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Speaker 1: Live from our nation's capital. This is Bloomberg's Sound On.

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Speaker 1: We're gonna talk all about the policy prescriptions of the

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Speaker 1: Biden administration. We're not going to hear more about Operation

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Speaker 1: warp Speeds. They're gonna be calling it the COVID response.

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Speaker 1: We're talking right now about jockeying amongst Republicans. Bloomberg Sound

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Speaker 1: On the insiders, the influencers, the insiders fiding has commented

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Speaker 1: again and again that he will unite the country. Who

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

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Speaker 1: moderate detectors. The House has been voting for this stimulus

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Speaker 1: packet basically for months. Bloomberg Sound On with Kevin Surreley

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Speaker 1: on Bloomberg Radio, shutting up an exclusive conversation with US

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Speaker 1: Commerce Secretary Gina Rolundo about what she thinks President Biden's

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Speaker 1: Build Back Better plan we'll do for the US competitive

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Speaker 1: edge against China. A lot to get through jampacked our

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Speaker 1: My name is Kevin Surley. I'm the chief Washington correspondent

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Speaker 1: for Bloomberg's Television and Bloomberg Radio, along with Bloomberg Politics

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Speaker 1: contributors Genie Shawns you know, and Rick Davis. Earlier today,

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Speaker 1: I spoke with the U S. Commerce Secretary Gina Ramundo.

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Speaker 1: This is our first time on the network, and I

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Speaker 1: was asking about her view on how President Biden's Build

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Speaker 1: Back Better plan would impact global supply chains. Take a

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Speaker 1: listen to the sound on this. The President proposes fifty

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Speaker 1: billion dollar investment in supply chain manufacturing of critical supplies pharmaceuticals, UH, core, minerals, technologies, batteries,

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Speaker 1: another fifty billion for semiconductor development, which is a critical

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Speaker 1: area as you know, and a number of other initiatives

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Speaker 1: for investments in job training, apprenticeships, basic research. You know,

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Speaker 1: if you talk to any advanced manufacturer, they will tell

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Speaker 1: you the fact that America has lagged in basic research

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Speaker 1: and research and development has really hindered the industry. So

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Speaker 1: this there are clear elements of the plan specifically intended

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Speaker 1: to boost American competitiveness and as you say, specifically intended

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Speaker 1: to supercharge our advanced manufacturing in critical areas areas by

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Speaker 1: the way, that are necessary for economic security but also

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Speaker 1: national security. I want to go right to that point,

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Speaker 1: UH Secretary Romundo, specifically on protecting the US supply chains

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Speaker 1: for the micro MANU chip micro chip manufacturing that has

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Speaker 1: been something the President Biden. He has issued executive orders

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Speaker 1: on and he's drawn the comparison to better protecting the

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Speaker 1: supply chains against China. For example, what would this plan

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Speaker 1: do to diversify supply chains, invest in supply chains for

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Speaker 1: the micro chip manufacturing particularly, Yeah, great questions. So look, microchips,

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Speaker 1: semi connector chips are literally the building blocks of our

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Speaker 1: future economy as we experience aarians this data and digital revolution. UH.

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Speaker 1: Semiconductors underpin so much of the new technology where we'll

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Speaker 1: be seeing a lot of job creation, artificial intelligence, data technologies,

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Speaker 1: quantum computing and the like. And over the past twenty

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Speaker 1: years America has we've seen a decline in you know,

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Speaker 1: our global production of semiconductors, and that of course makes

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Speaker 1: us vulnerable. At the same time China has is surging

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Speaker 1: forward with major investments. So what this plan calls for

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Speaker 1: is broad investments to uh, you know, build found build

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Speaker 1: manufacturing operations in America, which is what we need to do.

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Speaker 1: Increased research and development so we can stay at the

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Speaker 1: bleeding edge of this technology. Investments in workforce. Even if

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Speaker 1: we magically waived a magic blond and had new foundries

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Speaker 1: in America tomorrow, we don't necessarily have the trained workforce

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Speaker 1: here in America to to operate in those boundaries. It's

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Speaker 1: very Let me follow up on that because in your

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Speaker 1: previous post is the Governor of Rhode Island, you really

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Speaker 1: initiated several workforce retraining programs. I mean for folks in

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Speaker 1: the post pandemic economy who are coming back to industries

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Speaker 1: that have been dramatically shaken. How important is workforce free

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Speaker 1: training not just for young people, but for mid career people,

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Speaker 1: especially in these new and emerging industry technologies. Vitally important.

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Speaker 1: We cannot compete without massive investments in job training, apprenticeships,

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Speaker 1: community colleges, UH, and and even you know, especially in

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Speaker 1: importantly STEM education in our K through twelve system. UH.

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Speaker 1: You put your finger on something that I did a

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Speaker 1: lot of work on as governor and that we absolutely

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Speaker 1: have to work on, is mid career training. You know,

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Speaker 1: COVID has accelerated some of the trends that we had

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Speaker 1: already been seeing in the economy, like like the decline

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Speaker 1: of brick and mortar retail, which honestly is pretty scary

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Speaker 1: for a lot of you know, lower skill folks maybe

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Speaker 1: who spent their whole career in brick and mortar retail.

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Speaker 1: We have to be there for them, Kevin. We have

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Speaker 1: to to help those people get retrained for jobs of

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Speaker 1: today and tomorrow. So the in the in the package

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Speaker 1: the President proposed proposes, he calls for redoubling of apprenticeship programs.

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Speaker 1: That isn't just you know, young kids coming out of

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Speaker 1: high school. That's you know, people like me, forty nine

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Speaker 1: fifty year old women who maybe have been doing something

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Speaker 1: their whole career and they have to start over if

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Speaker 1: they have the current My view is, if you have

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Speaker 1: the courage mid career to take to take the risk

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Speaker 1: on getting trained in a new job, then we need

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Speaker 1: to be there for you with high quality, affordable or

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Speaker 1: free training programs that lead to a job. And as

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Speaker 1: commerce for Jerry, that that is going to be my component.

