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Speaker 1: Why from our nation's President Joe Biden's one point nine

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Speaker 1: trillion dollar pandemic relief package. We're not going to hear

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Speaker 1: anymore about Operation Warp Speed. They're gonna be calling it

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Speaker 1: the COVID response. We're talking right now about jockeying amongst Republicans.

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Speaker 1: Bloomberg Sound On, the insiders, the influencers, the inside biding

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Speaker 1: has Thomas again and again it tables 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? The House has been voting for this

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Speaker 1: stimulus package basically for months. This is Bloomberg Sound On

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Speaker 1: with Kevin Surley on Bloomberg Radio and on Jennie Schanzano

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Speaker 1: in for Kevin Sirelli on this busy Friday afternoon. Um.

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Speaker 1: Joining me as always is Bloomberg political contributor Rick Davis,

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Speaker 1: and later we're going to be talking to Representative French

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Speaker 1: Hill of Arkansas. It's the end. As Turley said, of

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Speaker 1: a really really busy week both on Wall Street and

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Speaker 1: in our nation's capital. I'm not sure I would have

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Speaker 1: believed that at the same time we had this quote

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Speaker 1: unquote Reddit revolution hitting Wall Street, we would also be

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Speaker 1: hearing from the Speaker of the House, telling reporters that

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Speaker 1: she's concerned that threats against members of Congress are coming,

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Speaker 1: in her words, from within the House of Representatives. And

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Speaker 1: of course all this is happening at the same time,

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Speaker 1: the Biden administration is trying to push Congress to pass

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Speaker 1: it's almost one point nine trillion dollar stimulus package to

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Speaker 1: address the continuing pandemic. During a briefing with President Biden

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Speaker 1: and Vice President Kamala Harris today, Treasury Secretary Janet Yellen

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Speaker 1: said the benefits of acting big on stimulus now will

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Speaker 1: far outweigh the cost in the long run. We have

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Speaker 1: sound on that it's a huge amount of pain in

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Speaker 1: our economy right now, and it was evident in the

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Speaker 1: data released yesterday. Price of doing nothing is much higher

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Speaker 1: than the price of doing something and doing something big.

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Speaker 1: We need to act now, and the benefits of acting

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Speaker 1: now and acting big will far outweigh the costs in

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Speaker 1: the war run. And on his way to board Marine

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Speaker 1: won during a visit with wounded service members at Walter

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Speaker 1: Reid National Military Medical Center, President Biden was asked whether

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Speaker 1: he supports passing pandemic relief legislate legislation through reconciliation. We

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Speaker 1: have sound on that. I support passing cobal relief with

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Speaker 1: support from Republicans if we can get it, but the

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Speaker 1: relief has to pass. There's no joining me to talk

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Speaker 1: about all of this. No ifs ands or butts is

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Speaker 1: Rick Davis Bloomberg contributor partner at Stone Court Capital, former

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Speaker 1: campaign manager for John McCain's two thousand and eight presidential campaign,

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Speaker 1: and Boyd Matheson, former chief of staff for Senator Mike Lee,

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Speaker 1: an opinion editor at Deserret News. So, Rick, let me

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Speaker 1: start with you and ask you. Janet Yellen says we

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Speaker 1: need to act, and we need to act now, and

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Speaker 1: we need to go big. Will they go big or not? Well,

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Speaker 1: their their plan is to go big. The one nine

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Speaker 1: trillion dollar Biden plan, which echoes the last year's Pelosi

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Speaker 1: plan about the same amount um is going big. I

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Speaker 1: think that's been well determined and and I think the

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Speaker 1: point that Treasury Secretary Janet Yellen is making today is

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Speaker 1: that it's gonna cost us in the long run if

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Speaker 1: we don't fix it now. So let's throw this money

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Speaker 1: at the problem. Let's create options for us in the

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Speaker 1: future if we have to spend more money in the

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Speaker 1: future we can, but we can't go back and repair

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Speaker 1: the damage. It's but done now without a big package.

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Speaker 1: And that's what they're they're trying to push us through

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Speaker 1: the Senate, push us through the House. And and I

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Speaker 1: think this is the main argument they're making, is the

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Speaker 1: clocks ticking and we don't have time to waste. Yeah,

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Speaker 1: and and Boyd Matheson so good to talk to you.

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Speaker 1: Are we facing, as the president um was asked today,

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Speaker 1: reconciliation or do you think the Republicans your former boss,

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Speaker 1: do you think they will go along with a bill

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Speaker 1: close to one point nine trillion? You know? And at

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Speaker 1: this point, I think we end up in reconciliation. That

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Speaker 1: just seems to be that they're they're so far apart,

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Speaker 1: and when you even have folks like Rob Portman saying, hey,

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Speaker 1: this is this is not how you get to compromise immunity, uh,

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Speaker 1: And that is how you end up at reconciliation. And

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Speaker 1: the one thing that for me is that the red

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Speaker 1: flag is always when someone says the clock is ticking, uh,

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Speaker 1: and that we have a fiscal cliff, or we have

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Speaker 1: an armageddon or you know, pick your pick your description there.

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Speaker 1: That usually means that the political sides of things are

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Speaker 1: just gonna push things through, jam it through. Uh and

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Speaker 1: that's never really in the in the best in I'd

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Speaker 1: love to see this broken apart into some targeted things

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Speaker 1: that you could actually debate, amend, and vote on in

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Speaker 1: front of the American people, for a little transparency and

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Speaker 1: a little accountability in terms of what actually happened as

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Speaker 1: a result. Yeah, boyd, I think you're this wreck again.

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Speaker 1: You're You're exactly right that it looks like this thing

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Speaker 1: is headed likely split to reconciliation, probably around March. Uh,

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Speaker 1: so it gives them some time to try and form

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Speaker 1: a coalition. We know there are Republicans who want to

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Speaker 1: do something fiscally responsible. Uh Right now, there's been some

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Speaker 1: decent conversations on a bipartisan basis. But even through this process,

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Speaker 1: are there Republicans in the Senate, specifically in this sort

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Speaker 1: of more mainstream caucus, if you want to call it that,

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Speaker 1: who might be even on a reconciliation bill welling across

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Speaker 1: party aisle to help out. Yeah, I think it's I

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Speaker 1: think it's possible, Rick, and and I think you raised

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Speaker 1: the really important point there in terms of you know,

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Speaker 1: can can you build some momentum, can can you move

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Speaker 1: it along? There? Again, I think the politics of it

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Speaker 1: has become so hard that I think it's just going

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Speaker 1: to be tough and sadly, what I think we end

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Speaker 1: up with is, you know, something that's done behind closed doors, Uh,

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Speaker 1: sort of by the four person law firm of Pelosi,

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Speaker 1: McConnell tumor in Uh. McCarthy sounds like a bipartisan panel there, right, Yeah,

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Speaker 1: although it's an interesting kind of bipartisanship. It's not left

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Speaker 1: or right. It's those in power, those with power, and

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Speaker 1: and everyone else. Which is too bad because I do

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Speaker 1: think there are some targeted things that can be done, uh,

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Speaker 1: and that everybody agrees on. Then everybody on both sides

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Speaker 1: degree on. And they should show that that actually is

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Speaker 1: a governing model that could work. Yeah. And and Rick

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Speaker 1: Boyd mentions as part of that fourth person law firm.

