1 00:00:00,560 --> 00:00:03,360 Speaker 1: Why from our nations this budget thing is going to 2 00:00:03,440 --> 00:00:06,200 Speaker 1: do nothing. Space Force. I still think it's interesting President 3 00:00:06,200 --> 00:00:09,879 Speaker 1: Trump not playing his cards yet Headlines Policy and Politics, 4 00:00:09,920 --> 00:00:14,600 Speaker 1: alighting to sound on with Kevin's related the insiders, the influencers, 5 00:00:14,800 --> 00:00:17,640 Speaker 1: the insides. I would rather see a congressional solution. It's 6 00:00:17,680 --> 00:00:20,599 Speaker 1: part of my DNA. The Senate map in looks a 7 00:00:20,640 --> 00:00:22,960 Speaker 1: lot different than it looked in. You really have a 8 00:00:22,960 --> 00:00:26,279 Speaker 1: divide within Team Trump. The President has to do exactly 9 00:00:26,280 --> 00:00:27,840 Speaker 1: what people send him here to do, which is to 10 00:00:27,880 --> 00:00:31,840 Speaker 1: get it done. He's sound on with Kevin's relate on 11 00:00:31,960 --> 00:00:36,520 Speaker 1: Bloomberg nine one and one seven m h D two Boltemore. 12 00:00:38,680 --> 00:00:43,000 Speaker 1: It looks like we're finally going to get the Mueller report, 13 00:00:43,600 --> 00:00:48,360 Speaker 1: but will it be redacted? Attorney General William Barr testifying 14 00:00:48,440 --> 00:00:50,920 Speaker 1: in the ray Burn House Office building, where I still 15 00:00:50,960 --> 00:00:54,480 Speaker 1: am so much action up on Capitol Hill earlier today 16 00:00:54,520 --> 00:01:00,920 Speaker 1: and he testified before the House Appropriations Committee Chairwoman Nita Lowie, 17 00:01:00,920 --> 00:01:03,440 Speaker 1: a Democrat from New York, and said that he's going 18 00:01:03,480 --> 00:01:08,200 Speaker 1: to release the report quote unquote within one week, but 19 00:01:08,280 --> 00:01:11,959 Speaker 1: there's gonna be re actions in this Muller report when 20 00:01:12,000 --> 00:01:14,679 Speaker 1: it is finally released. I'll bring you my interview with 21 00:01:14,760 --> 00:01:18,839 Speaker 1: Chairwoman Louie later in the program, and as we speak, 22 00:01:18,920 --> 00:01:24,440 Speaker 1: Treasury Secretary Stephen Manusian testifying just behind me inside of 23 00:01:24,480 --> 00:01:29,520 Speaker 1: the House Rayburn Building before the House Financial Services Committee. 24 00:01:29,800 --> 00:01:31,760 Speaker 1: A lot of action there tomorrow as well as the 25 00:01:31,760 --> 00:01:35,680 Speaker 1: big bank CEOs are going to testify. We're anticipating comment 26 00:01:35,880 --> 00:01:39,920 Speaker 1: from Secretary Manution later this hour. We will bring it 27 00:01:39,959 --> 00:01:43,440 Speaker 1: to you live as it happens. So many moving parts 28 00:01:43,520 --> 00:01:47,120 Speaker 1: up on Capitol Hill. It has been a remarkable day 29 00:01:47,200 --> 00:01:52,440 Speaker 1: inside of Rayburn. Attorney General Willigan Barr getting things started 30 00:01:52,520 --> 00:01:58,080 Speaker 1: earlier this morning, testifying before the House Appropriations Committee, UH 31 00:01:58,120 --> 00:02:01,320 Speaker 1: and he said essentially that he's going to release Special 32 00:02:01,360 --> 00:02:05,320 Speaker 1: Counsel Robert Mueller's report within a week, and he offered 33 00:02:05,400 --> 00:02:09,640 Speaker 1: some explanations for the material that he's going to be 34 00:02:10,240 --> 00:02:15,320 Speaker 1: with holding. Eric Wasson is a Congressional reporter for Bloomberg News. 35 00:02:15,360 --> 00:02:18,079 Speaker 1: He has been on Capitol Hill all day today. He's 36 00:02:18,160 --> 00:02:21,480 Speaker 1: with me here inside of Rayburn and Eric, first of all, 37 00:02:21,520 --> 00:02:26,560 Speaker 1: thank you for joining us. And secondly, Democrats are essentially saying, 38 00:02:26,639 --> 00:02:29,959 Speaker 1: either release the full report or it's not good enough. 