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Speaker 1: Business has to commit to hiring folks so the training

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Speaker 1: leads to a job. I got two more questions for you,

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Speaker 1: so I want to keep it quick, just in particular

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Speaker 1: about the the the bipartisanship. There are many elements that

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Speaker 1: we've just spoken about that. Truly, when I interview Republicans

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Speaker 1: and Democrats, they do agree on it, but there are

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Speaker 1: some other divisive issues like raising taxes, for example, that

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Speaker 1: have been controversial for Republicans. They say that they don't

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Speaker 1: want to do it and that that's a nonstarter. Can

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Speaker 1: you still accomplish elements of this proposal even if other

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Speaker 1: parts like raising taxes don't get done. Yes, yes, Look,

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Speaker 1: I think people, we cannot let the perfectly the enemy

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Speaker 1: of the good. A disastrous outcome is that we don't

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Speaker 1: get anything done. Uh. These who delayed investments that we

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Speaker 1: need to get to the business of making. But the

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Speaker 1: President has been clear is room for compromise. Um. He

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Speaker 1: wants us to move quickly and get done what we

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Speaker 1: can get them, um, rather than waiting to see if

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Speaker 1: we can get the whole package done at once. So, yes,

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Speaker 1: this is the answer to your question. And then finally,

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Speaker 1: just last question on terroriffts pertaining two medals and aluminums

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Speaker 1: just globally the previous administration had issued them, of course

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Speaker 1: against China and other countries as well. Do they need

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Speaker 1: to be removed or tweaked in the near or short

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Speaker 1: term in order to maximize the potential of the build

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Speaker 1: back better plan M. So, we are in the administration

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Speaker 1: directed by the President to do a full of different

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Speaker 1: review of our strategy as relates to China. But I

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Speaker 1: will simply say this, those terroiffs have worked in so

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Speaker 1: far as they have leveled the playing field for American

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Speaker 1: producers of stealing aluminum. And that's what they were intended

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Speaker 1: to do. So they am not saying that they're perfect.

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Speaker 1: They've created other challenges. The fact of the matter is China,

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Speaker 1: it doesn't play fair. They'll do whatever it takes, and

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Speaker 1: we need to use the tools in our toolbox to

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Speaker 1: level the playing for you, so American workers have a shot.

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Speaker 1: That was my conversation with US Commerce Secretary Gina Ramundo

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Speaker 1: uh talking about a host of variety of topics there

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Speaker 1: on the global supply chain front um, accompanied by the

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Speaker 1: Bloomberg Television and Radio politics contributors Bloomberg Politics contributors contributors Jeanie,

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Speaker 1: Shawn Zano and Rick Davis. I mean, Rick, I thought

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Speaker 1: it was interesting to hear her kind of offer some

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Speaker 1: praise for those tariffs. Yeah, I thought so too. I

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Speaker 1: think that it shows that the Biden administration seems we've

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Speaker 1: taken a leaf out of the Trump administration on how

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Speaker 1: to handle China. I mean, you can't really tell much

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Speaker 1: difference between how the Biden administration has stepped off and

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Speaker 1: and and really tried to pen in China on tariffs

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Speaker 1: and on other issues human rights and others, uh, the

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Speaker 1: same way that the Trump administration did. So Uh, at

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Speaker 1: least there's continuity for the country and that in that policy,

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Speaker 1: and I think portends a a big face off with China,

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Speaker 1: maybe even later this spring. Well why this spring? Before

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Speaker 1: I bring in Jenie, why this spring? Because the expected

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Speaker 1: summit that was discussed uh, you know prior to uh,

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Speaker 1: the meeting in Alaska last month, would be in the

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Speaker 1: middle and of April. Okay, Uh, Jeanie Schanz, you know,

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Speaker 1: I mean you and I have talked about this with

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Speaker 1: Rick as well about not much difference between previous administration

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Speaker 1: this administration. This is the area of continuity. This is

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Speaker 1: the area of continuity. Not much difference on that point,

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Speaker 1: but there is a boatload of difference in terms of

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Speaker 1: how this administration is moving forward and trying to use

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Speaker 1: the government in a way that you know, Republicans have

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Speaker 1: long shied away from. This is a you know, this

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Speaker 1: proposal yesterday and you talked I think so importantly about

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Speaker 1: it to the Commerce secretary. This is about and I

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Speaker 1: think for me, this was the best part what Biden

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Speaker 1: offered yesterday, that this is about competitiveness, this is about

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Speaker 1: the our national security, this is about her economic security.

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Speaker 1: And you underscored that she used the term super charge,

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Speaker 1: which I really like to supercharge advantage um. And that's

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Speaker 1: what's needed. You know, just look at what she talked about.

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Speaker 1: The the digital and data economy is the basis of

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Speaker 1: the new economy. And I can tell you from my perspective,

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Speaker 1: and higher education, not just K through twelve, as she

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Speaker 1: talked about, we are not preparing students across the board

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Speaker 1: for that economy. And that's not a knock on anybody.

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Speaker 1: We simply haven't focused on it. So this is a

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Speaker 1: true difference between the Trump administration, unlike you know what

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Speaker 1: you and Rick were just talking about, which is not

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Speaker 1: much of a difference on tariffs. Well, I mean, and

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Speaker 1: and candidly, I mean, for those who don't know, this

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Speaker 1: is someone who is a venture capitalists. She was obviously

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Speaker 1: the first female governor of Rhode Island. And Rick, I mean,

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Speaker 1: when just very quickly you hear that, I mean, she

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Speaker 1: is a strong communicator for this administration and talking to

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Speaker 1: the business community. And and I was very struck by

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Speaker 1: her candor when I asked her about taxes. I was

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Speaker 1: not expecting her to be so candid and say, yeah,

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Speaker 1: we think we can get other parts of this planned

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Speaker 1: on even if we don't have to raise taxes. Yeah.

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Speaker 1: I think. Look, she uh, she set herself up as

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Speaker 1: a governor of someone who was really practical, understood the

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Speaker 1: business community. I actually dealt with her quite a bit

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Speaker 1: when she was governor of Rhode Island, looking at potential

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Speaker 1: investments in that state, and and she knew how to

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Speaker 1: have that conversation about what your money is going to

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Speaker 1: be worth in her state. And now she's translating that

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Speaker 1: to the federal government. Fascinating. Much more coming up next.

