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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: You're listening to the Bloomberg Balance of Power podcast. Catch

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Speaker 2: us live weekdays at noon Eastern on applecar Play and

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Speaker 2: then Roun Auto with the Bloomberg Business App. Listen on

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Speaker 2: demand wherever you get your podcasts, or watch us live

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Speaker 2: on YouTube.

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Speaker 3: I'm Kaylie Lines in Washington tracking the movement in politics,

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Speaker 3: and while much of that this week has focused on

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Speaker 3: the incoming president President elect Donald Trump and his transition

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Speaker 3: the forming of his second administration, there is still an

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Speaker 3: administration in place right now and a sitting US president

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Speaker 3: That would be Joe Biden, who is taking his presidential

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Speaker 3: duties abroad over the course of the next several days.

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Speaker 3: In fact, right now as we speak, he is in Lima,

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Speaker 3: Peru for the APEC Summit, and on the sidelines of

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Speaker 3: that summit. Tomorrow he will be meeting for the third

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Speaker 3: time of his presidency face to face with Chinese President

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Speaker 3: Xi Jinping. We want to get more on this meeting

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Speaker 3: and the outlook for US and China policy, and turn

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Speaker 3: out to Anne Ashton. She is founder of Ashton Analytics

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Speaker 3: and of course knows a lot about China and this

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Speaker 3: geopolitical relationship. Thanks for joining us on balance of power, Anna,

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Speaker 3: if we can just focus on tomorrow. Should we expect

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Speaker 3: any tangible outcome from that Biden she meeting or is

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Speaker 3: once again this mostly about talking for the sake of

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Speaker 3: doing so.

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Speaker 4: Hi, Kailey, thank you for having me on and hopefully

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Speaker 4: you can hear me clearly, my headphones suddenly stopped working, but.

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Speaker 5: I can hear you.

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Speaker 6: I can hear you. Great, Anna, perfect, We'll be fantastic.

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Speaker 4: So no, I don't think that we should expect any

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Speaker 4: big outcomes from this talk. The talk is significant as

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Speaker 4: a sort of taking stock. As Jake Sullivan said that

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Speaker 4: this is an opportunity to for the two leaders to

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Speaker 4: assess how they've been doing with responsibly manage competition, you know,

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Speaker 4: and they're likely to talk about sort of the perennial

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Speaker 4: issues in US China relations, including Taiwan, China's relationship with Russia,

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Speaker 4: and human rights issues, but really in terms of what

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Speaker 4: the US policy towards China is going to be moving forward.

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Speaker 4: Bid Biden is now the lame duck president and all

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Speaker 4: eyes are on incoming second term President Trump.

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Speaker 3: Well, yeah, and he certainly has made his feelings about

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Speaker 3: trade with China, specifically well known, he's floated the idea

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Speaker 3: of sixty percent tariffs plus on everything exported from China

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Speaker 3: to the US. And I wonder, Anna, if you think

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Speaker 3: that discussion around tariffs and those levels of tariffs specifically

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Speaker 3: is actually just a negotiating tactic or something that is

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Speaker 3: likely to come to fruition.

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Speaker 4: Well, we can all hope that it's a negotiating tactic,

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Speaker 4: because of course sixty percent tariffs on everything from China

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Speaker 4: would be inflationary, and you know, it would raise prices

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Speaker 4: for American consumers and businesses, which is I think exactly

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Speaker 4: the opposite of what most people were hoping would be

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Speaker 4: accomplished with a second Trump presidency when they cast their

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Speaker 4: vote for him. You know, I think we should fully

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Speaker 4: expect that there will be an increase in tariffs of

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Speaker 4: some kind, whether it's sixty percent or something less than that,

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Speaker 4: whether it's on all Chinese goods or on currently tariff

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Speaker 4: to Chinese goods.

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Speaker 5: And I think we should.

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Speaker 4: Expect that because we know that Lightheiser has been involved

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Speaker 4: in economic strategy for the incoming Trump administration, and we

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Speaker 4: know that Trump has appointed you know, a series or

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Speaker 4: has announced an intention to a point a series of

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Speaker 4: people to significant roles who are known for being Chinahawks.

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Speaker 4: But that doesn't necessarily mean that it's not a jumping

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Speaker 4: off point for negotiations. It could be, And we know

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Speaker 4: that that Trump has a history of cycling through cabinet

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Speaker 4: members and senior officials, so this could be the starting lineup.

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Speaker 2: Well.

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Speaker 3: And there's not just China hawks that will surround him

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Speaker 3: in his second administration at the executive branch level of

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Speaker 3: government ANA, but plenty of China hawks in Congress, which

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Speaker 3: is going to be controlled by Republicans in both chambers.

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Speaker 3: In fact, the Republican chair of the China Select Committee

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Speaker 3: in the House is putting forward new legislation to revoke

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Speaker 3: the US or China rather hit China's normal trade status

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Speaker 3: with the United States. What would the consequence of that.

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Speaker 4: Be significant and not dissimilar to sixty percent tariffs on

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Speaker 4: everything coming in from China. You know, I think that

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Speaker 4: the writing has been on the wall for some time

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Speaker 4: now that most policymakers in Washington feel that there needs

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Speaker 4: to be a much tougher approach to China and there

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Speaker 4: needs to be an expedited effort to make the US

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Speaker 4: less dependent on China. In a full variety of supply chains,

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Speaker 4: and you know, Republicans by and large have been more

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Speaker 4: aggressive of them, forward leaning in their approach to that.

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Speaker 4: So we should fully expect that that will be on

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Speaker 4: the minds of members of Congress, as well as on

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Speaker 4: the mind of Donald Trump and his advisors.

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Speaker 5: And I think the key thing will be to, you know.

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Speaker 4: Hopefully their ears will also be open to people who

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Speaker 4: are pointing out the perhaps unintended consequences of the policies

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Speaker 4: that they're considering and ways to mitigate them.

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Speaker 3: We spoke anna with someone who did help to shape

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Speaker 3: trade policy during the first Trump administration at the Commerce

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Speaker 3: Department earlier this week, and her suggestion to us was

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Speaker 3: that this is really about addressing China's over capacity problem,

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Speaker 3: like flooding the world with supply that it doesn't actually need,

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Speaker 3: that there's no demand for, and that you have to

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Speaker 3: do tariffs, not just on China, but actually globally, inclusive

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Speaker 3: of say, allies in Europe to actually help level that

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Speaker 3: out and address those oversupply concerns. I wonder what you

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Speaker 3: make of that logic or if there is an alternative

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Speaker 3: approach that could be utilized to have China stop producing

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Speaker 3: so much and to pull back on some of this

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Speaker 3: capacity expansion.

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Speaker 5: Well, I certainly questioned Kayleie the idea.

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Speaker 4: That applying tariffs to Europe is going to make a

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Speaker 4: difference US applying tariffs to Europe would make a difference to.

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Speaker 5: China's over capacity.

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Speaker 4: I do think it's worth pointing out that Europe is

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Speaker 4: actively exploring and pursuing tariffs on certain Chinese goods such

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Speaker 4: as electric vehicles, because of Chinese over capacity and because

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Speaker 4: of the fact that it looks like China is doubling

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Speaker 4: down on its reliance on exports to help generate more robust.

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Speaker 5: Economic growth at home.

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Speaker 4: Right now, I think that that is going to continue

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Speaker 4: to be a problem for the United States as well

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Speaker 4: as other treating partners with China, unless China rolls out

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Speaker 4: a very different approach to its economic recovery, one that

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Speaker 4: more directly benefits consumers and causes consumers to spend money.

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Speaker 3: So Anna is effectively what you're saying, Actually, the tariffs

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Speaker 3: could have the opposite of the intended effect, which is

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Speaker 3: that because of the hit to the economy of China

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Speaker 3: by not being able to export all those goods necessarily

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Speaker 3: to the US, China could actually stimulate more, spend more

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Speaker 3: money on trying to build out its productive capacity, and

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Speaker 3: therefore make the over capacity problem even worse.

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Speaker 4: Well, I certainly think that if China feels that it

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Speaker 4: can't successfully export to the United States, it's going to

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Speaker 4: be trying to export elsewhere to our trading partners, and.

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Speaker 5: It will.

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Speaker 4: I don't see a sign that China is considering rolling

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Speaker 4: back its efforts to stimulate growth by increasing exports of

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Speaker 4: certain kinds of products, such as electric vehicles or lithium

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Speaker 4: ion batteries. It is possible that tariffs from the United

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Speaker 4: States will cause a rethink, or that you know, China

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Speaker 4: will consider policies that are US specific to improved ties

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Speaker 4: by not offloading oversupply into the United States, which of

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Speaker 4: course will be harder to do anyway, given tariffs and

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Speaker 4: given other laws and regulations that are in place that

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Speaker 4: make it hard to send things like Chinese electric vehicles

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Speaker 4: into the US market.

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Speaker 3: Just quickly, and we have about a minute left here.

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Speaker 3: The US China relationship is one thing, but the US

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Speaker 3: also has concern about China's relationship with other adversaries like Russia.

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Speaker 3: How should we be thinking about the nature of that

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Speaker 3: relationship right.

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Speaker 4: Now it's going to be a really interesting few months

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Speaker 4: as this new administration gets settled in, because, of course,

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Speaker 4: you know, the Trump Trump hasn't always had a different

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Speaker 4: sense of Russia and in Vladimir Putin than the Biden

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Speaker 4: administration seems to have.

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Speaker 5: He seems to be.

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Speaker 4: Interested in more dialogue and in trying to come to

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Speaker 4: an agreement that will end the conflict in Ukraine. Maybe

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Speaker 4: not an agreement that Ukraine would like, but one that

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Speaker 4: might settle things.