39 00:02:30,680 --> 00:02:34,639 Speaker 1: That's right. Bar is talking about extensive redactions even said 40 00:02:34,680 --> 00:02:37,920 Speaker 1: they're gonna be color coded redactions. Uh, he's a lot 41 00:02:37,960 --> 00:02:41,720 Speaker 1: of secret and top secret information that can't be released. However, 42 00:02:42,240 --> 00:02:45,720 Speaker 1: Democrats are very skeptical. They're calling his letter summarizing the 43 00:02:45,760 --> 00:02:48,600 Speaker 1: finding a political document meant to pick out the best 44 00:02:48,639 --> 00:02:51,840 Speaker 1: parts and highlight those parts that protect the president, and 45 00:02:51,840 --> 00:02:54,760 Speaker 1: they want to see the evidence. So it looks like, uh, this, 46 00:02:54,760 --> 00:02:57,960 Speaker 1: this uh full Muller report with the redactions will likely 47 00:02:57,960 --> 00:03:01,480 Speaker 1: come out during the House recess when Democrats are not 48 00:03:01,880 --> 00:03:04,600 Speaker 1: in town. This is seems to be intentional in fact, 49 00:03:04,639 --> 00:03:07,440 Speaker 1: to draw attention away from it. So what I find 50 00:03:07,520 --> 00:03:11,120 Speaker 1: interesting is that this if, if if Attorney General bar 51 00:03:11,280 --> 00:03:14,799 Speaker 1: releases his report within the next week, you just hit 52 00:03:14,840 --> 00:03:17,880 Speaker 1: the nail on the head. Lawmakers aren't in town next week, 53 00:03:17,919 --> 00:03:21,320 Speaker 1: it's recess. So there's been all of this brew haha 54 00:03:21,560 --> 00:03:23,679 Speaker 1: over when we're finally gonna get to see this thing. 55 00:03:23,960 --> 00:03:26,480 Speaker 1: Now we find out that the respective committees that are 56 00:03:26,520 --> 00:03:28,440 Speaker 1: going to receive it, or if it is released to 57 00:03:28,440 --> 00:03:30,679 Speaker 1: the public, the lawmakers won't be here, and that it 58 00:03:30,720 --> 00:03:33,720 Speaker 1: will be redacted, we're gonna have much more, much much 59 00:03:33,760 --> 00:03:37,240 Speaker 1: more on what Democrats are saying with regard to this 60 00:03:37,360 --> 00:03:41,440 Speaker 1: coming up. My interview with Chairwoman Nita Lowey of the 61 00:03:41,480 --> 00:03:44,560 Speaker 1: House Appropriations Committee. She's got a lot to say about this, 62 00:03:44,640 --> 00:03:49,440 Speaker 1: and including that subpoenas might ultimately have to be issued. 63 00:03:49,880 --> 00:03:53,480 Speaker 1: But meanwhile, if all of that wasn't enough, Bloomberg News 64 00:03:53,520 --> 00:03:56,560 Speaker 1: having an exclusive scoop today, you're really leading the way 65 00:03:56,600 --> 00:03:59,520 Speaker 1: about how Speaker Pelosi is now finding herself as a 66 00:03:59,520 --> 00:04:02,760 Speaker 1: political referee of sorts in between a budget cap fight. 67 00:04:02,840 --> 00:04:06,640 Speaker 1: What does this mean for Speaker Pelosi? Well, look, Democrats 68 00:04:06,680 --> 00:04:09,480 Speaker 1: are looking like they're in disarray on the issue of spending. 69 00:04:09,520 --> 00:04:12,720 Speaker 1: We have liberals who are not satisfied by an eighty 70 00:04:12,800 --> 00:04:16,240 Speaker 1: eight billion dollar increase in domestic spending, demanding thirty three 71 00:04:16,279 --> 00:04:19,200 Speaker 1: billion dollars more and withholding their votes in the spending 72 00:04:19,240 --> 00:04:21,799 Speaker 1: caps legislation who had to be pulled from the floor 73 00:04:21,839 --> 00:04:25,280 Speaker 1: it was going to be voted on tomorrow. Uh. Moderates 74 00:04:25,279 --> 00:04:28,000 Speaker 1: that they would not support the extra money that liberals wanted. 