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Speaker 1: I love that Boyd. He he mentioned Kevin McCarthy, and

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Speaker 1: so I've been I want to ask you about Kevin

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Speaker 1: McCarthy's trip yesterday to Florida as well as Matt gates

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Speaker 1: trip to Wyoming Um to rally against Liz Cheney. What

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Speaker 1: is happening to your party, this Republican Party. Are they

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Speaker 1: going to embrace Donald Trump? Um? Are they going to

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Speaker 1: move away from a maps we approach this trial? Well,

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Speaker 1: I think we've got to be clear about what Kevin

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Speaker 1: McCarthy was doing down in uh marl Lago with former

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Speaker 1: President Trump, and that was sort of self preservation. I mean,

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Speaker 1: he'd been outspoken critical of Donald Trump after the capital

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Speaker 1: attack uh and almost as if he'd forgotten what he

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Speaker 1: had said, he almost all of a sudden flipped and

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Speaker 1: started cow towing to the former president again. He's down

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Speaker 1: there to try and get the President to help him

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Speaker 1: win back the House. He thinks that nobody's going to

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Speaker 1: pay any attention to this flip flop that he's doing,

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Speaker 1: and that what's really important is that he gained power

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Speaker 1: as a new speaker in two elections, and so it's

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Speaker 1: pretty self serving and he'll take criticism for it. But

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Speaker 1: I think his attitude is we have a chance to

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Speaker 1: win the House in two and I need Donald Trump

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Speaker 1: to do it in a lot of these dicey districts,

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Speaker 1: and so that may be the best option he has

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Speaker 1: to try and push forward. Last thing he wants is

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Speaker 1: Donald Trump complaining that he's going to leave the party

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Speaker 1: and take his supporters with him, because that would undermine

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Speaker 1: his chances of a coming speaker. And and Boyd rick

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Speaker 1: rick made such a good point. Is this all about

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Speaker 1: two and do Republicans have a shot at the House? Um?

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Speaker 1: And is this their path to getting it again? Yeah?

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Speaker 1: I think a very interesting thing is going to emerge

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Speaker 1: in Rickley did out very nicely. I think there's currently

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Speaker 1: three prongs to the Republican Party. You've got those that

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Speaker 1: are more in the loyal former President Trump camp. You

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Speaker 1: have those that are in the more establishment kind of

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Speaker 1: Mitch McConnell, let's go back to the way we used

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Speaker 1: to do it with the establishment having the power and control.

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Speaker 1: And then there's sort of this third way group. And

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Speaker 1: the real challenge for two and beyond is if you

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Speaker 1: have a three pronged party, Uh, it's impossible to win

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Speaker 1: a national election. It's even hard to win a statewide election.

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Speaker 1: And so the question then will become is can this

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Speaker 1: group get past purity tests like we're seeing with Liz Cheney,

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Speaker 1: and can we get it to become more of a

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Speaker 1: coalition party where we disagree on a host of things,

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Speaker 1: whether you're on the Trump wing or the McConnell wing

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Speaker 1: or somewhere in between. Can you come together in order

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Speaker 1: to stop some of the things that are happening by

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Speaker 1: executive order, some of the things that will continue to

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Speaker 1: be pushed that will move the country further and further

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Speaker 1: to the left, and government bigger, spending more, and the

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Speaker 1: national debt again looming as I think one of our

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Speaker 1: biggest national security threats. Hey boy, and I want to

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Speaker 1: follow up on something you just touch upon, because there's

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Speaker 1: a similar dynamic and the Democratic Party, right, I mean,

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Speaker 1: the problems aren't the only ones who have a lot

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Speaker 1: of internal work to be done. And and and I

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Speaker 1: get the impression that a lot of this talk that

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Speaker 1: we've just had about like we gotta go big, We've

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Speaker 1: got to preserve this one point nine trillion dollar stimulus

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Speaker 1: package is there setting themselves up for a failure. So

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Speaker 1: even if they just reduce it a little bit to

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Speaker 1: get some Republicans on board and make passage work, I

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Speaker 1: don't think a couple of hundred billion is gonna matter.

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Speaker 1: But like, isn't the left headed by AOC and Bernie

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Speaker 1: just gonna go nuts if they knock a penny off

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Speaker 1: of that bill? Yeah, and you actually raised the best

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Speaker 1: point of the day. And that's and that is the

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Speaker 1: best thing going for the Republicans right now is that

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Speaker 1: the Democrats have the exact same problem. The left, the

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Speaker 1: far left is swinging further left. The establishment left with

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Speaker 1: Pelosi and Schumer are doing their thing, and there's this

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Speaker 1: third way. Uh. And I do think they'll they'll have

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Speaker 1: to fight some battles if they do trim by a

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Speaker 1: by a penny, But man, I tell you every penny

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Speaker 1: they dropped to make it a bipartisan bill, Uh, they

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Speaker 1: will re recrup in triplicate in terms of election wins

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Speaker 1: and framing in terms of the agenda that they're trying

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Speaker 1: to move forward. And Ricky, I can't imagine this thing

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Speaker 1: passes at one point nine trillion with a Senate at

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Speaker 1: fifty fifty. So I think we are looking at at

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Speaker 1: some kind of trimming, you know, whether it's the minimum

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Speaker 1: wage or something else. What are you predicting? We're going

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Speaker 1: to see where the battle lines are drawn on this bill. Yeah.

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Speaker 1: I think for sure the president President Biden is going

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Speaker 1: to sign a stimulus bill, you know, by spring, right.

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Speaker 1: I mean, I think that's baked into everybody's equation. Uh,

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Speaker 1: they know it's coming, whether it's in regular order or reconciliation,

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Speaker 1: as Boyd says, we're going to see that pretty soon.

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Speaker 1: But there's a negotiation, and I do think there will

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Speaker 1: be some trimming. I do think they'll be compromise as

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Speaker 1: well as should uh. It's how the democratic process is

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Speaker 1: supposed to work, and I do think the Biden White

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Speaker 1: House is going to try and hold on as long

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Speaker 1: as it can within this four year term to the

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Speaker 1: idea that they want to find bipartisan solutions and have

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Speaker 1: Republicans on their big ticket questions. Joe Biden still is

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Speaker 1: haunted by the fact that they passed massive healthcare reform

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Speaker 1: without a single Republican vote in the first year of

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Speaker 1: the Biden administration, and he doesn't want to replicate that outcome.