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Speaker 1: I'm Kevin Sireli. The panel stays, the contributors stay, this

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Speaker 1: is Bloomberg. This is Bloomberg. Sound On with Kevin Sireli

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Speaker 1: on Bloomberg Radio. I'm Kevin. It's really Chief Washington correspondent

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Speaker 1: for Member Television and for Bloomberg Radio, accompanied by the

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Speaker 1: contributors Bloomberg Politics contributors Genie Shanzano and Rick Davis. You know,

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Speaker 1: I we just heard from Commerce Secretary Gina Ramundo, but

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Speaker 1: let's hear from President Biden today because as you see this,

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Speaker 1: Rick and Genie, President Biden, he had his first ever

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Speaker 1: cabinet meeting in person, first ever in person cabinet meeting

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Speaker 1: in the East Room of the White House, and he

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Speaker 1: said that he directed five of his cabinet members, including

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Speaker 1: Secretary Buddha Jedge, Energy Secretary Jennifer Granholm, to help advocate

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Speaker 1: and and Secretary Ramundo along with Buddha Jedge, to help

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Speaker 1: advance his plan to spend two and a half trillion

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Speaker 1: dollars on infrastructure. Take a listen to the sound on

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Speaker 1: this from that meeting. Today, American America with America's Jobs Program.

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Speaker 1: And while most of the Cabinet will have a role

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Speaker 1: helping share compressed the Job's plan, today I'm announcing that

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Speaker 1: I'm asking five Cabinet members to take special responsibility to

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Speaker 1: explain the plan to the American public, working with my

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Speaker 1: team here in the White House. These cabinet members will

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Speaker 1: represent me and dealing with Congress, engage the public and

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Speaker 1: selling the plan, and help work out the details as

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Speaker 1: we uh refine it and move forward. These five members

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Speaker 1: will be Pete Boutige, Jennifer Granholm, Marcia Fudge, Marty Walsh

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Speaker 1: and Juneral and there you have it. Meanwhile, this is

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Speaker 1: how it was received by Senator Mitch McConnell, top Republican

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Speaker 1: in the Senate, did to hear this. He was down

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Speaker 1: in Kentucky, his home state of Kentucky, and was haske

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Speaker 1: by reporters what he thinks of this this plan. And well,

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Speaker 1: I'm not going to paraphrase for what McConnell had to say,

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Speaker 1: but he didn't mince words. Take a listen. I'm gonna

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Speaker 1: fight them every step of the way because I think

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Speaker 1: there is the wrong prescription for America. This is a

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Speaker 1: bold left wing administration. I don't think they have a

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Speaker 1: mandate to do what they're doing. Jinny, I don't think

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Speaker 1: he likes it, YEA think I don't know. It sounds

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Speaker 1: like when I asked Christine Barrata if I can eat

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Speaker 1: pizza during the show. She's our executive producer, the legendary

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Speaker 1: gu Yeah, you know. I I think he's very very clear.

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Speaker 1: There's also Ted Cruz out there describing this as the

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Speaker 1: Green New Deal light masquerading as an infrastructure plan. You've

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Speaker 1: even got some moderate and retiring Republicans who have gone

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Speaker 1: on the record against it, including Rob Portman um. You know,

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Speaker 1: so there is enough pushback on the right, and and

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Speaker 1: I don't think the only issue is going to be

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Speaker 1: the raising of the taxes. I think this gets to

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Speaker 1: a lot of other issues, including how we define infrastructure.

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Speaker 1: Republicans take real sception to what they describe as a

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Speaker 1: broad you know, sort of this very broad description of

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Speaker 1: infrastructure that includes everything from roads and bridges to things

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Speaker 1: like childcare um and so, so they're going to be

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Speaker 1: pushing back on a whole host of this. But let's

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Speaker 1: not forget there's also pushed back on the left to

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Speaker 1: this as well. So we're going to have Joe Biden's

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Speaker 1: sort of caught in between. Only can lose three Democrats

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Speaker 1: in the House and zero Democrats in the Senate to

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Speaker 1: get this bill through. All right, here's my in cell, folks.

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Speaker 1: I think that they're going to tuck a lot of

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Speaker 1: the China stuff into the New Frontier Act. And I

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Speaker 1: think Schumer's been pushing for that along with some Republicans

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Speaker 1: in the Senate. And I think you've got his counterparts

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Speaker 1: in the House who are doing that. I'm sure Rick

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Speaker 1: might agree with me on that, right Rick. Yeah, I

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Speaker 1: think there's another avenue to try to get a lot

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Speaker 1: of this done, especially as you point out the things

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Speaker 1: that are specific to China, because I think they see

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Speaker 1: what we were just talking about, which is there's a

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Speaker 1: lot of bipartisan support where you can get ten Republicans

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Speaker 1: to vote on this in the Senate. Uh if it's

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Speaker 1: if it's directed towards China. Well it's a follow up

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Speaker 1: on this with you. I mean when I talk to

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Speaker 1: Republicans all week, I don't know if you've ever seen

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Speaker 1: those lottery ads where they have the big cardboard size

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Speaker 1: blank check. That's how they're describing this, this infrastructure package.

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Speaker 1: I mean, Rick, you're in with all of these Republicans,

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Speaker 1: you know them, you talked to them. I mean it

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Speaker 1: sounds like it's just a simple non starter. Yeah, it's

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Speaker 1: it's going to be more complicated than that, Kevin. Because

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Speaker 1: on the surface, yeah, fighting a two point to two

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Speaker 1: point seven trillion dollar bill is right up their alley,

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Speaker 1: and they feel secure in their base to be able

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Speaker 1: to go after that. A lot of new spending is

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Speaker 1: going to make Republicans nervous. But then when you start

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Speaker 1: taking these um policies, uh, act by act, you know,

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Speaker 1: when you start talking about supply chain fifty billion, Like

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Speaker 1: Gina Romando said, Um, you know, you know you don't

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Speaker 1: want to argue against that. You know, basic research is important.

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Speaker 1: You don't want to You don't want to argue against

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Speaker 1: roads and bridges because voters like that stuff. So the

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Speaker 1: the advantage that Biden has is that when you start

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Speaker 1: pulling these things apart and selling them as as individual activities,

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Speaker 1: it's very popular. Jennie again, another advantage he has. I

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Speaker 1: heard Heidi hide Camp talking the other day, and I

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Speaker 1: think she's right. There's almost an oprah esque a moment

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Speaker 1: to this. Right, you get a car, you get a car,

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Speaker 1: you get a bridge, You get a bridge, and who

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Speaker 1: wants to turn that down? You don't. You want it.

