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Speaker 1: This is a special RUPERT Surveillance podcast with our chief

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Speaker 1: Washington correspondent Kevin Cirelli. Kevin spent the day talking to

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Speaker 1: officials in the halls of the West Wing, and we're

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Speaker 1: putting those conversations together for you in this special podcast.

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Speaker 1: Let's get straight to it now. Here is Kevin Cirelli.

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Speaker 1: Dr Burks, thanks so much for joining us. I want

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Speaker 1: to ask you, there's been this uptick in cases and

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Speaker 1: what is the administration doing in order to get these

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Speaker 1: cases back down? Yeah? Thank you. That's a really terrific

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Speaker 1: question because the current uptick in places that now extends

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Speaker 1: really from Washington State through Oregon into California, across Arizona,

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Speaker 1: New Mexico, and then of course Mississippi, Alabama, Florida, Texas

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Speaker 1: UM is really a very critical outbreak that needs to

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Speaker 1: be contained. And I think collectively, I was just out

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Speaker 1: in the field going to UM Texas, Erazon and New

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Speaker 1: Mexico and Florida and really getting it on the ground,

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Speaker 1: report and experience to understand how we can be even

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Speaker 1: more supportive. I think we're supporting their testing and we're

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Speaker 1: supporting increased human capacity at their hospitals. But I want

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Speaker 1: to really applaud the governors have taken decisive action to

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Speaker 1: really mandate masks, increase social distancing, clothes bars, ensure that

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Speaker 1: um if you can't social distance, and an indoor restaurant,

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Speaker 1: really decreasing that capacity of indoor restaurants, moving dining outside,

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Speaker 1: and really talking to the people in their metro areas

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Speaker 1: and their counties and what each individual needs to do.

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Speaker 1: We all need to do all of these things. We

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Speaker 1: also have to make sure that we're not bringing that

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Speaker 1: virus into our households by having parties then inside the houses.

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Speaker 1: So I think there's a lot we can do as

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Speaker 1: individual Americans, but there's a lot we can do at

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Speaker 1: the state and local and federal level to support that

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Speaker 1: response and change the course of this really this pandemic

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Speaker 1: across the South, but also now up the West coast.

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Speaker 1: And Dr Burke's I mean, some of the numbers, it's

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Speaker 1: astounding to see how young people. Young people are really

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Speaker 1: seeing a lot of the upticking cases and they're making

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Speaker 1: some poor decisions. They're going to bars, they're going to

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Speaker 1: you know, we all see the images on the news.

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Speaker 1: How do we prevent young people from getting these infections?

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Speaker 1: I think there's two pieces of that want us to

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Speaker 1: be very honest with them and to tell them that

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Speaker 1: there's a spectrum of disease and young people that truly

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Speaker 1: they will know people who are test positive that have

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Speaker 1: no symptoms. They will know people with mild like only

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Speaker 1: a sore throat and a running nose. They will know

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Speaker 1: people who got a bad fever and we're sick for

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Speaker 1: two weeks. And they need to know that there's also

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Speaker 1: young Americans who are in the hospitals right now suffering

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Speaker 1: from very severe disease. And so there is a spectrum.

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Speaker 1: I think when they saw that a lot of their

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Speaker 1: friends had mild disease and then they saw in social

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Speaker 1: media that people were having a great time together, you know,

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Speaker 1: they wanted to have a great time together too. And

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Speaker 1: it's now on all of us to really change those messages,

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Speaker 1: to really resonate with our millennials and gencs so that

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Speaker 1: understand the risk those decisions make not only to them

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Speaker 1: potentially getting infected, but their parents getting infected and critically

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Speaker 1: their their grandparents who maybe in their eighties getting infected,

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Speaker 1: all which we know have a very severe course. And

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Speaker 1: so I think translating that message into something that people

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Speaker 1: not only here, but act on is really critical. Sometimes

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Speaker 1: in public help we just keep saying the same thing

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Speaker 1: over and over again and think that you know, eventually

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Speaker 1: it will resonate. No people turn off, So we really

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Speaker 1: have to make messages much more tailored to very specific

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Speaker 1: age groups so that they only can hear the message,

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Speaker 1: but internalize it and then change their behavior to really

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Speaker 1: protect themselves there their friends who may have pre existing condition,

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Speaker 1: and protecting others by really being in masks all the time.

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Speaker 1: We can get through this until we have a vaccine

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Speaker 1: if we all do our part. Dr Burks, You've been

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Speaker 1: so generous with your time, and I want to talk

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Speaker 1: about another portion of this that quite frankly, I don't

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Speaker 1: think economists are talking enough about, and that is from

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Speaker 1: an economic perspective. A lot of parents have children who

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Speaker 1: are potentially going back to school in the fall, or

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Speaker 1: they're unsure if kids are going to be going back

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Speaker 1: to school, Dr Burke's in the fall. So number one,

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Speaker 1: how should schools be preparing for the potential reopening of schools?

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Speaker 1: And secondly, just as important, what is the government doing

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Speaker 1: in order to make sure that the classrooms are safe

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Speaker 1: and clean and healthy for these kids? Well? I think

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Speaker 1: you've raised a critical point. There is health, and there's

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Speaker 1: COVID and there's actually health of our children, and then

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Speaker 1: there's the economic um parts. So there's really three parts.

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Speaker 1: And I think if we put the child at the

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Speaker 1: center and say what is best for American child, what

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Speaker 1: experiences do they need, and when we come to the

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Speaker 1: conclusion that they need to be in school, then we

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Speaker 1: need to really figure out how to make that a

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Speaker 1: safe environment. I know many jurisdictions have worked on this.

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Speaker 1: I think we also have to make sure that we

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Speaker 1: have a way for teachers and administrators to be safe,

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Speaker 1: and we need to have a way that households can

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Speaker 1: be safe, um if they're multigenerational households, because we know

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Speaker 1: children will come intacted just like we have eighteen year

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Speaker 1: olds and twenty two year olds in fact, and may

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Speaker 1: not show symptoms. And so these are we have to

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Speaker 1: bring in testing into the schools as well as you

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Speaker 1: describe creating a healthy environment and really working together at

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Speaker 1: the state and local level and the federal level to

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Speaker 1: learn from each other of how we were putting the

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Speaker 1: child at the center and meeting their needs were able

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Speaker 1: to create that safe environment for both the families, the

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Speaker 1: teachers and the children. It really is just so many

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Speaker 1: different questions. And that's and that's where it comes from

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Speaker 1: from the elementary you know K through twelve perspective, and

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Speaker 1: you know, I come from a family of teachers. But

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Speaker 1: then there's the higher ed perspective Dr. Brooks colleges and universities,

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Speaker 1: and you've got kids going out of state and state,

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Speaker 1: I mean, what what should higher education UH institutions be doing? Well?

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Speaker 1: In a way, I think it's a little bit easier

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Speaker 1: for higher educational institutions and the older children in K

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Speaker 1: through twelve because on the on the White House website

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Speaker 1: about four weeks ago, we really put up a document

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Speaker 1: of how you can do routine surveillance testing by pooling sample.

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Speaker 1: So let's say you have a dormitory of three hundred people,

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Speaker 1: they could be tested weekly with thirty tests um and

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Speaker 1: that is easy to do. And within each of these

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Speaker 1: universities they have a depth of testing capacity that has

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Speaker 1: not been utilized. And so we've been talking to university

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Speaker 1: presidents and and deans about how to turn on their

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Speaker 1: research testing capacity to routinely screen in their student body.

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Speaker 1: And I think that is very possible. And then how

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Speaker 1: we take that into K through twelve that needed when

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Speaker 1: you see virus circulating in the community, how you get

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Speaker 1: in there and do what we call surveillance testing in schools,

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Speaker 1: and that it can be done classroom by classroom. There's

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Speaker 1: a lot of advice about how to keep students in

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Speaker 1: um specific cohorted classrooms, and so if there's only infection

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Speaker 1: in that particular cohort, they may have to quarantine for

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Speaker 1: two weeks, but the rest of the school can continue

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Speaker 1: to go. We know how to do this. We have

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Speaker 1: a science and we have the technology. We need the

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Speaker 1: will to bring this type of innovative testing to our

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Speaker 1: K through twelves and to our universities and colleges. I've

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Speaker 1: got one more question for you, because you've been so

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Speaker 1: generous with your time, and I'm incredibly appreciative. Doctor Deborah

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Speaker 1: Burks is on the line, and of course she is UH.

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Speaker 1: She is UH one of the top diplomats and America

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Speaker 1: physicians who is really driving behind the scenes as well

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Speaker 1: as sometimes publicly, the the White House coronavirus response. UH.

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Speaker 1: And you have deep experience with this because of your

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Speaker 1: experience and how the United States handled HIV and AIDS

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Speaker 1: and whatnot when we do get a vaccine, you know

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Speaker 1: when not if when? How is the administration preparing so

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Speaker 1: that everyone can get one and that there's no socio

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Speaker 1: economic disparre questions that come into account, but that everyone

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Speaker 1: that it's equal distribution. How are we preparing for the vaccine?

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Speaker 1: I think the evidence of what this administration has done

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Speaker 1: for making testing free, for making care when it wasn't

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Speaker 1: affordable and people didn't have insurance UM free UM, so

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Speaker 1: that everybody can get what they need to protect themselves

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Speaker 1: about the virus, I'm sure similar will happen with vaccination.

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Speaker 1: Just a couple of comments on vaccination. So there are

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Speaker 1: vaccines that do what we call sterilizing immunity. It prevents

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Speaker 1: you from getting infected. That's a more rare vaccine. Most

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Speaker 1: vaccines prevent you from getting disease. And what do I

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Speaker 1: mean by that? You could get a low grade infection, asymptomatic,

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Speaker 1: last thirty six or forty eight hours, you clear the virus,

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Speaker 1: you're fine, And so many of these vaccines may work

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Speaker 1: in that way. And so then we have to really

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Speaker 1: make sure that with the first available vaccines that we're

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Speaker 1: immunizing the cohort and the cohorts most susceptible to severe disease,

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Speaker 1: and we know who those are. We know particularly long

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Speaker 1: term care facilities, nursing home, people in close settings like prisons.

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Speaker 1: Of course, it would all be voluntary, but we want

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Speaker 1: to make sure a vaccine go to the most needed.

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Speaker 1: CDC is working on a generalized distribution plan that gets

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Speaker 1: because they're used to doing it for fluid, to get

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Speaker 1: it to all across America. But I think Americans would

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Speaker 1: understand that we need to prioritize the groups that could

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Speaker 1: have the most severe illness first and then work our

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Speaker 1: way through the rest of the United States to make

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Speaker 1: sure that everyone has access. All Right, Dr Burke's I

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Speaker 1: will leave it there. We're joined by Secretary Asar and

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Speaker 1: I want to ask you about this executive order that

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Speaker 1: Chief of Staff Market Meadows talked about yesterday in terms

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Speaker 1: of prescription jug pricing. Can you give us any details. Well,

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Speaker 1: I make it a business to not preempt the President

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Speaker 1: or the so uh, I'm gonna I'm gonna leave any

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Speaker 1: actual announcements to them, but suffice it to say the

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Speaker 1: President has been deeply committed to getting prescription drug prices down.

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Speaker 1: We've approved historic levels of generic drugs, drugs. Um we've

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Speaker 1: seen prescription drug inflation flatten from where it had been

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Speaker 1: before he before he took office, and before he laid

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Speaker 1: out the blueprint, where it was I think about five

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Speaker 1: percent on average inflation to now we're basically flat zero

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Speaker 1: percent inflation. But he remains committed to leveling the playing

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Speaker 1: field internationally and stopped for in free riding where they

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Speaker 1: don't where other countries don't pay enough for their drugs,

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Speaker 1: and we've ay too much up to ensure that we

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Speaker 1: decrease what people, especially our senior citizens, pay out of

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Speaker 1: pocket for their drugs. And he's deeply committed to the

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Speaker 1: concept that people should have the freedom to get their drugs,

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Speaker 1: import them from abroad if they can get them in

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Speaker 1: a safe, effective way that reduces their cost. Well, that's

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Speaker 1: what I want to follow up on, because we he

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Speaker 1: There's also been some reports about potentially more executive orders

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Speaker 1: as it relates to UH manufacturing, and I've been having

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Speaker 1: conversations with administration officials on the economy as well as

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Speaker 1: protecting the domestic and international supply chain, and that includes,

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Speaker 1: as you're alluding to, Mr Secretary, that includes UH prescription drugs.

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Speaker 1: So how how does that what needs to be done

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Speaker 1: in between the public and the private sector in order

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Speaker 1: to protect people's medicines, especially if they are parts of

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Speaker 1: it is made internationally like in China. Yeah. So I

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Speaker 1: think that the coronavirus pandemic has brought home that core

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Speaker 1: elements of our metal supply chain are just as strategic

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Speaker 1: to our national security as say nuclear submarines or aircraft

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Speaker 1: carriers are, and have to be treated with that same

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Speaker 1: kind of approach, which is to make sure we have

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Speaker 1: core domestic manufacturing capabilities. Now that means paying for that.

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Speaker 1: That does mean that right now we've seen the supply

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Speaker 1: chain go to low cost areas in the world UM

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Speaker 1: as well as areas that have protectionist trade policies that

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Speaker 1: lead to lower prices of goods. UM. So it might

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Speaker 1: mean that we have to use our powers under the

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Speaker 1: Defense Production Act or otherwise to fund and incentivize domestic manufacturing,

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Speaker 1: to ensure purchasing gear of domestic manufactured product so that

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Speaker 1: we essentially UM support and defend a local, domestically based

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Speaker 1: strategic focus around pharmaceuticals as well as personal protective equipment.

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Speaker 1: Can I can I ask you one more question? Do

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Speaker 1: you have a timetable on that executive order. I just

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Speaker 1: I want to know if if we're gonna get it

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Speaker 1: a couple of weeks, a couple of days in terms

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Speaker 1: of big Pharma. Well, I don't have a timetable for you. Again,

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Speaker 1: I'll leave that to the President to make a decision

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Speaker 1: on when he when and whether he's going to do

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Speaker 1: anything by executive order. All right, and just and and

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Speaker 1: just more broadly, so many questions that I get from

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Speaker 1: folks outside of the industry, outside of Washington, is they

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Speaker 1: want to know about vaccine development. They want to know

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Speaker 1: that when there is a vaccine, when there is an

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Speaker 1: effective treatment and vaccine, that that everyone's going to be

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Speaker 1: able to get it when they want. Can you give

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Speaker 1: us an inside account as to how the vaccination process

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Speaker 1: and what the government's doing to make sure that people

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Speaker 1: can get that vaccine once it is in the market. Yeah.