75 00:04:28,000 --> 00:04:31,440 Speaker 1: In fact, they then introduced a balanced budget amendment That 76 00:04:31,480 --> 00:04:34,240 Speaker 1: was a scoop that we had on the Bloomberg terminal today. Uh, 77 00:04:34,240 --> 00:04:37,400 Speaker 1: and it just really highlights heading into spending negotiations that 78 00:04:37,440 --> 00:04:40,599 Speaker 1: would be needed to prevent a government shutdown. At the 79 00:04:40,720 --> 00:04:43,160 Speaker 1: end of September are getting up to a rocky star 80 00:04:43,240 --> 00:04:47,200 Speaker 1: because Democrats cannot agree among themselves what the spending level 81 00:04:47,240 --> 00:04:49,600 Speaker 1: should be. All right, I actually want to bring in 82 00:04:49,800 --> 00:04:53,880 Speaker 1: and we're sitting here inside of the House Rayburn Building 83 00:04:53,880 --> 00:04:57,719 Speaker 1: and Congressman Friendshiw, a member of the House Financial Services Committee, 84 00:04:58,040 --> 00:05:02,680 Speaker 1: Republican from Arkansas. Congressman. First of all, fancy running into 85 00:05:02,720 --> 00:05:05,040 Speaker 1: you in the hallways. But it's been a remarkable hearing, 86 00:05:05,040 --> 00:05:07,920 Speaker 1: and we've heard from Treasury Secretary Monution. But I want 87 00:05:07,920 --> 00:05:10,320 Speaker 1: to stick with Attorney General bar for a second, in 88 00:05:10,360 --> 00:05:12,520 Speaker 1: the sense that he's saying he's going to release a 89 00:05:12,600 --> 00:05:15,760 Speaker 1: redacted version of the Mueller Report. Is that good enough 90 00:05:16,080 --> 00:05:19,039 Speaker 1: for for from your perspective? Well, first, it's good to 91 00:05:19,040 --> 00:05:22,000 Speaker 1: be with you. I think, uh, the Attorney General is 92 00:05:22,000 --> 00:05:25,120 Speaker 1: gonna follow the law and the regulations, which says that 93 00:05:25,200 --> 00:05:28,520 Speaker 1: he can issue a redactive report if those redactions cover 94 00:05:28,640 --> 00:05:33,400 Speaker 1: national security, grand jury testimony, or somebody who's incidental to 95 00:05:33,440 --> 00:05:36,800 Speaker 1: the report who's not, uh, in any way substantive to 96 00:05:36,960 --> 00:05:40,120 Speaker 1: the work. That's what Congress asked for, that's what we 97 00:05:40,240 --> 00:05:42,920 Speaker 1: voted on in Congress to support. And if that's what 98 00:05:42,960 --> 00:05:46,520 Speaker 1: he does, I can support that, But do you support 99 00:05:46,720 --> 00:05:49,960 Speaker 1: essentially redactions? If if if there's gonna be more questions. 100 00:05:49,960 --> 00:05:51,839 Speaker 1: I mean when I talk to Democrats outside of the 101 00:05:51,880 --> 00:05:55,080 Speaker 1: hearing of how Suppropriations, they say, here's gonna be all 102 00:05:55,200 --> 00:05:58,640 Speaker 1: these redactions. Why why are we even having this conversation? 103 00:05:58,680 --> 00:06:01,599 Speaker 1: I mean, don't the American people, Congressman respectfully deserved to 104 00:06:01,600 --> 00:06:05,400 Speaker 1: see all of the report. Well, I think the American 105 00:06:05,400 --> 00:06:07,920 Speaker 1: people deserve to see all of the report they can 106 00:06:07,960 --> 00:06:11,680 Speaker 1: illegally see, which means they can't see classified information, they 107 00:06:11,680 --> 00:06:15,320 Speaker 1: can't see grand jury testimony. That's a standard procedure. Has 108 00:06:15,360 --> 00:06:17,040 Speaker 1: nothing to do with Donald