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Speaker 1: It is such a good point, and it does seem

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Speaker 1: like that haunts him. So I want to talk more

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Speaker 1: with Rick and Boyd about one of the biggest stories

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Speaker 1: of the week, if not maybe the month of the year,

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Speaker 1: and that's the so called David versus Goliath battle between

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Speaker 1: the Reddit traders and Wall Street. And we are going

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Speaker 1: to do that um as soon as we get back.

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Speaker 1: I am Jeanie Schanzano And this is sound On on

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Speaker 1: Bloomberg Radio. This is Bloomberg Sound On with Kevin Currel

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Speaker 1: on Bloomberg Radio. I'm Genie Sianzano in for Kevin Cirelli

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Speaker 1: here with Rick Davis and Boyd Matheson. And it's clear

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Speaker 1: we heard today again that both the White House and

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Speaker 1: the SEC have been following this game stop uprising. Earlier today,

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Speaker 1: White House Press Secretary Jen Saki was asked for the

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Speaker 1: White House's response to the issue, and she pointed to

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Speaker 1: the SEC statement noting that the administration respects the role

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Speaker 1: of regulatory agencies. We have sound on that. We of

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Speaker 1: course respect the role of regulatory agencies. Um uh. They

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Speaker 1: are closely monitoring the situation, but it's under their purview

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Speaker 1: at this point in time. And I guess part of

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Speaker 1: our education can be conveying to people that the SEC

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Speaker 1: is the regulatory body that would oversee this and can

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Speaker 1: speak to it further. So, Rick, I know you are

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Speaker 1: somebody who understands the market, and I was hearing all

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Speaker 1: day today conflicting accounts from really smart people about whether,

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Speaker 1: in fact there was collusion here. So what is your

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Speaker 1: view on that? You know, Look, I mean This is

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Speaker 1: not the first time we've seen market makers, you know,

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Speaker 1: manipulate the market, right. I mean this has been happening

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Speaker 1: for as long as there's been a market. In this case,

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Speaker 1: you know, it's cloaked in the decentralization of finance and

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Speaker 1: you know, the the gm E revolution. Um. You know,

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Speaker 1: it's almost like Occupy Wall Street protest movement has made

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Speaker 1: its way into the market and and so um, it's

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Speaker 1: it's not that unusual. What is unusual is it's it's

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Speaker 1: it's kind of in reverse. I mean a lot of

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Speaker 1: people will remember, you know, the movie The Big Short,

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Speaker 1: where the heroes were the people who are actually doing

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Speaker 1: the shorting of the mortgage stocks and uh in the

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Speaker 1: bonds and and so they became the sort of cult

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Speaker 1: heroes in the post two thousand eight UH crash because

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Speaker 1: of the mortgage crisis. And now it's almost the reverse

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Speaker 1: where the shorts have now become the evil establishment figures.

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Speaker 1: So I think we see a whole act playing out.

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Speaker 1: I think that the regulatory agencies will look at this

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Speaker 1: and they don't want to manipulate into the markets anymore

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Speaker 1: than they have to. Uh, there are a lot of

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Speaker 1: people are gonna make money and lose money. Shock. It's

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Speaker 1: the Wall Street markets the way they work and uh.

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Speaker 1: And so it's it's fun to watch, but I'm really

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Speaker 1: not sure there is a lot of reform that's needed

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Speaker 1: other than um, this is one version of a bubble

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Speaker 1: that's going to burst. Yeah, and boyd, we've heard talk

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Speaker 1: that there will be hearings in Congress on this. And

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Speaker 1: to Rick's point, again, you know it's still early in

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Speaker 1: this story as it unfolds. Do you think we are

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Speaker 1: looking at regulation out of Washington, d C? And if so,

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Speaker 1: what type? Yeah, they will be fascinating to see those hearings.

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Speaker 1: I'm sure there'll be a lot of good social media

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Speaker 1: moments as the members of Congress pontificate on that one. Uh.

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Speaker 1: And and to Rick's point that there there's always been

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Speaker 1: market manipulators. Usually they're just the big, fat cat guys,

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Speaker 1: and so this is kind of a reverse moment here.

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Speaker 1: I think in terms of the agencies and the hearings

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Speaker 1: and what kind of reforms they'll they'll always be everyone

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Speaker 1: will use it as an opportunity to talk about the

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Speaker 1: kind of reform. But it's really interesting because it does

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Speaker 1: get to the heart of I think, what a lot

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Speaker 1: of the problems in Washington are and it and it

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Speaker 1: is the agency issue, which is a congressional problem when

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Speaker 1: Congress doesn't do its job or advocates its power to

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Speaker 1: the executive branch so that they don't have to be

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Speaker 1: accountable uh for doing things, so they can tell their constituents, Hey,

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Speaker 1: don't don't yell at me, you know, go go talk

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Speaker 1: to the guys uh in the in the agency or

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Speaker 1: or in the administration. Uh. So, I think this is

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Speaker 1: this will be another political football. It'll bounce around a

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Speaker 1: little bit. I don't see, as Richard, I don't. I

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Speaker 1: don't see a lot of big change or big uh

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Speaker 1: you know, regulatory reform happening as a result of this.

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Speaker 1: But it will bring a lot of theater and a

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Speaker 1: lot of things to the committee hearings that will come,

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Speaker 1: for sure. Boyd a't such a good point, because we

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Speaker 1: struggle to try to convey, at least I do to

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Speaker 1: students in the classroom, how that narrative works in d C.

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Speaker 1: Where congress people don't want to necessarily be held responsible

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Speaker 1: for what they have or haven't done, and they kicked

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Speaker 1: the can to the agencies. So Rick, you seem to

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Speaker 1: be saying you don't see changes coming in this regard.

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Speaker 1: If we don't see changes, are we going to see

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Speaker 1: more of the same, more game stops, more a m

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Speaker 1: c s down the road. Sure, Um, I don't think

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Speaker 1: we're gonna have a significant reform that comes out of this.

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Speaker 1: I'm not exactly sure what the reform would be. You

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Speaker 1: can't tell people what stocks they can buy, and they

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Speaker 1: can't buy Reddit are explode it yesterday when um, when

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Speaker 1: the the platforms that they were buying stocks on basically

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Speaker 1: shut them down for a while to cool it off.

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Speaker 1: And and so I don't think there's a solution in that.