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Speaker 1: In your district, in your state, you don't want it,

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Speaker 1: and everybody else's So I think Republicans, what what Biden

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Speaker 1: is trying to do is sort of trap them into that,

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Speaker 1: do they really want to oppose something that is very

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Speaker 1: popular with the public If this turns out to be

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Speaker 1: as popular as the COVID relief bill and also creates

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Speaker 1: jobs in their districts and helps build infrastructure that we

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Speaker 1: all desperately need. So that's why infrastructure is so popular

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Speaker 1: usually and bipartisan support for it, and that's I think

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Speaker 1: something else they're going to play with and appeal particularly

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Speaker 1: to mayors and governors. All I needs. All I need

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Speaker 1: is fries from Damien's across the street of Poppy Hands

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Speaker 1: or pizza Barata. I'm easy. You know, I don't need much.

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Speaker 1: I'm Kevin SURREALI much more. Coming up next with the contributors,

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Speaker 1: This is Bloomberg Broadcasting live from our nation's capital, Bloomberg

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Speaker 1: to New York, Bloomberg eleven Frio to San Francisco, Bloomberg

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Speaker 1: to the country, Sirius XM General one nine and around

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Speaker 1: the globe, the Bloomberg Business app and Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Sound On with Kevin Cereli. Coming up,

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Speaker 1: we talk to Joe Biden, President Joe Biden's climate adviser.

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Speaker 1: It created a new position she won to put windmills

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Speaker 1: off the coast. My name is Kevin Cerelli. I'm the

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Speaker 1: chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

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Speaker 1: I'm here with the contributors. Bloomberg contributors Rick Davis and

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Speaker 1: Jennie Sean as a no. I want to keep talking

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Speaker 1: about the process of this infrastructure bill because today's White

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Speaker 1: House Press briefing, Press Secretary Jen Saki was asked if

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Speaker 1: the administration split up infrastructure to increase the odds of

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Speaker 1: getting it past. They can listen to the sound on reconciliation.

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Speaker 1: There are a lot of areas where there is agreement

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Speaker 1: with Across. I wouldn't overread into it in that way.

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Speaker 1: We don't know what the legislative uh functioning or process

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Speaker 1: will look like at this point. So I mean, Genie,

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Speaker 1: it was a dodge. It's a big dodge I would

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Speaker 1: describe as a big dodge. But of course in in

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Speaker 1: Jenentucky's defense, so they really don't have as much control

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Speaker 1: over the process that the Senate in particular takes with

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Speaker 1: the House as well. So I do think they have

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Speaker 1: a few options here. One is they try and and

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Speaker 1: we know Schumer is working on this now, to use reconciliation.

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Speaker 1: Another is that they have to take steps with the filibuster. Another,

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Speaker 1: as you talked about, is they break this thing up.

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Speaker 1: I know there's a lot of support for breaking this up.

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Speaker 1: I do think there are also dangers of breaking this

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Speaker 1: up as well, So there's no clear pathway forward here

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Speaker 1: that gets them everywhere they want to go. But in

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Speaker 1: the President's defense, he also did say yesterday and we

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Speaker 1: know this is an opening bid. He's willing to discuss

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Speaker 1: certain aspects of this, and so there should be negotiations

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Speaker 1: in a give and take with Congress, and that's the

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Speaker 1: way this process works. Rick, I mean, it looks like

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Speaker 1: the only way they're going to get any of this

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Speaker 1: through is if they break it up. Yeah, it's it's

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Speaker 1: hard to tell what the president's intentions are, Genie. I mean, like,

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Speaker 1: this is exactly the same thing he said before the

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Speaker 1: one point nine trained dollar stimulus and did not negotiate

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Speaker 1: a single line in that bill with Republicans. So I

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Speaker 1: think you're seeing a lot of smoke screen. Whether it's

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Speaker 1: broken up or not. I think we are entering a

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Speaker 1: very difficult period. You're not going to find ten Republicans

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Speaker 1: who are going to vote for a big tax increase

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Speaker 1: and so so they don't really have an option to

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Speaker 1: try and do this other than through reconciliation or bus

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Speaker 1: and the filibuster, and that will cause a lot of

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Speaker 1: other fallout with other bills that may have had bipartisan support.

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Speaker 1: This isn't the only piece of legislation going through Congress,

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Speaker 1: and it could really disrupt the other things that are happening.

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Speaker 1: And can I just say on that, because I think

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Speaker 1: it's a great point. My read on this with Biden

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Speaker 1: is he doesn't expect to get bipartisan support on this,

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Speaker 1: but he wants to be seen as you know, being

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Speaker 1: open to it, and and you know he wants to

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Speaker 1: go on record as saying he supports it. But do

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Speaker 1: any of us suspect he's going to get it. I'm

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Speaker 1: certain he doesn't suspect that. So I do think they're

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Speaker 1: going to have to use reconciliation or they're gonna have

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Speaker 1: to move towards the filibuster. I don't think breaking this

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Speaker 1: thing up works very well. So I think reconciliation meant

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Speaker 1: my vote is there, that's their best option here. Well,

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Speaker 1: she would want to say that. Um, I hear you

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Speaker 1: on that point, Junior. I think it's a really good

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Speaker 1: point because Saki went on to say that they're open

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Speaker 1: to suggestions, but that was an interesting way. So here

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Speaker 1: here's the sound on the suggestions. There are a lot

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Speaker 1: of areas where there is agreement with across the political

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Speaker 1: spectrum from investment in infrastructure, doing more to be competitive

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Speaker 1: with China, and what we're really talking about here is

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Speaker 1: how to pay for it. So there you go. But

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Speaker 1: that's not all we're talking about. I'm sorry, Jen Psaki,

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Speaker 1: that's not all they're talking about. I mean, there is

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Speaker 1: widespread support on some of this, but there are ways

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Speaker 1: in which infrastructure is being defined here that goes well

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Speaker 1: beyond anything traditional conservatives or Republicans, even some moderate Democrats

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Speaker 1: are going to support. So I don't think there's quite

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Speaker 1: as much. I don't think this is only a question

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Speaker 1: of paying for it, although that's a huge question. She's

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Speaker 1: right about that, all right. Yesterday we talked about the

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Speaker 1: switching gears back to the pandemic. We yesterday broke the

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Speaker 1: news about Johnson and Johnson and a mix up and

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Speaker 1: a fumble that they had had in terms of fifteen

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Speaker 1: that impacted fifteen million of their vaccine dosages here in

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Speaker 1: the United States. That was reported by the United That

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Speaker 1: was reported by the New York Times. Johnson and Johnson,

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Speaker 1: for their part, are pushing back against the description of

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Speaker 1: that New York Times report, but either way, it did

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Speaker 1: penetrate into Pennsylvania Avenue and uh Jen was asked about

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Speaker 1: it at today's briefing. The White House says that a

