 Speaker 1: that complicated to raise it, you know, from seven hour 428 00:25:41,920 --> 00:25:44,720 Speaker 1: to fifteen dollars an hour, as long as they're sufficient 429 00:25:44,880 --> 00:25:49,560 Speaker 1: time to phase it in and give companies, businesses a 430 00:25:49,640 --> 00:25:52,440 Speaker 1: chance to kind of prepare for that. On the other hand, 431 00:25:52,800 --> 00:25:55,440 Speaker 1: we don't have a wealth tax, and it's really hard 432 00:25:55,840 --> 00:25:59,000 Speaker 1: for one to evaluate wealth to figure out how much 433 00:25:59,359 --> 00:26:02,400 Speaker 1: people should pay if that word to be implemented. So 434 00:26:02,680 --> 00:26:05,639 Speaker 1: this would be a whole different kind of undertaking for 435 00:26:05,680 --> 00:26:07,960 Speaker 1: the I R S and something that they're not prepared 436 00:26:08,000 --> 00:26:12,760 Speaker 1: for right now. So and Jeanie Sanzo, I mean, come 437 00:26:12,800 --> 00:26:15,560 Speaker 1: in here, just giving all of your experience. In the 438 00:26:15,600 --> 00:26:19,360 Speaker 1: same way that the conversation in the nation's capital where 439 00:26:19,400 --> 00:26:24,200 Speaker 1: I am has in many ways impacted the private sector 440 00:26:24,320 --> 00:26:27,240 Speaker 1: to take a look at their minimum wage. I'm thinking 441 00:26:27,240 --> 00:26:32,160 Speaker 1: of Walmart for an example. Could this discussion around taxes, 442 00:26:32,840 --> 00:26:36,359 Speaker 1: especially when we're on the cusp of a broader infrastructure debate, 443 00:26:37,160 --> 00:26:43,640 Speaker 1: could this actually move folks in in higher income brackets, 444 00:26:43,640 --> 00:26:47,040 Speaker 1: for example, to change, uh, sort of the way they 445 00:26:47,080 --> 00:26:50,920 Speaker 1: do there, the way they handle their money as we 446 00:26:51,080 --> 00:26:55,080 Speaker 1: come into tax day very very soon. I've just been 447 00:26:55,119 --> 00:27:00,160 Speaker 1: thinking of this myself, and sadly it's a great it's 448 00:27:00,160 --> 00:27:02,719 Speaker 1: a great question. And when Anna was just speaking, I 449 00:27:02,800 --> 00:27:06,840 Speaker 1: was wondering, you know, is this in some ways and 450 00:27:06,880 --> 00:27:09,240 Speaker 1: I don't to the political scientist and me comes out, 451 00:27:09,640 --> 00:27:12,800 Speaker 1: you know, cover for Joe Biden this idea of a 452 00:27:12,840 --> 00:27:18,080 Speaker 1: wealth tax that he obviously is clearly opposed to. Does 453 00:27:18,119 --> 00:27:21,040 Speaker 1: it give him cover to pursue other taxes like the 454 00:27:21,119 --> 00:27:26,119 Speaker 1: capital gains tax, the inheritance taxes on higher income Americans? 455 00:27:26,160 --> 00:27:29,000 Speaker 1: You know, we know that he wants to raise the 456 00:27:29,400 --> 00:27:33,160 Speaker 1: capital gains to thirty nine point five thirty nine point 457 00:27:33,280 --> 00:27:37,520 Speaker 1: six that was lowered in seventeen, So, you know, do 458 00:27:37,600 --> 00:27:40,240 Speaker 1: we see this as sort of his you know, a 459 00:27:40,359 --> 00:27:44,280 Speaker 1: sort of cover for him to take that kind of action. Yeah. 460 00:27:44,359 --> 00:27:46,240 Speaker 1: I think that's a really good point. And you know, 461 00:27:46,320 --> 00:27:48,360 Speaker 1: it's kind of the inverse of the question that that 462 00:27:48,480 --> 00:27:51,680 Speaker 1: you asked me, Kevin, that this is less about signal 463 00:27:51,840 --> 00:27:55,439 Speaker 1: signaling to progressive and more about signaling to people who 464 00:27:55,520 --> 00:27:59,399 Speaker 1: are suspicious of tax increases and saying, well, you know, 465 00:27:59,520 --> 00:28:02,000 Speaker 1: we're