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Speaker 1: And I would say, remember it's not always Congress saying

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Speaker 1: that they're going to defer to these agencies. After the

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Speaker 1: two thousand eight UH financial crisis, that there was something

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Speaker 1: called Dodd Frank which was the reform bill of all

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Speaker 1: reform bills, and and it was created to fix this

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Speaker 1: problem forever. Of course, they never envisioned this being a problem,

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Speaker 1: and so we be careful what we asked for. I mean,

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Speaker 1: I don't think anybody in the financial community would want

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Speaker 1: another Dodd Frank style reform bill. In fact, I think

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Speaker 1: everybody Republican and Democrat alike, don't see this as a

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Speaker 1: partisan issue, and and most of Capitol Hill is not

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Speaker 1: keen to monkey with the financial markets, especially in this

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Speaker 1: uh difficult period that we're going through financially. So I

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Speaker 1: think we're gonna see a lot of smoke, but not

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Speaker 1: a lot of fire are on legislation and boyd on

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Speaker 1: that point, Um, if we don't see action, are you

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Speaker 1: foreseeing we have more democratization of the markets. We have

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Speaker 1: more of these stocks that end up like a you know,

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Speaker 1: a m C like game Stop, and there's very little

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Speaker 1: that can be done about it. Yeah, I think in

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Speaker 1: the short term they'll probably be some gyrations that way,

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Speaker 1: and I think you'll see a few of those things

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Speaker 1: bubble up and you'll have you'll have kind of that

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Speaker 1: bubble and pop, bubble and pop as it moves through there.

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Speaker 1: But again, I just can't see where the reform happens.

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Speaker 1: But it will allow both sides to scream a little

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Speaker 1: bit about it. But again I don't think in the

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Speaker 1: end there's gonna be a whole lot done about it.

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Speaker 1: More coming up on this and other things going on

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Speaker 1: on Capitol Hill and across the Capitol Um and Wall Street.

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Speaker 1: This is sound on on Bloomberg. I am Jeanie Schanzano

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Speaker 1: in for Kevin Crelli, answering questions at the White House

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Speaker 1: briefing today, Press Secretary Jen Saki tied the delay in

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Speaker 1: confirming Alejandro Majorcus as the head of Homeland Security to

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Speaker 1: the ability of the administration to move forward in terms

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Speaker 1: of signing President Biden's executive orders on immigration. We have

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Speaker 1: sound on that. We had planned to do it this

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Speaker 1: week because we had hoped that alien Orcus would be

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Speaker 1: confirmed by the end of this week, but because of

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Speaker 1: the filibuster of his nomination, UM, we expect him to

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Speaker 1: be confirmed on Monday evening, and therefore the President will

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Speaker 1: sign it on Tuesday, and uh, and then Secretary Mayorkas

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Speaker 1: will be overseeing that moving forward. So I'm speaking with

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Speaker 1: Bloomberg contributor Rick Davis, an opinion editor at the Desert News.

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Speaker 1: Boyd matheson, So, Rick, what is going on with this nomination.

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Speaker 1: It's all about immigration reform. Uh. We we we keep

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Speaker 1: coming around in circles and until we really get some

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Speaker 1: reform in place and take this off of the hot

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Speaker 1: button list of political topics, this is going to continue. Uh.

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Speaker 1: Senator Grassley put a filibuster on this nomination. I would

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Speaker 1: remind everybody that we have not had a Senate confirmed

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Speaker 1: head of the Department of Homeland Security, a very important place, uh,

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Speaker 1: since the spring of two thousand nineteen, almost two years,

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Speaker 1: and so this was the chance for the Biden administration

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Speaker 1: to get their man on board. He's eminently qualified for this.

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Speaker 1: And it took five Republicans Romney, Collins, Portman, Murkowski, and

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Speaker 1: Capito to side with the Democrats to break the the

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Speaker 1: filibuster and move this nomination toward confirmation on Monday night.

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Speaker 1: But this is just playing out as one more opportunity

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Speaker 1: for Republicans to beat the drama on immigration Rick. That

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Speaker 1: is just fascinating. Since two thousand and nineteen, we have

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Speaker 1: not had a Senate confirmed head of Homeland Security, despite

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Speaker 1: the sort of what we're hearing are the domestic and

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Speaker 1: the international threats to the homeland that try it and

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Speaker 1: and and even just this week, you would think with

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Speaker 1: the news of the Department of Homeland Security issuing a

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Speaker 1: threat bulletin on domestic extremism and how they've been emboldened

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Speaker 1: by the capital attacks and are and are a present danger.

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Speaker 1: I would think this would be everybody would jump on

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Speaker 1: board and say, oh my god, we've got to get

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Speaker 1: somebody in charge of this thing. For at least I

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Speaker 1: wish we know who to call if there's a problem

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Speaker 1: in my home state, boyd, and let me bring you

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Speaker 1: in here. Is this just two inside baseball people at home?

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Speaker 1: Won't you know care if there is a filibuster, threat

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Speaker 1: of filibuster or not? Um? Is that why Republicans are

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Speaker 1: able to do this? Yeah, people at home are definitely

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Speaker 1: not counting the noses on this kind of confirmation. And

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Speaker 1: to Rick's point, they should be. This. This is a

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Speaker 1: role that matters. And and I'm one of those to

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Speaker 1: believe that a president of either political party should should

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Speaker 1: pretty much be able to choose who's on their team

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Speaker 1: and who their leaders are, given a few exceptions obviously,

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Speaker 1: and and the Senate's role to advise and consent should

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Speaker 1: be that, uh, and get those things confirmed. The interesting

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Speaker 1: thing is that again it comes to this immigration issue

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Speaker 1: that neither side seems to want to solve because it's

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Speaker 1: just too good of a political point to keep scoring on.

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Speaker 1: I actually believe that you could take probably ninety four

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Speaker 1: and a half percent of the immigration if you issue

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Speaker 1: and everybody agrees on it. You can solve it in

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Speaker 1: one afternoon on the floor of the House and the Senate.

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Speaker 1: But both sides, you know, both sides. No, we've got

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Speaker 1: to have some kind of border. We gotta have an

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Speaker 1: updated system that makes it easier to come in legally.

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Speaker 1: We have to have a good H one V program.

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Speaker 1: We need to have an entry exit system so we

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Speaker 1: know who comes in and who goes out. And I mean,

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Speaker 1: if Disneyland can tell me where my kids are in

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Speaker 1: the park at any moment for three days, surely the

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Speaker 1: greatest country on Earth can figure out how to do that.

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Speaker 1: But again it comes back to this political point scoring

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Speaker 1: from both sides, and so it remains that hot button issue.

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Speaker 1: And again I agree with Rick, and I think Jennie

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Speaker 1: you're leading us there in in terms of look, we

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Speaker 1: can agree on the vast majority of this. Let's let's

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Speaker 1: pick it off laser focus, get this off the hot

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Speaker 1: button list, and get some good governing into the people.