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Speaker 1: So the first thing we have to do is get

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Speaker 1: vaccine and get vaccine manufactured and ensure that it's a

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Speaker 1: safe and effective vaccine according to the FDA's gold standard

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Speaker 1: regular story approval processes. So we just had a cortant

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Speaker 1: announcement today where we are investing in a fourth fourth

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Speaker 1: vaccine candidate. This is nova vacts protein based vaccine one

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Speaker 1: point six billion dollars for advanced R and D as

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Speaker 1: well as advanced manufacturing to secure one million doses of

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Speaker 1: the vaccine. So what are we doing with whether it's

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Speaker 1: our relationship with Madera or the Astrosenica vaccine, or the

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Speaker 1: Jansen J and J vaccine or now novavaxs um we

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Speaker 1: are funding the R and B to make sure that

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Speaker 1: we compress the timelines, any inefficiency in the development timelines,

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Speaker 1: not sacrificing standards, but just ensuring that we're avoiding any

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Speaker 1: types of unnecessary delay on development. Uh So that taking

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Speaker 1: the pharma timelines that normally you would get say phase

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Speaker 1: one data, you come, you sit down, you study, if

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Speaker 1: you spend time, then you design a phase two or

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Speaker 1: phase three trial. Um and instead compressing that have pre

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Speaker 1: designed have that so you can go right away and

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Speaker 1: then on manufacturing, make the investment to scale up commercial

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Speaker 1: manufacturing to deliver hundreds and millions of doses even as

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Speaker 1: you're doing the development trials to make to to to

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Speaker 1: prove that the vaccine would be safe and effective. UM.

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Speaker 1: So what we're also doing is the distribution work is

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Speaker 1: of course, as you mentioned critical, So we are working

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Speaker 1: internally and we will engage external stakeholders in a process

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Speaker 1: to advise on as we get more limited supplies of

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Speaker 1: vaccine out, So in the fall, as we get say

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Speaker 1: tens of millions of vaccine and scale up to the

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Speaker 1: hundreds of millions of doses of vaccine in early next year,

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Speaker 1: who are the first groups that ought to be vaccinated?

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Speaker 1: That will be an ethical process. It will be a

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Speaker 1: public process where we gather input to help make those determinations.

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Speaker 1: I want to be very respectful of your time, and

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Speaker 1: you've been very generous with yours, and so I'm gonna

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Speaker 1: and the interview there, but I really appreciate your time.

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Speaker 1: Secretary is are and for taking my questions. I'm Kevin Cirelli,

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Speaker 1: chief Washington correspondent for Bloomberg TV and Radio. We're joined

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Speaker 1: by Secretary Brulette. Mr Secretary, thanks so much for being here.

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Speaker 1: I want to get your reaction to really what's been

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Speaker 1: going on in the past day, which is you've got

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Speaker 1: a court order that says the Dakota Access crude oil

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Speaker 1: pipeline has got to shut down, and then you've got

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Speaker 1: developers of the Atlantic Coast gas conduits, saying that they've

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Speaker 1: got to cancel the project. Are these are these types

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Speaker 1: of pipelines, these massive pipelines. Are these the thing in

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Speaker 1: the past or what has to be done in order

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Speaker 1: to allow them to be built? It was great, Hey,

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Speaker 1: great to be with you again, Kevin. I really appreciate

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Speaker 1: the opportunity to talk about these issues today. No, they're

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Speaker 1: not done. Uh, they're not dinosaurs and not things of

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Speaker 1: the past. Very disappointing news coming out of you know,

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Speaker 1: the East Coast with the Bark to the Atlantic Coast pipeline. However,

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Speaker 1: so you know, look, I understand the decision. It's an

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Speaker 1: economically rational decision. These people have spent three billion dollars

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Speaker 1: over six years. Uh, they want a Supreme Court case,

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Speaker 1: and yet they're still unable to see their way through, uh,

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Speaker 1: to develop this pipeline. It's very very concerning. We'll see

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Speaker 1: what the next steps are there. But I understand the decision,

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Speaker 1: and while disappointing, uh, you know, I think it's probably

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Speaker 1: at this point in economically rational decision. I am not

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Speaker 1: quite certain, however, that I understand you know what the

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Speaker 1: environmental activists are actually celebrating, uh, you know, except for

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Speaker 1: perhaps the loss of American jobs and the UH the

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Speaker 1: loss of access to cheap gas, cheap natural gas down

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Speaker 1: in North Carolina and other places along the pipeline. UH,

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Speaker 1: not much there to cheer about in my opinion. With

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Speaker 1: regard to the Dakoda Access pipeline. We'll have to wait

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Speaker 1: and see. I did review the decision quickly yesterday. UM.

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Speaker 1: I assume that the parties that are involved with that

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Speaker 1: are going to avail themselves or whatever legal options present

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Speaker 1: are presented to them. We'll have to wait and see

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Speaker 1: what those decisions are. But it's very, very important that

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Speaker 1: we take advantage of these opportunities to create what the

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Speaker 1: President calls regulatory certainty, and he has directed me very

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Speaker 1: early in this administration and look at the regulations within

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Speaker 1: the Department of Energy, eliminate those that are redundant, are

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Speaker 1: simply unnecessary. And we've done exactly that. So we're going

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Speaker 1: to continue that as we move along. You know, even

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Speaker 1: beyond that, we're staring down Mr Secretary, the prospects of

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Speaker 1: another economic stimulus ahead of the August recess. What would

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Speaker 1: you like to see included in that? And do you

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Speaker 1: think that more government aid is going to be needed

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Speaker 1: for the oil and gas industry at this point. You know,

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Speaker 1: I think I think what's happening in the energy industry

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Speaker 1: depends on what part of the industry you're talking about, obviously,

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Speaker 1: but you know, with regard to things like oil and gas,

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Speaker 1: we're seeing demand for refined product come back in a

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Speaker 1: very good way, very aggressive way. As that demand curve

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Speaker 1: continues to increase, as people begin to get out and about,

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Speaker 1: as the economies continue to open, We're gonna these guys

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Speaker 1: do just fine. I am so proud of this particular

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Speaker 1: industry because of the innovations that they've been able to

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Speaker 1: develop over the course of the last two three pups

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Speaker 1: four decades that allows them to ramp up and down

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Speaker 1: their production numbers very very efficiently. So, you know, I

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Speaker 1: think as we continue to open up, we're going to

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Speaker 1: have a great, great economic recovery, and energy is going

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Speaker 1: to underpin almost all of it. And and to bring

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Speaker 1: it back to what you said, I mean, we're talking

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Speaker 1: macro right now, but to go down to the to

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Speaker 1: the localized level. For so many of these individuals, whether

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Speaker 1: their court cases or whether they're they're you know, the

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Speaker 1: back and forth, what's going on on Capitol Hill These

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Speaker 1: are jobs for many people, and and and parts of

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Speaker 1: the country that have been just completely economically devastated as

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Speaker 1: a result of this pandemic. What what needs to be

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Speaker 1: done to help those refinery workers to be helped, to

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Speaker 1: help those uh, you know, drillers who want to get

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Speaker 1: back to work. Maybe they are reopening, but they're staring

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Speaker 1: these down the headlines of all of this economic uncertainty.

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Speaker 1: What needs to be done to specifically help them. We

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Speaker 1: need to continue to open up the economy. That's what's

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Speaker 1: going to help them the most. And I think the

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Speaker 1: President is very appropriately pursuing that, you know, with regard

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Speaker 1: to the other government programs, the Care's Act, the Paper

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Speaker 1: Check Protection Act, um, all of those programs, I think

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Speaker 1: Secretary Manutition and others have done a great job of

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Speaker 1: making those available to the energy industry. I know that

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Speaker 1: many have taken, um, taken advantage of, or made those

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Speaker 1: programs available to their employees as well as the you know,

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Speaker 1: their corporate entities. We need to continue to see that

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Speaker 1: happen as we move along. But first and foremost, you know,

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Speaker 1: the demand for energy is going to fix so many

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Speaker 1: of these issues that we're dealing with right now. In

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Speaker 1: the economy, and um, I think the President has done

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Speaker 1: a great job of opening up the economy in a

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Speaker 1: way that protects the health and welfare of the American

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Speaker 1: people and creates the economic activity that we need to

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Speaker 1: see these industries survive and thrive post pandemic. I have

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Speaker 1: two more questions for you, and I'll keep it quick.

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Speaker 1: Why just on the Dakota Access pipeline, Why is that

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Speaker 1: so critical at a time, especially when there's an energy

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Speaker 1: surplus surplus and depressed markets and and along with this

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Speaker 1: greater global reliance and renewable sources. Talk to me about

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Speaker 1: the codas sure, well, these types of pipelines, do you

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Speaker 1: think about what they're bringing in and you think about

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Speaker 1: what their purposes are? You know, in many cases they're

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Speaker 1: bringing in, for instance, crude oil that's necessary for certain

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Speaker 1: refineries here in the United States. You know, we talked

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Speaker 1: about energy independence in the past, and we talked about

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Speaker 1: the fact that our production numbers are now very, very

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Speaker 1: high in the United States, is in fact independent of

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Speaker 1: many of the negative consequences of being too dependent upon

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Speaker 1: adversarial nations. But what happens in trade is that certain

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Speaker 1: types of oil are are very advantageous to certain refineries,

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Speaker 1: and that's what we're seeing in the case of some

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Speaker 1: of the pipelines in the Northeast. Canada produces very heavy

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Speaker 1: crude that is needed at these refineries, so bringing it

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Speaker 1: in and allowing that trade to happen is very important.

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Speaker 1: If you shut down the pipeline, you've shut off of

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Speaker 1: an avenue for a very resource for many parts of

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Speaker 1: the country, places like Ohio, places down in Houston, Texas,

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Speaker 1: where you know, these refineries are set up for this

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Speaker 1: heavy crew. Do you think we need to to to

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Speaker 1: do something to the permitting system and is that a

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Speaker 1: congressional fix or an executive order fix or any actions

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Speaker 1: that you can take. Well, I think I think what

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Speaker 1: the President has has directed us to do at the

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Speaker 1: federal level UH is working. So, for instance, I'll give

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Speaker 1: you just a very practical, common sense example. You know,

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Speaker 1: if we have to do an environmental review at the

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Speaker 1: Department of Energy, for instance, UH as part of the

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Speaker 1: permitting process for an ler G export facility, we take

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Speaker 1: a very common sense step and we said, well, has

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Speaker 1: anyone else already done an environmental review? And if the

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Speaker 1: answer to that question is yes, then we rely upon

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Speaker 1: the work that's already been done, rather than initiating a

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Speaker 1: complete new process to do what other agencies have already completed.

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Speaker 1: Reliance upon their work is a very appropriate step for

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Speaker 1: us to take, and that eliminates millions of dollars and

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Speaker 1: permitting fees, goal fees, other types of cost of these

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Speaker 1: important projects. And final question for you on earlier this week,

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Speaker 1: Denmark gave the nord Stream to permission to use pipeline

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Speaker 1: vessels UH in order to complete the final stretch of

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Speaker 1: of the pipeline. And this, you know they're saying, is

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Speaker 1: only going to enhance their ability to get Russian natural

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Speaker 1: natural gas to Europe. This is becoming more controversial, as

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Speaker 1: you know, Mr Secretary, by the day, and it really

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Speaker 1: could alter the political dynamics for Europe and Russia, increasing

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Speaker 1: Europe's reliance on Russian energy and therefore have us implications.

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Speaker 1: I just want to ask you where the administration is

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Speaker 1: on this standpoint, UH, in terms of Europe and Russia

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Speaker 1: and their energy reliance on each other. I think we're

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Speaker 1: in the same place that we've always been. The President

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Speaker 1: nailed it two years ago when he attended the NATO

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Speaker 1: conference and said he has a very basic question a

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Speaker 1: very direct question. He said, you know, wait a minute,

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Speaker 1: I'm protecting you from the very people that you're buying

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Speaker 1: your energy from. Explain that to me. And he was

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Speaker 1: speaking very specifically to German and Europeans generally, so you know,

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Speaker 1: this was in the context of their contributions to NATO,

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Speaker 1: which I understand to be still somewhat deficient. So we're

434
00:24:14,520 --> 00:24:17,679
Speaker 1: going to continue our opposition to the pipeline. Uh. We

435
00:24:17,720 --> 00:24:19,879
Speaker 1: appreciate what the Danes are doing. We think it's very

436
00:24:19,880 --> 00:24:24,080
Speaker 1: important that they apply the European regulatory construct to this

437
00:24:24,160 --> 00:24:27,320
Speaker 1: particular pipeline, and we're going to continue our pressure on

438
00:24:27,480 --> 00:24:29,959
Speaker 1: them to insist that they do exactly that. All right,

439
00:24:30,000 --> 00:24:33,280
Speaker 1: Secretary Amberlett, Department of Energy Secretary. I appreciate your time

440
00:24:33,320 --> 00:24:35,800
Speaker 1: and for speaking with me, sir, thank you. We're joined

441
00:24:35,800 --> 00:24:40,000
Speaker 1: by Congressman brad Winstrop. He is a Republican serving Ohio

442
00:24:40,200 --> 00:24:42,200
Speaker 1: and and and Congressman, I want to ask you about

443
00:24:42,200 --> 00:24:45,240
Speaker 1: the next round of economic stimulus. You know, Leader McConnell

444
00:24:45,280 --> 00:24:48,439
Speaker 1: the other day was saying that August he wants to

445
00:24:48,480 --> 00:24:51,720
Speaker 1: get something done before the August recess. What would be

446
00:24:51,760 --> 00:24:56,879
Speaker 1: in the next round of economic stimulus, Well, in general,

447
00:24:56,920 --> 00:24:59,880
Speaker 1: I would say what we're focusing on is a real

448
00:25:00,000 --> 00:25:03,720
Speaker 1: opening package. In other words, instead of Phase four or

449
00:25:03,720 --> 00:25:07,920
Speaker 1: five whatever that we were talking about, reopening phase one

450
00:25:08,359 --> 00:25:12,320
Speaker 1: and it's still addresses the effect of of COVID and

451
00:25:12,320 --> 00:25:15,200
Speaker 1: it's it's effects on our economy. And I think that

452
00:25:15,200 --> 00:25:16,879
Speaker 1: that's going to be the big push, and we're going

453
00:25:16,920 --> 00:25:18,760
Speaker 1: to continue to look for any of the glitches and

454
00:25:18,840 --> 00:25:22,080
Speaker 1: the things that we've already done so that we can

455
00:25:22,400 --> 00:25:26,680
Speaker 1: maintain and get back to a healthy economy, whether it's

456
00:25:26,680 --> 00:25:30,600
Speaker 1: our hospitals, our businesses, or individuals are small businesses. We

457
00:25:30,680 --> 00:25:32,840
Speaker 1: have to take a look at all that we painted

458
00:25:32,880 --> 00:25:35,480
Speaker 1: things with a pretty broadbrush when we first started, and

459
00:25:35,520 --> 00:25:38,320
Speaker 1: we've seen we've had to make some changes. Extending programs

460
00:25:38,320 --> 00:25:41,320
Speaker 1: like p p P I think is a great deal

461
00:25:41,440 --> 00:25:44,280
Speaker 1: for what's going on in America today and the needs

462
00:25:44,280 --> 00:25:46,760
Speaker 1: that people have. And we have to continue to look

463
00:25:46,800 --> 00:25:50,440
Speaker 1: at things going in a positive direction and uh doing

464
00:25:50,520 --> 00:25:53,880
Speaker 1: and doing it safely. And that's the that's the conundrum. So,

465
00:25:53,960 --> 00:25:58,720
Speaker 1: you know, from an economic perspective, especially as economist, Congressman

466
00:25:58,720 --> 00:26:01,600
Speaker 1: are talking about there being a depped up recovery with

467
00:26:01,680 --> 00:26:04,639
Speaker 1: the with the you know, positive economic indicators and the

468
00:26:04,720 --> 00:26:07,639
Speaker 1: Q three beginning Q four. You know, you've just passed

469
00:26:07,640 --> 00:26:11,960
Speaker 1: significant other significant economic deals including U S M c A,

470
00:26:12,000 --> 00:26:15,920
Speaker 1: which recently went into effect. From an economic standpoint, it's

471
00:26:15,960 --> 00:26:17,879
Speaker 1: not just the virus, but what else needs to be

472
00:26:17,960 --> 00:26:23,719
Speaker 1: done in order to get a faster recovery. Well, I

473
00:26:23,760 --> 00:26:27,920
Speaker 1: think that you you'll see the administration working with us

474
00:26:28,640 --> 00:26:31,919
Speaker 1: UH to to do pro grows things. Um. You know,

475
00:26:32,680 --> 00:26:36,639
Speaker 1: I think that, um, there's so many things to look at,

476
00:26:36,680 --> 00:26:39,240
Speaker 1: and I know that I'm being kind of vague because

477
00:26:39,240 --> 00:26:42,760
Speaker 1: there there are a lot of opportunities out there, um.