going to do this capital gains tax, for example, 466 00:28:02,000 --> 00:28:03,639 Speaker 1: but at least it's not a wealth tax. You know, 467 00:28:03,680 --> 00:28:07,360 Speaker 1: it's not that extreme. You know, it does kind of 468 00:28:07,840 --> 00:28:11,119 Speaker 1: shift the context in which the conversation is happening, and 469 00:28:11,160 --> 00:28:14,600 Speaker 1: that could be the Biden's benefit. Well, to me, the 470 00:28:14,920 --> 00:28:21,280 Speaker 1: fascinating emergence of how the Senator Warren, now subcommittee chairwoman 471 00:28:21,600 --> 00:28:25,119 Speaker 1: of the Banking Committee, Elizabeth Warren is going to be 472 00:28:25,320 --> 00:28:30,360 Speaker 1: using her perch to draw even more, uh even more 473 00:28:30,400 --> 00:28:32,600 Speaker 1: spotlight on these issues, because I remember in her first 474 00:28:32,640 --> 00:28:35,600 Speaker 1: year of Congress, when they didn't even have or when 475 00:28:35,600 --> 00:28:37,879 Speaker 1: they when the Democrats did not have a majority in 476 00:28:37,880 --> 00:28:42,240 Speaker 1: the Senate, she would have essentially these mock hearings in 477 00:28:42,440 --> 00:28:44,920 Speaker 1: and they would rent a room out and she would 478 00:28:44,960 --> 00:28:48,480 Speaker 1: call a lot of progressives to testify. But now suddenly 479 00:28:48,560 --> 00:28:51,880 Speaker 1: she's got the ability to to really drive the conversation 480 00:28:51,960 --> 00:28:54,960 Speaker 1: around this and to use those subcommittees as an opportunity 481 00:28:55,320 --> 00:28:58,840 Speaker 1: to do so. But but Anna, I mean, if you're 482 00:28:58,920 --> 00:29:02,000 Speaker 1: Treasury Secretary g and Yellen and you're reading through the 483 00:29:02,040 --> 00:29:05,080 Speaker 1: t leaves here and Senator Warren in an interview with 484 00:29:05,120 --> 00:29:08,800 Speaker 1: me earlier, was on squawk Box, you know, and she's 485 00:29:08,840 --> 00:29:13,520 Speaker 1: saying that she's very much disagrees with Secretary Yellen on 486 00:29:13,600 --> 00:29:18,080 Speaker 1: the issue of implementing a wealth tax. There's now a 487 00:29:18,120 --> 00:29:23,280 Speaker 1: clear divide on where Senator Warren views this issue and 488 00:29:23,320 --> 00:29:25,680 Speaker 1: where Secretary Yellen viewsed this issue, and that's going to 489 00:29:25,800 --> 00:29:30,360 Speaker 1: come into the forefront during these hearings. Yeah. Absolutely, And 490 00:29:30,400 --> 00:29:32,040 Speaker 1: you know, Kevin, I think that's something that we talked 491 00:29:32,040 --> 00:29:37,920 Speaker 1: about the you know, once Biden became the Democratic nominee, 492 00:29:37,920 --> 00:29:41,320 Speaker 1: the big question was how do the other presidential hopeful 493 00:29:41,560 --> 00:29:44,800 Speaker 1: fit into a Democratic administration if we get to that. 494 00:29:44,880 --> 00:29:49,800 Speaker 1: So it is an interesting question to see how Warren 495 00:29:49,880 --> 00:29:52,920 Speaker 1: interacts with Biden, how, you know, on what issues she 496 00:29:53,000 --> 00:29:55,840 Speaker 1: kind of plays on the team and what issues she 497 00:29:55,920 --> 00:29:58,160 Speaker 1: kind of pushes the team further to the left. So, 498 00:29:58,520 --> 00:30:01,280 Speaker 1: you know, that's the kind of tag aboard that's going 499 00:30:01,320 --> 00:30:03,600 Speaker 1: to be going on throughout the whole administration and will 500 00:30:03,680 --> 00:30:06,360 Speaker 1: be interesting to see how it developed to get closer 501 00:30:06,480 --> 00:30:10,040 Speaker 1: to the midterm elections in two and positioning for the 502 00:30:10,120 --> 00:30:14,560 Speaker 1: next presidential contest. I do you