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Speaker 1: And Rick Boyd's point is so well taken. I feel

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Speaker 1: like every two years I'm saying to somebody, well, we

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Speaker 1: would have immigration reform except there's an election coming up. Well,

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Speaker 1: there's always an election coming up. So is it, you know,

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Speaker 1: in your mind impossible to imagine that we get movement

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Speaker 1: beyond an EO on immigration reform because we are facing

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Speaker 1: a midterm election in two years. Yeah, sooner or later,

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Speaker 1: I think we made progress. I'm I'm I'm an eternal optimist.

430
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Speaker 1: You know, I'm the only one who's ever run a

431
00:23:36,359 --> 00:23:39,920
Speaker 1: presidential campaign where in the primary one of our points

432
00:23:40,000 --> 00:23:45,239
Speaker 1: was a massive immigration reform proposal within the Republican Party. So, uh,

433
00:23:45,280 --> 00:23:47,840
Speaker 1: if I'm willing to walk down that street, I'm willing

434
00:23:47,880 --> 00:23:50,600
Speaker 1: to do anything. And uh. And and that's that, that's

435
00:23:50,600 --> 00:23:52,440
Speaker 1: where I thought it would happen. I mean, George Bush

436
00:23:52,480 --> 00:23:55,560
Speaker 1: had one when he was president and uh, and Democrats

437
00:23:55,560 --> 00:23:58,280
Speaker 1: stopped it from happening. John McCain had one when he

438
00:23:58,359 --> 00:24:01,040
Speaker 1: ran for president and one he was senator, and he

439
00:24:01,040 --> 00:24:03,359
Speaker 1: couldn't get a coalition of Republicans and Democrats to agree

440
00:24:03,400 --> 00:24:06,240
Speaker 1: with him. It's not like one party was willing to

441
00:24:06,320 --> 00:24:09,359
Speaker 1: see the turf on this. It's exactly what Boyd has said.

442
00:24:09,640 --> 00:24:12,600
Speaker 1: It's just too juicy a campaign issue to want to

443
00:24:12,640 --> 00:24:15,960
Speaker 1: actually take off the list. And sooner or later, someone's

444
00:24:15,960 --> 00:24:18,159
Speaker 1: going to figure out what what Boyd is selling, and

445
00:24:18,200 --> 00:24:20,639
Speaker 1: that is I can get any percent of this. What

446
00:24:20,880 --> 00:24:25,399
Speaker 1: that's that's considered progress on this issue. Nothing's happened, Uh, really,

447
00:24:25,800 --> 00:24:30,200
Speaker 1: that's not destructive for literally years, and so it's about

448
00:24:30,240 --> 00:24:32,919
Speaker 1: time we move forward. And and Boyd, let me ask you,

449
00:24:32,960 --> 00:24:35,680
Speaker 1: because it seems like it's been a while. Um in

450
00:24:35,760 --> 00:24:39,199
Speaker 1: terms of maybe in the modern presidency, most presidents are

451
00:24:39,240 --> 00:24:42,639
Speaker 1: getting you know, one, maybe two big bills through Congress

452
00:24:42,680 --> 00:24:46,320
Speaker 1: early in their administration and then there's stymied. So if

453
00:24:46,359 --> 00:24:49,920
Speaker 1: Biden does get a COVID relief bill of some size,

454
00:24:50,240 --> 00:24:53,800
Speaker 1: does that mean something like immigration or infrastructure is probably

455
00:24:53,840 --> 00:24:57,639
Speaker 1: off the table after that that? That's a really great question,

456
00:24:58,040 --> 00:25:01,639
Speaker 1: and I'm not sure. I think because of the pandemic,

457
00:25:01,960 --> 00:25:04,480
Speaker 1: he may he may get another one beyond that, because

458
00:25:04,600 --> 00:25:07,520
Speaker 1: I think this is one that people will at least say, well,

459
00:25:07,640 --> 00:25:10,359
Speaker 1: in the end, we we at least tried something that

460
00:25:10,480 --> 00:25:13,119
Speaker 1: hopefully helped the American people in the middle of a pandemic.

461
00:25:13,200 --> 00:25:16,040
Speaker 1: So I don't think it necessarily takes an infrastructure or

462
00:25:16,080 --> 00:25:20,600
Speaker 1: an immigration piece off the board yet. But again, so

463
00:25:20,680 --> 00:25:23,439
Speaker 1: much of this gets gets calculated around kind of the

464
00:25:23,440 --> 00:25:27,080
Speaker 1: fake fights and false choices because so many of these

465
00:25:27,080 --> 00:25:30,520
Speaker 1: things we can do, whether it's transportation or immigration. Uh.

466
00:25:30,560 --> 00:25:33,399
Speaker 1: You know, on immigration, we can finally come to terms

467
00:25:33,440 --> 00:25:37,000
Speaker 1: that compassion and rule of law are compatible principles. Uh,

468
00:25:37,040 --> 00:25:39,240
Speaker 1: and so you can get those things done. And and

469
00:25:39,280 --> 00:25:41,119
Speaker 1: to me, that's the hope. And I think it's a

470
00:25:41,119 --> 00:25:45,080
Speaker 1: struggle for both parties moving forward because increasingly with the

471
00:25:45,080 --> 00:25:47,640
Speaker 1: fracture that we talked about earlier in the hour, Uh,

472
00:25:47,680 --> 00:25:49,920
Speaker 1: it is going to be this movable middle, these people

473
00:25:49,960 --> 00:25:52,320
Speaker 1: from the center left to the center right who want

474
00:25:52,359 --> 00:25:56,320
Speaker 1: to talk about community and compassion and upward mobility and

475
00:25:56,440 --> 00:25:59,639
Speaker 1: opportunity for them and their kids. Ultimately, that group is

476
00:25:59,640 --> 00:26:01,720
Speaker 1: going to lie. They have a voice, and they have

477
00:26:01,840 --> 00:26:04,760
Speaker 1: some power, but nobody's talking to them in a way

478
00:26:04,800 --> 00:26:08,720
Speaker 1: that makes sense. They're just really exhausted by the two extremes. Yeah,

479
00:26:09,040 --> 00:26:11,800
Speaker 1: and it was we keep hearing about the need to

480
00:26:11,880 --> 00:26:16,320
Speaker 1: move on immigration rather and we will likely, as we

481
00:26:16,359 --> 00:26:18,760
Speaker 1: heard from Jensaki, see these e O s signed, the

482
00:26:18,800 --> 00:26:23,159
Speaker 1: executive actions signed and moved forward early next week. But

483
00:26:23,600 --> 00:26:26,960
Speaker 1: whether we get legislation, I think I Rick is very

484
00:26:27,000 --> 00:26:29,240
Speaker 1: often as much more optimistic than I am that we

485
00:26:29,320 --> 00:26:32,600
Speaker 1: see that. But maybe we will want to thank so much.

