1
00:00:02,440 --> 00:00:06,800
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,000 --> 00:00:11,280
Speaker 2: Congressman Brad Sherman of California, the Democrat is with us now. Congressman,

3
00:00:11,520 --> 00:00:12,960
Speaker 2: we do want to talk to you as you sit

4
00:00:13,000 --> 00:00:15,480
Speaker 2: on the Foreign Affairs Committee about NATO and some other

5
00:00:15,560 --> 00:00:17,600
Speaker 2: matters as well. But of course there was a caucus

6
00:00:17,680 --> 00:00:20,360
Speaker 2: meeting with you and your colleagues this morning. Did any

7
00:00:20,400 --> 00:00:24,000
Speaker 2: consensus about the future of Biden as the nominee emerge

8
00:00:24,000 --> 00:00:26,200
Speaker 2: from that meeting or did it just create more confusion?

9
00:00:27,320 --> 00:00:31,400
Speaker 3: We at a consensus that Biden has been an outstanding president.

10
00:00:31,640 --> 00:00:35,760
Speaker 3: Biden had a bad night. Trump has led a bad life.

11
00:00:36,560 --> 00:00:41,159
Speaker 3: As to what we should do now, I won't say that.

12
00:00:41,240 --> 00:00:42,400
Speaker 3: You know, we're a Democratic party.

13
00:00:42,400 --> 00:00:43,720
Speaker 1: We've got a lot of different views.

14
00:00:44,159 --> 00:00:48,639
Speaker 3: Some thought that no matter what, Biden should be our

15
00:00:48,680 --> 00:00:52,760
Speaker 3: nominee and it shouldn't be discussed. Others thought we are

16
00:00:52,760 --> 00:00:57,279
Speaker 3: at to urge Biden to drop out. I took kind

17
00:00:57,320 --> 00:01:00,440
Speaker 3: of a midpoint. I think that the delegate will make

18
00:01:00,480 --> 00:01:05,360
Speaker 3: the best possible decision. If Biden provides more tests and

19
00:01:05,520 --> 00:01:08,640
Speaker 3: more information, we'll see that in the press conference he's

20
00:01:08,680 --> 00:01:10,880
Speaker 3: going to do in a couple of days. I would

21
00:01:11,000 --> 00:01:14,839
Speaker 3: like to see him for ninety minutes live at nine

22
00:01:14,880 --> 00:01:19,479
Speaker 3: PM in the next couple of weeks, because on September tenth,

23
00:01:19,560 --> 00:01:22,520
Speaker 3: he's got his second debate with Trump, which will be

24
00:01:22,640 --> 00:01:27,400
Speaker 3: ninety minutes live at nine PM, and it's important that

25
00:01:27,440 --> 00:01:30,760
Speaker 3: the delegates have a chance to see him perform under

26
00:01:30,840 --> 00:01:32,000
Speaker 3: a similar circumstance.

27
00:01:33,360 --> 00:01:37,520
Speaker 4: This is an endless conversation, obviously, Congressman, and I can

28
00:01:37,560 --> 00:01:39,959
Speaker 4: hear your support for Joe Biden here, while I realize

29
00:01:40,000 --> 00:01:42,760
Speaker 4: you want to see more. How much time is there

30
00:01:42,760 --> 00:01:45,880
Speaker 4: for Democrats? Is it between now and the convention in Chicago?

31
00:01:46,000 --> 00:01:48,240
Speaker 4: Or are we looking at a couple of weeks here

32
00:01:48,360 --> 00:01:51,160
Speaker 4: knowing that we've got issues potentially getting on ballots and

33
00:01:51,240 --> 00:01:51,720
Speaker 4: so forth.

34
00:01:51,760 --> 00:01:53,320
Speaker 1: If it's not going to be Joe Biden at the

35
00:01:53,320 --> 00:01:55,480
Speaker 1: top of the ticket, I.

36
00:01:55,400 --> 00:01:57,160
Speaker 3: Think it's clear that we can get on all the

37
00:01:57,200 --> 00:01:59,920
Speaker 3: ballots if we act. At the time of our convent,

38
00:02:00,680 --> 00:02:04,440
Speaker 3: Ohio was an outlier. They've changed their rules, So although

39
00:02:04,440 --> 00:02:08,240
Speaker 3: we were planning to meet Ohio's requirements by having a

40
00:02:08,360 --> 00:02:12,120
Speaker 3: virtual vote in early August, we can now do this

41
00:02:12,240 --> 00:02:15,280
Speaker 3: on August twentieth, and that is that will work for

42
00:02:15,320 --> 00:02:17,160
Speaker 3: all fifty states as.

43
00:02:17,040 --> 00:02:19,280
Speaker 1: A political convention. Is the deadline?