478
00:26:43,080 --> 00:26:47,760
Speaker 1: And to allow people to uh continue with the tax

479
00:26:47,800 --> 00:26:51,720
Speaker 1: breaks to maintain more of their income, um. But we

480
00:26:51,840 --> 00:26:55,479
Speaker 1: also have to get kids back in school. These these

481
00:26:55,520 --> 00:26:57,719
Speaker 1: are some of the things that we have to do

482
00:26:57,840 --> 00:27:00,720
Speaker 1: for allow to allow our economy to take place, and

483
00:27:00,720 --> 00:27:02,800
Speaker 1: of course we have to do it do it safely.

484
00:27:03,160 --> 00:27:06,080
Speaker 1: So it's a combination of returning to normal in a

485
00:27:06,200 --> 00:27:08,760
Speaker 1: in a safe place, in a way that people aren't

486
00:27:08,800 --> 00:27:12,120
Speaker 1: anxious and and so it really comes down so much

487
00:27:12,119 --> 00:27:15,480
Speaker 1: of this is involved with health, right, and so as

488
00:27:15,560 --> 00:27:19,439
Speaker 1: you look, we have got to look at the virus

489
00:27:19,520 --> 00:27:23,320
Speaker 1: itself and continue to go in positive directions medically, which

490
00:27:23,359 --> 00:27:27,159
Speaker 1: we have done with treatments. You're seeing far fewer people

491
00:27:27,800 --> 00:27:31,200
Speaker 1: uh dying. You're seeing people that have recovered and they

492
00:27:31,240 --> 00:27:34,520
Speaker 1: have convalescent plasma. They can help the next person. Those

493
00:27:34,560 --> 00:27:36,920
Speaker 1: are things that we need to do to build confidence

494
00:27:37,080 --> 00:27:40,600
Speaker 1: in in our society in general. Um and we would

495
00:27:40,680 --> 00:27:42,840
Speaker 1: and when we do that, we can eliminate some of

496
00:27:42,880 --> 00:27:46,800
Speaker 1: the other things that have been happening because people aren't

497
00:27:46,800 --> 00:27:48,600
Speaker 1: at work or they were shut down. We see an

498
00:27:48,600 --> 00:27:52,080
Speaker 1: increase in suicide, domestic violence, all these things that are

499
00:27:52,119 --> 00:27:54,920
Speaker 1: negatives for us. So we have to take a look

500
00:27:54,960 --> 00:27:57,560
Speaker 1: at those and make sure that we can re institute

501
00:27:57,640 --> 00:27:59,800
Speaker 1: normal life for a lot of people so that people

502
00:27:59,800 --> 00:28:02,320
Speaker 1: can go to work because their kids are taken care

503
00:28:02,359 --> 00:28:06,160
Speaker 1: of at school and afterwards and all of these things

504
00:28:06,200 --> 00:28:11,000
Speaker 1: come into play. We have a shortage of daycare providers.

505
00:28:11,040 --> 00:28:13,720
Speaker 1: That's the problem for our economy because you can't return

506
00:28:13,760 --> 00:28:16,359
Speaker 1: to work and just leave your kids at home. All

507
00:28:16,400 --> 00:28:18,520
Speaker 1: of these things have to be addressed, and I'm going

508
00:28:18,560 --> 00:28:21,679
Speaker 1: to look for incentives for those types of programs and

509
00:28:21,760 --> 00:28:24,639
Speaker 1: to encourage more people to go into those fields because

510
00:28:24,640 --> 00:28:26,919
Speaker 1: there's a definite need there. And if we don't, if

511
00:28:26,960 --> 00:28:30,560
Speaker 1: we don't address every component of this people just can't

512
00:28:30,560 --> 00:28:32,760
Speaker 1: all return back to work. But I am encouraged by

513
00:28:32,760 --> 00:28:35,280
Speaker 1: the numbers that we have seen in the last couple

514
00:28:35,280 --> 00:28:37,199
Speaker 1: of months. And Congressmen, I want to pick up on

515
00:28:37,240 --> 00:28:40,360
Speaker 1: that point because from an economic standpoint here we are

516
00:28:40,400 --> 00:28:43,720
Speaker 1: staring down the next round of economic stimulus negotiations ahead

517
00:28:43,720 --> 00:28:47,400
Speaker 1: of the August recess. And and and you you mentioned

518
00:28:47,480 --> 00:28:50,640
Speaker 1: about the psychology of the American worker in terms of

519
00:28:50,680 --> 00:28:53,239
Speaker 1: going back to work. Part of that includes sending your

520
00:28:53,280 --> 00:28:56,880
Speaker 1: kids back to school and having faith that the school

521
00:28:57,280 --> 00:29:01,080
Speaker 1: not even but being reassured that sending your your kids

522
00:29:01,160 --> 00:29:03,400
Speaker 1: back to school, back to daycare, back to you know,

523
00:29:03,440 --> 00:29:06,040
Speaker 1: elementary school, high school, that they're going to be safe.

524
00:29:06,560 --> 00:29:10,560
Speaker 1: And so you talked about providing incentives for these schools

525
00:29:10,560 --> 00:29:14,720
Speaker 1: to be able to get access to to clean facilities

526
00:29:14,720 --> 00:29:19,800
Speaker 1: and whatnot. How important is that to to reopening the economy.

527
00:29:21,400 --> 00:29:25,280
Speaker 1: It's really important. And you talk to anybody that has employees,

528
00:29:25,400 --> 00:29:28,400
Speaker 1: especially in small businesses, and that is one of their

529
00:29:28,440 --> 00:29:30,920
Speaker 1: major concerns and it's going to be a limiting factor.

530
00:29:31,040 --> 00:29:33,080
Speaker 1: So we've seen good numbers. We want to see the

531
00:29:33,160 --> 00:29:35,200
Speaker 1: numbers going up, but those are the things that come

532
00:29:35,200 --> 00:29:39,240
Speaker 1: into play. And so I represent both urban and rural areas,

533
00:29:39,480 --> 00:29:43,520
Speaker 1: and it's a very different environment in each. I have

534
00:29:43,640 --> 00:29:48,080
Speaker 1: some counties where their hospital maybe has had zero admissions

535
00:29:48,080 --> 00:29:51,640
Speaker 1: for COVID or one and and only one death and

536
00:29:51,680 --> 00:29:54,959
Speaker 1: that was with co morbidities, and so they're not understanding

537
00:29:55,360 --> 00:29:58,040
Speaker 1: the same way an urban setting is, where you have

538
00:29:58,160 --> 00:30:01,160
Speaker 1: higher numbers than you have deaths. Cincinnati is not the

539
00:30:01,200 --> 00:30:03,320
Speaker 1: same as New York, and my rural errors aren't the

540
00:30:03,360 --> 00:30:06,960
Speaker 1: same as Cincinnati. So how we go about doing that

541
00:30:07,400 --> 00:30:11,400
Speaker 1: really is going to involve good medical decisions at the

542
00:30:11,480 --> 00:30:16,080
Speaker 1: local level to build the confidence of parents and of

543
00:30:16,200 --> 00:30:19,120
Speaker 1: kids going to school. The desire is there. I have

544
00:30:19,240 --> 00:30:22,800
Speaker 1: seen that tremendously. The desire is there to return to

545
00:30:22,880 --> 00:30:25,720
Speaker 1: that normal, and we just have to do all that

546
00:30:25,800 --> 00:30:28,720
Speaker 1: we can to allow, especially at a local level, people

547
00:30:28,760 --> 00:30:32,000
Speaker 1: to provide the safety that is necessary and the competence

548
00:30:32,280 --> 00:30:35,120
Speaker 1: of that safety if they're going to go back to

549
00:30:35,120 --> 00:30:38,120
Speaker 1: to work and and be able to send their kids

550
00:30:38,120 --> 00:30:40,960
Speaker 1: to school. But at the same time, what's really important

551
00:30:40,960 --> 00:30:43,640
Speaker 1: on people's minds is they don't want their kids missing

552
00:30:43,640 --> 00:30:47,080
Speaker 1: out on their education, and so it's a combination there.

553
00:30:47,120 --> 00:30:49,480
Speaker 1: So it's a very holistic approach that we need to

554
00:30:49,520 --> 00:30:52,400
Speaker 1: take because it's not just about the virus. Are we

555
00:30:52,400 --> 00:30:55,520
Speaker 1: going to have a generation of kids that were uneducated

556
00:30:55,520 --> 00:30:58,240
Speaker 1: because we're not letting them go to school. That's the problem.

557
00:30:58,280 --> 00:31:01,400
Speaker 1: And I can tell you, you know, I'm lucky my

558
00:31:01,400 --> 00:31:05,000
Speaker 1: my son in kindergarten. We we get his his teachers

559
00:31:05,000 --> 00:31:07,960
Speaker 1: online every day, and we have his class work online

560
00:31:08,000 --> 00:31:10,560
Speaker 1: every day, and we can print the programs and do

561
00:31:10,640 --> 00:31:14,160
Speaker 1: the work with him. Not everyone has that capability across America,

562
00:31:14,240 --> 00:31:17,160
Speaker 1: and we have to recognize that. And that's why the

563
00:31:17,200 --> 00:31:21,040
Speaker 1: importance of continuing to educate our children is really important,

564
00:31:21,120 --> 00:31:24,400
Speaker 1: especially for our workforce, not only for today for parents

565
00:31:24,440 --> 00:31:27,440
Speaker 1: that are working, but for the future and our workforce.

566
00:31:27,640 --> 00:31:30,200
Speaker 1: Congressman Bradwin strips on the line. He's a Republican and

567
00:31:30,200 --> 00:31:34,160
Speaker 1: he serves for Ohio second Congressional District. He's also an

568
00:31:34,160 --> 00:31:37,040
Speaker 1: Iraq War veteran and serves as a member of the

569
00:31:37,080 --> 00:31:42,440
Speaker 1: House Select Intelligence Committee. Uh. And that's really where I

570
00:31:42,440 --> 00:31:46,240
Speaker 1: want to go next in terms of more geopolitical If

571
00:31:46,280 --> 00:31:49,920
Speaker 1: if I could for a minute, how has how has

572
00:31:50,360 --> 00:31:56,440
Speaker 1: the United States collectively been protecting itself against some of

573
00:31:56,800 --> 00:31:58,840
Speaker 1: what's what's coming out of China, or how has this

574
00:31:58,920 --> 00:32:04,240
Speaker 1: been changing the dynamic from Beijing with their lack of transparency, Congressmen,

575
00:32:04,640 --> 00:32:07,760
Speaker 1: in terms of resetting U some of the some of

576
00:32:07,800 --> 00:32:13,440
Speaker 1: the geopolitical relationship there, we have a lot of restructuring

577
00:32:13,480 --> 00:32:15,440
Speaker 1: to do, and I think that this president was on

578
00:32:15,520 --> 00:32:17,959
Speaker 1: his way and doing that, and I think we're going

579
00:32:18,000 --> 00:32:20,360
Speaker 1: to continue to do it, and I think it's going

580
00:32:20,440 --> 00:32:23,080
Speaker 1: to happen with the support of Congress because it needs to.

581
00:32:23,920 --> 00:32:27,040
Speaker 1: I'm I'm a military guy. I just spent a year

582
00:32:27,080 --> 00:32:30,840
Speaker 1: in Iraq, also a position very concerned about the World

583
00:32:30,920 --> 00:32:34,000
Speaker 1: Health Organization. If you're not getting honest data and honest

584
00:32:34,040 --> 00:32:37,920
Speaker 1: answers out of the membership, then it's not worth having

585
00:32:37,920 --> 00:32:40,800
Speaker 1: it at all. And we shouggest trying to together our

586
00:32:40,800 --> 00:32:43,800
Speaker 1: own data as best that we can. And and so

587
00:32:44,360 --> 00:32:47,240
Speaker 1: that's a recognized problem, and I think the President was

588
00:32:47,360 --> 00:32:49,440
Speaker 1: right to respond to that in some ways and let

589
00:32:49,480 --> 00:32:52,080
Speaker 1: it be known that we're not going to tolerate this,

590
00:32:52,080 --> 00:32:54,920
Speaker 1: this type of bad behavior when it comes to the

591
00:32:54,960 --> 00:32:58,800
Speaker 1: health of humankind. This has affected the entire world. That's

592
00:32:58,840 --> 00:33:02,040
Speaker 1: one thing. We've all also learned a valuable, valuable lesson

593
00:33:02,080 --> 00:33:04,360
Speaker 1: that I think has really been brought to the forefront

594
00:33:04,640 --> 00:33:07,920
Speaker 1: and maybe been ignored for for decades now, and that's

595
00:33:07,920 --> 00:33:10,640
Speaker 1: our supply chain, and so we are going to have

596
00:33:10,800 --> 00:33:14,600
Speaker 1: to change our economy in a way that manufacturing comes

597
00:33:14,640 --> 00:33:17,120
Speaker 1: back to the United States, which this president has been

598
00:33:17,160 --> 00:33:20,520
Speaker 1: doing since the day he took office, and that is key.