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Speaker 1: vaccine manufacturing error at a Johnson and Johnson plant in

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Speaker 1: Maryland will not impact the national supply. The company had

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Speaker 1: reported that fifteen million doses were ruined, forcing the f

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Speaker 1: d A to delay authorization to use the plant. To

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Speaker 1: use the plant, at today's briefing, Saki said that J

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Speaker 1: and J is still on pace to meet the domestic

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Speaker 1: supply goals. Take a listen to the sound of the

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Speaker 1: shots for the supply that we are anticipating through the

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Speaker 1: course of May. We uh, we have been assured that

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Speaker 1: we uh that they expect to meet those deadlines. Rick Davis,

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Speaker 1: I mean, that was a massive, massive potential blunder that

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Speaker 1: could have really expand ended and gotten a hold throughout

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Speaker 1: the United States. But it seems that, uh, it seems

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Speaker 1: that they navigated through that potential landminde. Rick. Yeah, the

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Speaker 1: good news is when they stubbed their toe at the

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Speaker 1: White House, Johnson and Johnson will be there with plenty

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Speaker 1: of band aids to help them. And I think that's

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Speaker 1: exactly what this was this time. I mean, like it's

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Speaker 1: actually I mean, when you really look back on it.

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Speaker 1: The fact that there have not been more disruptions like

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Speaker 1: this in the rollout of hundreds and hundreds of millions

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Speaker 1: of doses of of this vaccine is really quite remarkable.

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Speaker 1: And the fact that that that they have overbooked what

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Speaker 1: they need to be able to satisfy the adult population

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Speaker 1: is exactly why you do this, so that you can

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Speaker 1: avoid any disruptions if something goes wrong in the supply chain.

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Speaker 1: So I think anybody who was questioning, you know, the

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Speaker 1: the additional amounts of vaccine that the Biden administration ordered

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Speaker 1: now can look back and say, well, that was a

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Speaker 1: really good decision and when we made it, and thank

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Speaker 1: goodness we did. In a statement earlier yesterday, Emergent said

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Speaker 1: that it has set up rigorous quality checks that caught

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Speaker 1: the flawed batch, and the company called the issue disappointing,

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Speaker 1: yet said it quote does occasionally happen during vaccine manufacturing,

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Speaker 1: which is a complex and multi step biological process. Emergent

430
00:25:21,560 --> 00:25:24,160
Speaker 1: says that it remains confident in its ability to meet

431
00:25:24,160 --> 00:25:29,560
Speaker 1: Food and Drug Administration requirements and receive authorization. I mean,

432
00:25:29,600 --> 00:25:32,160
Speaker 1: it was you know, Genie just quickly here. I mean,

433
00:25:32,200 --> 00:25:34,600
Speaker 1: that could have been again a major, a major blunder.

434
00:25:35,080 --> 00:25:38,800
Speaker 1: But it looks like Johnson and Johnson, as well as Emergent,

435
00:25:38,920 --> 00:25:41,400
Speaker 1: which does work obviously in the manufacturing of the vaccine,

436
00:25:41,480 --> 00:25:43,960
Speaker 1: navigated it. They did navigate it. Something a lot of

437
00:25:43,960 --> 00:25:45,879
Speaker 1: people don't seem to be talking about our concerns so

438
00:25:45,960 --> 00:25:47,639
Speaker 1: much about is It looks like the White House and

439
00:25:47,720 --> 00:25:50,439
Speaker 1: senior officials in the A Biden administration knew about this

440
00:25:50,760 --> 00:25:53,480
Speaker 1: at least a week or two ago, according to some reports.

441
00:25:53,760 --> 00:25:56,280
Speaker 1: And I do remain curious as to why we at

442
00:25:56,320 --> 00:25:59,600
Speaker 1: least we first heard about it yesterday late yesterday. But

443
00:25:59,680 --> 00:26:03,120
Speaker 1: I still agree with you and recon this point. Yeah,

444
00:26:03,480 --> 00:26:06,160
Speaker 1: really good point there. Jenny coming up next to check

445
00:26:06,200 --> 00:26:10,760
Speaker 1: in with the senior advisor my climate with the Biden administration.

446
00:26:10,760 --> 00:26:31,719
Speaker 1: I'm Kevin Surli. This is Bloomberg. This is Bloomberg. Sound

447
00:26:31,800 --> 00:26:38,239
Speaker 1: On with Kevin Surley on Bloomberg Radio. Breaking news on

448
00:26:38,280 --> 00:26:42,560
Speaker 1: the Bloomberg Terminal. The headline flashed redhead top Biden aid

449
00:26:42,680 --> 00:26:46,320
Speaker 1: set April twelfth summit with firms on chip shortage. Jenny

450
00:26:46,400 --> 00:26:50,160
Speaker 1: Letter reports President Joe Biden's top national security and economic

451
00:26:50,160 --> 00:26:53,840
Speaker 1: Advisor's plan to meet April twelve with semiconductor and auto

452
00:26:53,880 --> 00:26:57,719
Speaker 1: companies to discuss the global shortage of micro processors. According

453
00:26:57,760 --> 00:27:01,160
Speaker 1: to people familiar with the matter, Nationals Security Advisor Jake

454
00:27:01,240 --> 00:27:05,560
Speaker 1: Sullivan and National Economic Council Director Brandice will discuss the

455
00:27:05,600 --> 00:27:08,400
Speaker 1: impacts of the shortage and a path forward with industry

456
00:27:08,480 --> 00:27:12,359
Speaker 1: leaders and administration officials, said The official added that the

457
00:27:12,359 --> 00:27:15,639
Speaker 1: White House is also engaged with Congress and allies abroad

458
00:27:15,800 --> 00:27:18,919
Speaker 1: on the issue. Fascinating development one that we will be

459
00:27:19,000 --> 00:27:23,679
Speaker 1: keeping close careful watch on. Earlier today, I spoke with

460
00:27:23,880 --> 00:27:27,120
Speaker 1: White House National Climate Advisor Gena McCarthy for her view

461
00:27:27,160 --> 00:27:30,240
Speaker 1: on how the Build Back Better Plan will tackle climate change.

462
00:27:30,320 --> 00:27:34,480
Speaker 1: Take alism, you know, Kevin, this plan is just it's exciting.