44
00:02:20,600 --> 00:02:23,600
Speaker 3: Yes, and yet I think we'll be making a decision,

45
00:02:23,880 --> 00:02:31,120
Speaker 3: a collective decision, long before then, and I think important

46
00:02:31,720 --> 00:02:35,920
Speaker 3: that we see before the convention that Biden can meet

47
00:02:35,960 --> 00:02:38,720
Speaker 3: that test of September tenth when he debates Trump a

48
00:02:38,760 --> 00:02:39,320
Speaker 3: second time.

49
00:02:40,720 --> 00:02:43,000
Speaker 2: What we have heard from the President congressman is a

50
00:02:43,040 --> 00:02:46,280
Speaker 2: suggestion or a pushback against polling that suggests he is

51
00:02:46,400 --> 00:02:49,520
Speaker 2: lagging behind Donald Trump in a meaningful way, or perhaps

52
00:02:49,520 --> 00:02:51,960
Speaker 2: that has widened since his debate performance at the end

53
00:02:52,440 --> 00:02:54,960
Speaker 2: of last month. Do you believe what you're seeing in

54
00:02:55,000 --> 00:02:55,880
Speaker 2: the polls.

55
00:02:57,400 --> 00:03:00,680
Speaker 3: Well, it takes a while for a major event to

56
00:03:00,760 --> 00:03:03,680
Speaker 3: really register with the public and really be reflected in

57
00:03:03,720 --> 00:03:05,440
Speaker 3: the polls, and so I think it's polls for a

58
00:03:05,480 --> 00:03:08,760
Speaker 3: few days from now. It will reflect what happened on

59
00:03:09,240 --> 00:03:13,280
Speaker 3: June twenty seventh. But I don't think anybody would say

60
00:03:13,320 --> 00:03:21,040
Speaker 3: that the debate performance helped the Biden campaign, and I

61
00:03:21,080 --> 00:03:25,360
Speaker 3: think a similar performance on September tenth would be a

62
00:03:25,400 --> 00:03:28,880
Speaker 3: big problem. And that's why I think we need our

63
00:03:28,960 --> 00:03:32,520
Speaker 3: presidential candidate, the leader of our party, to demonstrate, then

64
00:03:32,680 --> 00:03:35,800
Speaker 3: the words of Nancy Pelosi, that was an episode, not

65
00:03:35,880 --> 00:03:39,320
Speaker 3: a condition. I think he can meet that test. I'd

66
00:03:39,360 --> 00:03:41,600
Speaker 3: prefer the test to be as close as possible to

67
00:03:41,640 --> 00:03:46,119
Speaker 3: the one he'll face on September September tenth, But there'll

68
00:03:46,160 --> 00:03:48,560
Speaker 3: be a number of ways in which he demonstrates to

69
00:03:48,600 --> 00:03:51,960
Speaker 3: the delegates, who are the ultimate decision makers here, that

70
00:03:52,320 --> 00:03:55,840
Speaker 3: he is fully up to the job not only of

71
00:03:55,920 --> 00:03:58,840
Speaker 3: beating Donald Trump, not only of beating him in the debate,

72
00:03:59,280 --> 00:04:02,320
Speaker 3: but also governing this country until the end of the

73
00:04:02,320 --> 00:04:03,040
Speaker 3: second term.

74
00:04:04,040 --> 00:04:06,400
Speaker 4: Well as a Democrat who has not yet made up

75
00:04:06,400 --> 00:04:09,320
Speaker 4: his mind on this or found common ground with colleagues

76
00:04:09,320 --> 00:04:11,840
Speaker 4: in the House. And from your perch on the Foreign

77
00:04:11,840 --> 00:04:15,920
Speaker 4: Affairs Committee, Congressman, what are you looking for when Joe

78
00:04:15,920 --> 00:04:18,960
Speaker 4: Biden speaks at the NATO summit today at five o'clock?

79
00:04:19,040 --> 00:04:21,560
Speaker 4: What do you want to hear? What spirit do you

80
00:04:21,600 --> 00:04:23,040
Speaker 4: expect him to bring to the podium.

81
00:04:24,839 --> 00:04:27,839
Speaker 3: I want him to deal with tough questions that he

82
00:04:27,880 --> 00:04:32,960
Speaker 3: may not have anticipated, and to acquit himself well. I

83
00:04:33,000 --> 00:04:36,000
Speaker 3: am very sure that his policies toward NATO will be

84
00:04:36,200 --> 00:04:39,320
Speaker 3: reasonable and ones that I would generally support. So I'm

85
00:04:39,360 --> 00:04:42,920
Speaker 3: not looking at that press conference in terms of is

86
00:04:43,040 --> 00:04:44,760
Speaker 3: does he have the right views about.

87
00:04:44,600 --> 00:04:45,480
Speaker 1: Our foreign policy?