wanna let our audience 503 00:30:14,640 --> 00:30:17,360 Speaker 1: art that we're keeping tabs on Governor Andrew Cuomo, and 504 00:30:17,360 --> 00:30:18,760 Speaker 1: I want to play for you some sound on this 505 00:30:18,840 --> 00:30:22,760 Speaker 1: from Congressman Hakeem Jeffrey, who was asked about the investigation, 506 00:30:23,000 --> 00:30:24,920 Speaker 1: and he's the Democrat from New York. Take a listen 507 00:30:24,920 --> 00:30:27,520 Speaker 1: to the sound on that, now that the Attorney General 508 00:30:27,600 --> 00:30:30,920 Speaker 1: has taken over the investigation, it will be fully independent 509 00:30:31,040 --> 00:30:34,120 Speaker 1: and thorough and I await the results of that investigation. 510 00:30:34,520 --> 00:30:37,120 Speaker 1: So one of the top Democrats and also in Governor 511 00:30:37,160 --> 00:30:40,080 Speaker 1: Cuomo states weighing in on that. That was some chatter 512 00:30:40,280 --> 00:30:43,239 Speaker 1: in the halls of Congress today as well. Coming up, 513 00:30:43,360 --> 00:30:47,920 Speaker 1: Senator Bob Nendez of New Jersey. I'm Kevin Cerelli. This 514 00:30:48,280 --> 00:30:53,720 Speaker 1: is Bloomberg. This is Bloomberg Sound On with Kevin Si 515 00:30:54,360 --> 00:30:59,880 Speaker 1: on Bloomberg Radio. I'm Kevin Cerelli, Chief Washington correspondent for 516 00:31:00,000 --> 00:31:03,560 Speaker 1: Boomberg Television and for Bloomberg Radio, accompanied by my colleague, 517 00:31:03,560 --> 00:31:07,719 Speaker 1: Bloomberg Politics contributor Jennie Shawn Zano. You know, we've been 518 00:31:07,720 --> 00:31:10,560 Speaker 1: talking a lot about the wealth tax and in particular 519 00:31:11,440 --> 00:31:16,800 Speaker 1: taxes and tax rates on individuals who are at the top, top, top, 520 00:31:16,920 --> 00:31:23,320 Speaker 1: upper echelons of American wealth. But it's really important, especially 521 00:31:23,320 --> 00:31:26,760 Speaker 1: as we are on the year anniversary of this pandemic, 522 00:31:26,800 --> 00:31:29,840 Speaker 1: to talk about homelessness in America. And that's why I'm 523 00:31:29,880 --> 00:31:33,160 Speaker 1: so grateful for my next guest, who has put forth 524 00:31:33,440 --> 00:31:37,560 Speaker 1: a proposal on the housing crisis that has affected twenty 525 00:31:37,640 --> 00:31:40,800 Speaker 1: three million Americans. Just think about that for a second, 526 00:31:40,880 --> 00:31:46,240 Speaker 1: twenty three million Americans who are behind on their mortgage 527 00:31:46,280 --> 00:31:49,440 Speaker 1: payments and their rents. His name is U S Senator 528 00:31:49,520 --> 00:31:52,200 Speaker 1: Bob Bnendez. He has a Democrat of New Jersey. He 529 00:31:52,280 --> 00:31:55,640 Speaker 1: is a senior member on the Banking Committee, and Senator 530 00:31:56,200 --> 00:31:58,560 Speaker 1: I'm really grateful that that you would come on here. 531 00:31:58,840 --> 00:32:01,280 Speaker 1: Could you just explain to us what your piece of 532 00:32:01,400 --> 00:32:04,920 Speaker 1: legislation would do, uh that you have introduced with Chairman 533 00:32:05,000 --> 00:32:09,400 Speaker 1: Chair Brown of Ohio, the chairman of the committee. Well, 534 00:32:09,400 --> 00:32:12,440 Speaker 1: the specific piece of legislation, Kevin you're you're referring to 535 00:32:12,640 --> 00:32:18,040 Speaker 1: is housing counseling. We have seen that every study in 536 00:32:18,080 --> 00:32:22,160 Speaker 1: which individuals who are counseled in their housing needs and 537 00:32:22,280 --> 00:32:27,480 Speaker 1: challenges ultimately find themselves being able to stay in their homes, 538 00:32:27,960 --> 00:32:31,920 Speaker 1: to stay in their apartment, to achieve success, to overcome 539 00:32:31,960 --> 00:32:36,120 Speaker 1: their financial challenges in terms of staying home UH, and 540 00:32:36,280 --> 00:32:39,920 Speaker 1: to know the programs that they can access and how 541 00:32:39,960 --> 00:32:45,440 Speaker 1: to deal with their lenders. When someone doesn't have that expertise, 542 00:32:45,520 --> 00:32:49,840 Speaker 1: background or assistance, then very often they find themselves either 543 00:32:49,960 --> 00:32:53,360 Speaker 1: in foreclosure, out of their home, or out of their apartments. 