486
00:26:32,720 --> 00:26:35,960
Speaker 1: Boyd Matheson, former Chief of staff for Senator Mike Lee,

487
00:26:36,040 --> 00:26:39,359
Speaker 1: opinion editor at The Desert News. Such a pleasure to

488
00:26:39,400 --> 00:26:42,199
Speaker 1: talk with you, Boyd. And coming up next on sound On,

489
00:26:42,359 --> 00:26:44,680
Speaker 1: Rick and I are going to be speaking with Representative

490
00:26:44,720 --> 00:26:48,040
Speaker 1: French Hill of Arkansas. I am Jeanie Schanzano and this

491
00:26:48,200 --> 00:26:59,840
Speaker 1: is Bloomberg. This is Bloomberg Sound On with Kevin Surley

492
00:27:00,240 --> 00:27:07,800
Speaker 1: on Bloomberg Radio, and I'm Jennie Shanzano in for Kevin

493
00:27:07,840 --> 00:27:11,880
Speaker 1: CURRELLI with here with me is Bloomberg contributor Rick Davis,

494
00:27:11,920 --> 00:27:17,000
Speaker 1: and joining us now is Representative French Hill, Republican from Arkansas,

495
00:27:17,080 --> 00:27:21,040
Speaker 1: who has represented the second Congressional District since two thousand

496
00:27:21,040 --> 00:27:24,439
Speaker 1: and fifteen. So Congressman Hill, thanks so much for joining

497
00:27:24,480 --> 00:27:27,880
Speaker 1: us at the end of this busy week. Well, Jennie, Rick,

498
00:27:28,000 --> 00:27:30,119
Speaker 1: it's good to be with you. Thanks for the time.

499
00:27:31,080 --> 00:27:33,640
Speaker 1: And speaking of this week, I wanted to start by

500
00:27:33,680 --> 00:27:37,359
Speaker 1: asking you something that I know you've spoken out about. UM,

501
00:27:37,440 --> 00:27:41,520
Speaker 1: we saw the President the administration move forward on their

502
00:27:41,640 --> 00:27:46,919
Speaker 1: environmental plans, their executive orders, and the President was clear

503
00:27:47,040 --> 00:27:49,119
Speaker 1: that he said when it is climate Day at the

504
00:27:49,119 --> 00:27:52,280
Speaker 1: White House, that means its jobs day. What is your

505
00:27:52,400 --> 00:27:58,240
Speaker 1: response to the executive order specifically the Keystone Pipeline. Well, Jennie,

506
00:27:58,320 --> 00:28:02,480
Speaker 1: I am utterly dis pointed in Joe Biden's response on

507
00:28:02,520 --> 00:28:07,120
Speaker 1: the Keystone Pipeline. This has been a twelve year saga,

508
00:28:07,200 --> 00:28:10,720
Speaker 1: starting back in two thousand and eight, to build a

509
00:28:11,440 --> 00:28:15,480
Speaker 1: TransCanada pipeline from Alberta to the Gulf Coast to transport

510
00:28:15,520 --> 00:28:19,640
Speaker 1: Canadian oil to help make both Canada and America more

511
00:28:19,760 --> 00:28:24,520
Speaker 1: energy independent, increase our economy, increase our jobs, transport that

512
00:28:24,560 --> 00:28:29,040
Speaker 1: oil safely. This isn't stopping oil from being produced at Alberta.

513
00:28:29,440 --> 00:28:33,119
Speaker 1: It's being put in a rail car and transported over

514
00:28:33,200 --> 00:28:37,360
Speaker 1: to Oklahoma and Texas for refining, and the safe way

515
00:28:37,400 --> 00:28:41,880
Speaker 1: to do that is by a pipeline. Further, the Keystone

516
00:28:42,120 --> 00:28:44,640
Speaker 1: is the first pipeline that will be constructed in the US.

517
00:28:44,680 --> 00:28:49,320
Speaker 1: It will be net emissions zero upon its opening. So

518
00:28:49,360 --> 00:28:53,000
Speaker 1: I'm just disappointed that Joe Biden doesn't recognize the importance

519
00:28:53,440 --> 00:28:59,479
Speaker 1: of this Canadian and American infrastructure project, and Representative Hill

520
00:28:59,520 --> 00:29:02,080
Speaker 1: to follow up on that, what is the job impact

521
00:29:02,280 --> 00:29:06,200
Speaker 1: in your district Arkansas as a whole in terms of

522
00:29:06,240 --> 00:29:09,600
Speaker 1: the actions that the President took these of the the

523
00:29:09,760 --> 00:29:15,080
Speaker 1: Keystone Pipeline. We had a press conference today with our stevadoors,

524
00:29:15,160 --> 00:29:18,520
Speaker 1: people who unload the steel coils on the Arkansas River

525
00:29:18,800 --> 00:29:23,160
Speaker 1: or load up the steel pipe. That also the steel

526
00:29:23,320 --> 00:29:26,520
Speaker 1: welders and the union men and women who worked in

527
00:29:26,560 --> 00:29:31,080
Speaker 1: that arena, and the pipe manufacture itself. It's manufactured over

528
00:29:31,160 --> 00:29:35,720
Speaker 1: fift of the Keystone Pipeline well spun, which is right

529
00:29:35,760 --> 00:29:38,280
Speaker 1: here in Little Rock. We think it will be several

530
00:29:38,360 --> 00:29:42,560
Speaker 1: hundred jobs impacted by the fact that if this pipe

531
00:29:43,040 --> 00:29:45,520
Speaker 1: is not put in the ground that's paid for by

532
00:29:45,720 --> 00:29:48,000
Speaker 1: Trans Canada, then it's going to be dumped on the

533
00:29:48,040 --> 00:29:52,640
Speaker 1: market and to press prices for steel pipeline transmission pipe.

534
00:29:52,640 --> 00:29:54,640
Speaker 1: And that's not good for the economy, it's not good

535
00:29:54,640 --> 00:29:57,600
Speaker 1: for jobs, and it's not good for Little Rock. Congressman

536
00:29:57,640 --> 00:29:59,720
Speaker 1: hell Rick Davis here, thanks again for being on the

537
00:29:59,760 --> 00:30:02,440
Speaker 1: pro Graham, really appreciate the time you're giving us today.