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Speaker 5: And I think, you know he's going to be pursuing.

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Speaker 4: That, which will change the dynamic between the US and

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Speaker 4: China in terms of China support for Russia. If the

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Speaker 4: United States is wanting to come to the table with

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Speaker 4: Russia to talk about ending the conflict in Ukraine in

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Speaker 4: some way, you know, China would like to have that

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Speaker 4: conversation too. And if it is on terms where Russia

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Speaker 4: is able to retain some of the territory that it

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Speaker 4: has taken control of.

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Speaker 3: Of Astan Analytics, we have to leave it there. Thank

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Speaker 3: you for joining us on Bloomberg.

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Speaker 2: You're listening to the Bloomberg Balance of Power podcast Ketch

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Speaker 2: just live weekdays at noon Eastern on Applecarplay and then

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Speaker 2: Roudoto with the Bloomberg Business app. You can also listen

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Speaker 3: So as we consider those that Donald Trump has not

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Speaker 3: tapped yet, we do know some that he has a

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Speaker 3: few of them that he selected have actually been pulled

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Speaker 3: from the House of Representatives. That includes now former Congressman

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Speaker 3: Matt Gates for ag Florida Congressman another one, Mike Waltz

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Speaker 3: for National Security Advisor, and then of course Congressman Elisetaphonic,

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Speaker 3: who has been tapped to be the UN Ambassador for

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Speaker 3: the US. So that reduces what looks like it could

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Speaker 3: be a very tight majority. And we want to turn

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Speaker 3: now to a member of that majority, both the current

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Speaker 3: one and the one in coming. Congresswoman Ashley Hinson of

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Speaker 3: Iowa is joining me now here on Bloomberg TV and Radio. Congresswoman,

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Speaker 3: welcome back to balance of power. Can the Conference afford

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Speaker 3: to lose one more member to this administration or should

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Speaker 3: would you encourage the President elect to stop here?

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Speaker 7: Well, I think it's very very clear we have a

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Speaker 7: narrow House majority and we need to be able to

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Speaker 7: deliver and to govern on President Trump's agenda starting on

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Speaker 7: day one.

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Speaker 8: So that's going to be my priority.

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Speaker 7: I'm very very proud of our of course, next to

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Speaker 7: you and Ambassador in Elis Daphonix. She's been a good

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Speaker 7: friend of mine and a great mentor to me here

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Speaker 7: in Congress as well. And I look forward to seeing

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Speaker 7: the Senate do its job to confirm all President Trump's

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Speaker 7: nominees so that we can execute on that agenda. But look,

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Speaker 7: we have a very narrow house majority, we have one

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Speaker 7: right now.

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Speaker 8: I would like to see us work together.

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Speaker 7: And hopefully I think what you're seeing here on the

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Speaker 7: Hill right now is definitely a more unified government approach,

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Speaker 7: and certainly in our House Republican conference, we are feeling

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Speaker 7: that momentum heading into the next Congress.

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Speaker 3: Well, as the Senate does have to confirm these nominees,

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Speaker 3: should they be armed with all potentially available information when

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Speaker 3: they do so, Specifically, when it pertains to your now

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Speaker 3: former colleague Matt Gates, does that ethics report need to

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Speaker 3: come out?

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Speaker 4: Well?

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Speaker 7: I think, look who's going to be chairing the Senate

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Speaker 7: Judiciary Committee. Every single one of these nomine is going

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Speaker 7: to get a thorough vetting from my calling from Iowa

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Speaker 7: and Senator Chuck Grassley. I know he has a lot

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Speaker 7: of experience in going through this process, so I would

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Speaker 7: just encourage all of the Senators to do their job

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Speaker 7: and bet every nominee. But I think we do need

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Speaker 7: to get these nominees through. President Trump did win this election.

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Speaker 7: We need to make sure that his picks do get

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Speaker 7: that vetting, but that we can get them into place

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Speaker 7: as soon as possible.

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Speaker 3: Well, all of that, of course, is going to come

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Speaker 3: in the next Congress, and there is still been a

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Speaker 3: business to finish in this one, including sorting out funding

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Speaker 3: by the deadline in December. Congressman, we were speaking with

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Speaker 3: your colleague Andy Barr of Kentucky yesterday who suggested to

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Speaker 3: to be a clean slate in January, and that means

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Speaker 3: actually getting the appropriations bills passed. I just wonder if

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Speaker 3: that means we're either going to end up with that

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Speaker 3: cr that he doesn't want or some kinds of omnibus

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Speaker 3: to end the year.

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Speaker 4: Yeah.

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Speaker 8: Well, I certainly don't want to see an omnibus.

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Speaker 7: As a House appropriator I've worked tirelessly to get all twelve,

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Speaker 7: all of these individual appropriations bills across the finish line.

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Speaker 7: I'm very frustrated that we haven't been able to do that,

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Speaker 7: But I do want to again make sure that on

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Speaker 7: day one, come the next one hundred nineteenth Congress, that

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Speaker 7: we're giving President Trump the best success plan.

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Speaker 8: I do think that also means clearing this deck.

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Speaker 7: But I'm going to wait to hear from the President,

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Speaker 7: and I know our Appropriations Chair Tom Cole is.

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Speaker 8: Planning to do the same.

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Speaker 7: We want to see what he wants to do in

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Speaker 7: terms of government funding, and all of that is going

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Speaker 7: to have to kind of come colliding in with the

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Speaker 7: end of your priorities for the farm bill. We're already

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Speaker 7: talking about what the tax bill for next year is

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Speaker 7: going to look like. So we just want to make

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Speaker 7: sure that we're doing this right. What I don't want

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Speaker 7: to see is a continuation of a lot of really,

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Speaker 7: really bad Democrat policies that we've had to negotiate on

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Speaker 7: over the past couple of years. I think with the

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Speaker 7: current balance of power and knowing what's coming in the

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Speaker 7: next Congress, I think some of my colleagues across the

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Speaker 7: Aisle may be a little bit more willing to negotiate

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Speaker 7: heading into the end of the year.

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Speaker 3: Well, I did want to ask you about that farm bill, Congresswoman,

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Speaker 3: considering you are representing constituents in Iowa that could be

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Speaker 3: effect did ultimately buy this What is the prospect of

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Speaker 3: that actually happening in this lame duck session.

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Speaker 7: Yeah, Well, I've continued to advocate to our leadership about this.

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Speaker 7: Our producers and our manufacturers need this long term stability.

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Speaker 7: We have some great investments, and therefore precision agriculture for trade,

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Speaker 7: which I know is going to be a huge priority

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Speaker 7: for the next administration, hasn't been much of one under

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Speaker 7: the current administration.

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Speaker 8: So there are a lot of.

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Speaker 7: Provisions in there that I am excited to see move

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Speaker 7: forward that I think are not only about preserving our

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Speaker 7: food security, which I think is national security, but also

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Speaker 7: again making sure that we can be competitive on the

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Speaker 7: global stage. So I will continue to advocate to our

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Speaker 7: leadership to hopefully get that done in the next couple

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Speaker 7: of weeks. Again, I would defer to the chairman on that, Gt. Thompson,

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Speaker 7: who's been working in a bipartisan way. I know that

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Speaker 7: passed out of the House with bipartisan votes out of

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Speaker 7: the House Agriculture Committee, and our Senate counterparts haven't done

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Speaker 7: any bill yet, so that's a little disheartening.

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Speaker 8: But again I'm.

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Speaker 7: Hopeful that they'll take up our House bill and I'll

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Speaker 7: continue to put pressure on our leadership to do that.

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Speaker 4: Well.

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Speaker 3: Congressman, I'd like to pick up on your trade point

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Speaker 3: because earlier this week here on Balance of Power, we

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Speaker 3: spoke with the CEO of Landis, which is an agricultural

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Speaker 3: services company, Matt Carson's, and this is what he had

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Speaker 3: to say about the way in which trade relationships is

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Speaker 3: that influences agriculture should be approached.

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Speaker 6: Take a listen, and then I'll have your response.

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Speaker 9: We've got to make sure that both sides are being understood,

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Speaker 9: whatever the solve is and whatever the cause and effect

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Speaker 9: is to agriculture, because those international markets are absolutely critical

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Speaker 9: for companies like Landis and Conduit that are trying to

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Speaker 9: move those goods out of our state, out of the

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Speaker 9: Midwest and get them into a position to go into

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Speaker 9: a global market. And when you lose a volume like

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Speaker 9: we have the China, that has a long term ripple

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Speaker 9: effect and it's hard to recover from.

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Speaker 6: So congresswoman.

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Speaker 3: As the President elect has talked about ratching ended up

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Speaker 3: ratcheting up tariffs on China, what should farmers in the

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Speaker 3: agricultural community be bracing for in terms of potential retaliation.

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Speaker 7: Yeah, well, for every action that we take, we know

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Speaker 7: China is going to take some sort of action and

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Speaker 7: to retaliate. I think the most important thing here is

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Speaker 7: that President Trump is the first president in a long

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Speaker 7: time to actually stand up to the Chinese Communist Party

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Speaker 7: and to stand up to President she. If there's one

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Speaker 7: thing that I know, it's that China has been taking

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Speaker 7: advantage of the United States for decades. They haven't been

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Speaker 7: following normal trade rules. And while they are a very

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Speaker 7: critical market for our producers, not just from Iowa, but

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Speaker 7: from this country, we need to make sure that we

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Speaker 7: are playing fair going forward. You know, it was in

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Speaker 7: my district just about ten years ago that the Chinese

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Speaker 7: were discovered trying to literally steal seeds to take them

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Speaker 7: back to China, to reverse engineer them and cheat. So

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Speaker 7: they're cheating, they're trying to steal our intellectual property, whether

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Speaker 7: that's in the manufacturing space or in the agriculture space.