544 00:32:53,440 --> 00:32:56,200 Speaker 1: So we believe at a time as you said, where 545 00:32:56,200 --> 00:32:59,800 Speaker 1: there are at least twenty two million individuals either who 546 00:33:00,200 --> 00:33:03,160 Speaker 1: are at the verge of the potential loss of their 547 00:33:03,200 --> 00:33:06,520 Speaker 1: home or their apartment, that housing counseling is a great 548 00:33:06,560 --> 00:33:10,240 Speaker 1: way to meet their challenges. In addition to what we're 549 00:33:10,280 --> 00:33:14,440 Speaker 1: doing in the Recovery Act that would provide direct assistance 550 00:33:14,720 --> 00:33:18,760 Speaker 1: to homeowners and to renters in order to try to 551 00:33:18,840 --> 00:33:21,560 Speaker 1: assure that during this period of time in the pandemic 552 00:33:21,600 --> 00:33:24,719 Speaker 1: where we tell people stay home when you're sick, and 553 00:33:24,760 --> 00:33:26,960 Speaker 1: to the height of the pandemic, we told people stay 554 00:33:26,960 --> 00:33:29,760 Speaker 1: home so that you don't contract or spread the disease 555 00:33:30,120 --> 00:33:33,760 Speaker 1: well home UH. Those who stayed home often didn't have 556 00:33:34,120 --> 00:33:37,640 Speaker 1: the employment and the wherewithal to pay their mortgages, to 557 00:33:37,720 --> 00:33:39,920 Speaker 1: pay their rents, and yet we were telling them to 558 00:33:39,960 --> 00:33:41,840 Speaker 1: stay home because it was a way to stem the 559 00:33:41,840 --> 00:33:44,400 Speaker 1: tide of the pandemic. So for all these reasons, we 560 00:33:44,480 --> 00:33:48,560 Speaker 1: think that this housing counseling provision is incredibly important. Well, 561 00:33:48,600 --> 00:33:50,760 Speaker 1: I want to talk about the broader stimulus in a second, 562 00:33:50,760 --> 00:33:52,600 Speaker 1: but just to follow up on this, it would provide 563 00:33:52,600 --> 00:33:56,040 Speaker 1: seven hundred million dollars for neighbor works to support housing 564 00:33:56,080 --> 00:33:59,480 Speaker 1: counseling services. Senator, I was looking at the numbers. I mean, 565 00:33:59,760 --> 00:34:03,480 Speaker 1: you look at the the the individuals who this effects, 566 00:34:03,640 --> 00:34:07,360 Speaker 1: especially in this pandemic, and it's low income and minority 567 00:34:07,400 --> 00:34:11,520 Speaker 1: households that have been disproportionately impacted by the pandemic and 568 00:34:11,560 --> 00:34:14,080 Speaker 1: the economic fallout. If you pull the numbers from the 569 00:34:14,120 --> 00:34:18,799 Speaker 1: Census Household Survey just between January twenty and February one 570 00:34:19,000 --> 00:34:23,000 Speaker 1: of this year alone, fourteen point one percent percent of 571 00:34:23,080 --> 00:34:27,440 Speaker 1: Hispanic households and eighteen points seven percent of Black households 572 00:34:27,560 --> 00:34:30,640 Speaker 1: were behind on their mortgage. You compare that with seven 573 00:34:30,640 --> 00:34:34,759 Speaker 1: point two percent of white Americans. You know, Senator, it's 574 00:34:34,800 --> 00:34:38,960 Speaker 1: just another data point that shows just how unfair this 575 00:34:39,040 --> 00:34:45,560 Speaker 1: pandemic