538
00:30:02,560 --> 00:30:04,360
Speaker 1: And and maybe there's just a pivot a little bit

539
00:30:04,840 --> 00:30:06,600
Speaker 1: off of the Keystone pipe behind and maybe on to

540
00:30:06,680 --> 00:30:09,680
Speaker 1: the top of the to the newspaper today on on

541
00:30:09,760 --> 00:30:13,160
Speaker 1: all the crazy activity on Wall Street related to uh,

542
00:30:13,560 --> 00:30:16,720
Speaker 1: the game Stop initiative. And I know you're the on

543
00:30:16,760 --> 00:30:21,240
Speaker 1: the Committee for Investor Protection and Entrepreneurship and capital markets.

544
00:30:21,280 --> 00:30:24,400
Speaker 1: So this right down your alley. And uh, we've seen

545
00:30:24,560 --> 00:30:29,720
Speaker 1: some mentioned today by the Acting SEC Chair Allison Lee

546
00:30:29,880 --> 00:30:32,560
Speaker 1: that um, they're gonna they're gonna look into this, they're

547
00:30:32,560 --> 00:30:35,479
Speaker 1: gonna probe it. They're going to look for misconduct by

548
00:30:35,560 --> 00:30:39,280
Speaker 1: regulated entities, those people who are you know, financially regulated

549
00:30:39,320 --> 00:30:42,640
Speaker 1: by the SEC. But from what your perspective isn't the

550
00:30:42,960 --> 00:30:45,600
Speaker 1: look you've done at it? Where do you think that

551
00:30:45,720 --> 00:30:49,640
Speaker 1: the regulatory agencies go? I mean, I'm sort of dumbfounded

552
00:30:49,680 --> 00:30:53,480
Speaker 1: to know where where the harm is right now? Well, Rick,

553
00:30:53,520 --> 00:30:56,920
Speaker 1: it's uh, it's a fascinating business case study to see

554
00:30:57,240 --> 00:31:01,080
Speaker 1: a company, of public company, game Stop shorted for people

555
00:31:01,120 --> 00:31:03,560
Speaker 1: who don't think it has a good future, and have

556
00:31:03,720 --> 00:31:07,760
Speaker 1: that short countered by a group of investors acting in

557
00:31:07,880 --> 00:31:12,880
Speaker 1: concert on bulletin boards. Uh, and that it's produced a

558
00:31:12,920 --> 00:31:15,360
Speaker 1: short squeeze like that. I don't think we've seen it

559
00:31:15,400 --> 00:31:18,520
Speaker 1: in the dot com boom. I don't think I've seen

560
00:31:18,560 --> 00:31:21,160
Speaker 1: that before. And I've I've been in this industry forty

561
00:31:21,360 --> 00:31:25,800
Speaker 1: years and starting with the Silver Corner back in nine nine,

562
00:31:25,840 --> 00:31:28,680
Speaker 1: so I've seen a lot of short squeezes, a lot

563
00:31:28,720 --> 00:31:32,520
Speaker 1: of crashes over my career. Here's the things I'm gonna

564
00:31:32,520 --> 00:31:35,200
Speaker 1: look at as a member of that committee. One, let's

565
00:31:35,240 --> 00:31:39,200
Speaker 1: talk about the compliance obligations for the retail brokerage customer

566
00:31:39,280 --> 00:31:41,800
Speaker 1: at a robin Hood or one of those firms where

567
00:31:41,800 --> 00:31:45,800
Speaker 1: they froll fully compliant with the SEC and feneral rules

568
00:31:45,840 --> 00:31:50,960
Speaker 1: about margin option option use. Net Worth was all that

569
00:31:51,160 --> 00:31:56,040
Speaker 1: transparent and disclosed properly to those investors. Uh uh. And

570
00:31:56,080 --> 00:31:59,480
Speaker 1: then the bulletin board issue. If you're an investor and

571
00:31:59,600 --> 00:32:02,560
Speaker 1: you do form a group to be in god, engaged

572
00:32:02,640 --> 00:32:06,240
Speaker 1: in uh and buying shares in a public company, is

573
00:32:06,280 --> 00:32:09,720
Speaker 1: there any SEC obligation there if you act in concert

574
00:32:10,200 --> 00:32:13,360
Speaker 1: under certain rules and accumulating a certain amount of stock.

575
00:32:13,360 --> 00:32:17,280
Speaker 1: I'm very curious about that issue as far as reporting

576
00:32:17,360 --> 00:32:21,560
Speaker 1: that as a trade in concert and being potentially regulated

577
00:32:21,600 --> 00:32:24,120
Speaker 1: by that right right. And I'm not arguing that they

578
00:32:24,160 --> 00:32:26,320
Speaker 1: did that because I don't have that information, but I

579
00:32:26,400 --> 00:32:29,560
Speaker 1: think it's a question I have. That's my point. Uh.

580
00:32:29,600 --> 00:32:33,840
Speaker 1: And so I think there is quite a few items

581
00:32:33,840 --> 00:32:36,440
Speaker 1: on both sides of Capitol Hill in the committee in

582
00:32:36,520 --> 00:32:38,720
Speaker 1: terms of the parties that are interested in this. And

583
00:32:38,720 --> 00:32:43,400
Speaker 1: then and then finally, uh, what if anything needs to

584
00:32:43,440 --> 00:32:46,719
Speaker 1: be changed as a result of what we've seen in

585
00:32:46,800 --> 00:32:49,320
Speaker 1: terms of regulation or the rules as a result of

586
00:32:49,400 --> 00:32:54,240
Speaker 1: this very uh challenging market situation of the last few weeks.

587
00:32:54,520 --> 00:32:58,040
Speaker 1: That Congressman, you make a really important point about this

588
00:32:58,120 --> 00:33:01,040
Speaker 1: idea of acting in concert, because we know that there

589
00:33:01,040 --> 00:33:03,880
Speaker 1: are certain platforms like Reddit, you know, where these groups

590
00:33:03,880 --> 00:33:07,640
Speaker 1: have formed and uh and and what's different about sort

591
00:33:07,680 --> 00:33:09,840
Speaker 1: of uh some of these things in the past which

592
00:33:09,880 --> 00:33:12,800
Speaker 1: have been sort of pumping dump schemes where a whole

593
00:33:12,840 --> 00:33:15,360
Speaker 1: group of people get together, they pump up the stock,

594
00:33:16,040 --> 00:33:18,080
Speaker 1: but then they get out in this case, and they

595
00:33:18,160 --> 00:33:21,960
Speaker 1: don't seem to be looking to be sellers in this market,

596
00:33:22,040 --> 00:33:25,280
Speaker 1: and they they they but they do seem to be

597
00:33:25,360 --> 00:33:28,680
Speaker 1: having the same motivation and and and yet on the

598
00:33:28,720 --> 00:33:33,080
Speaker 1: other hand, momentum buying is not prohibited, right, So if

599
00:33:33,120 --> 00:33:36,240
Speaker 1: you see someone buying up a stock and you think

600
00:33:36,240 --> 00:33:38,480
Speaker 1: it's going to keep going up, you're you're more than

601
00:33:38,760 --> 00:33:40,960
Speaker 1: happy to jump right in and keep running it up.