599
00:33:20,600 --> 00:33:22,680
Speaker 1: I got asked early on when it was recognized we

600
00:33:22,720 --> 00:33:24,760
Speaker 1: had a supply chain problem. So what do you do?

601
00:33:24,840 --> 00:33:27,960
Speaker 1: I said, what this president has been doing bringing manufacturing

602
00:33:28,000 --> 00:33:30,320
Speaker 1: back to the United States of America. We're gonna have

603
00:33:30,360 --> 00:33:32,960
Speaker 1: to find ways of doing that. As a military person,

604
00:33:33,040 --> 00:33:36,040
Speaker 1: if you had told me that my protective equipment and

605
00:33:36,120 --> 00:33:41,080
Speaker 1: my pharmaceuticals that we got in China, where that we

606
00:33:41,200 --> 00:33:43,720
Speaker 1: that we got in Iraq, we're coming from China, I

607
00:33:43,720 --> 00:33:46,480
Speaker 1: would have said, there is no way. And but that's

608
00:33:46,520 --> 00:33:48,720
Speaker 1: the situation we're in, and I can tell you right

609
00:33:48,760 --> 00:33:52,680
Speaker 1: now we're working diligently to identify where vulnerabilities are and

610
00:33:52,760 --> 00:33:56,160
Speaker 1: working to correct that and working hand in hand with

611
00:33:56,200 --> 00:33:59,360
Speaker 1: the administration on that. Congress and Braden Ship, I want

612
00:33:59,360 --> 00:34:00,720
Speaker 1: to be a respectful your time, so I'm going to

613
00:34:00,840 --> 00:34:03,000
Speaker 1: leave it there, but I very much appreciate uh you

614
00:34:03,120 --> 00:34:06,200
Speaker 1: taking these questions and for talking about this with us.

615
00:34:06,200 --> 00:34:08,920
Speaker 1: As Congressman Bradwin trip. He is a Republican from Ohio

616
00:34:09,040 --> 00:34:12,840
Speaker 1: second Congressional District. Thank you, sir. We're joined by Javita

617
00:34:12,880 --> 00:34:16,280
Speaker 1: Carranza of the Small Business Administration, and she, of course

618
00:34:16,320 --> 00:34:19,880
Speaker 1: has been one of the driving forces behind making sure

619
00:34:19,960 --> 00:34:24,520
Speaker 1: that businesses get access to loans, especially small businesses get

620
00:34:24,560 --> 00:34:27,719
Speaker 1: access to loans. Now, we've just received some of the

621
00:34:27,800 --> 00:34:30,560
Speaker 1: data about who has gotten access to the p p

622
00:34:30,560 --> 00:34:33,319
Speaker 1: P loans that have been out there. Now there have

623
00:34:33,440 --> 00:34:35,840
Speaker 1: been some criticism as you know, that it was the

624
00:34:35,880 --> 00:34:39,279
Speaker 1: politically well connected, uh that that we're able to get

625
00:34:39,320 --> 00:34:42,439
Speaker 1: access to this. What is the administration doing to make

626
00:34:42,480 --> 00:34:45,920
Speaker 1: sure that any small business that needs and qualifies for

627
00:34:46,000 --> 00:34:49,919
Speaker 1: those loans is able to get it. Well, Kevin i'ld

628
00:34:49,920 --> 00:34:51,680
Speaker 1: like to start out by saying that the p p

629
00:34:51,680 --> 00:34:54,760
Speaker 1: P has proven to be very successful. It has actually

630
00:34:54,800 --> 00:34:59,440
Speaker 1: achieved it's two objectives, which was a job retention, wage

631
00:34:59,440 --> 00:35:04,160
Speaker 1: growth all in one and then also sustaining of small businesses.

632
00:35:04,600 --> 00:35:08,279
Speaker 1: And the PPP has saved nearly five million small business enterprises.

633
00:35:08,320 --> 00:35:11,160
Speaker 1: So those are the data, you know, the data points

634
00:35:11,160 --> 00:35:14,560
Speaker 1: that I always look at the fact that we processed

635
00:35:14,600 --> 00:35:18,640
Speaker 1: about five and twenty billion dollars and saved and this

636
00:35:18,719 --> 00:35:20,840
Speaker 1: is the other data point I always stay focused on.

637
00:35:21,560 --> 00:35:25,360
Speaker 1: We we estimate based on the entry on all of

638
00:35:25,400 --> 00:35:28,520
Speaker 1: the loan applications that we've saved and estimated fifty one

639
00:35:28,560 --> 00:35:32,000
Speaker 1: million jobs. And I also looked at the fact that

640
00:35:32,680 --> 00:35:35,240
Speaker 1: of the funding. If you look at the data very closely,

641
00:35:35,840 --> 00:35:39,840
Speaker 1: you notice that most of the loans were made um

642
00:35:39,880 --> 00:35:43,080
Speaker 1: about a hundred and fifty thousand dollars in less. Actually,

643
00:35:43,120 --> 00:35:45,480
Speaker 1: I look at loans that are five thousands or twenty

644
00:35:45,480 --> 00:35:50,680
Speaker 1: thousand dollars, and we have provided funding for I would

645
00:35:50,719 --> 00:35:55,520
Speaker 1: say of the loan volume and value of the loans

646
00:35:56,040 --> 00:36:00,120
Speaker 1: really went to low income counties. And that's why as

647
00:36:00,120 --> 00:36:03,480
Speaker 1: I traveled throughout the United States, I've visited those particular

648
00:36:03,520 --> 00:36:08,480
Speaker 1: communities and and the businesses have been hit the hardest Kevin,

649
00:36:08,760 --> 00:36:15,120
Speaker 1: like the restaurants for the manufacturing and and Javida. I

650
00:36:15,200 --> 00:36:18,919
Speaker 1: want to ask you specifically about some of the criticism

651
00:36:19,040 --> 00:36:22,160
Speaker 1: about the data that has been made public. Democrats have

652
00:36:22,280 --> 00:36:26,840
Speaker 1: raised concerns that, uh, the smaller sized loans have not

653
00:36:27,040 --> 00:36:30,399
Speaker 1: yet been disclosed. Loans that are that are fewer than

654
00:36:30,719 --> 00:36:34,320
Speaker 1: a hundred and fifty thousand dollars for those approve learned loans.

655
00:36:34,560 --> 00:36:41,520
Speaker 1: Why why is that information considered proprietary or confidential. Kevin,

656
00:36:41,520 --> 00:36:44,440
Speaker 1: that's an excellent question, because as an administrator of a

657
00:36:44,440 --> 00:36:50,439
Speaker 1: small business administration, I take UM my fraudciary responsibility very

658
00:36:50,480 --> 00:36:56,319
Speaker 1: seriously about protecting proprietary and confidence in competitive information and

659
00:36:56,400 --> 00:37:01,680
Speaker 1: the smallest, the small smallest businesses like the sole proprietors

660
00:37:01,760 --> 00:37:04,799
Speaker 1: or for that matter, the independent contractors. I always use

661
00:37:04,880 --> 00:37:08,400
Speaker 1: as as an example, Kevin, here you have a woman,

662
00:37:09,080 --> 00:37:13,520
Speaker 1: single parent, single parent, who's an uber or lift driver,

663
00:37:14,400 --> 00:37:17,759
Speaker 1: and her home address is her business address, and she's

664
00:37:17,800 --> 00:37:21,160
Speaker 1: applying for something like less than five thousand dollars. That

665
00:37:21,360 --> 00:37:25,040
Speaker 1: is very confidential information. And that's the information that we

666
00:37:25,040 --> 00:37:28,759
Speaker 1: were trying to protect when we were very specific about

667
00:37:28,800 --> 00:37:32,200
Speaker 1: what we would release and what we wouldn't release. UM.

668
00:37:32,360 --> 00:37:36,640
Speaker 1: You know, the g a O Office and Congressional Oversight members,

669
00:37:36,680 --> 00:37:43,960
Speaker 1: they've received information UM that's unique to their particular UM requirements,

670
00:37:43,960 --> 00:37:47,600
Speaker 1: but as it relates to the public information, that's why

671
00:37:47,719 --> 00:37:52,160
Speaker 1: we protected certain certain loan values and and beyond that.

672
00:37:52,320 --> 00:37:56,719
Speaker 1: Just on Saturday, the President extending the deadline for p

673
00:37:56,719 --> 00:38:00,200
Speaker 1: P P loans I believe until August eight, and there

674
00:38:00,360 --> 00:38:03,080
Speaker 1: I think it's a hundred and thirty plus billion dollars

675
00:38:03,080 --> 00:38:07,279
Speaker 1: worth of remaining funds for for small businesses loans. Do

676
00:38:07,360 --> 00:38:10,920
Speaker 1: you think if if that money isn't isn't used up

677
00:38:11,040 --> 00:38:14,080
Speaker 1: by August eight, where do you think that will go?

678
00:38:14,360 --> 00:38:17,719
Speaker 1: And what is the best way to appropriate the leftover

679
00:38:18,239 --> 00:38:21,799
Speaker 1: funds specifically to targets to really micro target some of

680
00:38:21,840 --> 00:38:25,560
Speaker 1: these small businesses micro businesses even around the country that

681
00:38:25,640 --> 00:38:30,320
Speaker 1: are the backbone of of of America's economy. Well, Kevin,

682
00:38:30,360 --> 00:38:34,239
Speaker 1: let me answer your question to fold. The President took

683
00:38:34,280 --> 00:38:38,840
Speaker 1: historic action and very focused on small business, small businesses

684
00:38:38,880 --> 00:38:43,560
Speaker 1: and their employees, and he made available hundreds of billions

685
00:38:43,560 --> 00:38:47,239
Speaker 1: of dollars. We've already processed a half a trillion dollars

686
00:38:47,239 --> 00:38:50,520
Speaker 1: worth of funds for small businesses. You have the data,

687
00:38:51,400 --> 00:38:55,400
Speaker 1: and so that represents again, I can't emphasize more fifty

688
00:38:55,440 --> 00:38:59,360
Speaker 1: one million jobs. And if the one hundred and twenty

689
00:38:59,440 --> 00:39:04,160
Speaker 1: five for one five billion dollars that remains and that's

690
00:39:04,160 --> 00:39:08,920
Speaker 1: available through August eight, were really focused on continuing to

691
00:39:09,080 --> 00:39:13,160
Speaker 1: provide funds for sole proprietors and independent contractors because Kevin,

692
00:39:13,520 --> 00:39:16,680
Speaker 1: many of them were apprehensive and some of them returned

693
00:39:16,719 --> 00:39:21,880
Speaker 1: their loans. And so we are encouraging for these particular

694
00:39:21,920 --> 00:39:24,840
Speaker 1: businesses to work with their local lenders, and we have

695
00:39:25,400 --> 00:39:30,960
Speaker 1: over fifty undred lending partners, and Kevin, you'd be pleased

696
00:39:31,000 --> 00:39:34,920
Speaker 1: to know that there are more sedifies and credit unions

697
00:39:34,960 --> 00:39:39,160
Speaker 1: applying to be authorized so that they can provide p

698
00:39:39,320 --> 00:39:42,879
Speaker 1: p P loans because it's a forgivable loan. As long

699
00:39:42,920 --> 00:39:46,040
Speaker 1: as the small business can demonstrate that they've used their

700
00:39:46,040 --> 00:39:51,080
Speaker 1: funds to retain their employees as well as their operating costs,

701
00:39:50,800 --> 00:39:54,920
Speaker 1: that's like a win win proposition. The loan will be forgiven.

702
00:39:55,400 --> 00:40:01,160
Speaker 1: So I really expect maybe a slow intake, but um

703
00:40:01,200 --> 00:40:04,759
Speaker 1: definitely more businesses. Unique businesses will be applying for these

704
00:40:04,800 --> 00:40:11,640
Speaker 1: moans again in the PPP Loan portfolio, but also we

705
00:40:11,719 --> 00:40:15,400
Speaker 1: have the disaster Loan portfolio, which is called the Economic

706
00:40:15,440 --> 00:40:20,040
Speaker 1: Injury Disaster Loan Portfolio, the COVID that has I'm going

707
00:40:20,080 --> 00:40:23,160
Speaker 1: to see about another eighty than ninety billion dollars available

708
00:40:23,200 --> 00:40:26,839
Speaker 1: for small businesses. I just got a couple more questions. Yeah,

709
00:40:27,160 --> 00:40:28,520
Speaker 1: I know you are, and that's why I want to

710
00:40:28,520 --> 00:40:30,200
Speaker 1: be very respectful of your time. And I've just got

711
00:40:30,239 --> 00:40:34,880
Speaker 1: a couple more questions because as as Congress gets it,

712
00:40:35,000 --> 00:40:37,400
Speaker 1: rolls up their sleeve and tries to get to some

713
00:40:37,480 --> 00:40:40,280
Speaker 1: type of another round of economic stimulus, and the President

714
00:40:40,280 --> 00:40:42,760
Speaker 1: has come out and said he once days Leader McConnell

715
00:40:42,800 --> 00:40:46,520
Speaker 1: has said, but before August recess, but what do you

716
00:40:46,560 --> 00:40:50,840
Speaker 1: think are some creative ways to target micro businesses, to

717
00:40:50,880 --> 00:40:53,000
Speaker 1: target these mom and pop shops and I don't like

718
00:40:53,120 --> 00:40:57,440
Speaker 1: using that cliche, but these small town businesses. What are

719
00:40:57,480 --> 00:41:00,160
Speaker 1: some new ways that we can we can help as

720
00:41:00,200 --> 00:41:05,920
Speaker 1: businesses um in the next stimulus that you'd like to say, yes, Kevin,

721
00:41:06,280 --> 00:41:10,319
Speaker 1: there's a lot of discussion in the negotiations currently. We've

722
00:41:10,360 --> 00:41:15,160
Speaker 1: submitted some of our recommendations to them concerning our what

723
00:41:15,200 --> 00:41:18,320
Speaker 1: we call the flagship um loan portfolio, which is A

724
00:41:18,400 --> 00:41:21,879
Speaker 1: seven A the Fible four which really focuses on manufacturing

725
00:41:21,920 --> 00:41:26,359
Speaker 1: and focus. It focuses really in the underserved communities where

726
00:41:26,400 --> 00:41:29,120
Speaker 1: six of their employees have to come from that community.