463
00:27:34,640 --> 00:27:38,440
Speaker 1: It's big, it's bold, It meets the moment. It recognizes

464
00:27:38,560 --> 00:27:41,920
Speaker 1: that climate change is a problem, and yet it translates

465
00:27:41,960 --> 00:27:46,600
Speaker 1: this into everyday work that that we can get excited

466
00:27:46,640 --> 00:27:51,160
Speaker 1: about as normal human beings, like better roads and bridges

467
00:27:51,200 --> 00:27:57,480
Speaker 1: and transit, building an a electric grid that's resilient, making

468
00:27:57,520 --> 00:27:59,879
Speaker 1: sure we look at our ports and our reels, we

469
00:28:00,040 --> 00:28:03,840
Speaker 1: get cleaner buses. It's about houses that are more efficient.

470
00:28:04,119 --> 00:28:08,080
Speaker 1: It's about rebuilding our communities again, it's about taking care

471
00:28:08,119 --> 00:28:11,959
Speaker 1: of our schools, it's about advancing broadband. We are talking

472
00:28:12,000 --> 00:28:15,800
Speaker 1: about putting millions of people back to work, and work

473
00:28:15,920 --> 00:28:20,159
Speaker 1: that matters to everybody, not just manufacturing. But it's exciting

474
00:28:20,240 --> 00:28:23,680
Speaker 1: to have manufacturing invested and again in this country because

475
00:28:23,720 --> 00:28:26,199
Speaker 1: it means we're going to take back the supply change

476
00:28:26,800 --> 00:28:30,119
Speaker 1: chains that we have offshore to other people and start

477
00:28:30,200 --> 00:28:33,960
Speaker 1: looking at things like electric vehicles in the United States

478
00:28:34,040 --> 00:28:39,320
Speaker 1: of America, building charging stations out there, getting battery manufacturing

479
00:28:39,480 --> 00:28:43,080
Speaker 1: right here in the United States, looking at our opportunities

480
00:28:43,120 --> 00:28:46,760
Speaker 1: we have to grow the middle class by supporting our unions.

481
00:28:47,360 --> 00:28:51,040
Speaker 1: It's just a very exciting opportunity, guys, and McCarthy, I'll

482
00:28:51,040 --> 00:28:53,400
Speaker 1: be candidate here. When I talked to Republicans, they say,

483
00:28:53,520 --> 00:28:55,560
Speaker 1: that's just too much money. We can't afford it. And

484
00:28:55,600 --> 00:28:59,240
Speaker 1: some of them are concerned. They're concerned that investing in

485
00:28:59,280 --> 00:29:02,880
Speaker 1: these initiative that you're talking about, that that that needs

486
00:29:02,880 --> 00:29:05,600
Speaker 1: that you argue need to be completed, that it means

487
00:29:05,640 --> 00:29:07,920
Speaker 1: that they're going to shut down refineries and the folks

488
00:29:07,920 --> 00:29:10,520
Speaker 1: are going to be out of work. How important is

489
00:29:10,600 --> 00:29:14,520
Speaker 1: retraining not just for young people, advisor McCarthy, but for

490
00:29:14,640 --> 00:29:18,280
Speaker 1: mid career level officials, for people in their thirties, their forties,

491
00:29:18,280 --> 00:29:21,640
Speaker 1: and their fifties, because some of these the pandemic has

492
00:29:21,720 --> 00:29:25,920
Speaker 1: has sped up a restructuring of sorts of industry. So

493
00:29:25,960 --> 00:29:29,200
Speaker 1: how crucial is the need for retraining. I think it's

494
00:29:29,240 --> 00:29:33,920
Speaker 1: really important, and there's a there's a very large component

495
00:29:34,040 --> 00:29:38,720
Speaker 1: here that's looking at, for example, research and development opportunities

496
00:29:38,720 --> 00:29:42,440
Speaker 1: with our industries. We we don't have good solutions yet

497
00:29:42,640 --> 00:29:45,600
Speaker 1: and we haven't invested in research and development the way

498
00:29:45,640 --> 00:29:49,640
Speaker 1: we need to, like demonstration projects for green hydrogen and

499
00:29:49,720 --> 00:29:54,160
Speaker 1: our submit sector, in our in our steel uh sector,

500
00:29:54,400 --> 00:29:59,880
Speaker 1: and that's important. Retraining is gigantic here because we do

501
00:30:00,120 --> 00:30:02,120
Speaker 1: have to keep people to work and there are going

502
00:30:02,160 --> 00:30:06,040
Speaker 1: to be sectors where that's very challenging. But we're raising

503
00:30:06,080 --> 00:30:08,920
Speaker 1: that issue, Kevin. We're not going to sideline at or

504
00:30:08,960 --> 00:30:12,000
Speaker 1: hide it. We have to start looking at this. Because

505
00:30:12,240 --> 00:30:16,480
Speaker 1: we didn't pick electric vehicles as as the solution the

506
00:30:16,560 --> 00:30:20,440
Speaker 1: market did. They're actually going to be the winners. So

507
00:30:20,480 --> 00:30:23,320
Speaker 1: when the auto companies come to us, they want help

508
00:30:23,400 --> 00:30:26,560
Speaker 1: to bring them manufacturing back, and the U a w

509
00:30:26,560 --> 00:30:29,880
Speaker 1: wants helped to keep their jobs. And we think it's

510
00:30:29,920 --> 00:30:33,680
Speaker 1: our opportunity here to invest in these markets. So that

511
00:30:33,720 --> 00:30:36,960
Speaker 1: we can grow the jobs of the future while we

512
00:30:37,040 --> 00:30:40,360
Speaker 1: retrain and put people back to work today. And there's

513
00:30:40,400 --> 00:30:44,239
Speaker 1: a couple of really exciting opportunities in here. We are

514
00:30:44,320 --> 00:30:48,360
Speaker 1: talking about using uh sector that that used to be

515
00:30:48,760 --> 00:30:52,560
Speaker 1: invested in coal and coal mining and look for opportunities

516
00:30:52,600 --> 00:30:56,400
Speaker 1: in their own communities to start plugging up those oil

517
00:30:56,480 --> 00:30:59,720
Speaker 1: and gas wells that have been left behind that espewing methane,

518
00:31:00,120 --> 00:31:02,200
Speaker 1: and let's stop putting them to work with skills they

519
00:31:02,240 --> 00:31:05,560
Speaker 1: already have while we think about what comes next. I know,

520
00:31:07,200 --> 00:31:08,680
Speaker 1: I know you're pressed for time. I got two more

521
00:31:08,720 --> 00:31:11,080
Speaker 1: questions for you. The first is that the Biden administration