Trump and nothing to do 109 00:06:17,040 --> 00:06:19,800 Speaker 1: with this Attorney general. That's been the policy of the 110 00:06:19,880 --> 00:06:22,599 Speaker 1: US Justice Department. All right, And you were also in 111 00:06:22,640 --> 00:06:26,200 Speaker 1: on this hearing with Treasury Secretary Stephen Venution. It's just, uh, 112 00:06:26,480 --> 00:06:30,000 Speaker 1: it's we're thinking it's gonna end. Chairwoman Vaccine Waters though 113 00:06:30,240 --> 00:06:33,040 Speaker 1: has the gavil We're gonna anticipate to be hearing from 114 00:06:33,120 --> 00:06:36,600 Speaker 1: him once that hearing wraps. But he was pressed on taxes. 115 00:06:36,880 --> 00:06:40,200 Speaker 1: He was pressed on whether or not President Trump ought 116 00:06:40,279 --> 00:06:43,320 Speaker 1: to release those taxes. You were in on the hearing. 117 00:06:43,360 --> 00:06:45,520 Speaker 1: What did you make of what the Treasury Secretary had 118 00:06:45,560 --> 00:06:49,680 Speaker 1: to say, Well, I think the Treasury sectaries view was 119 00:06:49,839 --> 00:06:54,240 Speaker 1: that the president's not legally obligated to release his taxes, 120 00:06:54,480 --> 00:06:57,400 Speaker 1: and so I think that's the Treasure secretaries of view. 121 00:06:57,720 --> 00:06:59,680 Speaker 1: My personal view is I think Donald Trump would be 122 00:06:59,680 --> 00:07:02,200 Speaker 1: better if he released his taxes, but I believe it's 123 00:07:02,240 --> 00:07:06,520 Speaker 1: his decision to do that, uh, and just because other 124 00:07:06,600 --> 00:07:09,840 Speaker 1: people have done it, UH, doesn't obligate him to do it. 125 00:07:09,960 --> 00:07:13,320 Speaker 1: He says he's under audit, but he's been all over 126 00:07:13,360 --> 00:07:15,680 Speaker 1: the map on that topic during the course of the 127 00:07:15,760 --> 00:07:19,880 Speaker 1: campaign and the presidency. So that's where it stands today 128 00:07:20,320 --> 00:07:24,280 Speaker 1: and tomorrow the Big Bank CEO is Jamie Diamond will 129 00:07:24,280 --> 00:07:28,800 Speaker 1: be testifying before the House Financial Services Committee. Give us 130 00:07:28,800 --> 00:07:31,880 Speaker 1: a preview from your perspective on what to expect tomorrow 131 00:07:32,200 --> 00:07:36,200 Speaker 1: for a massive monumental hearing uh in the House Financial 132 00:07:36,200 --> 00:07:38,960 Speaker 1: Services Committee. Well, it is a big hearing tomorrow. We 133 00:07:39,040 --> 00:07:42,040 Speaker 1: have the top international bankers from the United States and 134 00:07:42,080 --> 00:07:45,520 Speaker 1: our custody banks appearing before the committee. Maxine Waters, our 135 00:07:45,600 --> 00:07:49,000 Speaker 1: Chairman of House Financial Services, has laid out the premise 136 00:07:49,120 --> 00:07:51,360 Speaker 1: that the bank these banks are too big to manage 137 00:07:51,720 --> 00:07:54,240 Speaker 1: has been her premise. I believe that we had a 138 00:07:54,240 --> 00:07:56,840 Speaker 1: little bit of that conversation when Tim Sloan from Wells 139 00:07:56,840 --> 00:07:59,240 Speaker 1: Fargo was here a few weeks ago. That was an 140 00:07:59,320 --> 00:08:02,320 Speaker 1: understatement of fire hearing. To say the least, there was 141 00:08:02,360 --> 00:08:04,400 Speaker 1: a fiery hearing. But the issue is we need the 142 00:08:04,520 --> 00:08:06,640 Speaker 1: right culture. We need the right people in the street, 143 00:08:06,800 --> 00:08:09,280 Speaker 1: in the seats. We need the right corporate governance, the 144 00:08:09,360 --> 00:08:11,800 Speaker 1: right board to see to it that these companies are 145 00:08:11,880 --> 00:08:17,080 