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Speaker 7: So I look forward to seeing a tough stance on China.

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Speaker 7: This current administration has not taken a tough stance, has

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Speaker 7: really acquiesced there.

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Speaker 8: And now we see that debt trapped diplomacy.

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Speaker 7: Continuing to happen all over the world with President she

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Speaker 7: you know, going around and handing out cash all of

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Speaker 7: these nations. We need to be making sure we're making

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Speaker 7: entrees to people who not just for trade relationships, but

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Speaker 7: for defense purposes.

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Speaker 8: As well, and I will look forward to.

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Speaker 7: Seeing our new Defense secretary and the President work to

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Speaker 7: achieve those goals so we can actually be competitive on

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Speaker 7: the global stage.

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Speaker 1: Again.

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Speaker 3: Well, we have seen this administration leave intact the tariffs

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Speaker 3: in large part that were put into place in the

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Speaker 3: Trump administration and expand export controls as well. But you,

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Speaker 3: of course did on the China Select Committee, which makes

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Speaker 3: you a very valuable voice on this, and I wonder

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Speaker 3: if you support that committee's chairman, Chairman Molinar's legislation that

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Speaker 3: he put forward this week to revoke China's normal trade status.

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Speaker 6: Are the votes there for that.

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Speaker 7: We're definitely taking a look at all bills, but I

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Speaker 7: think what I support about the chairman is that he

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Speaker 7: is taking a tough stance on China, they have not

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Speaker 7: been following the rules. I'm not sure if that bill

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Speaker 7: is the ultimate answer here. We definitely want to be

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Speaker 7: cognizant of the impact to agricultural states like Iowa. And

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Speaker 7: that is one thing that I I heard loud and

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Speaker 7: clear from my producers is you know, we still need

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Speaker 7: to be able to sell our products to China. So

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Speaker 7: I want to be cognizant of that in any stance

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Speaker 7: that we take. It is a pretty bold stance, and

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Speaker 7: what I will say is that I think we do

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Speaker 7: need to be signaling though that we're ready to get

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Speaker 7: tough on them. Right if you don't play by the rules,

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Speaker 7: and you don't start playing on a level playing field,

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Speaker 7: and you continue with these malign practices, then there are

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Speaker 7: going to be some consequences there, and I support the

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Speaker 7: Chairman in his efforts to do that.

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Speaker 4: Well.

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Speaker 3: President Biden is going to be sitting down with Chinese

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Speaker 3: President Chieshin Ping in person tomorrow on the sidelines of

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Speaker 3: the APEC summit in Peru. It's their third such meeting

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Speaker 3: of his presidency, and obviously, as his presidency is almost over,

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Speaker 3: it will be the last. And I wonder if you

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Speaker 3: still see room here for some kind of forward movement

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Speaker 3: to be made when it comes to this relationship and

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Speaker 3: the normalization of communication here before President Trump takes office

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Speaker 3: in January.

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Speaker 7: Well, I think communication is always a key goal no

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Speaker 7: matter who it is that we're trying to work with.

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Speaker 8: As I said, we need to make sure we still

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Speaker 8: preserve those markets for trade going forward.

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Speaker 7: I'm hopeful President Biden will continue to hopefully express that

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Speaker 7: we need to have American dominance. America needs to be

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Speaker 7: strong on the global stage. And again, this is about

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Speaker 7: fairness and a level playing field. And so I think

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Speaker 7: what we will see as president she probably take a

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Speaker 7: little bit of a different posture knowing who's coming in next.

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Speaker 7: He's seen this show before. He knows that President Trump

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Speaker 7: talks tough carries that he's not, you know, speak softly

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Speaker 7: and carry a big stick. No, it's speak loudly and

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Speaker 7: carry a big stick too. So I think that he

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Speaker 7: certainly understands what's coming down the pipeline.

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Speaker 8: But again, my goal for diplomatic.

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Speaker 7: Relations is always going to be to be able to

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Speaker 7: have open lines of communication.

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Speaker 3: How important, as we don't have the announcement yet as

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Speaker 3: to who Donald Trump would like this to be congressome,

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Speaker 3: when will the US trade representative be in this next administration?

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Speaker 3: And is there anyone you hope gets the job.

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Speaker 7: Yeah, well, certainly, Ambassador Leiheiser did a I think fantastic job.

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Speaker 7: We've had him actually as a witness before our China

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Speaker 7: Select Committee several times to to talk about the importance

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Speaker 7: of trade. I would certainly hope someone like him is

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Speaker 7: being considered for that. You know, it took far too

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Speaker 7: long for the Biden administration to get a trade representative

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Speaker 7: in place. I think we have suffered economically. We see

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Speaker 7: major gaps in our trade export numbers, and we are

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Speaker 7: actually experiencing a deficit in that in some key sectors

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Speaker 7: for the first time.

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Speaker 8: We need to reverse that.

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Speaker 7: And I think that someone like Ambassador Lthheiser would be

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Speaker 7: great if he decides to come back. But I look

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Speaker 7: forward to seeing who the President picks to fill out

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Speaker 7: the rest of his cabinet, because I do think Agriculture

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Speaker 7: Secretary and obviously Trade rep are going to be critical

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Speaker 7: for a state like Iowa.

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Speaker 3: Well, you and me, both, congresswomen, I'm keeping a close

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Speaker 3: eye on the wire to see when more names come down,

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Speaker 3: But we sincerely appreciate you joining us here on Bloomberg

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Speaker 3: TV and radio. That is the Republican Congresswoman from Iowa,

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Speaker 3: Ashley Henson.

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Speaker 6: Life from Capitol Hill, your list name to.

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Speaker 2: The Bloomberg Balance of Power podcast Ketch just live weekdays

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Speaker 2: at noon Eastern on Epocarplay and then roud Otto with

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Speaker 2: or watch us live on YouTube.

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Speaker 3: I literally glued to my Bloomberg terminal and specifically the

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Speaker 3: ni heads function. If you have one, you know what

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Speaker 3: I'm talking about, because we're tracking everything that's coming out

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Speaker 3: of this Trump transition team. Donald Trump just confirming that

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Speaker 3: Stephen Chung, who of course was working with his campaign,

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Speaker 3: will be joining the administration as director of Communications. But

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Speaker 3: sources now telling Bloomberg someone doesn't want to join this

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Speaker 3: second administration, Larry Kudlow. Remember there was reporting earlier today

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Speaker 3: that Larry Cudlow could be up for either National Economic

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Speaker 3: Counsel or even Treasury Secretary. It's currently a host on

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Speaker 3: Fox Business. But source is telling us that he has

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Speaker 3: told the Trump team that he does not want a

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Speaker 3: job in this second term.

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Speaker 6: So who's going to get it.

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Speaker 3: We still don't know about Treasury secretary or other important

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Speaker 3: economic roles that could help shape economic policy under a

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Speaker 3: second go round with Donald Trump. So let's turn to

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Speaker 3: our political pain for more. Jeanie Shanzeno is with me,

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Speaker 3: Democratic analyst, Bloomberg Politics contributor, and senior Democracy Fellow at

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Speaker 3: the Center for the Study of the Presidency and Congress,

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00:22:07,960 --> 00:22:13,639
Speaker 3: alongside Ashley Davis, Republican strategists and principle at West Front Strategies. Ashley,

447
00:22:13,680 --> 00:22:15,480
Speaker 3: just to begin with you, we've kind of seen this

448
00:22:15,640 --> 00:22:19,120
Speaker 3: happening where people are taking themselves out of contention. John

449
00:22:19,160 --> 00:22:21,679
Speaker 3: Paulson did it. It was too financially complicated for him. Now

450
00:22:21,680 --> 00:22:24,960
Speaker 3: I guess Larry Cudlow maybe would rather stay in the

451
00:22:25,040 --> 00:22:27,880
Speaker 3: anchor chair. And it's all kind of playing out publicly

452
00:22:28,320 --> 00:22:30,000
Speaker 3: in the press. What do you make of it?

453
00:22:30,359 --> 00:22:33,199
Speaker 1: I mean, that's not real surprising with the Trump you know,

454
00:22:33,600 --> 00:22:36,000
Speaker 1: we're back to the waking up every day to tweets

455
00:22:36,080 --> 00:22:39,600
Speaker 1: or now it's yeah, true social posts, true spocial So

456
00:22:39,800 --> 00:22:43,000
Speaker 1: I mean, I think it's not surprising. And what I

457
00:22:43,119 --> 00:22:45,520
Speaker 1: was what was really interesting was your earlier segment on

458
00:22:45,800 --> 00:22:49,679
Speaker 1: Jamie Diamond, because I think him being a little coy

459
00:22:50,160 --> 00:22:53,520
Speaker 1: during the election of really not supporting either candidate was

460
00:22:53,560 --> 00:22:55,879
Speaker 1: probably why Trump right away came out and said, you know,

461
00:22:55,960 --> 00:22:57,800
Speaker 1: Jamie Diamond's not going to be I mean, talking about

462
00:22:57,840 --> 00:23:00,119
Speaker 1: one of the best Treasury secretaries he could pick, it

463
00:23:00,160 --> 00:23:02,399
Speaker 1: would be him. I also agree that I think that

464
00:23:02,760 --> 00:23:05,439
Speaker 1: the names that are being floated right now for Treasury

465
00:23:05,440 --> 00:23:07,919
Speaker 1: secretary are probably not who it's going to be. I mean,

466
00:23:07,960 --> 00:23:10,960
Speaker 1: at least the final contenders, because I think that he

467
00:23:11,000 --> 00:23:14,480
Speaker 1: would have made It's obviously one of the most important positions,

468
00:23:14,800 --> 00:23:17,880
Speaker 1: and I think that he, uh, there's some reason he's

469
00:23:17,920 --> 00:23:19,600
Speaker 1: not picking one of them. But I do think Linda

470
00:23:19,680 --> 00:23:23,639
Speaker 1: McMahon gets commerce because I think she's just slow and steady.