has been economically to minority communities. Well, absolutely, Look, 576 00:34:45,680 --> 00:34:52,319 Speaker 1: the pandemic has magnified the disparities in our society, the 577 00:34:52,440 --> 00:34:57,440 Speaker 1: unfairness in many elements, particularly UH in the access to 578 00:34:57,800 --> 00:35:03,880 Speaker 1: capital and to what every American overwhelmingly is their single 579 00:35:03,920 --> 00:35:08,160 Speaker 1: biggest source of developing wealth, which is their home. UH. 580 00:35:08,200 --> 00:35:11,880 Speaker 1: And so when you finally can break into being a 581 00:35:11,920 --> 00:35:17,360 Speaker 1: responsible homeowner and then comes a pandemic and minority communities 582 00:35:17,760 --> 00:35:22,359 Speaker 1: are faced with losses at virtually twice as much as 583 00:35:22,440 --> 00:35:25,600 Speaker 1: their white counterparts. This is not only the loss of 584 00:35:25,640 --> 00:35:28,520 Speaker 1: a home, which is where your nurture family, build communities, 585 00:35:28,719 --> 00:35:31,919 Speaker 1: and build family. It's also where you build wealth. So 586 00:35:32,080 --> 00:35:34,720 Speaker 1: when you're finally struggling to get that home and because 587 00:35:34,719 --> 00:35:37,439 Speaker 1: of no consequence of your own, you may very well 588 00:35:37,480 --> 00:35:41,920 Speaker 1: be losing it. This is really an incredible blow to 589 00:35:42,200 --> 00:35:46,080 Speaker 1: the development of economic well being among minority communities, and 590 00:35:46,120 --> 00:35:51,160 Speaker 1: it has been dramatized, unfortunately, by the pandemic. Senator Menandez, 591 00:35:51,239 --> 00:35:54,520 Speaker 1: this is Genie's I know in New York, and I'm 592 00:35:54,600 --> 00:35:58,319 Speaker 1: so glad you're tackling this issue. UM. I was just 593 00:35:58,440 --> 00:36:03,080 Speaker 1: looking at data which says that the homelessness crisis is 594 00:36:03,120 --> 00:36:09,160 Speaker 1: expected to peak in three Um. Of course we're in one. 595 00:36:09,440 --> 00:36:13,360 Speaker 1: And so I wonder do you think that there is 596 00:36:13,560 --> 00:36:18,480 Speaker 1: enough stimulus and enough funding in this bill to tackle 597 00:36:18,600 --> 00:36:21,879 Speaker 1: what we expect is going to be a crisis in 598 00:36:22,040 --> 00:36:26,920 Speaker 1: terms of the ability for homeowners, renters, and people who 599 00:36:26,960 --> 00:36:31,799 Speaker 1: are homeless to pay for their living expenses. As we 600 00:36:31,920 --> 00:36:38,520 Speaker 1: reach out to sometimes three years into the future. Well, 601 00:36:38,560 --> 00:36:43,000 Speaker 1: I think that the American Recovery Act is incredibly important, 602 00:36:43,880 --> 00:36:49,520 Speaker 1: UH in terms of being able to stem the possibilities 603 00:36:49,560 --> 00:36:54,160 Speaker 1: of those numbers pretty dramatically. If we get people to 604 00:36:54,280 --> 00:36:57,840 Speaker 1: stay in their home, they're less likely to be homeless. 605 00:36:58,080 --> 00:37:00,520 Speaker 1: If we get people to be able to remain in 606 00:37:00,560 --> 00:37:03,799 Speaker 1: their apartments, they are less likely to be homeless. If 607 00:37:03,840 --> 00:37:06,200 Speaker 1: we do that and we do have money for those 608 00:37:06,200 --> 00:37:09,080 Speaker 1: who are already on the verge of homelessness or are 609 00:37:09,239 --> 00:37:13,520 Speaker 1: in homeless situations and start to stem that tide, we 610 00:37:13,600 --> 00:37:17,080 Speaker 1: can dramatically change the course of events over the years ahead. 