727
00:41:29,520 --> 00:41:32,080
Speaker 1: So we're really interested in the seven eight Bible or

728
00:41:32,080 --> 00:41:35,719
Speaker 1: portfolio in the community advantage. We've also looked at our

729
00:41:36,040 --> 00:41:39,760
Speaker 1: federal chairman, our government contracting office, and then they're also

730
00:41:40,080 --> 00:41:44,080
Speaker 1: there's also other um considerations on the table where we

731
00:41:44,760 --> 00:41:47,640
Speaker 1: definitely are listening to all our small businesses and the

732
00:41:47,800 --> 00:41:52,399
Speaker 1: chambers and the trade associations on what they believe would

733
00:41:52,440 --> 00:41:57,040
Speaker 1: be necessary to two again assist these small businesses to

734
00:41:57,080 --> 00:41:59,920
Speaker 1: whether this particular storm, this pandemic was only supposed to

735
00:42:00,000 --> 00:42:03,759
Speaker 1: as two or three weeks. Kevin, that was the first lifeline,

736
00:42:04,000 --> 00:42:06,480
Speaker 1: and then it was expanded to the second trans of funds,

737
00:42:06,480 --> 00:42:09,919
Speaker 1: which we now still have a hundred and twenty five

738
00:42:10,000 --> 00:42:12,560
Speaker 1: thousand of US I'm sorry, a hundred and fifty billion

739
00:42:13,200 --> 00:42:17,200
Speaker 1: available all in s b A. So, Kevin, we want

740
00:42:17,239 --> 00:42:22,680
Speaker 1: to make sure that the small business community continues to

741
00:42:23,000 --> 00:42:28,680
Speaker 1: thrive like they did pre COVID pandemic. Because I'll give

742
00:42:28,719 --> 00:42:32,360
Speaker 1: you a couple of statistics. The Hispanic women small businesses

743
00:42:32,400 --> 00:42:36,200
Speaker 1: and the African American small women's small businesses were the

744
00:42:36,280 --> 00:42:44,480
Speaker 1: fastest growing small businesses pre pandemic, and they were significant employers,

745
00:42:44,520 --> 00:42:47,759
Speaker 1: and they definitely represent half of the GDP in the

746
00:42:47,840 --> 00:42:52,000
Speaker 1: United States that represents something like ten to eleven trillion dollars.

747
00:42:52,760 --> 00:42:56,799
Speaker 1: So I hope that brings in an appreciation why this

748
00:42:56,920 --> 00:43:01,439
Speaker 1: president is so focused on small business and mister administrations

749
00:43:01,440 --> 00:43:05,760
Speaker 1: focus on small businesses because they are such a essential

750
00:43:06,600 --> 00:43:12,239
Speaker 1: um economic fuel engine into our national economy. And that

751
00:43:12,320 --> 00:43:15,480
Speaker 1: sets up for my for my final question UH to

752
00:43:15,640 --> 00:43:21,200
Speaker 1: you specifically you mentioned just about how disproportionately certain minority

753
00:43:21,239 --> 00:43:24,719
Speaker 1: groups as well as rural communities have been impacted from

754
00:43:24,719 --> 00:43:29,680
Speaker 1: an economic standpoint, and just the need to really make

755
00:43:29,760 --> 00:43:35,080
Speaker 1: sure that that is UH, that that's revitalized, especially UH

756
00:43:35,200 --> 00:43:38,640
Speaker 1: during this recovery and and oftentimes those smaller businesses are

757
00:43:38,640 --> 00:43:42,040
Speaker 1: more difficult to get access to just given for a

758
00:43:42,120 --> 00:43:45,200
Speaker 1: variety of reasons, but for the government to directly access

759
00:43:45,600 --> 00:43:49,760
Speaker 1: that those and penetrate those small businesses. So how crucial

760
00:43:49,880 --> 00:43:54,839
Speaker 1: is it that these minority communities, that these underserved communities

761
00:43:54,880 --> 00:43:57,960
Speaker 1: around the country are able to have direct access and

762
00:43:58,000 --> 00:44:02,799
Speaker 1: a direct pipeline into the federal government and Congress to

763
00:44:02,920 --> 00:44:04,920
Speaker 1: make sure that they are a part of this recovery

764
00:44:04,920 --> 00:44:09,840
Speaker 1: and not left behind. Well, Kevin, as an advocate for

765
00:44:09,880 --> 00:44:12,759
Speaker 1: small business Administration and the fact that we recognize as

766
00:44:12,760 --> 00:44:17,520
Speaker 1: the thirty one million small businesses come we've only only

767
00:44:18,480 --> 00:44:26,040
Speaker 1: processed about fifteen million small business financial transactions. We understand

768
00:44:26,719 --> 00:44:29,760
Speaker 1: we have our work cut out, and so we remain

769
00:44:29,920 --> 00:44:33,799
Speaker 1: laser focused on the opportunity zones the US, the U

770
00:44:33,960 --> 00:44:37,080
Speaker 1: s m c A, because small businesses are very significant

771
00:44:37,080 --> 00:44:42,759
Speaker 1: exporters in every state in Mexico and UM Canada are

772
00:44:43,040 --> 00:44:48,680
Speaker 1: definitely markets that small businesses explore as an initial trading partner.

773
00:44:49,080 --> 00:44:53,960
Speaker 1: So the President's pro growth policies will further accelerate the recovery.

774
00:44:54,239 --> 00:44:58,319
Speaker 1: And I'm ensuring that the entire s b A and

775
00:44:58,400 --> 00:45:02,839
Speaker 1: our partners, which is comm Merce, Department of Labor, the Chambers,

776
00:45:03,239 --> 00:45:08,000
Speaker 1: We're going at the small business community as a whole government,

777
00:45:08,400 --> 00:45:11,560
Speaker 1: not just s b A. So we're we're totally committed

778
00:45:11,600 --> 00:45:14,600
Speaker 1: in the underserved market, from the tribal nations, to the veterans,

779
00:45:14,600 --> 00:45:19,120
Speaker 1: to the women owned and minority in general. I want

780
00:45:19,160 --> 00:45:20,400
Speaker 1: to thank you for your time, and I'm gonna leave

781
00:45:20,400 --> 00:45:21,880
Speaker 1: it there. I know you were on a tight schedule,

782
00:45:21,920 --> 00:45:23,520
Speaker 1: so I want to keep you on time. Uh, And

783
00:45:23,560 --> 00:45:28,560
Speaker 1: I'm very appreciate. Thank you, very very much. I'm Kevin's

784
00:45:28,600 --> 00:45:31,880
Speaker 1: really chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

785
00:45:31,920 --> 00:45:35,800
Speaker 1: We are joined by a spokesman for President Trump, Ben Williamson. Ben,

786
00:45:36,040 --> 00:45:38,359
Speaker 1: I want to get your reaction to something that I've

787
00:45:38,360 --> 00:45:41,560
Speaker 1: been hearing a lot from administration sources, and that is

788
00:45:42,040 --> 00:45:44,560
Speaker 1: to not to look at the number of cases that

789
00:45:44,600 --> 00:45:47,200
Speaker 1: are being reported, but to also pay attention to the

790
00:45:47,280 --> 00:45:51,359
Speaker 1: case fatality rate of COVID nineteen. Explain to me why

791
00:45:51,400 --> 00:45:54,879
Speaker 1: that's important and what the difference is. Well, Kevin, first

792
00:45:54,920 --> 00:45:56,400
Speaker 1: of all, it's great to be with you. Thanks so

793
00:45:56,480 --> 00:45:58,719
Speaker 1: much for having me, And that's exactly right. I think

794
00:45:58,760 --> 00:46:02,200
Speaker 1: those are those are all additional metrics that we need

795
00:46:02,239 --> 00:46:05,440
Speaker 1: to be looking at in addition two cases. It's true

796
00:46:05,480 --> 00:46:08,240
Speaker 1: that we're seeing, you know, cases rise in some areas

797
00:46:08,280 --> 00:46:11,440
Speaker 1: across the country. We have different hot zones that are

798
00:46:11,480 --> 00:46:14,080
Speaker 1: popping up, and we're we're working with states and localities

799
00:46:14,160 --> 00:46:16,200
Speaker 1: to deal with that. But a lot of that is

800
00:46:16,200 --> 00:46:18,880
Speaker 1: because we're increasing testing. You know, we've hit over forty

801
00:46:18,960 --> 00:46:22,000
Speaker 1: million tests. I believe the number is now um And

802
00:46:22,040 --> 00:46:24,120
Speaker 1: as a result of that increased number of testing, you're

803
00:46:24,120 --> 00:46:28,279
Speaker 1: gonna be catching a lot more asymptomatic cases, cases that

804
00:46:28,360 --> 00:46:33,759
Speaker 1: maybe aren't quite as serious as hospitalization rates may indicate. Uh.

805
00:46:33,800 --> 00:46:35,759
Speaker 1: And so that's a couple of other things that we

806
00:46:35,800 --> 00:46:38,080
Speaker 1: have to look at. Is number one, what are the

807
00:46:38,120 --> 00:46:41,719
Speaker 1: hospitalization numbers? And the number two, what are the fatality

808
00:46:41,800 --> 00:46:44,640
Speaker 1: rates that we're experiencing. And the data does look good

809
00:46:44,640 --> 00:46:46,520
Speaker 1: on those two fronts. We have one of the lowest

810
00:46:46,640 --> 00:46:48,719
Speaker 1: fatality rates in the world. I think we're a little

811
00:46:48,760 --> 00:46:52,600
Speaker 1: bit below or around four percent, which is significantly lower

812
00:46:52,600 --> 00:46:55,279
Speaker 1: than some of our competitors across the globe. And so

813
00:46:55,320 --> 00:46:58,880
Speaker 1: when we look at that, when we consider the numbers

814
00:46:58,920 --> 00:47:01,760
Speaker 1: that we're dealing with, those certainly two of the indicators

815
00:47:01,760 --> 00:47:03,680
Speaker 1: that we want to look at to see exactly how situation,

816
00:47:03,760 --> 00:47:07,000
Speaker 1: how serious the situation is. And meanwhile, we're staring down

817
00:47:07,040 --> 00:47:10,000
Speaker 1: the prospects of another economic stimulus sent a Majority Leader

818
00:47:10,040 --> 00:47:12,759
Speaker 1: Mitch McConnell has said he wants to see another round

819
00:47:12,760 --> 00:47:16,799
Speaker 1: of stimulus ahead of the August recess. Administration officials have

820
00:47:16,920 --> 00:47:20,120
Speaker 1: also suggested as much what is the White House want

821
00:47:20,160 --> 00:47:23,560
Speaker 1: to see included in the next round of economic stimulus,

822
00:47:23,600 --> 00:47:28,680
Speaker 1: especially as talks for Phase four continue to intensify. Well,

823
00:47:28,719 --> 00:47:31,120
Speaker 1: I think we're where Secretary of Minution mentioned the other

824
00:47:31,200 --> 00:47:34,680
Speaker 1: day in a press conference, you know, protect job, protect kids,

825
00:47:35,360 --> 00:47:38,719
Speaker 1: and protect liabilities. We want any stimulus coming out of

826
00:47:38,760 --> 00:47:40,719
Speaker 1: Comngress to make sure that number one, we make it

827
00:47:40,800 --> 00:47:43,920
Speaker 1: easier for people to get back to work, for businesses

828
00:47:44,040 --> 00:47:47,800
Speaker 1: to to rehire their employee, used to jump start the economy,

829
00:47:47,840 --> 00:47:49,800
Speaker 1: and make sure that our economy can get back to normal.

830
00:47:50,520 --> 00:47:52,080
Speaker 1: And then number two, we also want to make sure

831
00:47:52,120 --> 00:47:54,320
Speaker 1: that it's easier for kids to go back to school.

832
00:47:54,320 --> 00:47:57,760
Speaker 1: The economy can't really open and get back to normal

833
00:47:57,840 --> 00:48:00,680
Speaker 1: unless schools are open, and we want to work hand

834
00:48:00,719 --> 00:48:03,040
Speaker 1: in hand with states and localities to make sure that

835
00:48:03,120 --> 00:48:06,920
Speaker 1: schools can open safely, the children can be safe in school,

836
00:48:06,960 --> 00:48:09,600
Speaker 1: and the teachers can be safe in school. So that's

837
00:48:09,640 --> 00:48:11,359
Speaker 1: something that we want to address. And then number three,

838
00:48:11,360 --> 00:48:13,160
Speaker 1: we want to look at liabilities. We want to make

839
00:48:13,200 --> 00:48:18,600
Speaker 1: sure that businesses can open without fear of liability that

840
00:48:18,600 --> 00:48:22,839
Speaker 1: will damage their business or or costume enough where it's

841
00:48:22,880 --> 00:48:26,600
Speaker 1: not worth reopening in the age of COVID. So Secretary

842
00:48:26,680 --> 00:48:29,680
Speaker 1: Minution is leading those negotiations, will be working hand in

843
00:48:29,719 --> 00:48:34,160
Speaker 1: hand with Leader McConnell and our our Democratic counterparts in

844
00:48:34,160 --> 00:48:35,640
Speaker 1: the Senate as well, and we look forward to seeing

845
00:48:35,640 --> 00:48:38,080
Speaker 1: where those negotiations go. You know, Ben Williamson's on the line.

846
00:48:38,120 --> 00:48:40,680
Speaker 1: He's a spokesman for President Trump working at the White House.

847
00:48:40,680 --> 00:48:44,800
Speaker 1: He previously worked for the Chief the now Chief of Staff,

848
00:48:44,800 --> 00:48:48,239
Speaker 1: Mark Meadows, but previously for then Congressman Mark Meadows. So

849
00:48:48,280 --> 00:48:50,680
Speaker 1: he knows a thing or two about the dynamics of Congress,

850
00:48:50,680 --> 00:48:56,040
Speaker 1: the Republican Party and its relationship obviously with six Pennsylvania Avenue.

851
00:48:56,040 --> 00:48:57,560
Speaker 1: But I want to bring it back then to something

852
00:48:57,600 --> 00:49:01,200
Speaker 1: you mentioned about schools, because at personally, I don't think

853
00:49:01,200 --> 00:49:03,719
Speaker 1: economists are talking enough about this and the impact that

854
00:49:03,760 --> 00:49:07,839
Speaker 1: it has on the psychology of the American worker, especially

855
00:49:08,200 --> 00:49:10,600
Speaker 1: if they don't feel safe sending their kids back to schools.

856
00:49:10,640 --> 00:49:12,640
Speaker 1: I mean, how are they expected to go back to work?