Speaker 1: managed well. I think Jamie Diamond prides himself on good 146 00:08:17,080 --> 00:08:20,920 Speaker 1: corporate governance, good executive execution, and so it's not a 147 00:08:21,000 --> 00:08:23,000 Speaker 1: question or whether the companies are too big to manage, 148 00:08:23,000 --> 00:08:26,160 Speaker 1: which is what Maxine Water suggests, it's do we have 149 00:08:26,320 --> 00:08:28,880 Speaker 1: the right culture in place in these businesses? What do 150 00:08:28,920 --> 00:08:30,880 Speaker 1: you think we're gonna see from AOC as well as 151 00:08:30,920 --> 00:08:34,040 Speaker 1: some of these other Democratic Socialist lawmakers when they get 152 00:08:34,080 --> 00:08:38,240 Speaker 1: their chance that at these uh the CEO, who knows 153 00:08:38,280 --> 00:08:40,400 Speaker 1: this is the great mystery of life on Capitol Hill. 154 00:08:40,440 --> 00:08:43,080 Speaker 1: That's what's going to be UH next on the agenda 155 00:08:43,200 --> 00:08:46,079 Speaker 1: of the Democratic Socialists when they come to one of 156 00:08:46,120 --> 00:08:48,640 Speaker 1: our hearings. All right, I want to leave it there. 157 00:08:48,640 --> 00:08:51,880 Speaker 1: Congressman Friendshell, Republican from Arkansas, A good friend, a good 158 00:08:51,920 --> 00:08:55,160 Speaker 1: friend of Bloomberg, gonna appreciate best wishes. I appreciate that. 159 00:08:55,240 --> 00:08:59,439 Speaker 1: Coming up, we're anticipating comments live on Capitol Hill inside 160 00:08:59,679 --> 00:09:03,800 Speaker 1: of the House ray Burn Building from Treasury Secretary Stephen 161 00:09:03,840 --> 00:09:08,240 Speaker 1: Thenuan himself that hearing on the House Financial Services Committee, 162 00:09:08,559 --> 00:09:13,040 Speaker 1: just getting on, just beginning to conclude. You can download 163 00:09:13,400 --> 00:09:16,960 Speaker 1: the sound On podcast on Apple iTunes, as well as 164 00:09:17,040 --> 00:09:20,200 Speaker 1: at Bloomberg dot com or by downloading the Bloomberg Business app. 165 00:09:20,520 --> 00:09:22,880 Speaker 1: You can also find us on Radio dot com and 166 00:09:22,960 --> 00:09:27,360 Speaker 1: I Heart Radio. Eric Wasson stays are Bloomberg Congressional Reporter. 167 00:09:27,440 --> 00:09:30,560 Speaker 1: I stay Kevin Sireli, your chief Washington correspondent, and you're 168 00:09:30,600 --> 00:09:40,520 Speaker 1: listening to Bloomberg One. You're listening to Sound On with 169 00:09:40,600 --> 00:09:44,840 Speaker 1: Kevin Surreally on Bloomberg one and one oh five point 170 00:09:44,880 --> 00:09:49,880 Speaker 1: seven f M h D two Baltimore. What a day? 171 00:09:50,760 --> 00:09:53,880 Speaker 1: What a day here on Capitol Hill. I'm Kevin SURRELI 172 00:09:53,920 --> 00:09:57,920 Speaker 1: Bloomberg Television and Bloomberg Radio, Chief Washington Correspondent. We are 173 00:09:57,960 --> 00:10:01,640 Speaker 1: broadcasting from the House Rayburn Bill because well, so much 174 00:10:01,720 --> 00:10:03,800 Speaker 1: news happened up here. I couldn't get back to the bureau. 175 00:10:04,240 --> 00:10:08,560 Speaker 1: We started out with Attorney General William Barr testifying before 176 00:10:09,000 --> 00:10:12,120 Speaker 1: the House Appropriations Committee saying he's going to release that 177 00:10:12,600 --> 00:10:20,400 Speaker 1: redacted keyword redacted Mueller Report uh sometime within the next week. Democrats, 178 00:10:20,440 --> 00:10:25,320 Speaker 1: including Appropriations Committee Chairwomanita Lowis, say that they that they 179 00:10:25,720 --> 00:10:30,080 Speaker 1: want to see the full report. Meanwhile, Treasury Secretary Stephen 180 00:10:30,120 --> 00:10:33,920 Speaker 1: Venusian was pressed up on Capitol Hill for two rounds 181 00:10:33,920 --> 00:10:35,840 Speaker 1: of hearings, one of which is still going on behind 182 00:10:35,920 --> 00:10:40,000 Speaker 1: me in the House Financial Services Committee building. And then 183 00:10:40,080 --> 00:10:42,640 Speaker 1: you've got the developments on trade. And that's why I'm 184 00:10:42,679 --> 00:10:46,839 Speaker 1: so glad that my colleague Eric Boston, Bloomberg News Congressional 185 00:10:46,880 --> 00:10:51,160 Speaker 1: reporter is with me for the hour. And the Democrats, Eric, 186 00:10:51,280 --> 00:10:54,480 Speaker 1: are are throwing themselves into this trade debate. Forget about 187 00:10:54,480 --> 00:10:56,959 Speaker 1: what the President has to say or what U S 188 00:10:57,040 --> 00:11:00,000 Speaker 1: t R U S Trade Representative Bob Lakeheiser has to say. 189 00:11:00,000 --> 00:11:02,560 Speaker 1: Democrats have demands on trade. What can you tell us 190 00:11:02,600 --> 00:11:05,199 Speaker 1: about that? Well, Richie Neal is the chairman of the 191 00:11:05,240 --> 00:11:07,440 Speaker 1: powerful House Ways and Means Committee, which is in charge 192 00:11:07,440 --> 00:11:10,199 Speaker 1: of trade, and they sent a letter to usc R, 193 00:11:10,240 --> 00:11:14,280 Speaker 1: to the US Trade Representative Robert Leitheiser outlining the democratics 194 00:11:14,320 --> 00:11:17,520 Speaker 1: concerns and goals they want to see better labor and 195 00:11:17,640 --> 00:11:23,840 Speaker 1: environment enforcement in order to um pass this agreement. They 196 00:11:24,600 --> 00:11:26,480 Speaker 1: so so they want to see better enforcement on the 197 00:11:26,600 --> 00:11:29,840 Speaker 1: issue of trade policy. But that's really the tension right 198 00:11:29,880 --> 00:11:32,320 Speaker 1: now between the Centrists and the Party as well as 199 00:11:32,320 --> 00:11:34,800 Speaker 1: the more progressives. No, well, I think they're all pretty 200 00:11:34,840 --> 00:11:36,320 Speaker 1: much aligned on that. There was something called the Main 201 00:11:36,360 --> 00:11:39,440 Speaker 1: Tent Agreement under the George Bush administration that allowed the 202 00:11:39,520 --> 00:11:42,120 Speaker 1: Peru Free Trade Agreement to go forward. That's something that 203 00:11:42,120 --> 00:11:44,800 Speaker 1: they're looking to model this changes on. However, there are 204 00:11:44,800 --> 00:11:48,880 Speaker 1: other changes that progressives want to drug patent protections. Biologic 205 00:11:48,960 --> 00:11:52,000 Speaker 1: drugs such as vaccines would get twelve years of patent 206 00:11:52,040 --> 00:11:57,160 Speaker 1: protection of data exclusivity under the agreement negotiated by President Trump, 207 00:11:57,240 --> 00:11:59,440 Speaker 1: and progressives do not want to see that. They want 208 00:11:59,440 --> 00:12:03,160 Speaker 1: to see they're looking to reduce that number to seven years, uh, 209 00:12:03,280 --> 00:12:05,520 Speaker 1: something that was proposing of the Obama administration. And they're 210 00:12:05,520 --> 00:12:08,400 Speaker 1: worried that this trade agreement would basically set this in stone. 