471
00:23:23,720 --> 00:23:27,400
Speaker 1: She's keeping under the radar screen, she's being very professional,

472
00:23:27,480 --> 00:23:29,480
Speaker 1: and so I would expect that to happen.

473
00:23:29,680 --> 00:23:30,000
Speaker 5: I hope.

474
00:23:30,040 --> 00:23:32,280
Speaker 3: So she's a good Yeah, of course, former small business

475
00:23:32,320 --> 00:23:35,399
Speaker 3: administrator during the first administration. Genie, I wonder what you

476
00:23:35,480 --> 00:23:38,760
Speaker 3: make of that, the fact that people are trying actively

477
00:23:38,960 --> 00:23:41,560
Speaker 3: in public to secure this job, could that make them

478
00:23:41,560 --> 00:23:44,600
Speaker 3: actually less likely to get it?

479
00:23:44,600 --> 00:23:44,679
Speaker 5: It?

480
00:23:44,800 --> 00:23:45,720
Speaker 10: Absolutely could?

481
00:23:46,040 --> 00:23:46,280
Speaker 8: You know.

482
00:23:46,359 --> 00:23:49,680
Speaker 10: The reality is it's hard to get in Donald Trump's brain.

483
00:23:49,760 --> 00:23:52,480
Speaker 10: I mean, you know, just reading what Mark Caputo was

484
00:23:52,600 --> 00:23:55,639
Speaker 10: reporting about how Matt Gates rose to the top of

485
00:23:55,640 --> 00:23:58,560
Speaker 10: that list. Apparently early this week he wasn't even on

486
00:23:58,600 --> 00:24:00,960
Speaker 10: the list for ag I end up flying to the

487
00:24:01,240 --> 00:24:05,840
Speaker 10: Washington together, and Donald Trump, frustrated by the other contenders

488
00:24:05,880 --> 00:24:10,080
Speaker 10: talking about legal theories and the constitution, looks at Matt Gates,

489
00:24:10,080 --> 00:24:12,080
Speaker 10: and Matt Gates says he's going to go over there

490
00:24:12,080 --> 00:24:14,840
Speaker 10: and start cutting heads, and he gets the nods. So

491
00:24:15,200 --> 00:24:18,080
Speaker 10: you know, this is back to what you guys were

492
00:24:18,200 --> 00:24:21,280
Speaker 10: just talking about. The Donald Trump who likes to do

493
00:24:21,320 --> 00:24:24,639
Speaker 10: this as a reality TV game, and so this is

494
00:24:24,680 --> 00:24:27,320
Speaker 10: where we are. So I would never pretend to know

495
00:24:27,359 --> 00:24:29,960
Speaker 10: what he's going to do next with treasury or otherwise.

496
00:24:31,680 --> 00:24:34,199
Speaker 3: Well, it is interesting, though, Ashley, when we consider what

497
00:24:34,200 --> 00:24:36,199
Speaker 3: we were hearing from him on the campaign trail, the

498
00:24:36,240 --> 00:24:38,800
Speaker 3: messaging that ultimately got him elected to a second go

499
00:24:38,920 --> 00:24:41,080
Speaker 3: at the presidency. Part of it was the border, and

500
00:24:41,119 --> 00:24:43,240
Speaker 3: we got a lot of those kind of appointments first,

501
00:24:43,280 --> 00:24:46,520
Speaker 3: not just Christy nun for DHS, but Stephen Miller for example,

502
00:24:46,600 --> 00:24:49,720
Speaker 3: being tapped, Tom Homan being tapped as well. I would

503
00:24:49,760 --> 00:24:51,959
Speaker 3: have thought, based off of what he was saying, that

504
00:24:52,000 --> 00:24:54,040
Speaker 3: he was going to take on the economy next, right,

505
00:24:54,119 --> 00:24:56,760
Speaker 3: It was fixing the economy that he was running on.

506
00:24:57,240 --> 00:24:59,359
Speaker 1: Absolutely, but we have to remember it's only a week.

507
00:25:00,200 --> 00:25:01,800
Speaker 6: It feels like it's been a year exactly.

508
00:25:02,280 --> 00:25:04,600
Speaker 1: That's why I do think that he hasn't that there's

509
00:25:04,640 --> 00:25:07,120
Speaker 1: probably someone else out there. I mean, obviously you've still

510
00:25:07,119 --> 00:25:10,280
Speaker 1: have been young, and who would be fantastic as a

511
00:25:10,320 --> 00:25:13,760
Speaker 1: Treasury secretary? You know, is does Haggardy come back?

512
00:25:13,920 --> 00:25:14,400
Speaker 8: Maybe?

513
00:25:14,440 --> 00:25:17,080
Speaker 1: You know, he's always someone that's been talked about. But

514
00:25:17,840 --> 00:25:20,160
Speaker 1: I do agree as well that there's probably someone from

515
00:25:20,160 --> 00:25:22,600
Speaker 1: Wall Street that's going to get it. I would expect

516
00:25:22,600 --> 00:25:24,639
Speaker 1: that we find someone over the weekend or by Monday,

517
00:25:24,880 --> 00:25:26,720
Speaker 1: or he announces someone.

518
00:25:26,920 --> 00:25:30,000
Speaker 3: Well, certainly we're all hoping for that here on Bloomberg.

519
00:25:30,080 --> 00:25:33,520
Speaker 3: This one's really important to us because it's a reminder

520
00:25:33,560 --> 00:25:35,760
Speaker 3: as well that Donald Trump, as I was saying, made

521
00:25:35,800 --> 00:25:37,600
Speaker 3: a lot of promises on the campaign trail, a lot

522
00:25:37,600 --> 00:25:40,640
Speaker 3: of things he would like to do from an economic perspective,

523
00:25:40,680 --> 00:25:43,960
Speaker 3: but he only has so much unilateral power as the president,

524
00:25:44,080 --> 00:25:46,760
Speaker 3: especially in kind of enforcing these kind of things. So

525
00:25:46,920 --> 00:25:51,040
Speaker 3: just characterize Ashley how important these roles actually are in

526
00:25:51,200 --> 00:25:54,320
Speaker 3: ensuring that Donald Trump's agenda actually becomes reality.

527
00:25:54,520 --> 00:25:59,120
Speaker 1: Treasury and USTR Ambassador is very important, especially in regards

528
00:25:59,359 --> 00:26:02,320
Speaker 1: to Tara for both friends. Obviously, the Sexuary of Commerce

529
00:26:02,359 --> 00:26:05,280
Speaker 1: is also very important important, but a lot of the policies,

530
00:26:05,320 --> 00:26:08,639
Speaker 1: obviously with tax reform coming up, Treasury is going to

531
00:26:09,320 --> 00:26:11,080
Speaker 1: the Hill's going to look to Treasury a lot to

532
00:26:11,119 --> 00:26:14,000
Speaker 1: see what the Trump administration wants. But at the end

533
00:26:14,040 --> 00:26:16,160
Speaker 1: of the day, they have to pass the bill. And

534
00:26:16,359 --> 00:26:19,560
Speaker 1: I do think some of what Ashwoods Congressman Henson was

535
00:26:19,560 --> 00:26:23,280
Speaker 1: saying in regards to the small numbers in the House,

536
00:26:23,680 --> 00:26:25,960
Speaker 1: I do think some of those members that are kind

537
00:26:26,000 --> 00:26:28,040
Speaker 1: of the far right that have caused problems for the

538
00:26:28,080 --> 00:26:30,840
Speaker 1: last few years for the Speaker and obviously McCarthy before

539
00:26:30,880 --> 00:26:33,760
Speaker 1: that they're going to get in line better if it's

540
00:26:33,800 --> 00:26:38,560
Speaker 1: Trump's policies because they're Trump people. Okay, So I actually

541
00:26:38,560 --> 00:26:42,360
Speaker 1: think that the moderate Republicans Brian Fitzpatrick and others are

542
00:26:42,400 --> 00:26:43,840
Speaker 1: going to be the ones that have more of the

543
00:26:43,880 --> 00:26:45,600
Speaker 1: power this time than the extreme right.

544
00:26:45,960 --> 00:26:48,080
Speaker 3: Well, and they're the ones, right Genie that need to

545
00:26:48,080 --> 00:26:50,760
Speaker 3: get reelected in twenty twenty six so that Donald Trump

546
00:26:50,760 --> 00:26:53,960
Speaker 3: doesn't say, get impeached again if we have a democratic House,

547
00:26:54,000 --> 00:26:56,880
Speaker 3: because he has four years. This Congress only has two.

548
00:26:57,000 --> 00:27:00,560
Speaker 3: So it makes those kind of frontline Republican men, if

549
00:27:00,560 --> 00:27:01,960
Speaker 3: you will, really important.

550
00:27:03,240 --> 00:27:06,080
Speaker 10: Oh, they are absolutely important, you know. And I think

551
00:27:06,119 --> 00:27:09,160
Speaker 10: we forget that he's coming with a much narrower margin

552
00:27:09,359 --> 00:27:11,720
Speaker 10: in the House than he did the first time. But

553
00:27:11,800 --> 00:27:14,800
Speaker 10: to Ashley's point, you have a lot more people who

554
00:27:14,920 --> 00:27:18,560
Speaker 10: line up with his you know, make America First values,

555
00:27:18,640 --> 00:27:20,760
Speaker 10: and so he may be able to make up for that.