857
00:49:12,800 --> 00:49:14,840
Speaker 1: But then you throw into the mix of of kids

858
00:49:14,880 --> 00:49:18,080
Speaker 1: playing with each other going to schools, you know, and

859
00:49:18,080 --> 00:49:21,040
Speaker 1: and and all of these hosts of different questions. And

860
00:49:21,080 --> 00:49:23,680
Speaker 1: so you mentioned this, and I want to follow up

861
00:49:23,719 --> 00:49:27,120
Speaker 1: on it. What does Congress need to do in the

862
00:49:27,120 --> 00:49:30,880
Speaker 1: next round of economic stimulus to help ease some of

863
00:49:30,880 --> 00:49:34,960
Speaker 1: the concerns that parents have for sending their children back

864
00:49:35,000 --> 00:49:37,960
Speaker 1: to the classroom. You you hit the nail on that

865
00:49:38,360 --> 00:49:42,960
Speaker 1: this is one of the more under discussed topics, uh

866
00:49:43,000 --> 00:49:45,319
Speaker 1: in all of Washington, d C. As far as the

867
00:49:45,360 --> 00:49:50,200
Speaker 1: impacts that the reopening schools has not only on the economy,

868
00:49:50,200 --> 00:49:52,600
Speaker 1: but but on on mental health, on the on the

869
00:49:52,680 --> 00:49:56,960
Speaker 1: fabric of communities, on psychology of both kids and parents.

870
00:49:57,040 --> 00:49:59,799
Speaker 1: It's not just parents having the freedom to get back

871
00:49:59,800 --> 00:50:03,320
Speaker 1: to work and provide for their families. But it's it's kids.

872
00:50:03,320 --> 00:50:05,400
Speaker 1: It's kids being out in the community, it's kids playing

873
00:50:05,400 --> 00:50:08,880
Speaker 1: with each other learning. Uh, schools are such a huge

874
00:50:08,960 --> 00:50:13,600
Speaker 1: driver of our success economically as a country. You're exactly

875
00:50:13,680 --> 00:50:15,360
Speaker 1: right about that. And so what Congress wants to do.

876
00:50:15,400 --> 00:50:17,120
Speaker 1: I think Kevin McCarthy had a not bet on this

877
00:50:17,200 --> 00:50:20,040
Speaker 1: kind of explaining a little bit about what what what

878
00:50:20,080 --> 00:50:21,560
Speaker 1: we want to do. But we want to work hand

879
00:50:21,600 --> 00:50:25,080
Speaker 1: in hand with states and localities to make sure that

880
00:50:25,160 --> 00:50:27,960
Speaker 1: they have both the funds and the resources to open

881
00:50:28,040 --> 00:50:30,400
Speaker 1: up safely. And what that looks like, we won't get

882
00:50:30,440 --> 00:50:33,160
Speaker 1: out ahead of of the negotiations. It could look like

883
00:50:33,200 --> 00:50:36,080
Speaker 1: any number of of safety measures. But but we want

884
00:50:36,120 --> 00:50:39,080
Speaker 1: to make sure that from from Pennsylvania Avenue that we're

885
00:50:39,239 --> 00:50:42,919
Speaker 1: there for states and local governments to make sure they

886
00:50:42,960 --> 00:50:46,040
Speaker 1: have measures to protect kids and then also work with

887
00:50:46,120 --> 00:50:49,680
Speaker 1: Congress if funds are necessary to do that. We're we're

888
00:50:49,680 --> 00:50:51,359
Speaker 1: willing to be right there with them to make sure

889
00:50:51,400 --> 00:50:54,400
Speaker 1: that kids can get back to schools, that life can

890
00:50:54,440 --> 00:50:56,480
Speaker 1: get back to as normal as possible. What we deal

891
00:50:56,520 --> 00:51:00,600
Speaker 1: with ultimately therapeutics and a vaccine for COVID. I'm Kevin Surli,

892
00:51:00,640 --> 00:51:04,000
Speaker 1: Chief Washington correspondent for Bloomberg Television and for Bloomberg Radio,

893
00:51:04,040 --> 00:51:07,520
Speaker 1: and we're joined by CMS Administrator Verma. Thank you so

894
00:51:07,600 --> 00:51:10,440
Speaker 1: much for being here. I want to ask you. On

895
00:51:10,520 --> 00:51:15,279
Speaker 1: November one, CMS issued a final rule which would enact

896
00:51:15,360 --> 00:51:19,480
Speaker 1: payment restrictions to non evaluation and management services in the

897
00:51:19,600 --> 00:51:23,279
Speaker 1: Medicare system. After COVID and seeing the need for some

898
00:51:23,360 --> 00:51:25,160
Speaker 1: of these health servants is do you think that rule

899
00:51:25,160 --> 00:51:28,400
Speaker 1: has got to be postponed until until we are through

900
00:51:28,400 --> 00:51:31,000
Speaker 1: this or do you think we could still follow through

901
00:51:31,000 --> 00:51:34,080
Speaker 1: with that. Wells a couple of things to know about

902
00:51:34,080 --> 00:51:37,120
Speaker 1: this rule. First of all, this rule was trying to

903
00:51:37,200 --> 00:51:40,319
Speaker 1: reduce the burden that physicians based every day with the

904
00:51:40,360 --> 00:51:42,719
Speaker 1: Medicare program. We know that there's just a lot of

905
00:51:42,800 --> 00:51:46,360
Speaker 1: challenges and billing and they spend you know, unfortunately more

906
00:51:46,400 --> 00:51:49,160
Speaker 1: time away from their patients, and this rule is designed

907
00:51:49,160 --> 00:51:51,839
Speaker 1: to give them more time face to face time with

908
00:51:51,960 --> 00:51:54,759
Speaker 1: their patients. Um. The other thing that it does is

909
00:51:54,760 --> 00:51:59,000
Speaker 1: that it really reimburses physicians for the time that they're

910
00:51:59,040 --> 00:52:01,640
Speaker 1: spending with their pay patients. A lot of times, the

911
00:52:01,680 --> 00:52:03,919
Speaker 1: way the system has worked in the past is that

912
00:52:04,239 --> 00:52:07,920
Speaker 1: it doesn't really advantage those providers are primary care doctors

913
00:52:07,960 --> 00:52:10,640
Speaker 1: that are on the front lines dealing with our patients

914
00:52:10,640 --> 00:52:13,160
Speaker 1: that have multiple comorbidities. You know, a lot of our

915
00:52:13,160 --> 00:52:16,680
Speaker 1: patients now have diabetes, hypertension, and a lot of different

916
00:52:16,680 --> 00:52:19,520
Speaker 1: disease issues all going on at once, and they need

917
00:52:19,560 --> 00:52:22,040
Speaker 1: more time with their doctors. And so the changes that

918
00:52:22,120 --> 00:52:26,040
Speaker 1: we made um reimburse providers for spending time with their

919
00:52:26,080 --> 00:52:30,520
Speaker 1: patients and reducing their burden. So and and even during

920
00:52:30,560 --> 00:52:34,160
Speaker 1: this and you know, this administrative verma, during this crisis,

921
00:52:34,200 --> 00:52:37,920
Speaker 1: the elderly have been incredibly incredibly impacted both from a

922
00:52:37,920 --> 00:52:40,880
Speaker 1: psychological perspective in terms of not being able to be

923
00:52:40,960 --> 00:52:43,960
Speaker 1: with loved ones for their own safety. Uh and and

924
00:52:43,960 --> 00:52:48,000
Speaker 1: and economically as well. Uh And I'm curious about Medicare

925
00:52:48,160 --> 00:52:50,319
Speaker 1: and whether or not you think, as we stare down

926
00:52:50,360 --> 00:52:54,080
Speaker 1: the potential for another economic stimulus, whether or not Medicare

927
00:52:54,120 --> 00:52:58,000
Speaker 1: payment increases might be something on the table for right now.

928
00:52:59,560 --> 00:53:00,960
Speaker 1: You know, one of the things that we've done in

929
00:53:00,960 --> 00:53:05,719
Speaker 1: the Medicare program is provide accelerated payments for our providers.

930
00:53:05,719 --> 00:53:08,600
Speaker 1: So if they've had trouble, our health care providers have

931
00:53:08,680 --> 00:53:11,320
Speaker 1: had trouble with finances, they've been able to seek loans

932
00:53:11,360 --> 00:53:13,919
Speaker 1: from the Medicare program. The other thing that we've done

933
00:53:14,000 --> 00:53:16,600
Speaker 1: is that the President has been focused on and and

934
00:53:16,760 --> 00:53:19,640
Speaker 1: UH is signing the Cares Act, and that actually provided

935
00:53:19,680 --> 00:53:22,960
Speaker 1: a hundred and seventy five billion dollars to providers across

936
00:53:23,000 --> 00:53:25,640
Speaker 1: the country. We know that providers have been hit hard.

937
00:53:25,719 --> 00:53:29,560
Speaker 1: They have increased costs for personal protective equipment, many of

938
00:53:29,600 --> 00:53:33,480
Speaker 1: them haven't been able to perform elective surgeries, and many

939
00:53:33,520 --> 00:53:36,800
Speaker 1: of them have closed down their practices. So those funds

940
00:53:36,840 --> 00:53:39,920
Speaker 1: are there to help the health care system deal with

941
00:53:40,000 --> 00:53:42,440
Speaker 1: the impact of the coronavirus. That being said, I can

942
00:53:42,480 --> 00:53:44,920
Speaker 1: tell you and from the Medicare program is we're starting

943
00:53:44,960 --> 00:53:47,759
Speaker 1: to see services come back up. We're seeing a lot

944
00:53:47,800 --> 00:53:50,960
Speaker 1: of our patients accessing telehealth services, which is one of

945
00:53:51,000 --> 00:53:53,200
Speaker 1: the things that the President is from the very beginning

946
00:53:53,640 --> 00:53:56,960
Speaker 1: UH to make sure that our Medicare beneficiaries could communicate

947
00:53:56,960 --> 00:54:00,440
Speaker 1: with their providers while they were sheltering in place. Do

948
00:54:00,480 --> 00:54:02,560
Speaker 1: you think we have enough doctors in the Medicare system

949
00:54:02,640 --> 00:54:05,239
Speaker 1: because so many people getting sick? Or is that is

950
00:54:05,280 --> 00:54:07,040
Speaker 1: that how many people should be concerned about it all?

951
00:54:08,280 --> 00:54:11,400
Speaker 1: You know, I think generally we're we're adding ten thousand

952
00:54:11,400 --> 00:54:15,319
Speaker 1: new beneficiaries in the Medicare program every single day. So

953
00:54:15,440 --> 00:54:18,200
Speaker 1: the needs on the health care system and the impact

954
00:54:18,280 --> 00:54:21,520
Speaker 1: are significant. But that's why the President has been focused

955
00:54:21,560 --> 00:54:25,320
Speaker 1: on workforce challenges. That's why we've been providing more flexibility

956
00:54:25,360 --> 00:54:28,200
Speaker 1: to the health care system, especially during COVID, so that

957
00:54:28,239 --> 00:54:31,760
Speaker 1: we can augment the workforce. We're allowing providers to operate

958
00:54:31,840 --> 00:54:34,359
Speaker 1: at the top of their license, whether it be our

959
00:54:34,440 --> 00:54:38,759
Speaker 1: nurse and necessis also providing more flexibility for nurse practitioners

960
00:54:38,800 --> 00:54:42,880
Speaker 1: so that we can make sure that especially those hot

961
00:54:42,880 --> 00:54:46,960
Speaker 1: spots and areas are able to address the surges and

962
00:54:47,000 --> 00:54:49,399
Speaker 1: that they have the capacity to address the health care

963
00:54:49,440 --> 00:54:52,880
Speaker 1: needs of their communities. SMS administrators team up. VERMA is

964
00:54:52,960 --> 00:54:55,759
Speaker 1: on the line and and you know, I'm struck by

965
00:54:55,800 --> 00:55:00,759
Speaker 1: this because we hear of all of the heroic, incredible

966
00:55:00,960 --> 00:55:04,120
Speaker 1: frontline workers who are just really you know, they're risking

967
00:55:04,160 --> 00:55:07,560
Speaker 1: their lives, they're working these incredibly long shifts. And then

968
00:55:07,560 --> 00:55:10,640
Speaker 1: I get angry because I hear about the fraudsters, and

969
00:55:10,680 --> 00:55:14,520
Speaker 1: I hear about people taking advantage of of whether it's

970
00:55:14,520 --> 00:55:18,400
Speaker 1: the elderly, whether it's it's uh folks, you know, anyone really,

971
00:55:18,680 --> 00:55:21,160
Speaker 1: you know, and they're being fraudulent and they're tricking people

972
00:55:21,200 --> 00:55:24,239
Speaker 1: into making some telehealth payments. And you know, I know

973
00:55:24,280 --> 00:55:26,520
Speaker 1: that this has been something that you've really, you know,

974
00:55:26,640 --> 00:55:29,120
Speaker 1: pushed back against and been trying to stop. So what

975
00:55:29,200 --> 00:55:31,960
Speaker 1: are what are policymakers, what are you doing in order

976
00:55:31,960 --> 00:55:34,600
Speaker 1: to make sure that people aren't being It's it's crazy

977
00:55:34,640 --> 00:55:38,239
Speaker 1: to me, but that people aren't falling for these fraudsters. Yeah,

978
00:55:38,239 --> 00:55:41,480
Speaker 1: it was disappointing that those frousters would try to take

979
00:55:41,520 --> 00:55:45,479
Speaker 1: advantage of the American taxpayer during this very difficult time.