88
00:04:45,480 --> 00:04:48,600
Speaker 3: I'm looking at that press conference to see whether he

89
00:04:48,680 --> 00:04:54,520
Speaker 3: can convince the country that one debate was just an episode.

90
00:04:56,680 --> 00:04:59,960
Speaker 2: Okay, So if you're not looking for policy, Congressman, others

91
00:05:00,160 --> 00:05:02,680
Speaker 2: might be is there a tangible outcome you would like

92
00:05:02,760 --> 00:05:05,320
Speaker 2: to see from the NATO summit this week as it

93
00:05:05,320 --> 00:05:07,080
Speaker 2: pertains to Ukraine or anything else.

94
00:05:08,640 --> 00:05:13,039
Speaker 3: Well, I think we need European countries and Canada to

95
00:05:13,120 --> 00:05:18,120
Speaker 3: step forward and meet that two percent commitment. The majority

96
00:05:18,160 --> 00:05:20,320
Speaker 3: of NATO countries have done that, but most of that

97
00:05:20,440 --> 00:05:24,320
Speaker 3: majority are the smaller countries with the smaller gross national products.

98
00:05:24,320 --> 00:05:27,640
Speaker 3: We need to see Germany and France step forward, when

99
00:05:27,640 --> 00:05:31,160
Speaker 3: need to see Canada step forward and spend more on

100
00:05:31,680 --> 00:05:35,000
Speaker 3: their own defense. They used to think that they're on

101
00:05:35,040 --> 00:05:36,279
Speaker 3: a totally safe continent.

102
00:05:36,600 --> 00:05:37,520
Speaker 1: That is clearly not.

103
00:05:37,520 --> 00:05:38,240
Speaker 3: The case.

104
00:05:40,480 --> 00:05:44,800
Speaker 4: You make of all this talk of trunk proofing NATO, Congressman,

105
00:05:44,920 --> 00:05:48,400
Speaker 4: and the idea of European nations looking to stand up

106
00:05:48,440 --> 00:05:51,880
Speaker 4: their own armies, possibly an EU army, and a world

107
00:05:51,960 --> 00:05:55,640
Speaker 4: in which the United States is no longer leading as

108
00:05:55,920 --> 00:05:58,720
Speaker 4: the tip of the spear in this alliance.

109
00:05:59,560 --> 00:06:01,320
Speaker 1: Is that a conversation that you're allowing.

110
00:06:03,040 --> 00:06:07,120
Speaker 3: I think that if they spend the money, and particularly

111
00:06:07,160 --> 00:06:10,599
Speaker 3: on equipment and develop their own military forces, that the

112
00:06:10,680 --> 00:06:16,559
Speaker 3: NATO command structure will work well. I think that if

113
00:06:17,400 --> 00:06:21,159
Speaker 3: there are so many reasons for Europe to be able

114
00:06:21,160 --> 00:06:24,640
Speaker 3: to do more, maybe one of those reasons is that

115
00:06:24,839 --> 00:06:27,279
Speaker 3: under a Trump administration, America would do less.

116
00:06:29,360 --> 00:06:31,120
Speaker 2: It's great to have you, Congressman, weigh in on that,

117
00:06:31,120 --> 00:06:33,080
Speaker 2: given your seat on the Foreign Affairs Committee. Just in

118
00:06:33,120 --> 00:06:35,240
Speaker 2: our final moment with you knowing you also sit on

119
00:06:35,279 --> 00:06:38,240
Speaker 2: House Financial Services. What's your top question for FED shaired

120
00:06:38,279 --> 00:06:40,320
Speaker 2: Jerome Powell when he testifies before you tomorrow.

121
00:06:41,480 --> 00:06:44,920
Speaker 3: Well, the big issue here was his testimony today that

122
00:06:44,960 --> 00:06:48,880
Speaker 3: they're going to completely revise and republish the Aposal three

123
00:06:48,920 --> 00:06:53,400
Speaker 3: banking regulations. Too many of our regulations push the banks

124
00:06:53,440 --> 00:06:55,800
Speaker 3: to put their money on Wall Street and not to

125
00:06:55,880 --> 00:07:00,120
Speaker 3: make those small loans to businesses on Main Street. And

126
00:07:00,760 --> 00:07:05,400
Speaker 3: we need bank regulations that don't unfairly discriminate in favor

127
00:07:05,520 --> 00:07:10,280
Speaker 3: of a buying billion dollars bond portfolios and instead push

128
00:07:10,360 --> 00:07:13,040
Speaker 3: the banks to their traditional role of making loans in

129
00:07:13,120 --> 00:07:13,800
Speaker 3: local cities.

130
00:07:14,400 --> 00:07:15,760
Speaker 1: Brad Sherman of California