522
00:31:11,160 --> 00:31:14,680
Speaker 1: is envisioning thousands of wind turbines spinning at sea. This

523
00:31:14,760 --> 00:31:18,040
Speaker 1: is something that you've said as a unique opportunity right now,

524
00:31:18,440 --> 00:31:21,440
Speaker 1: and that for offshore wind and when will when will

525
00:31:21,440 --> 00:31:25,160
Speaker 1: that get started? Well, it's actually gut and started. We

526
00:31:25,160 --> 00:31:27,960
Speaker 1: we were just out in the northeast coast because we've

527
00:31:28,000 --> 00:31:33,240
Speaker 1: issued some permits for Vineyard wind um and we have

528
00:31:33,360 --> 00:31:36,160
Speaker 1: announced a whole bunch more to come. So we did

529
00:31:36,240 --> 00:31:38,920
Speaker 1: a big event because we think there's an opportunity for

530
00:31:39,040 --> 00:31:44,400
Speaker 1: thirty gigawatts of electricity generated from off shore wind and

531
00:31:44,400 --> 00:31:47,840
Speaker 1: we're actually excited because the companies that are developing it,

532
00:31:48,200 --> 00:31:51,080
Speaker 1: many of them are coming to us with labor agreements.

533
00:31:51,400 --> 00:31:55,000
Speaker 1: So we're talking about the entire supply chain. We're talking

534
00:31:55,040 --> 00:31:58,800
Speaker 1: about hum making sure that the Jones Act has paid

535
00:31:58,840 --> 00:32:01,960
Speaker 1: attention to, and the boats that service these are going

536
00:32:02,000 --> 00:32:06,080
Speaker 1: to be union votes. So there's all kinds of opportunities here.

537
00:32:06,160 --> 00:32:10,280
Speaker 1: We think, not just with onshore but offshore win that's

538
00:32:10,280 --> 00:32:12,960
Speaker 1: going to make it very exciting. And then a final

539
00:32:13,040 --> 00:32:16,800
Speaker 1: question for you're the previous h e p A administrator

540
00:32:16,920 --> 00:32:19,680
Speaker 1: in the Obama administration. How is this role, this newly

541
00:32:19,720 --> 00:32:23,120
Speaker 1: creative role just from a process standpoint, Now you are

542
00:32:23,160 --> 00:32:25,680
Speaker 1: the National Climate Advisor. What does that mean and how

543
00:32:25,760 --> 00:32:28,360
Speaker 1: is it different from your previous role. Yeah, well, previously

544
00:32:28,400 --> 00:32:30,560
Speaker 1: it was an e p A and we did great

545
00:32:30,640 --> 00:32:33,080
Speaker 1: work there. But most of the work we did there

546
00:32:33,480 --> 00:32:36,720
Speaker 1: where with the development of programs, and we did some

547
00:32:36,920 --> 00:32:40,640
Speaker 1: standard setting of course, some regulations, and and EPA is

548
00:32:40,680 --> 00:32:42,719
Speaker 1: still going to do that. There's still a need for

549
00:32:42,760 --> 00:32:47,080
Speaker 1: all those activities to protect fundamental public health and the environment.

550
00:32:47,400 --> 00:32:49,680
Speaker 1: But what I'm doing here is I'm pretty much an

551
00:32:49,760 --> 00:32:53,240
Speaker 1: orchestrator or an orchestra conductor. Is probably a better way

552
00:32:53,240 --> 00:32:56,960
Speaker 1: to say it. And I've got the cabinet all working

553
00:32:57,040 --> 00:32:59,560
Speaker 1: with us to make sure that the whole of government

554
00:33:00,080 --> 00:33:02,840
Speaker 1: is not just thinking about the work they do, but

555
00:33:02,960 --> 00:33:05,880
Speaker 1: they're thinking about the work through two different lenses. One

556
00:33:05,960 --> 00:33:08,640
Speaker 1: is through a climate lens to make sure that as

557
00:33:08,640 --> 00:33:12,120
Speaker 1: we're look looking at the programs we run, the investments

558
00:33:12,160 --> 00:33:14,960
Speaker 1: we make, let's make sure it's all geared towards a

559
00:33:15,040 --> 00:33:19,520
Speaker 1: sustainable future, looking at the opportunities. And secondly, you know,

560
00:33:19,600 --> 00:33:22,880
Speaker 1: President Biden made a strong commitment not just to get

561
00:33:22,960 --> 00:33:27,400
Speaker 1: us to net zero greenhouse gas emissions in in twenty fifty,

562
00:33:27,440 --> 00:33:31,000
Speaker 1: but he made a strong commitment that of the investments

563
00:33:31,000 --> 00:33:34,280
Speaker 1: and clean energy are going to be invested in the

564
00:33:34,320 --> 00:33:38,239
Speaker 1: communities that have been left behind, the marginalized communities that

565
00:33:38,320 --> 00:33:42,480
Speaker 1: have systemically been disinvested in. So we're gonna push and

566
00:33:42,520 --> 00:33:45,360
Speaker 1: we're gonna work together across the whole of government to

567
00:33:45,480 --> 00:33:48,600
Speaker 1: make these investments at a smot that grow jobs, good

568
00:33:48,680 --> 00:33:52,920
Speaker 1: union jobs, that that bring benefits to the communities left behind.

569
00:33:53,440 --> 00:33:55,160
Speaker 1: And we're going to do it in a way that

570
00:33:55,320 --> 00:33:59,280
Speaker 1: hopefully lifts all boats and brings us to a future

571
00:33:59,320 --> 00:34:01,520
Speaker 1: that we can all be proud to hand to our children.