611 00:37:17,120 --> 00:37:21,480 Speaker 1: And that's why this Recovery Act is UM. You know, 612 00:37:21,760 --> 00:37:24,560 Speaker 1: at the end of the day, there is a fierce 613 00:37:24,960 --> 00:37:29,359 Speaker 1: urgency of now, because the longer we wait to get 614 00:37:29,400 --> 00:37:33,160 Speaker 1: these resources to these American families to stay in their homes, 615 00:37:33,160 --> 00:37:36,560 Speaker 1: to stay in their apartments, to avoid homelessness, UH, the 616 00:37:36,600 --> 00:37:40,000 Speaker 1: greater the chance that the numbers you decided can be realized. 617 00:37:40,680 --> 00:37:42,880 Speaker 1: It's a senator. You're also, of course the Chairman of 618 00:37:42,880 --> 00:37:46,319 Speaker 1: Foreign Relations, and and we're very grateful that you come 619 00:37:46,360 --> 00:37:48,680 Speaker 1: on this program and appreciative of that. But I have 620 00:37:48,760 --> 00:37:52,040 Speaker 1: to ask you as we're talking about economic stimulus. You know, 621 00:37:52,320 --> 00:37:54,200 Speaker 1: one of the themes that we talked about frequently on 622 00:37:54,200 --> 00:37:58,040 Speaker 1: this program is China, and China, for example, has been 623 00:37:58,520 --> 00:38:03,440 Speaker 1: uh using still power and vaccine diplomacy all over the world. 624 00:38:03,840 --> 00:38:07,120 Speaker 1: I'm curious, from your vantage point, Mr Chairman, on the 625 00:38:07,239 --> 00:38:09,960 Speaker 1: US China front, how crucial is it that the stimulus 626 00:38:10,200 --> 00:38:15,120 Speaker 1: get past, not just to bolster domestic domestically the strength 627 00:38:15,120 --> 00:38:18,440 Speaker 1: of the US economy, but also to to strengthen the 628 00:38:18,560 --> 00:38:22,399 Speaker 1: US footing geo politically around the world against our some 629 00:38:22,480 --> 00:38:26,879 Speaker 1: of our adversaries. Well, it's a great question. And look, 630 00:38:26,920 --> 00:38:29,200 Speaker 1: first of all, we have to take care of our 631 00:38:29,239 --> 00:38:33,319 Speaker 1: people at home. We have to vaccinate every single American 632 00:38:33,400 --> 00:38:36,360 Speaker 1: who wishes to get a vaccine and should get a vaccine. 633 00:38:36,600 --> 00:38:39,160 Speaker 1: And I'm glad to hear the President's announcement today greater 634 00:38:39,200 --> 00:38:42,279 Speaker 1: supply as a result of his efforts. Uh. We we 635 00:38:42,360 --> 00:38:46,000 Speaker 1: have to make sure that we recover economically, but the 636 00:38:46,040 --> 00:38:48,800 Speaker 1: core of your question really goes to our greater China 637 00:38:49,120 --> 00:38:52,719 Speaker 1: China policy, UH, and the developing of a policy that 638 00:38:52,800 --> 00:38:56,480 Speaker 1: actually recognizes that, yes, we must confront China when it 639 00:38:56,600 --> 00:39:00,279 Speaker 1: violates the international order, but we must also compete heat 640 00:39:00,640 --> 00:39:04,760 Speaker 1: with China. So that means making investments here at home 641 00:39:05,160 --> 00:39:09,000 Speaker 1: to strengthen our not only our health, but our economy 642 00:39:09,480 --> 00:39:15,200 Speaker 1: in UH, the developing UH you know, UH, cutting edge technologies, 643 00:39:15,719 --> 00:39:21,400 Speaker 1: artificial intelligence, UH, computer chips, UH, you know, a whole 644 00:39:21,440 --> 00:39:26,120 Speaker 1: host of being at the curve of UH, at the 645 00:39:26,160 --> 00:39:29,880 Speaker 1: apex of intellect as well as innovation. In order to 646 00:39:29,920 --> 00:39:33,120 Speaker 1: compete with China, it means harnessing the powers of the 647 00:39:33,120 --> 00:39:38,560 Speaker 1: collective economies of our allies Canada, European Union, Australia, Japan, 648 00:39:38,960 --> 00:39:41,960 Speaker 1: South Korea by way of some and when we come 649 00:39:42,000 --> 00:39:45,680 Speaker 1: together our collective economies are far stronger than China, then 650 00:39:45,719 --> 00:39:48,560 Speaker 1: we can be on a more competitive footing and challenge 651 00:39:48,560 --> 00:39:51,560 Speaker 1: them for their unfair trade practices. UH. And and yes, 652 00:39:51,760 --> 00:39:54,200 Speaker 1: we need to use off power and that includes the 653 00:39:54,480 --> 00:39:57,000 Speaker 1: global health And I'm glad to see there's ten billion 654 00:39:57,080 --> 00:39:59,919 Speaker 1: dollars in this Recovery Act to deal with global health 655 00:40:00,400 --> 00:40:03,360 Speaker 1: as a down payment towards that goal. And just quickly 656 00:40:03,400 --> 00:40:05,520 Speaker 1: as a final question to use, sir, just how important 657 00:40:05,560 --> 00:40:09,520 Speaker 1: is it that the US supply chains domestically are are 658 00:40:09,560 --> 00:40:13,880 Speaker 1: able to sustain um UH even and not be overly 659 00:40:13,920 --> 00:40:18,080 Speaker 1: dependent upon China. I think it's incredibly important, and that's 660 00:40:18,080 --> 00:40:21,239 Speaker 1: why I've advanced legislation to do just that. That's why 661 00:40:21,280 --> 00:40:24,000 Speaker 1: I'm glad to see the executive order President Biden issue 662 00:40:24,000 --> 00:40:26,520 Speaker 1: as a relations to supply chain. I never want to 663 00:40:26,560 --> 00:40:29,200 Speaker 1: see a hospital in New Jersey or any place in 664 00:40:29,239 --> 00:40:33,040 Speaker 1: the United States, a doctor at one of our clinics 665 00:40:33,120 --> 00:40:35,440 Speaker 1: or any other place in the United States not have 666 00:40:35,600 --> 00:40:39,359 Speaker 1: the personally protective gear, not have access to the equipment 667 00:40:39,520 --> 00:40:42,640 Speaker 1: and the medicines that they need, not have the ventilators 668 00:40:42,680 --> 00:40:45,960 Speaker 1: that they need, never to be again in the dire 669 00:40:46,080 --> 00:40:50,719 Speaker 1: circumstances we were at the height of the pandemic. So 670 00:40:51,239 --> 00:40:54,400 Speaker 1: we have to recognize that, you know, there are global challenges. 671 00:40:54,800 --> 00:40:57,480 Speaker 1: UH diseases know no boundaries. At the end of the day, 672 00:40:57,520 --> 00:41:00,360 Speaker 1: we can't hermetically seal ourselves off, but we can be 673 00:41:00,440 --> 00:41:03,759 Speaker 1: ready for what the next challenges, and that means having 674 00:41:03,760 --> 00:41:06,560 Speaker 1: a domestic supply chain that can meet the challenge. Regald, 675 00:41:06,600 --> 00:41:09,040 Speaker 1: this of what it may be Chairman bomb Nandez of 676 00:41:09,080 --> 00:41:11,800 Speaker 1: New Jersey, the chairman of the Form Relations Committee and 677 00:41:11,880 --> 00:41:14,879 Speaker 1: one of the most influential members in the Senate. Thank 678 00:41:14,920 --> 00:41:17,040 Speaker 1: you so much, sir for coming on this program and 679 00:41:17,080 --> 00:41:20,080 Speaker 1: for your time to talk about these important, important issues. 680 00:41:20,160 --> 00:41:22,680 Speaker 1: That does it for me. I'm Kevin Severi, chief Washington 681 00:41:22,719 --> 00:41:26,840 Speaker 1: correspondent for Bloomberg Television and for Bloomberg Radio. Jeanie Shanzano, 682 00:41:26,840 --> 00:41:30,000 Speaker 1: Bloomberg Politics contributor. We covered a lot of ground today. 683 00:41:30,480 --> 00:41:34,920 Speaker 1: Absolutely you did. I just sat here and listened in awe. 684 00:41:34,960 --> 00:41:39,200 Speaker 1: So I'm thrilled to be on. Well, thank you, Well, 685 00:41:39,239 --> 00:41:42,280 Speaker 1: We're grateful to have you coming up. The conversation continues. 686 00:41:42,760 --> 00:41:43,800 Speaker 1: This is Bloomberg