602
00:33:41,000 --> 00:33:44,480
Speaker 1: And so it seems to me that there there's there's

603
00:33:44,640 --> 00:33:48,680
Speaker 1: there's very difficult uh time for regulators and members of

604
00:33:48,720 --> 00:33:51,640
Speaker 1: Congress like you to look at this and maybe say, Okay,

605
00:33:51,680 --> 00:33:56,040
Speaker 1: we're seeing new phenomena based on the technology and accessibility

606
00:33:56,120 --> 00:33:58,800
Speaker 1: of investment and is there something we should be looking

607
00:33:58,840 --> 00:34:01,880
Speaker 1: at as far as disclose posures or requirements like that

608
00:34:01,920 --> 00:34:04,760
Speaker 1: As you mentioned, so, I'm curious will you be holding

609
00:34:04,760 --> 00:34:08,360
Speaker 1: hearings in your subcommittee and if so, is this something

610
00:34:08,400 --> 00:34:12,760
Speaker 1: you would see eminent. I do anticipate the House Financial

611
00:34:12,800 --> 00:34:16,880
Speaker 1: Services Committee holding or hearing both Patrick mckenry, the ranking Republican,

612
00:34:16,960 --> 00:34:19,600
Speaker 1: and the chair, Vaxine Waters, I think are supportive of that.

613
00:34:19,760 --> 00:34:22,520
Speaker 1: I think it will be soon. But you know, all

614
00:34:22,600 --> 00:34:27,080
Speaker 1: this also goes around to our own responsibility as investors

615
00:34:27,120 --> 00:34:32,239
Speaker 1: for caveat impt or understanding what we're doing, understanding the

616
00:34:32,239 --> 00:34:36,359
Speaker 1: technology that we're using, understanding our obligations and investing and

617
00:34:36,440 --> 00:34:40,479
Speaker 1: those two important rules and investing rule number one, never

618
00:34:40,600 --> 00:34:45,400
Speaker 1: lose money, rule number two remember rule number one? And uh,

619
00:34:46,040 --> 00:34:50,759
Speaker 1: you know and so uh. But it still brings up

620
00:34:50,920 --> 00:34:54,080
Speaker 1: a number of key public policy questions in this new

621
00:34:54,200 --> 00:34:59,480
Speaker 1: testing based on what we've seen in retail investment access

622
00:34:59,600 --> 00:35:03,120
Speaker 1: and call lost and this new role I would say

623
00:35:03,120 --> 00:35:05,719
Speaker 1: in in bolton boards and read it as compared to

624
00:35:06,320 --> 00:35:09,880
Speaker 1: the bulletin board activity we saw again in the earliest

625
00:35:09,960 --> 00:35:12,600
Speaker 1: days of the Internet leading up to the dot com

626
00:35:12,840 --> 00:35:17,080
Speaker 1: crash Representative Hill, I've got to remember both of those rules.

627
00:35:17,080 --> 00:35:19,959
Speaker 1: That's where I've gone wrong. Um, let me just turn

628
00:35:20,040 --> 00:35:24,200
Speaker 1: and ask you a little bit about Nancy Pelosi's statement

629
00:35:24,280 --> 00:35:27,280
Speaker 1: to reporters on Thursday, where she said that the enemy

630
00:35:27,400 --> 00:35:31,200
Speaker 1: is within the House of Representatives. Have you heard or

631
00:35:31,239 --> 00:35:35,520
Speaker 1: have you yourself felt any sort of fear any threats

632
00:35:35,560 --> 00:35:37,879
Speaker 1: by other members of Congress? And what did you make

633
00:35:37,920 --> 00:35:41,719
Speaker 1: of her statement that you Thursday. I've served in Congress

634
00:35:41,960 --> 00:35:45,360
Speaker 1: six years. I've had a collegial relationship on both sides

635
00:35:45,400 --> 00:35:48,719
Speaker 1: of the aisle. I've never once felt any concern for

636
00:35:48,840 --> 00:35:54,320
Speaker 1: my safety in the capital or from each other our colleagues,

637
00:35:55,200 --> 00:35:58,440
Speaker 1: other than what happened in the capital on January six.

638
00:35:59,080 --> 00:36:02,239
Speaker 1: So point one point two is I was distressed by

639
00:36:02,360 --> 00:36:06,320
Speaker 1: what Nancy Pelosi says. We need leaders in this country

640
00:36:06,400 --> 00:36:10,120
Speaker 1: right now who are toning down the rhetoric, not ramping

641
00:36:10,239 --> 00:36:14,920
Speaker 1: up the divisive rhetoric. Speaker Pelosi has simply not gotten

642
00:36:15,000 --> 00:36:19,000
Speaker 1: that message all along the way before the election and

643
00:36:19,080 --> 00:36:23,560
Speaker 1: post election, and I really urge her to step back

644
00:36:23,680 --> 00:36:27,200
Speaker 1: from this kind of rhetoric. And can I just follow

645
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Speaker 1: up and then ask you as as we look towards

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Speaker 1: next week, we're hearing that they may be a vote

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Speaker 1: in terms of Liz Cheney and leadership on your side.

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Speaker 1: Do you think she survives that and she remains in leadership.

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Speaker 1: Liz Cheney is a valued member of the Republican Conference. Uh.

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Speaker 1: People have different views of votes, And again, in my

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Speaker 1: six years, I've heard a lot of people say that

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Speaker 1: they're voting their conscience, they're voting their principles, and that

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Speaker 1: they shouldn't be condemned for it. And clearly, in this

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Speaker 1: particular instance, uh Uh, Congresswoman Cheney believes that she voted

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Speaker 1: her principles and voted her conscience, and so in my view,

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Speaker 1: she has just as much right to serve in the

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Speaker 1: House and serve in leadership if her colleague supporter. I'm

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Speaker 1: supportive of Liz as a as a member of our

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Speaker 1: leadership team, and I think it's important that we have

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Speaker 1: a family discussion about that in the House Republican Conference

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Speaker 1: and determine the best course to move forward. Representative french

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Speaker 1: Hill has been such an honor to talk to you,

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Speaker 1: representing that second district in Arkansas since two thousand and fifteen.

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Speaker 1: Hope to talk to you again very soon. I also

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Speaker 1: want to thank BOYD Matheson, and of course my colleague Bloomberg,

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Speaker 1: political contributor, partner at Stone Court Capital, former campaign manager

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Speaker 1: for John McCain's two thousand and eight presidential campaign, Rick Davis.

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Speaker 1: I am Jeanie Schanzano in for Kevin Cirelli, and this

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Speaker 1: is sound on on Bloomberg. Was Man not un