556
00:27:21,480 --> 00:27:23,679
Speaker 10: But I'm not one of the people who thinks that,

557
00:27:23,760 --> 00:27:25,639
Speaker 10: And I've been debating with so many of my friends

558
00:27:25,680 --> 00:27:30,240
Speaker 10: on this that this is a Washington on the Republican

559
00:27:30,359 --> 00:27:34,080
Speaker 10: side that is without schisms. I think there are schisms

560
00:27:34,080 --> 00:27:37,600
Speaker 10: in Washington on the Republican side, and we are going

561
00:27:37,640 --> 00:27:38,840
Speaker 10: to see those play out.

562
00:27:38,920 --> 00:27:40,080
Speaker 5: I mean, you just look at.

563
00:27:40,080 --> 00:27:43,080
Speaker 10: Who he is nominated so far, and you can see

564
00:27:43,160 --> 00:27:48,000
Speaker 10: people with vastly different governing philosophies from you know, say

565
00:27:48,000 --> 00:27:51,560
Speaker 10: a Marco Rubio all the way to Matt Gates. Now

566
00:27:51,760 --> 00:27:53,760
Speaker 10: you know, who knows who's going to get in, but

567
00:27:54,040 --> 00:27:57,440
Speaker 10: you know, America First. The Donald Trump Republican Party is

568
00:27:57,480 --> 00:28:00,640
Speaker 10: a big party now, and they've got p from all

569
00:28:00,680 --> 00:28:03,520
Speaker 10: different elements, and the trick is going to be able

570
00:28:03,600 --> 00:28:06,639
Speaker 10: to make them work together and I think it's going

571
00:28:06,720 --> 00:28:09,679
Speaker 10: to be easier said than done when it comes to

572
00:28:09,760 --> 00:28:13,160
Speaker 10: passing some of these economic bills that he has talked

573
00:28:13,160 --> 00:28:14,399
Speaker 10: about on the campaign trail.

574
00:28:15,800 --> 00:28:19,920
Speaker 3: Well as we consider potential schisms within the party leadership

575
00:28:20,000 --> 00:28:22,000
Speaker 3: is a question here. I actually spoke with a member

576
00:28:22,040 --> 00:28:25,720
Speaker 3: of the newly elected and current Senate leadership, Republican Senator

577
00:28:25,760 --> 00:28:28,800
Speaker 3: Shelley Moore Capito of West Virginia, last night, specifically on

578
00:28:28,840 --> 00:28:32,240
Speaker 3: this notion of recess appointments that could be made by

579
00:28:32,280 --> 00:28:32,879
Speaker 3: Donald Trump.

580
00:28:32,920 --> 00:28:33,760
Speaker 6: This is what she told me.

581
00:28:34,560 --> 00:28:38,960
Speaker 11: We can fulfill in the regular order way of confirming

582
00:28:39,600 --> 00:28:41,880
Speaker 11: the nominees, and that's what we intend to do. I

583
00:28:41,920 --> 00:28:45,200
Speaker 11: think all of this talk about recess appointments is way premature.

584
00:28:45,280 --> 00:28:47,840
Speaker 11: I don't believe that's the direction that we want to go,

585
00:28:47,920 --> 00:28:49,800
Speaker 11: and I don't think President Trump will want to go

586
00:28:49,880 --> 00:28:52,440
Speaker 11: that he wants the confirmation of the Senate because we're

587
00:28:52,440 --> 00:28:55,640
Speaker 11: going to be working together all throughout these next several years,

588
00:28:55,680 --> 00:29:00,720
Speaker 11: and we need to make sure that we respect each

589
00:29:00,720 --> 00:29:03,200
Speaker 11: other's roles, but that we have the confirmation from each

590
00:29:03,200 --> 00:29:04,959
Speaker 11: other that's we're moving in the right direction.

591
00:29:06,400 --> 00:29:08,240
Speaker 3: So she doesn't think Donald Trump is going to want

592
00:29:08,240 --> 00:29:11,400
Speaker 3: to abandon the checks and balances here, Ashley, but she

593
00:29:11,480 --> 00:29:13,720
Speaker 3: can't know for sure what Donald Trump wants any more

594
00:29:13,720 --> 00:29:15,840
Speaker 3: than the rest of US can. And I wonder if

595
00:29:15,920 --> 00:29:19,560
Speaker 3: you do think this brand new leadership team that's going

596
00:29:19,640 --> 00:29:23,080
Speaker 3: to take a hold in January could potentially run into

597
00:29:23,080 --> 00:29:24,840
Speaker 3: conflict with Donald Trump pretty early on.

598
00:29:25,040 --> 00:29:25,200
Speaker 2: Well.

599
00:29:25,240 --> 00:29:27,920
Speaker 1: I think the statement that John Thune made is right

600
00:29:27,960 --> 00:29:30,360
Speaker 1: after he got elected, was the fact that he's going

601
00:29:30,400 --> 00:29:33,040
Speaker 1: to keep the filibuster in place. And I to me,

602
00:29:33,640 --> 00:29:35,520
Speaker 1: no matter what side of the out you're on, I

603
00:29:35,520 --> 00:29:37,880
Speaker 1: think that's a very important. If we don't have that

604
00:29:37,920 --> 00:29:41,200
Speaker 1: philibuster in place, no matter if you're a Republican or Democrat,

605
00:29:41,240 --> 00:29:44,040
Speaker 1: there's going to be really bad policies that are passed

606
00:29:44,200 --> 00:29:47,880
Speaker 1: beyond what already gets past sometimes. So I really was

607
00:29:48,120 --> 00:29:50,360
Speaker 1: I was really happy that he came out that. I

608
00:29:50,360 --> 00:29:52,800
Speaker 1: think that Trump will go after him publicly, just like

609
00:29:52,880 --> 00:29:55,200
Speaker 1: he did McConnell when McConnell said he's keeping the philibuster

610
00:29:55,280 --> 00:29:57,400
Speaker 1: in place. So I think that's going to be the

611
00:29:57,480 --> 00:30:00,000
Speaker 1: number one moral I agree with the Senator with Senator Capitol,

612
00:30:00,280 --> 00:30:02,880
Speaker 1: I really as I said earlier in the segment, I

613
00:30:02,880 --> 00:30:04,840
Speaker 1: think this recess appointment is a little bit of a

614
00:30:04,840 --> 00:30:05,680
Speaker 1: noise right now.

615
00:30:06,640 --> 00:30:09,440
Speaker 3: Well, I guess we'll I'll find out come January whether

616
00:30:09,520 --> 00:30:10,600
Speaker 3: or not it's noise or real.

617
00:30:10,640 --> 00:30:11,600
Speaker 6: It's sometimes hard to tell.

618
00:30:11,640 --> 00:30:14,200
Speaker 1: You also think we're going to be in until like Easter,

619
00:30:14,520 --> 00:30:16,200
Speaker 1: because they're going to want to get stuff done. They're

620
00:30:16,200 --> 00:30:18,000
Speaker 1: going to pass the budget resolution, They're going to do

621
00:30:18,040 --> 00:30:20,800
Speaker 1: tax reform right away. I think we're never it's going

622
00:30:20,880 --> 00:30:23,680
Speaker 1: to be crazy, so much to look forward to.

623
00:30:24,320 --> 00:30:25,800
Speaker 3: Just when we think we might get a break at

624
00:30:25,800 --> 00:30:28,959
Speaker 3: some point, Ashley's like, just wait, you won't keep your

625
00:30:29,040 --> 00:30:32,280
Speaker 3: jobs right. This is very true. Is certainly going to

626
00:30:32,360 --> 00:30:34,040
Speaker 3: keep Genie Shanzano busy as well.

627
00:30:34,120 --> 00:30:34,440
Speaker 6: Genie.

628
00:30:34,480 --> 00:30:38,000
Speaker 3: If we consider everything as Ashley is outlining, this incoming

629
00:30:38,080 --> 00:30:40,040
Speaker 3: Congress is going to want to get done. We already

630
00:30:40,040 --> 00:30:42,480
Speaker 3: discussed what is a very tight majority. It's going to

631
00:30:42,520 --> 00:30:44,400
Speaker 3: be in the House. In the Senate right now, the

632
00:30:44,400 --> 00:30:46,640
Speaker 3: majority is fifty three. But there is a recount in

633
00:30:46,640 --> 00:30:51,320
Speaker 3: Pennsylvania in the Dave McCormick, the Republican versus the incumbent

634
00:30:51,320 --> 00:30:54,600
Speaker 3: Democrat Bob Casey race. Do you think there's potential this

635
00:30:54,720 --> 00:30:56,600
Speaker 3: goes down to fifty two or is that a recount

636
00:30:56,640 --> 00:30:57,240
Speaker 3: going nowhere?

637
00:30:58,360 --> 00:31:01,480
Speaker 10: You know, historically the recounts done in Pennsylvania. I think

638
00:31:01,520 --> 00:31:04,280
Speaker 10: there were four, and they have all gone the way

639
00:31:04,440 --> 00:31:08,440
Speaker 10: that they were originally decided or initially decided. So my

640
00:31:08,560 --> 00:31:12,640
Speaker 10: guess would be that it still remains with Dave McCormick

641
00:31:12,680 --> 00:31:16,200
Speaker 10: and Casey is going to have to concede. And you know,

642
00:31:16,320 --> 00:31:18,680
Speaker 10: while I do agree that Donald Trump may be throwing

643
00:31:18,720 --> 00:31:21,880
Speaker 10: out a trial balloon on the recess or more likely

644
00:31:22,000 --> 00:31:26,560
Speaker 10: to threaten the Senate, no president worth their salt is

645
00:31:26,720 --> 00:31:29,680
Speaker 10: happy with the advice and consent of the Senate. They

646
00:31:29,720 --> 00:31:32,120
Speaker 10: all want to get rid of it. Nobody wants to

647
00:31:32,160 --> 00:31:35,000
Speaker 10: have to go to somebody else to do their job,

648
00:31:35,160 --> 00:31:37,360
Speaker 10: so you know, he doesn't want to have to go there.