211 00:12:08,679 --> 00:12:11,600 Speaker 1: That is actually very divisive among Democrats, but you know, 212 00:12:11,640 --> 00:12:13,559 Speaker 1: to get this thing through, it could end up becoming 213 00:12:13,600 --> 00:12:16,319 Speaker 1: an issue. And what's fascinating is that there's still no 214 00:12:16,520 --> 00:12:21,720 Speaker 1: guarantee really as to whether or not Democrats or I'm sorry, yeah, 215 00:12:21,920 --> 00:12:24,319 Speaker 1: Democrats are going to be able to get on board 216 00:12:24,840 --> 00:12:26,400 Speaker 1: with the U. S m c A or not to 217 00:12:26,480 --> 00:12:29,960 Speaker 1: two point oh in particular, And and the President does 218 00:12:30,080 --> 00:12:33,400 Speaker 1: need a good portion of House Democrats in order to 219 00:12:33,480 --> 00:12:36,240 Speaker 1: get that support. Now, Speaker Pelosi has said that she's 220 00:12:36,240 --> 00:12:39,280 Speaker 1: gonna not use that as a bargaining chip, But in 221 00:12:39,400 --> 00:12:44,280 Speaker 1: terms of the timeline here, with the President continuingly threatening tariffs, 222 00:12:44,480 --> 00:12:47,920 Speaker 1: the Democrats divide really really becomes the political calculus for 223 00:12:47,960 --> 00:12:50,600 Speaker 1: the administration. Well, I mean, one thing that came out 224 00:12:50,600 --> 00:12:53,000 Speaker 1: of this meeting with President Trump and House Republicans was 225 00:12:53,040 --> 00:12:55,080 Speaker 1: this idea that they only need thirty or forty Democrats 226 00:12:55,160 --> 00:12:57,160 Speaker 1: to pass this. But that ignores the fact that Nancy 227 00:12:57,160 --> 00:13:00,440 Speaker 1: Pelosi has the gabble. Under President Bush, he sent up 228 00:13:00,440 --> 00:13:02,840 Speaker 1: the Columbia Free Trade Agreement, and she just turned off 229 00:13:02,840 --> 00:13:05,600 Speaker 1: the House rules, turned off Fast track for trade, and said, 230 00:13:05,600 --> 00:13:07,280 Speaker 1: hold on, we're putting the brakes on this until this 231 00:13:07,320 --> 00:13:10,520 Speaker 1: thing gets renegotiated. Ritchie Neil is just really reafying that 232 00:13:10,679 --> 00:13:13,800 Speaker 1: idea and reinforcing the idea that Nancy Pelosi and her 233 00:13:13,840 --> 00:13:16,240 Speaker 1: Democrats need to have their demands met in order for 234 00:13:16,240 --> 00:13:18,520 Speaker 1: this thing to go forward. She can turn this fast 235 00:13:18,520 --> 00:13:22,320 Speaker 1: track legislation off that forces a vote within sixty days 236 00:13:22,320 --> 00:13:25,360 Speaker 1: in Congress and basically say, you know, wait until we 237 00:13:25,640 --> 00:13:28,480 Speaker 1: get what we want. The big thing that's happening though, 238 00:13:28,600 --> 00:13:32,600 Speaker 1: is Mexico needs to, according to Pelosi, change its labor laws, 239 00:13:32,640 --> 00:13:35,080 Speaker 1: and the President of Mexico has said they will go 240 00:13:35,160 --> 00:13:38,160 Speaker 1: forward and try to do that. Once that clears the 241 00:13:38,200 --> 00:13:40,880 Speaker 1: Mexican Congress, we may see some movement as far as 242 00:13:40,920 --> 00:13:43,600 Speaker 1: the Trump submitting this agreement to Congress and further changes 243 00:13:43,679 --> 00:13:47,000 Speaker 1: in the implementing bill. I was struck by this, Eric 244 00:13:47,600 --> 00:13:52,520 Speaker 1: because President Trump kicked off or really the reports overnight 245 00:13:53,080 --> 00:13:55,960 Speaker 1: and really kicked off today, and in terms of the 246 00:13:56,000 --> 00:13:59,400 Speaker 1: trade talks by saying that he's gonna threaten tariffs. Son, 247 00:13:59,440 --> 00:14:01,120 Speaker 1: I think like a up a billion dollars worth of 248 00:14:01,160 --> 00:14:05,280 Speaker 1: goods coming from Europe on everything from Swiss cheese to 249 00:14:05,679 --> 00:14:10,280 Speaker 1: oranges and good at cheese. Even we were ted, I mean, 250 00:14:10,280 --> 00:14:13,880 Speaker 1: what's he got against cheese? But and now if that 251 00:14:14,000 --> 00:14:18,000 Speaker 1: wasn't enough, the Europeans are saying as as uh. Senator 252 