980
00:55:45,880 --> 00:55:49,840
Speaker 1: You know, we have weighed hundreds of regulations so that

981
00:55:49,960 --> 00:55:53,360
Speaker 1: the health care system could work better, more efficiently, especially

982
00:55:53,480 --> 00:55:56,760
Speaker 1: during this time of crisis, and unfortunately, people are taking

983
00:55:56,760 --> 00:55:59,120
Speaker 1: advantage of it. I can tell you at the agency

984
00:55:59,480 --> 00:56:02,239
Speaker 1: that we have focused on a very strong plan that

985
00:56:02,320 --> 00:56:05,480
Speaker 1: for every waiver, for every flexibility, we have a plan

986
00:56:05,800 --> 00:56:09,360
Speaker 1: to track potential prosters. So in telehealth, we've already found

987
00:56:09,400 --> 00:56:12,080
Speaker 1: some people that were billing for more services that were

988
00:56:12,160 --> 00:56:15,160
Speaker 1: humanly possible in a twenty four hour period. So, you know,

989
00:56:15,280 --> 00:56:17,920
Speaker 1: rest assured tax payers should know that behind the scenes,

990
00:56:18,000 --> 00:56:20,520
Speaker 1: we're looking for those individuals and we'll do everything we

991
00:56:20,560 --> 00:56:23,799
Speaker 1: can to um to to bring them to justice. And

992
00:56:23,880 --> 00:56:26,040
Speaker 1: just a final question for you, on the issue of telehealth,

993
00:56:26,040 --> 00:56:28,560
Speaker 1: I mean, it really is the future of medicine. What

994
00:56:28,560 --> 00:56:31,120
Speaker 1: what I I would argue it might be one of

995
00:56:31,120 --> 00:56:34,239
Speaker 1: the legacies of the of this horrible pandemic is that

996
00:56:34,600 --> 00:56:38,399
Speaker 1: it's telehealth has really surge to to read program really

997
00:56:38,400 --> 00:56:43,400
Speaker 1: how we view getting access to our healthcare. But what

998
00:56:43,400 --> 00:56:46,080
Speaker 1: what advances have been made in the telehealth field during

999
00:56:46,080 --> 00:56:49,240
Speaker 1: the last couple of months. Well, you know, the President

1000
00:56:49,239 --> 00:56:52,200
Speaker 1: has been focused on making sure that we're bringing innovation

1001
00:56:52,480 --> 00:56:57,319
Speaker 1: technology and really modernizing the Medicare program. So what we've

1002
00:56:57,360 --> 00:57:00,360
Speaker 1: done from the very beginning, what he's done, and I

1003
00:57:00,400 --> 00:57:03,800
Speaker 1: think this speaks to his leadership around without bringing every

1004
00:57:03,840 --> 00:57:07,000
Speaker 1: tool possible to address the coronavirus. And so we made

1005
00:57:07,000 --> 00:57:10,359
Speaker 1: telehealth available not only in the Medicare program, but also

1006
00:57:10,440 --> 00:57:13,000
Speaker 1: in Medicaid. And it's been really important for people because

1007
00:57:13,280 --> 00:57:15,840
Speaker 1: it's allowed them to receive healthcare in the safety of

1008
00:57:15,880 --> 00:57:19,200
Speaker 1: their homes. And it's also helped keep our healthcare workers

1009
00:57:19,200 --> 00:57:22,800
Speaker 1: safe and reduced use of protective equipment. Um. You know,

1010
00:57:22,840 --> 00:57:25,960
Speaker 1: it's been amazing to see the rapid adoption across the

1011
00:57:26,000 --> 00:57:29,240
Speaker 1: health care system. Our patients seem to like it. Doctors

1012
00:57:29,240 --> 00:57:32,480
Speaker 1: were reluctant at first, but I think they're recognizing that

1013
00:57:32,600 --> 00:57:36,920
Speaker 1: tallehealth can be a tool to increase accessibility of healthcare services.

1014
00:57:37,000 --> 00:57:39,600
Speaker 1: So I've said that this is UH. The genie has

1015
00:57:39,600 --> 00:57:41,080
Speaker 1: been let out of the bottle, and I don't think

1016
00:57:41,080 --> 00:57:43,600
Speaker 1: there's any going back when it comes to tallehealth. I

1017
00:57:43,600 --> 00:57:46,280
Speaker 1: think the American public have clearly seen that there are

1018
00:57:46,920 --> 00:57:49,120
Speaker 1: that there is a place for telehealth in our health

1019
00:57:49,160 --> 00:57:52,240
Speaker 1: care system. All Right, CMS administrators seem of verma. I

1020
00:57:52,240 --> 00:57:53,440
Speaker 1: will let you out of here because I want to

1021
00:57:53,480 --> 00:57:56,040
Speaker 1: be respectful of your time. Thank you so much for

1022
00:57:57,120 --> 00:57:59,720
Speaker 1: thank you. All Right, So here we are Mark. We're

1023
00:57:59,800 --> 00:58:03,080
Speaker 1: dealing with an uptick in cases and there's a lot

1024
00:58:03,120 --> 00:58:06,520
Speaker 1: of questions about how to best control this TOTH Economic

1025
00:58:06,600 --> 00:58:09,840
Speaker 1: officials have said as part of the administration that closing

1026
00:58:09,880 --> 00:58:12,280
Speaker 1: down the economy again is just not on the table.

1027
00:58:12,600 --> 00:58:16,720
Speaker 1: So how do we get this virus under control? Well,

1028
00:58:16,760 --> 00:58:19,680
Speaker 1: closing down the economy is certainly not UH an option

1029
00:58:19,720 --> 00:58:23,480
Speaker 1: that's on the table. When the United States asked Americans

1030
00:58:23,560 --> 00:58:27,040
Speaker 1: to UH sacrifice for forty five days to slow the spread,

1031
00:58:27,440 --> 00:58:30,880
Speaker 1: people made enormous sacrifices that gave us the time and

1032
00:58:30,960 --> 00:58:34,160
Speaker 1: preparation to build supplies. Some across the globe to make

1033
00:58:34,200 --> 00:58:36,600
Speaker 1: sure that our hostels are better prepared and to develop

1034
00:58:36,680 --> 00:58:40,280
Speaker 1: better therapeutics. And today at this point, um doctors far

1035
00:58:40,440 --> 00:58:43,040
Speaker 1: no far better how to treat patients. And what we're

1036
00:58:43,080 --> 00:58:45,960
Speaker 1: seeing in many cases is an ability to to better

1037
00:58:46,040 --> 00:58:48,640
Speaker 1: protect those that are most vulnerable, whether it's those who

1038
00:58:48,640 --> 00:58:51,840
Speaker 1: have come more abidities or or those that are elderly

1039
00:58:51,840 --> 00:58:54,800
Speaker 1: in age. And so what we're seeing now is a

1040
00:58:55,200 --> 00:58:59,200
Speaker 1: is arising cases among younger populations twenty to forty four

1041
00:58:59,280 --> 00:59:02,600
Speaker 1: years old. In some cases, um as, our health experts

1042
00:59:02,600 --> 00:59:05,160
Speaker 1: will tell you from decisions that they've made that are

1043
00:59:05,200 --> 00:59:08,240
Speaker 1: unwise about not taking the virus seriously. But in other

1044
00:59:08,280 --> 00:59:11,200
Speaker 1: cases it's it's basically people getting back to work and

1045
00:59:11,200 --> 00:59:14,720
Speaker 1: in some cases employers mandating that all employees get tested.

1046
00:59:14,760 --> 00:59:17,320
Speaker 1: And you're finding people who are asymptomatic, which is good

1047
00:59:17,320 --> 00:59:20,560
Speaker 1: to find so you can isolate them. But but we

1048
00:59:20,640 --> 00:59:24,360
Speaker 1: are better able to treat patients. There's better a capacity

1049
00:59:24,440 --> 00:59:27,560
Speaker 1: within our hospitals in these areas now and UH and

1050
00:59:27,640 --> 00:59:30,440
Speaker 1: going back to to shut down is not an option.

1051
00:59:30,480 --> 00:59:32,400
Speaker 1: We can do both. We can make sure that America

1052
00:59:32,440 --> 00:59:35,200
Speaker 1: stays open and stays healthy. And I think that one

1053
00:59:35,280 --> 00:59:38,440
Speaker 1: things we've learned through this, Kevin, is there's also enormous

1054
00:59:38,480 --> 00:59:41,440
Speaker 1: health consequence to shutting down the economy, whether or not

1055
00:59:41,560 --> 00:59:43,720
Speaker 1: that's a financial pain or whether or not that's the

1056
00:59:43,760 --> 00:59:46,720
Speaker 1: psychological pain for many people. Mark, you know we're heading

1057
00:59:46,760 --> 00:59:50,000
Speaker 1: into Phase four talks later this month. What are some

1058
00:59:50,080 --> 00:59:55,120
Speaker 1: of the priorities for Phase four? Well, I think what

1059
00:59:55,240 --> 00:59:58,720
Speaker 1: you're seeing, Kevin, is that over the last couple of months,

1060
00:59:58,960 --> 01:00:02,440
Speaker 1: uh seven and a half million jobs that have returned.

1061
01:00:03,200 --> 01:00:06,440
Speaker 1: At the at the nature of this epidemic, we've lost

1062
01:00:06,440 --> 01:00:09,200
Speaker 1: a little over twenty million jobs, so a third of

1063
01:00:09,200 --> 01:00:11,520
Speaker 1: the way back, and that means we have we still

1064
01:00:11,560 --> 01:00:14,000
Speaker 1: have a significant way to go, but we're but the

1065
01:00:14,440 --> 01:00:17,920
Speaker 1: strength of the last two months certainly surpassed expectations, and

1066
01:00:17,960 --> 01:00:20,200
Speaker 1: we believe that you can continue to see that momentum

1067
01:00:20,240 --> 01:00:22,600
Speaker 1: in the next month as well. I think we want

1068
01:00:22,640 --> 01:00:25,680
Speaker 1: to make sure that um that people that are that

1069
01:00:25,760 --> 01:00:29,120
Speaker 1: are still unemployed or hurting or protected. But at the

1070
01:00:29,160 --> 01:00:32,640
Speaker 1: same time, UM, we want to we want to take

1071
01:00:32,800 --> 01:00:35,920
Speaker 1: into consideration of fact the economy is bouncing back, and

1072
01:00:36,000 --> 01:00:38,600
Speaker 1: once you try to contain the amount of spending, I

1073
01:00:38,640 --> 01:00:40,440
Speaker 1: think that you've seen a price tag of about a

1074
01:00:40,440 --> 01:00:42,800
Speaker 1: trillion dollars or less. There's obviously been a lot of

1075
01:00:42,800 --> 01:00:45,560
Speaker 1: stimulus put in the system over the last couple of bills,

1076
01:00:45,640 --> 01:00:48,400
Speaker 1: and so the price tag for us would be that.

1077
01:00:48,520 --> 01:00:51,240
Speaker 1: And I think whether priorities for us is liability protection.

1078
01:00:51,760 --> 01:00:54,080
Speaker 1: We think that's essential for employers bring people back to

1079
01:00:54,120 --> 01:00:56,120
Speaker 1: work and just quickly the center of darg to Leader

1080
01:00:56,120 --> 01:00:59,080
Speaker 1: mich McConnell says, another round of stimulus ahead of August

1081
01:00:59,240 --> 01:01:00,760
Speaker 1: is at the times here that the White House is

1082
01:01:00,800 --> 01:01:04,280
Speaker 1: working on. It is the timetable. The August recess for

1083
01:01:04,320 --> 01:01:06,400
Speaker 1: Congress should be the first week in August, and so

1084
01:01:06,560 --> 01:01:08,400
Speaker 1: by that timetables and we want to have a bill

1085
01:01:08,440 --> 01:01:11,080
Speaker 1: on the President's desk. You know, something that is just

1086
01:01:11,240 --> 01:01:14,080
Speaker 1: as important to the economy and and for folks getting

1087
01:01:14,120 --> 01:01:16,840
Speaker 1: back to work is if their kids can go to school.

1088
01:01:17,160 --> 01:01:19,160
Speaker 1: And this is something that I don't think economists have

1089
01:01:19,200 --> 01:01:22,240
Speaker 1: talked a lot about publicly, but increasingly they are doing.

1090
01:01:22,320 --> 01:01:25,360
Speaker 1: So where does school and getting kids back to school

1091
01:01:25,360 --> 01:01:28,720
Speaker 1: in the fall based upon the data of the virus

1092
01:01:28,760 --> 01:01:31,240
Speaker 1: all over the country, Mark, how does that factor in

1093
01:01:31,280 --> 01:01:33,960
Speaker 1: and what is the administration doing in order to work

1094
01:01:33,960 --> 01:01:37,200
Speaker 1: with schools across the country, Kevin, is a great question

1095
01:01:37,240 --> 01:01:39,600
Speaker 1: You're exactly right. I think there's not been enough attention

1096
01:01:39,640 --> 01:01:42,160
Speaker 1: paid to that to this point. Today the White House

1097
01:01:42,200 --> 01:01:45,200
Speaker 1: is devoting almost an entire day to exactly that question.

1098
01:01:45,520 --> 01:01:47,640
Speaker 1: The Vice presidentill be leading a call with all the

1099
01:01:47,720 --> 01:01:50,760
Speaker 1: nation's governors this morning to talk about the importance of

1100
01:01:50,800 --> 01:01:53,919
Speaker 1: making sure schools are reopened in the fall. Additionally, there'll

1101
01:01:53,920 --> 01:01:56,160
Speaker 1: be a summit here at the White House throughout the

1102
01:01:56,200 --> 01:01:59,920
Speaker 1: afternoon that will culminate with the President Vice President giving remark.

1103
01:02:00,560 --> 01:02:03,600
Speaker 1: But recently, the American Academy of Pediatrics came out with

1104
01:02:03,640 --> 01:02:06,560
Speaker 1: a study that said it's essential that children need to

1105
01:02:06,600 --> 01:02:09,840
Speaker 1: get back in the classroom because developmentally they'll fall behind.

1106
01:02:10,560 --> 01:02:13,280
Speaker 1: But as you mentioned, it's also in critically important that

1107
01:02:13,320 --> 01:02:15,200
Speaker 1: if parents his kids are not able to go to school,

1108
01:02:15,200 --> 01:02:17,560
Speaker 1: and parents are home with their kids, they're not able

1109
01:02:17,560 --> 01:02:19,800
Speaker 1: to get back to work, and that's that's a big

1110
01:02:20,560 --> 01:02:23,760
Speaker 1: challenge for our economy too. And so what we found

1111
01:02:23,840 --> 01:02:27,280
Speaker 1: is all the evidence says that that actually the coronavirus

1112
01:02:27,480 --> 01:02:30,920
Speaker 1: is less of a health risk two people under twenty

1113
01:02:30,920 --> 01:02:34,560
Speaker 1: five years old than the average flu is. Conversely, it

1114
01:02:34,640 --> 01:02:37,200
Speaker 1: is a greater risk that people at older populations, but

1115
01:02:37,320 --> 01:02:40,240
Speaker 1: for children it is a very very low risk, and

1116
01:02:40,280 --> 01:02:42,040
Speaker 1: it's something that we should be making sure that our

1117
01:02:42,120 --> 01:02:45,480
Speaker 1: children are back in school across the country this fall. Alright,

1118
01:02:45,520 --> 01:02:48,160
Speaker 1: final question for you because you mentioned therapeutics, and I

1119
01:02:48,160 --> 01:02:50,720
Speaker 1: want to ask you about hydroxychloroquine because there seems to

1120
01:02:50,760 --> 01:02:54,680
Speaker 1: be this this new uh interest from from President Trump

1121
01:02:54,680 --> 01:02:57,880
Speaker 1: about hydroxychloroquine uh and and f d A. Talk to

1122
01:02:57,920 --> 01:03:00,680
Speaker 1: me about how the f d A is streamlining regulations,

1123
01:03:00,720 --> 01:03:03,040
Speaker 1: are really cutting through regulations in order to get some

1124
01:03:03,080 --> 01:03:07,120
Speaker 1: of these therapeutics more quickly, uh and and what the

1125
01:03:07,160 --> 01:03:11,439
Speaker 1: administration is doing on the therapeutic front. Well, Dr Han

1126
01:03:11,480 --> 01:03:13,480
Speaker 1: has done a phenomenal job as head of the FDA

1127
01:03:13,560 --> 01:03:16,080
Speaker 1: and helping to streamline, cut through some of the red tape.