649
00:31:37,600 --> 00:31:40,640
Speaker 10: And I am waiting with baited breath because Kaylee, remember

650
00:31:40,680 --> 00:31:43,520
Speaker 10: when he said, Mike Johnson and I have a secret,

651
00:31:44,080 --> 00:31:47,400
Speaker 10: And of course that secret is the recess. I don't know,

652
00:31:47,480 --> 00:31:50,880
Speaker 10: but the House Speaker has an enormous role potentially there.

653
00:31:50,920 --> 00:31:54,080
Speaker 10: So Hayley, don't sleep this week and figure the secret out,

654
00:31:54,080 --> 00:31:54,440
Speaker 10: would you.

655
00:31:55,760 --> 00:31:58,360
Speaker 3: I was told that the secret was Teletown Halls during

656
00:31:58,360 --> 00:32:00,800
Speaker 3: the final startch of the campaign for the House.

657
00:32:01,040 --> 00:32:02,240
Speaker 6: I don't know, maybe we'll find out.

658
00:32:02,280 --> 00:32:04,480
Speaker 8: Probably was then who knows.

659
00:32:04,520 --> 00:32:08,200
Speaker 3: The secret will remain secret. Perhaps Ashley Davis and Jeanie

660
00:32:08,200 --> 00:32:11,360
Speaker 3: Shanzino our wonderful political panel today. Thank you both so

661
00:32:11,440 --> 00:32:14,400
Speaker 3: much for joining me and enjoy the weekend certainly well

662
00:32:14,400 --> 00:32:16,720
Speaker 3: deserved for everyone who has had to keep track of

663
00:32:16,760 --> 00:32:19,160
Speaker 3: what's going on here in Washington. We've talked a lot

664
00:32:19,160 --> 00:32:22,040
Speaker 3: about what could happen in terms of the economic policy team,

665
00:32:22,040 --> 00:32:24,120
Speaker 3: but we have to focus on the legal and justice

666
00:32:24,160 --> 00:32:26,600
Speaker 3: team as well. Bloomberg Sarah Forden is on her way in,

667
00:32:26,960 --> 00:32:30,120
Speaker 3: and we'll have Democratic Congressman Brad Sherman of California as well.

668
00:32:30,240 --> 00:32:30,920
Speaker 6: On Bloomberg.

669
00:32:34,800 --> 00:32:38,240
Speaker 2: You're listening to the Bloomberg Balance of Power podcast Ketch

670
00:32:38,280 --> 00:32:41,600
Speaker 2: just live weekdays at noon Eastern on Applecarplay and thenroyd

671
00:32:41,640 --> 00:32:44,360
Speaker 2: Oto with the Bloomberg Business App. You can also listen

672
00:32:44,440 --> 00:32:47,560
Speaker 2: live on Amazon Alexa from our flagship New York station,

673
00:32:47,960 --> 00:32:50,640
Speaker 2: Just Say Alexa Play Bloomberg eleven thirty.

674
00:32:53,120 --> 00:32:55,760
Speaker 3: We're still awaiting some pretty important cabinet picks from the

675
00:32:55,760 --> 00:33:01,000
Speaker 3: President elect Donald Trump, think Treasury or Commerce roles that

676
00:33:01,080 --> 00:33:03,280
Speaker 3: you might think would be pretty high on the checklist

677
00:33:03,320 --> 00:33:06,200
Speaker 3: in terms of nominees. You need to get out there,

678
00:33:06,560 --> 00:33:08,760
Speaker 3: maybe less so lower down on the checklist you might

679
00:33:08,800 --> 00:33:11,960
Speaker 3: expect would be say, US Attorney for the Southern.

680
00:33:11,640 --> 00:33:14,160
Speaker 6: District of New York. But that's what we got yesterday.

681
00:33:14,200 --> 00:33:17,240
Speaker 3: Donald Trump has tapped Jay Clayton, the former SEC Chair,

682
00:33:17,280 --> 00:33:19,000
Speaker 3: for that role. He's also tapped a number of his

683
00:33:19,360 --> 00:33:23,960
Speaker 3: personal attorneys to serve him in this upcoming administration, and

684
00:33:24,040 --> 00:33:27,680
Speaker 3: of course most of all, he has tapped former Congressman

685
00:33:27,840 --> 00:33:30,640
Speaker 3: now Matt Gates to serve as Attorney General. Though there

686
00:33:30,640 --> 00:33:33,960
Speaker 3: are some pretty serious confirmation questions there. But we want

687
00:33:33,960 --> 00:33:35,600
Speaker 3: to get into all of these questions and turn to

688
00:33:35,640 --> 00:33:39,480
Speaker 3: Sarah Ford and who leads Bloomberg's legal coverage here in Washington,

689
00:33:39,480 --> 00:33:41,600
Speaker 3: and she's joining me in our DC studio. So, Sarah,

690
00:33:41,600 --> 00:33:44,640
Speaker 3: if we could start with Gates, because if confirmed, he

691
00:33:44,680 --> 00:33:47,280
Speaker 3: would be running the entire Department of Justice.

692
00:33:47,520 --> 00:33:49,280
Speaker 6: What would that actually look like?

693
00:33:49,360 --> 00:33:52,880
Speaker 3: In what ways could he potentially dismantle the existing structure?

694
00:33:53,280 --> 00:33:55,760
Speaker 12: Well, I mean, there's been a lot of coverage of

695
00:33:55,800 --> 00:34:00,760
Speaker 12: Trump's angst about the Justice Department, the investigations well also

696
00:34:00,880 --> 00:34:05,880
Speaker 12: dating back to the Russian investigation under the former leader

697
00:34:06,000 --> 00:34:08,000
Speaker 12: of the FBI. In that case, you know, the Justice

698
00:34:08,040 --> 00:34:11,280
Speaker 12: Department includes the FBI, the Criminal Division, the Civil Division,

699
00:34:11,600 --> 00:34:15,200
Speaker 12: the Human Rights Division. It's a massive law enforcement agency,

700
00:34:15,600 --> 00:34:18,680
Speaker 12: and you know the aim is to whittle it down

701
00:34:18,880 --> 00:34:22,080
Speaker 12: and to weed out anybody who isn't loyal to the

702
00:34:22,080 --> 00:34:22,960
Speaker 12: president's agenda.

703
00:34:23,120 --> 00:34:25,319
Speaker 3: Well, of course, Matt Gates has argued that the Justice

704
00:34:25,320 --> 00:34:28,040
Speaker 3: Department has been weaponized against him, and Donald Trump has

705
00:34:28,160 --> 00:34:30,640
Speaker 3: argued the very same, because he, of course has been

706
00:34:30,640 --> 00:34:34,160
Speaker 3: indicted by the DOJ, specifically Special Council Jack Smith in

707
00:34:34,160 --> 00:34:37,040
Speaker 3: two separate federal cases that he's now Jack Smith that

708
00:34:37,200 --> 00:34:40,720
Speaker 3: is trying to wind down before Donald Trump takes office.

709
00:34:41,080 --> 00:34:43,040
Speaker 3: How is that process likely to go and is everyone

710
00:34:43,040 --> 00:34:45,440
Speaker 3: who was involved in it going to have to leave

711
00:34:45,520 --> 00:34:47,719
Speaker 3: the DOJ before Trump takes the oath.

712
00:34:48,320 --> 00:34:50,920
Speaker 12: Well, it's most likely that they will all leave ahead

713
00:34:50,960 --> 00:34:54,239
Speaker 12: of time, and they're winding down the cases because they

714
00:34:54,239 --> 00:34:57,440
Speaker 12: have a long standing policy to not prosecute sitting presidents.

715
00:34:57,480 --> 00:35:01,640
Speaker 12: So there's no you know, thinking to wait until Trump

716
00:35:01,719 --> 00:35:04,440
Speaker 12: gets into office. You know, this is inevitable. These cases

717
00:35:04,600 --> 00:35:06,799
Speaker 12: are going to go away, and so Jack Smith is

718
00:35:06,880 --> 00:35:10,480
Speaker 12: preparing his filings to dismiss them. He's asked for a

719
00:35:10,520 --> 00:35:13,120
Speaker 12: little more time to do that. This has not been

720
00:35:13,160 --> 00:35:16,799
Speaker 12: postponed till December second, and the issues are a little

721
00:35:16,800 --> 00:35:19,760
Speaker 12: bit different in the two cases. So the January sixth

722
00:35:19,760 --> 00:35:22,520
Speaker 12: case is about Trump's efforts to overturn the results of

723
00:35:22,520 --> 00:35:25,960
Speaker 12: the election. The Florida case is about his handling of

724
00:35:26,080 --> 00:35:29,880
Speaker 12: classified documents, and that case was thrown out by federal

725
00:35:29,960 --> 00:35:34,840
Speaker 12: Judge Eileen Cannon arguing that the special council. The dj

726
00:35:35,080 --> 00:35:38,480
Speaker 12: wasn't authorized to appoint the special council. So that is

727
00:35:38,520 --> 00:35:41,200
Speaker 12: an issue that Jack Smith wants to actually try to

728
00:35:41,239 --> 00:35:45,920
Speaker 12: preserve because for decades in this country, president and the

729
00:35:46,000 --> 00:35:48,960
Speaker 12: Justice Department have appointed special councils, you know, going back

730
00:35:49,000 --> 00:35:50,200
Speaker 12: to Nixon and before.