572
00:34:02,520 --> 00:34:06,800
Speaker 1: You know. McCarthy. The White House National Climate Advisor Rick

573
00:34:06,920 --> 00:34:10,839
Speaker 1: Davis is with me Janie Schanzano Bloomberg Politics contributors, Rick,

574
00:34:10,880 --> 00:34:13,120
Speaker 1: I mean, all right, that's what they want on the

575
00:34:13,160 --> 00:34:17,720
Speaker 1: green stuff, but you know, Republicans have a much different interpretation. Yeah,

576
00:34:17,760 --> 00:34:19,680
Speaker 1: I mean, Republicans are gonna want to see what's in

577
00:34:19,680 --> 00:34:21,480
Speaker 1: it for them. I mean, I did see that one

578
00:34:21,480 --> 00:34:24,359
Speaker 1: of the things, uh, that Gina was talking about was

579
00:34:24,480 --> 00:34:27,879
Speaker 1: including in the new clean energy standards they have sort

580
00:34:27,920 --> 00:34:30,680
Speaker 1: of the National Standards Bill that they're pushing or going

581
00:34:30,760 --> 00:34:34,240
Speaker 1: to be pushing, is the inclusion of nuclear power. And

582
00:34:34,360 --> 00:34:36,840
Speaker 1: you know that's always been a touchy issue within the

583
00:34:36,920 --> 00:34:40,120
Speaker 1: Democratic caucus, but Republicans have been pushing for more nuclear

584
00:34:40,120 --> 00:34:43,319
Speaker 1: power for a long time in in both Republicans and

585
00:34:43,400 --> 00:34:46,799
Speaker 1: Democratic administrations, and not getting a lot of action. Uh.

586
00:34:46,840 --> 00:34:49,960
Speaker 1: So I think there will be some things that interest them.

587
00:34:50,000 --> 00:34:52,440
Speaker 1: You know, a lot of these states, Kevin, they have

588
00:34:52,800 --> 00:34:57,480
Speaker 1: massive clean energy uh projects in in in a lot

589
00:34:57,480 --> 00:35:01,120
Speaker 1: of these members home states, and they're the largest employer

590
00:35:01,200 --> 00:35:05,080
Speaker 1: of energy jobs now in the country. And so I

591
00:35:05,120 --> 00:35:07,719
Speaker 1: think there is a shift. But the question is how

592
00:35:07,760 --> 00:35:09,800
Speaker 1: strident are these standards are going to be in and

593
00:35:09,800 --> 00:35:12,960
Speaker 1: and can everybody accept that level of federal oversight. The

594
00:35:13,040 --> 00:35:16,120
Speaker 1: nuclear issue is a fascinating one, Genie, it is, and

595
00:35:16,160 --> 00:35:18,879
Speaker 1: I think as I listened to that interview, I am

596
00:35:18,920 --> 00:35:22,440
Speaker 1: really struck by the fact that the Biden administration seems

597
00:35:22,480 --> 00:35:24,279
Speaker 1: to be taking a little bit of a page out

598
00:35:24,280 --> 00:35:27,920
Speaker 1: of the Trump administration in terms of their appeal to

599
00:35:28,320 --> 00:35:31,640
Speaker 1: people who feel that they were left behind by those

600
00:35:31,719 --> 00:35:36,040
Speaker 1: of those those people in Washington, by elites, by Wall Street.

601
00:35:36,280 --> 00:35:38,400
Speaker 1: And we saw this with Donald Trump. That's how he

602
00:35:38,480 --> 00:35:42,120
Speaker 1: won the presidency in two sixteen, appealing primarily to to

603
00:35:42,320 --> 00:35:46,359
Speaker 1: whites who felt disenfranchised rural areas. And once again you

604
00:35:46,400 --> 00:35:49,000
Speaker 1: see Joe Biden doing this with a similar sort of

605
00:35:49,040 --> 00:35:52,000
Speaker 1: populous rhetoric that I note as sort of a cross

606
00:35:52,040 --> 00:35:55,160
Speaker 1: through from the president down to the cabinet officials and

607
00:35:55,200 --> 00:35:58,920
Speaker 1: then to this new National Climate Advisor Gina McCarthy talking

608
00:35:58,960 --> 00:36:02,680
Speaker 1: about a huge issue you here is investment in marginalized communities.

609
00:36:02,880 --> 00:36:05,400
Speaker 1: And I think that is something that's going to appeal

610
00:36:05,440 --> 00:36:08,759
Speaker 1: to a good number of people across the board, including

611
00:36:08,800 --> 00:36:11,439
Speaker 1: Republicans on the ground. Yeah, it's a great point. And again,

612
00:36:11,480 --> 00:36:13,279
Speaker 1: if you're just joining us a red headline crossing the

613
00:36:13,280 --> 00:36:17,200
Speaker 1: Bloomberg terminal, Biden's top Economic security aid set summit on

614
00:36:17,280 --> 00:36:20,879
Speaker 1: chip shortage. Samsung GM among the firms invited to an

615
00:36:20,880 --> 00:36:23,759
Speaker 1: April twelve meeting at the White House. The White House

616
00:36:23,800 --> 00:36:26,960
Speaker 1: has been reviewing supply chains for chips and other products.

617
00:36:27,000 --> 00:36:31,319
Speaker 1: President Joe Biden's top national security and economic advisors plan

618
00:36:31,440 --> 00:36:34,719
Speaker 1: to meet April twelve with semiconductor and auto companies to

619
00:36:34,840 --> 00:36:38,240
Speaker 1: discuss the global shortage of micro processors. According to people

620
00:36:38,560 --> 00:36:42,239
Speaker 1: familiar with the matter, National Security Advisor Jake Sullivan and

621
00:36:42,360 --> 00:36:46,640
Speaker 1: National Economic Council Director Brian Deese will discuss the impacts

622
00:36:46,680 --> 00:36:50,280
Speaker 1: of the shortage and a path forward with industry leaders.

623
00:36:50,400 --> 00:36:53,840
Speaker 1: Again that headline just crossing the Bloomberg terminal, Jenny Leonard

624
00:36:53,840 --> 00:36:58,759
Speaker 1: reports Biden's top Economic security aids set summit on chip shortages.

625
00:36:59,320 --> 00:37:02,560
Speaker 1: That meaning come April twelve, we should note, just ten

626
00:37:02,640 --> 00:37:07,680
Speaker 1: days before that virtual summit between President Biden and Shi

627
00:37:07,760 --> 00:37:10,880
Speaker 1: Jing Ping of China. That does it for me, That

628
00:37:10,960 --> 00:37:14,080
Speaker 1: does it for the panel of Jennie Shoon Zeno as

629
00:37:14,080 --> 00:37:17,280
Speaker 1: well as Rick Davis Bloomberg Politics contributors. I'm Kevin Cirelli,

630
00:37:17,360 --> 00:37:21,920
Speaker 1: Chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

631
00:37:22,880 --> 00:37:24,840
Speaker 1: Have a great day, folks, thanks to the team a

632
00:37:24,960 --> 00:37:29,440
Speaker 1: roof on the boards our producer Matthew Shirley are executive

633
00:37:29,440 --> 00:37:33,400
Speaker 1: producer Christine Murrata, the legendary