1128
01:03:16,080 --> 01:03:19,200
Speaker 1: And there right now um more than the hundred and

1129
01:03:19,240 --> 01:03:23,280
Speaker 1: forty products in the pipeline that we should anticipate may

1130
01:03:23,320 --> 01:03:25,840
Speaker 1: and getting amproved before the end of this year, and

1131
01:03:25,880 --> 01:03:28,520
Speaker 1: you've seen many already actually come online. I think the

1132
01:03:28,560 --> 01:03:32,640
Speaker 1: most promising candidly in trials that we've seen as blood plasma.

1133
01:03:33,040 --> 01:03:34,440
Speaker 1: And it's one of the reasons that those who have

1134
01:03:34,480 --> 01:03:38,120
Speaker 1: been infected and recovered from the coronavirus, we really asked

1135
01:03:38,160 --> 01:03:40,960
Speaker 1: them to go donate blood because having that that in

1136
01:03:41,040 --> 01:03:43,240
Speaker 1: the in the supply is really one of the best

1137
01:03:43,320 --> 01:03:46,760
Speaker 1: treatments for patients that are currently suffering from the pandemic. Alright,

1138
01:03:46,800 --> 01:03:49,080
Speaker 1: Mark short I got you out here with less than

1139
01:03:49,080 --> 01:03:51,800
Speaker 1: a minutes ago. Thank you for your time. I appreciate it. Kevin, thanks,

1140
01:03:51,840 --> 01:03:54,080
Speaker 1: thanks so much for having me. We're joined by Tyler

1141
01:03:54,200 --> 01:03:57,080
Speaker 1: good speed UH and Tyler, thank you so much for

1142
01:03:57,080 --> 01:03:59,200
Speaker 1: for joining us. I want to ask you about the

1143
01:03:59,200 --> 01:04:02,440
Speaker 1: next rounds of economic stimulus. Senate Majority Leader Mitch McConnell

1144
01:04:02,440 --> 01:04:04,840
Speaker 1: says by the end of August. Is that what the

1145
01:04:04,880 --> 01:04:07,320
Speaker 1: White House wants and what does the White House want

1146
01:04:07,360 --> 01:04:11,240
Speaker 1: to see in the next round of economic stimulus? Yeah,

1147
01:04:11,280 --> 01:04:14,840
Speaker 1: so the White House we've had some internal discussions and

1148
01:04:15,000 --> 01:04:18,800
Speaker 1: definitely we do want to see further action to facilitate

1149
01:04:18,840 --> 01:04:22,200
Speaker 1: continued recovery, particularly in the labor market. I know that

1150
01:04:22,280 --> 01:04:27,240
Speaker 1: some priorities over here include a payroll tax cut UH

1151
01:04:27,280 --> 01:04:30,520
Speaker 1: and also possibly some some some deductions to help businesses

1152
01:04:31,040 --> 01:04:36,880
Speaker 1: tackle the new COVID nineteen environment UM and and also

1153
01:04:37,200 --> 01:04:41,880
Speaker 1: some live potential liability reform to ensure that businesses are

1154
01:04:41,920 --> 01:04:47,919
Speaker 1: protected against excessive UH non economic damages for COVID related liability.

1155
01:04:48,120 --> 01:04:51,520
Speaker 1: And then also we do want to make sure, especially

1156
01:04:52,200 --> 01:04:56,000
Speaker 1: as the labor market continues to recover, that we're striking

1157
01:04:56,000 --> 01:04:59,480
Speaker 1: the right balance between income replacement on the one hand

1158
01:05:00,040 --> 01:05:03,800
Speaker 1: and ensuring that we don't have excessively high implicit tax

1159
01:05:03,880 --> 01:05:06,160
Speaker 1: rates on the return to work on the other hand.

1160
01:05:06,360 --> 01:05:08,240
Speaker 1: You know, I think that's really that's the point I

1161
01:05:08,240 --> 01:05:11,120
Speaker 1: want to pick up on, is that is that increased taxes,

1162
01:05:11,600 --> 01:05:15,480
Speaker 1: especially for individuals when they return to work. You know,

1163
01:05:15,560 --> 01:05:18,280
Speaker 1: the unemployment benefits are are set to end, the extra

1164
01:05:18,360 --> 01:05:20,280
Speaker 1: unemployment benefits are set to end at the end of

1165
01:05:20,280 --> 01:05:22,800
Speaker 1: the month July. What do you think is going to

1166
01:05:22,880 --> 01:05:28,160
Speaker 1: be done with stimulus and unemployment benefits? Right? So, I

1167
01:05:28,200 --> 01:05:33,560
Speaker 1: think during the depths of the crisis, So when we

1168
01:05:33,600 --> 01:05:38,400
Speaker 1: think back to April um you know, this was the

1169
01:05:38,400 --> 01:05:41,480
Speaker 1: worst economic shock to the U. S economy since since

1170
01:05:41,520 --> 01:05:43,800
Speaker 1: at least the nineteen thirties, and when we look at

1171
01:05:43,800 --> 01:05:46,760
Speaker 1: all the economic indicators, I mean, it was on track

1172
01:05:46,840 --> 01:05:51,680
Speaker 1: to be a really devastating economic contraction. And so with

1173
01:05:51,760 --> 01:05:56,480
Speaker 1: a view to the fact that household spending is the U.

1174
01:05:56,560 --> 01:05:58,760
Speaker 1: S economy, I think at the time it was very

1175
01:05:58,800 --> 01:06:03,640
Speaker 1: important that we've made sure to really buffer household incomes

1176
01:06:03,880 --> 01:06:06,200
Speaker 1: um and and make sure that we didn't see a

1177
01:06:06,280 --> 01:06:09,080
Speaker 1: collapse in consumer spending. And so one of the things

1178
01:06:09,160 --> 01:06:14,000
Speaker 1: about the the expanded unemployment insurance benefits and the rebate

1179
01:06:14,080 --> 01:06:17,120
Speaker 1: checks is that they were very much targeted towards the

1180
01:06:17,240 --> 01:06:19,680
Speaker 1: lower end of the income distribution. So when you look

1181
01:06:19,720 --> 01:06:24,400
Speaker 1: at the months of household income replaced by the care

1182
01:06:24,520 --> 01:06:29,360
Speaker 1: Zack provisions, they were very much geared towards the lower

1183
01:06:29,480 --> 01:06:32,040
Speaker 1: end of the income distribution. So I think in any

1184
01:06:32,160 --> 01:06:36,800
Speaker 1: any future rounds of discussions with with Congress, we want to,

1185
01:06:36,880 --> 01:06:40,560
Speaker 1: as I said, make sure that we're we're not allowing

1186
01:06:40,600 --> 01:06:44,200
Speaker 1: a big blow to household income and consequently to consumer spending,

1187
01:06:44,440 --> 01:06:46,880
Speaker 1: while also making sure that we don't have really high

1188
01:06:46,920 --> 01:06:50,320
Speaker 1: implicit tax rates on on that return to work. So

1189
01:06:50,480 --> 01:06:53,600
Speaker 1: I think, what's what's interesting, and you know this, Tyler,

1190
01:06:53,640 --> 01:06:56,200
Speaker 1: good speakers on the line with us. You know, in

1191
01:06:56,320 --> 01:06:58,400
Speaker 1: terms of some Republicans that I talked to, they're a

1192
01:06:58,440 --> 01:07:02,680
Speaker 1: bit nervous, Tyler, They're a bit nervous that, you know, yeah,

1193
01:07:02,920 --> 01:07:05,919
Speaker 1: increase the unemployment benefits and folks will will be less

1194
01:07:05,960 --> 01:07:09,040
Speaker 1: incentivized to go back to work. Is that a concern

1195
01:07:09,120 --> 01:07:11,000
Speaker 1: that the White House has and how do you work

1196
01:07:11,000 --> 01:07:14,120
Speaker 1: with policymakers on the hill to prevent that if that's

1197
01:07:14,120 --> 01:07:18,200
Speaker 1: the case, right, So, as I said, yeah, we definitely

1198
01:07:18,600 --> 01:07:23,320
Speaker 1: don't want to see uh implicit tax rates exceeding acent

1199
01:07:23,640 --> 01:07:28,040
Speaker 1: meaning you know, the folks are financially better off on

1200
01:07:28,240 --> 01:07:32,800
Speaker 1: unemployment insurance than than unemployment UM. And so you know,

1201
01:07:32,800 --> 01:07:34,680
Speaker 1: we just we we definitely want to make sure that

1202
01:07:34,720 --> 01:07:37,400
Speaker 1: we strike that right balance UM. And so one of

1203
01:07:37,400 --> 01:07:40,000
Speaker 1: the things about some of the extraordinary provisions of the

1204
01:07:40,040 --> 01:07:44,480
Speaker 1: CARES actors that they were set to expire, because I

1205
01:07:44,480 --> 01:07:46,960
Speaker 1: think one of the lessons we learned in the aftermath

1206
01:07:47,000 --> 01:07:50,480
Speaker 1: of two tho eight two thousand nine is that when

1207
01:07:50,520 --> 01:07:53,760
Speaker 1: you have a lot of high implicit tax rates on work,

1208
01:07:54,120 --> 01:07:56,880
Speaker 1: it can really hinder the recovery of the labor market.

1209
01:07:57,400 --> 01:07:59,959
Speaker 1: And you know, until the labor market recovers, you don't

1210
01:08:00,040 --> 01:08:03,840
Speaker 1: really observe a strong recovery and the overall economy. And

1211
01:08:03,920 --> 01:08:05,920
Speaker 1: just the final question for you, Tyler good speed, and

1212
01:08:05,920 --> 01:08:08,320
Speaker 1: this is about small businesses. How do we make sure

1213
01:08:08,640 --> 01:08:12,960
Speaker 1: that in the recovery that Main Street is not going

1214
01:08:13,000 --> 01:08:15,720
Speaker 1: to be left behind? Because when you look at you

1215
01:08:15,760 --> 01:08:19,040
Speaker 1: know sort of how this is gone, It's been minority

1216
01:08:19,080 --> 01:08:21,960
Speaker 1: groups who economically have really felt the brunt of this,

1217
01:08:22,160 --> 01:08:25,640
Speaker 1: as well as some small businesses. So what can policymakers

1218
01:08:25,640 --> 01:08:30,240
Speaker 1: do to prevent that? Great questions? So certainly, you know,

1219
01:08:30,280 --> 01:08:33,240
Speaker 1: we've already seen in the Care's Act a lot of

1220
01:08:33,280 --> 01:08:36,600
Speaker 1: the aid. In fact, most of the aid to businesses

1221
01:08:36,640 --> 01:08:39,640
Speaker 1: were two small businesses. So the paycheck Protection program that

1222
01:08:39,680 --> 01:08:43,400
Speaker 1: was very much geared towards small businesses. The average loan

1223
01:08:43,479 --> 01:08:46,360
Speaker 1: size was just over a hundred thousand dollars and almost

1224
01:08:46,760 --> 01:08:49,160
Speaker 1: of the loans approved were for a hundred fifty thousand

1225
01:08:49,640 --> 01:08:53,000
Speaker 1: or less UM. I think moving forward, you know, we

1226
01:08:53,040 --> 01:08:55,920
Speaker 1: want to make sure that any any continuing support for

1227
01:08:55,920 --> 01:08:59,840
Speaker 1: for businesses are are likewise targeted towards smaller firms that

1228
01:09:00,120 --> 01:09:03,160
Speaker 1: you know are have a more difficult time weathering some

1229
01:09:03,200 --> 01:09:06,760
Speaker 1: of these adverse shocks. Um. And then on the on

1230
01:09:06,840 --> 01:09:09,760
Speaker 1: the labor market front, you know, the faster we can

1231
01:09:09,760 --> 01:09:13,720
Speaker 1: get folks back to work in a in a safe environment, um,

1232
01:09:14,320 --> 01:09:16,880
Speaker 1: the faster we can help those at the lower end

1233
01:09:16,880 --> 01:09:19,160
Speaker 1: of the income distribution. Because remember if we cast our

1234
01:09:19,160 --> 01:09:23,840
Speaker 1: minds back to February, before the pandemic really got got

1235
01:09:23,960 --> 01:09:26,640
Speaker 1: under way, Uh, it was the lower end of the

1236
01:09:26,680 --> 01:09:30,000
Speaker 1: income distribution that was enjoying the fastest wage growth. African

1237
01:09:30,000 --> 01:09:33,200
Speaker 1: Americans were, for the first time during the preceding expansion

1238
01:09:33,520 --> 01:09:37,320
Speaker 1: experiencing faster wage growth than white Americans. Those without a

1239
01:09:37,360 --> 01:09:40,440
Speaker 1: college degree, we're experiencing for the first time in the expansion,

1240
01:09:40,640 --> 01:09:44,160
Speaker 1: faster wage growth than those with a college degree. Um,

1241
01:09:44,200 --> 01:09:47,080
Speaker 1: you know, the faster we can return to that sort

1242
01:09:47,080 --> 01:09:50,240
Speaker 1: of tight labor market, I think, you know, the quicker

1243
01:09:50,280 --> 01:09:52,080
Speaker 1: we can return to a state of affairs in which

1244
01:09:52,120 --> 01:09:55,480
Speaker 1: those who were previously left behind during the preceding expansion

1245
01:09:55,840 --> 01:09:59,479
Speaker 1: can finally enjoy the fruits of a continuing expansion. So

1246
01:09:59,560 --> 01:10:02,760
Speaker 1: I think we're definitely gonna keep keep focused on facilitating

1247
01:10:03,560 --> 01:10:06,200
Speaker 1: labor market recovery because, as I said, until the labor

1248
01:10:06,200 --> 01:10:08,720
Speaker 1: market recovers, we don't see, uh, we won't see a

1249
01:10:09,560 --> 01:10:12,640
Speaker 1: broader economic recovery. And then just one final note, you

1250
01:10:12,680 --> 01:10:16,880
Speaker 1: know we saw already in the June jobs report, job

1251
01:10:16,920 --> 01:10:21,519
Speaker 1: gains for African Americans was the second highest on on record.

1252
01:10:22,200 --> 01:10:29,599
Speaker 1: The record was actually in February, following the tax tax law. Um. So,

1253
01:10:29,680 --> 01:10:32,479
Speaker 1: as I said, you know, the faster we can get

1254
01:10:32,520 --> 01:10:36,760
Speaker 1: back to a tight growing labor market, the faster we

1255
01:10:36,800 --> 01:10:40,800
Speaker 1: can observe an overall recovery. All right, Tyler Goodspeed of

1256
01:10:40,800 --> 01:10:43,320
Speaker 1: the White House Council of Economic Advisors, thank you so

1257
01:10:43,400 --> 01:10:45,040
Speaker 1: much for your time. You've been so generous with your time,

1258
01:10:45,040 --> 01:10:46,559
Speaker 1: and I want to make sure I get you out

1259
01:10:46,560 --> 01:10:47,880
Speaker 1: of here on time, So thank you, Tyler