731
00:35:50,600 --> 00:35:53,480
Speaker 6: We're the one that investigated Hunter Biden for example.

732
00:35:54,000 --> 00:35:57,160
Speaker 12: So this has been, you know, very standard practice of

733
00:35:57,239 --> 00:35:59,680
Speaker 12: law enforcement to put a special council in charge of

734
00:35:59,680 --> 00:36:02,799
Speaker 12: a politically sensitive case. So Jack Smith and his team

735
00:36:02,800 --> 00:36:05,719
Speaker 12: are going to try to argue that appeal in a

736
00:36:05,719 --> 00:36:07,680
Speaker 12: way to protect and preserve that right.

737
00:36:08,120 --> 00:36:10,400
Speaker 3: Well, so that's that team, which was of course the

738
00:36:10,440 --> 00:36:13,960
Speaker 3: prosecution team. Then there was the defense team for Donald

739
00:36:13,960 --> 00:36:16,239
Speaker 3: Trump in all of these cases, his personal attorneys, some

740
00:36:16,280 --> 00:36:18,640
Speaker 3: of which are now going to be having a role

741
00:36:18,680 --> 00:36:19,759
Speaker 3: in his second administration.

742
00:36:20,160 --> 00:36:23,520
Speaker 12: Well, and these are people that really put out for

743
00:36:23,560 --> 00:36:28,840
Speaker 12: Trump and really successfully got those cases delayed and delegitimized

744
00:36:28,880 --> 00:36:32,239
Speaker 12: in the views of many. And so he's, you know,

745
00:36:32,280 --> 00:36:36,000
Speaker 12: in his loyalty principle, he's rewarding the people who who

746
00:36:36,040 --> 00:36:41,239
Speaker 12: came through for him. So Todd Blanche, Emil Bove, Dean

747
00:36:41,320 --> 00:36:43,120
Speaker 12: John Souer, all of these people are now going to

748
00:36:43,120 --> 00:36:45,359
Speaker 12: be flanking him in his new administration.

749
00:36:46,160 --> 00:36:48,600
Speaker 3: I want to, finally, Sarah, ask you about Jay Clayton

750
00:36:48,600 --> 00:36:50,239
Speaker 3: as well, who, of course is best known to our

751
00:36:50,280 --> 00:36:54,040
Speaker 3: audience here as the former SEC chair. He's getting sd

752
00:36:54,160 --> 00:36:56,920
Speaker 3: and Y. So he's the cop literally on Wall Street.

753
00:36:57,440 --> 00:36:59,920
Speaker 3: And I wonder what we should make of this pick.

754
00:37:00,239 --> 00:37:03,799
Speaker 3: He was, I guess involved in securities law, surely, but

755
00:37:04,040 --> 00:37:05,320
Speaker 3: what about criminal law.

756
00:37:05,320 --> 00:37:05,960
Speaker 8: Well, exactly.

757
00:37:05,960 --> 00:37:09,319
Speaker 12: I mean, he's a seasoned lawyer, he's senior partner with

758
00:37:09,400 --> 00:37:12,920
Speaker 12: Sullivan and Cromwell's part of the establishment. He's seen as

759
00:37:13,120 --> 00:37:16,440
Speaker 12: more of an institutionalist than some of Trump's other picks.

760
00:37:16,840 --> 00:37:19,560
Speaker 12: But at the same time, the whole criminal enforcement area

761
00:37:19,680 --> 00:37:23,239
Speaker 12: is a brand new chapter for him. So it's going

762
00:37:23,280 --> 00:37:26,200
Speaker 12: to be interesting to see how he's going to interpret

763
00:37:26,360 --> 00:37:30,919
Speaker 12: this mandate. For example, s d and Y, the US

764
00:37:30,960 --> 00:37:35,560
Speaker 12: attorney in Manhattan, has been famous for going after financial crime,

765
00:37:36,080 --> 00:37:39,560
Speaker 12: insider trading, white collar crime. So the question is are

766
00:37:39,600 --> 00:37:41,759
Speaker 12: the priorities of this office going to change? Are we

767
00:37:41,840 --> 00:37:44,960
Speaker 12: going to see sdn Y get involved in a push

768
00:37:44,960 --> 00:37:49,160
Speaker 12: on the immigration agenda that the Trump administration has, So

769
00:37:49,840 --> 00:37:51,200
Speaker 12: we're watching that very closely.

770
00:37:51,600 --> 00:37:53,600
Speaker 3: All right, well, we look forward to the continued reporting

771
00:37:53,640 --> 00:37:55,759
Speaker 3: from Sarah and her team on this Bloomberg Sarah Ford,

772
00:37:55,840 --> 00:37:58,040
Speaker 3: and thank you so much, and we want to get

773
00:37:58,040 --> 00:38:00,359
Speaker 3: reaction as well from Capitol Hill to some of these

774
00:38:00,400 --> 00:38:04,000
Speaker 3: conversations and others. In turn, now to Democratic Congressman Brad

775
00:38:04,000 --> 00:38:06,799
Speaker 3: Sherman of California, who's joining me live from the Hill

776
00:38:06,800 --> 00:38:09,759
Speaker 3: here on Bloomberg TV and Radio. Congressman, welcome back to

777
00:38:09,880 --> 00:38:12,080
Speaker 3: Balance of Power. There's much I'd like to discuss with you,

778
00:38:12,120 --> 00:38:13,560
Speaker 3: but would love for you to take a swing, as

779
00:38:13,560 --> 00:38:16,440
Speaker 3: you do sit on the Financial Services Committee, about Jay

780
00:38:16,480 --> 00:38:19,720
Speaker 3: Clayton being a different kind of cop for the financial

781
00:38:19,800 --> 00:38:21,839
Speaker 3: world potentially in the second administration.

782
00:38:23,080 --> 00:38:25,240
Speaker 13: I think Clayton is one of the more reasonable picks

783
00:38:25,520 --> 00:38:28,600
Speaker 13: for Donald Trump. I realize that isn't a real high standard,

784
00:38:28,640 --> 00:38:32,319
Speaker 13: but I think is an entirely reasonable pick to be

785
00:38:32,400 --> 00:38:35,960
Speaker 13: the chief prosecutor in the nation's financial capital.

786
00:38:38,040 --> 00:38:40,200
Speaker 3: And what about the other picks that I feel like

787
00:38:40,239 --> 00:38:41,520
Speaker 3: you are alluding to, Sir.

788
00:38:42,239 --> 00:38:48,920
Speaker 13: Oh my god, Matt Gates Attorney general. Wow, it is

789
00:38:49,120 --> 00:38:54,120
Speaker 13: just stunningly bizarre. Especially you'd think that Donald Trump, who

790
00:38:54,160 --> 00:38:57,560
Speaker 13: says we should have openness with the American people, isn't

791
00:38:57,600 --> 00:39:02,319
Speaker 13: demanding that the Ethics Committee investigation, which was supposed to

792
00:39:02,400 --> 00:39:05,920
Speaker 13: report today and might still report today, that that report

793
00:39:06,000 --> 00:39:10,040
Speaker 13: isn't made public. How can we spend all this government money,

794
00:39:10,920 --> 00:39:13,680
Speaker 13: have a Congress, which is a House of Representatives, which

795
00:39:13,719 --> 00:39:18,839
Speaker 13: is in Republican hands, do a bipartisan, fair investigation, and

796
00:39:18,880 --> 00:39:21,839
Speaker 13: then hide it from the American people. I think that's outrageous.

797
00:39:23,160 --> 00:39:25,120
Speaker 3: Well, I guess we'll see if that either leaks out

798
00:39:25,200 --> 00:39:27,640
Speaker 3: or is formally issued, and we'll see whether or not

799
00:39:27,719 --> 00:39:30,880
Speaker 3: Matt Gates ultimately is confirmed for that job.

800
00:39:30,960 --> 00:39:31,440
Speaker 6: Congressman.

801
00:39:31,440 --> 00:39:33,759
Speaker 3: I'd also like to ask you about a man with

802
00:39:33,840 --> 00:39:37,440
Speaker 3: a job currently, and that is the FED Chair J Powell,

803
00:39:37,480 --> 00:39:39,439
Speaker 3: who has had to field questions about whether he would

804
00:39:39,480 --> 00:39:42,360
Speaker 3: resign if asked by Donald Trump. He's stated it's not

805
00:39:42,520 --> 00:39:44,839
Speaker 3: legal for Trump to demote him or anyone else in

806
00:39:44,880 --> 00:39:47,880
Speaker 3: FED leadership. But I wonder if you think those theories

807
00:39:48,440 --> 00:39:50,520
Speaker 3: will be tested in this incoming administration.

808
00:39:52,480 --> 00:39:55,480
Speaker 13: I wouldn't put it past Trump to try to do

809
00:39:55,640 --> 00:39:57,520
Speaker 13: things that he doesn't have a legal right to do.

810
00:39:57,680 --> 00:40:00,600
Speaker 13: I'm counting on the court system to defend our laws.

811
00:40:01,160 --> 00:40:07,520
Speaker 13: And I think Jay Powell will serve out his term.

812
00:40:05,920 --> 00:40:08,080
Speaker 3: Well, and he certainly has more work ahead of him.

813
00:40:08,120 --> 00:40:10,440
Speaker 3: Just in the next couple of weeks, Congressman, there will

814
00:40:10,480 --> 00:40:14,000
Speaker 3: be a rate decision. The market seems less convinced that

815
00:40:14,040 --> 00:40:16,839
Speaker 3: they're actually going to cut rates again before the year

816
00:40:16,880 --> 00:40:20,920
Speaker 3: is out, But do you believe the economy needs it, Well.

817
00:40:21,160 --> 00:40:22,880
Speaker 13: You've got to look at what the economy is going

818
00:40:22,920 --> 00:40:27,000
Speaker 13: to be next year. Trump is proposing policies which, according

819
00:40:27,040 --> 00:40:30,760
Speaker 13: to the Peterson Institute, are going to boost inflation between

820
00:40:30,880 --> 00:40:35,000
Speaker 13: four and seven percentage points. That's worse than COVID's effect

821
00:40:35,200 --> 00:40:39,200
Speaker 13: on the inflation rate. And we would rely upon the

822
00:40:39,239 --> 00:40:43,400
Speaker 13: Fed to somehow do its best to control inflation. Of course,

823
00:40:43,480 --> 00:40:47,160
Speaker 13: higher interest rates are bad for consumers, just as inflation

824
00:40:47,320 --> 00:40:48,400
Speaker 13: is bad for consumers.

825
00:40:50,040 --> 00:40:52,279
Speaker 3: Well, so I guess we'll see how the Fed navigates

826
00:40:52,320 --> 00:40:56,000
Speaker 3: that next year. But before this year is over, Congressman,

827
00:40:56,040 --> 00:40:58,800
Speaker 3: the government also needs to be funded. There's a deadline

828
00:40:58,840 --> 00:41:01,279
Speaker 3: coming up for that as well in December, and I

829
00:41:01,320 --> 00:41:03,200
Speaker 3: wonder if you think it's more likely we end up

830
00:41:03,239 --> 00:41:09,240
Speaker 3: with a continuing resolution or an omnibus package.

831
00:41:09,280 --> 00:41:12,439
Speaker 13: Congress will tend to kick a can down the road,

832
00:41:13,400 --> 00:41:16,600
Speaker 13: and omnibus is much more difficult to put together. I

833
00:41:16,640 --> 00:41:20,000
Speaker 13: wouldn't be surprised if there was a continuing resolution until

834
00:41:20,360 --> 00:41:24,480
Speaker 13: at least February. Republicans are talking about a continuing resolution

835
00:41:25,280 --> 00:41:28,160
Speaker 13: all the way through the end of the fiscal year

836
00:41:28,160 --> 00:41:33,839
Speaker 13: in September. And given how much I'd disagree with the

837
00:41:33,880 --> 00:41:36,640
Speaker 13: things they would try to do in our Appropriations bill,

838
00:41:37,400 --> 00:41:40,880
Speaker 13: putting the government on automatic pilot is it's not good,

839
00:41:40,960 --> 00:41:42,600
Speaker 13: but it's not as bad as all the things.

840
00:41:44,120 --> 00:41:47,320
Speaker 3: Well, try is an operative word there, sir. The votes

841
00:41:47,360 --> 00:41:50,040
Speaker 3: will still be required, and it does seem that in

842
00:41:50,080 --> 00:41:52,319
Speaker 3: the incoming Congress it is going to be, once again,

843
00:41:52,320 --> 00:41:55,160
Speaker 3: as we've experienced for the last two years, a very

844
00:41:55,239 --> 00:41:58,040
Speaker 3: tight majority, especially with Donald Trump having pulled not just

845
00:41:58,080 --> 00:42:01,160
Speaker 3: Gates but two others out of the Republican Conference for

846
00:42:01,560 --> 00:42:04,399
Speaker 3: roles in the administration. Is there a way Democrats can

847
00:42:04,560 --> 00:42:06,040
Speaker 3: use that to their advantage.

848
00:42:07,160 --> 00:42:10,040
Speaker 13: Well, in the Senate they're going to keep the filibuster,

849
00:42:10,680 --> 00:42:13,760
Speaker 13: and in the Senate. They have only a three vote margin.

850
00:42:14,160 --> 00:42:18,200
Speaker 13: So for example, if only four Republican Senators will stand

851
00:42:18,280 --> 00:42:22,000
Speaker 13: up and say we can't vote on Matt Gates until

852
00:42:22,040 --> 00:42:25,600
Speaker 13: we see the Ethics Committee report, then there'll be an

853
00:42:25,640 --> 00:42:28,560
Speaker 13: important step for for honesty with the American people, the

854
00:42:28,640 --> 00:42:33,320
Speaker 13: openness and uh uh on on that nomination. I would

855
00:42:34,600 --> 00:42:39,120
Speaker 13: suspect that they will not allow, for example, Stephanic to

856
00:42:39,239 --> 00:42:45,279
Speaker 13: take her role as UH as UN ambassador until such

857
00:42:45,320 --> 00:42:48,600
Speaker 13: time as they've had special elections to fill other seats,

858
00:42:48,600 --> 00:42:53,840
Speaker 13: say they can't operate with with you know, with a

859
00:42:53,880 --> 00:42:57,040
Speaker 13: one seat majority, and we'll see how the elections come out.

860
00:42:57,160 --> 00:42:59,520
Speaker 13: I think the ones in California that are still in

861
00:43:00,080 --> 00:43:01,359
Speaker 13: uncalled or going to go our way.

862
00:43:02,800 --> 00:43:05,239
Speaker 3: Well, I'm glad you raised a last stephonics Sir. She,

863
00:43:05,560 --> 00:43:08,400
Speaker 3: of course, as you alluded to, tapped his ambassador for

864
00:43:08,520 --> 00:43:09,440
Speaker 3: the United Nations.

865
00:43:09,480 --> 00:43:12,160
Speaker 6: We also saw former Arkansas Governor Mike.

866
00:43:12,080 --> 00:43:15,839
Speaker 3: Huckabee tapped as ambassador to Israel, and I wonder what

867
00:43:15,880 --> 00:43:18,400
Speaker 3: that says to you about the way in which Israel

868
00:43:18,480 --> 00:43:21,719
Speaker 3: policy could look different as we move forward into this

869
00:43:21,800 --> 00:43:22,640
Speaker 3: next administration.

870
00:43:23,560 --> 00:43:26,480
Speaker 13: I think Stephanic will do a good job, probably in

871
00:43:26,520 --> 00:43:30,040
Speaker 13: the mold of Nikki Haley. I think Huckabee has gone

872
00:43:31,520 --> 00:43:36,720
Speaker 13: way too far and will lead Israel in the wrong direction.

873
00:43:37,760 --> 00:43:43,200
Speaker 13: Israel may be able to take extreme positions and still

874
00:43:43,280 --> 00:43:46,080
Speaker 13: remain popular in the Republican Party of the United States,

875
00:43:46,560 --> 00:43:49,279
Speaker 13: but there are eight billion people on this planet. And

876
00:43:49,320 --> 00:43:53,279
Speaker 13: if Israel only has the support of Israelis, or a

877
00:43:53,320 --> 00:43:57,280
Speaker 13: majority of Israelis and a majority of Republicans, then Israel

878
00:43:57,920 --> 00:44:01,000
Speaker 13: is isolated from the rest of the world. The fact

879
00:44:01,160 --> 00:44:04,840
Speaker 13: is that Israel seventy six years old. During its first

880
00:44:04,880 --> 00:44:08,600
Speaker 13: half of existence, Democrats and Republicans were in control about

881
00:44:08,600 --> 00:44:11,680
Speaker 13: halfway half the time, and that'll be true the next

882
00:44:11,680 --> 00:44:15,360
Speaker 13: seventy six years. And if Israel puts itself in a

883
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Speaker 13: position where it has no appeal to those to the

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Speaker 13: left of Donald Trump, that's a terrible position for Israel

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Speaker 13: to be in.

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Speaker 3: Congressman, we just have a minute or two left here.

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Speaker 3: The Washington Post reported this week that the Israeli Prime

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Speaker 3: Minister Benjamin net Yahoo is preparing a ceasefire in Lebanon

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Speaker 3: as a quote unquote gift to the incoming president Donald Trump.

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Speaker 3: Do you think that is actually achievable before he takes office.

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Speaker 13: I think if Hezbollah will follow the UN resolution. Usually

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Speaker 13: UN resolutions aren't particularly good for Israel, but will follow

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Speaker 13: you in resolution and move north of the Latani River

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Speaker 13: as they agreed to do decades ago or over a

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Speaker 13: decade ago, that we should get a cease fire. And

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Speaker 13: I don't think we should continue killing people unnecessarily on

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Speaker 13: either side just to make a gift to an incoming

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Speaker 13: US administration. Israel should conclude a cease fire when it

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Speaker 13: can do so in a way that will keep its

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Speaker 13: northern Israeli safe. And that is pretty much a decision

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Speaker 13: Hesbola has to make. Are they willing to do what

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Speaker 13: they agreed to do over a decade ago and move

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Speaker 13: north of the Latani River?

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Speaker 3: All right, Congressman, appreciate your time on this Friday, sir,

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Speaker 3: enjoy the weekend that is. Democratic Congressman Brad Sherman of California,

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Speaker 3: a member of the House Foreign Affairs and Financial Services Committee,

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Speaker 3: here with us on Bloomberg TV and Radio.

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Speaker 13: Thanks for listening to the Balance of Power podcast. Make

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00:45:57,120 --> 00:46:00,160
Speaker 13: sure to subscribe if you haven't already an Apple, Spotify,

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00:46:00,200 --> 00:46:02,719
Speaker 13: or wherever you get your podcasts, and you can find

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00:46:02,800 --> 00:46:06,040
Speaker 13: us live every weekday from Washington, DC at noontime. Eastern

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Speaker 13: at bloomberg dot com.