00:14:18,040 --> 00:14:21,520 Speaker 1: Corey Gardner, a Republican from Colorado, said, why aren't the 253 00:14:21,640 --> 00:14:26,640 Speaker 1: US and Europe working together to go against China. And 254 00:14:26,680 --> 00:14:29,080 Speaker 1: so I'm curious from your reporting up on here on 255 00:14:29,160 --> 00:14:32,440 Speaker 1: Capitol Hill, is the administration sympathetic at all to the 256 00:14:32,440 --> 00:14:35,280 Speaker 1: concerns of the Republican caucus, not the Democrats, but the 257 00:14:35,320 --> 00:14:38,920 Speaker 1: Republican caucus, especially on the issue of terroiffs. The administration 258 00:14:39,240 --> 00:14:42,160 Speaker 1: is the question is whether the presidents or not. Certainly, 259 00:14:42,600 --> 00:14:44,640 Speaker 1: every time he comes up to the Senate Republican lunch, 260 00:14:45,080 --> 00:14:47,480 Speaker 1: he's confronted on the issue of trade. That's the biggest 261 00:14:47,920 --> 00:14:51,200 Speaker 1: issue of difference between Senate Republicans the Administration on trade 262 00:14:51,200 --> 00:14:54,800 Speaker 1: and tariffs. Uh. You know, Chuck Grassley, the head of 263 00:14:54,800 --> 00:14:56,840 Speaker 1: the Senate Finance Committee, which is in charge of trade, 264 00:14:56,920 --> 00:15:00,000 Speaker 1: wants to see resolution to the aluminum and steel tariff 265 00:15:00,360 --> 00:15:03,480 Speaker 1: fights that have led to retaliation against agricultural products in 266 00:15:03,560 --> 00:15:06,480 Speaker 1: his home state of Iowa and elsewhere throughout the Midwest. Uh. 267 00:15:06,520 --> 00:15:08,720 Speaker 1: They want to see resolution to that. And I think 268 00:15:08,800 --> 00:15:11,400 Speaker 1: Canada made a very important decision in the last couple 269 00:15:11,400 --> 00:15:13,720 Speaker 1: of days to say it will not ratify the U 270 00:15:13,760 --> 00:15:16,520 Speaker 1: s m c A until the steer if steel and 271 00:15:16,600 --> 00:15:19,600 Speaker 1: aluminum tariff issue is resolved. I think that may give 272 00:15:19,640 --> 00:15:22,280 Speaker 1: some momentum and some help to Senate Republicans and Democrats 273 00:15:22,320 --> 00:15:25,560 Speaker 1: who want to see this change. But you know, certainly, uh, 274 00:15:25,720 --> 00:15:28,520 Speaker 1: President Trump, but since the Molar report turned out to 275 00:15:28,520 --> 00:15:30,440 Speaker 1: be a bit of a of a dud, he doesn't 276 00:15:30,480 --> 00:15:33,720 Speaker 1: really have a major enemy to rail again. So he's 277 00:15:33,760 --> 00:15:36,720 Speaker 1: taking up trade and immigration, two of his core issues, 278 00:15:37,000 --> 00:15:39,000 Speaker 1: and going to bed almost every day with very high 279 00:15:39,040 --> 00:15:41,920 Speaker 1: powered rhetorics. So I think as far as members of Congress, 280 00:15:41,960 --> 00:15:44,200 Speaker 1: they're trying to just discern between the rhetoric and the 281 00:15:44,200 --> 00:15:47,360 Speaker 1: actual policy changes that may be forthcoming. It's it's really 282 00:15:47,400 --> 00:15:51,480 Speaker 1: remarkable to hear all of that, especially as the pressure 283 00:15:51,520 --> 00:15:57,560 Speaker 1: continues to mount on the Democrats and Republicans now in 284 00:15:57,640 --> 00:16:03,240 Speaker 1: particular about what to do, especially given the wake of 285 00:16:03,320 --> 00:16:05,240 Speaker 1: all of these developments on trade again, if you're just 286 00:16:05,320 --> 00:16:09,720 Speaker 1: joining us President Trump now threatening tariffs against the Europeans, 287 00:16:09,720 --> 00:16:13,840 Speaker 1: not just on increasing auto tariffs. Uh. And it's been 288 00:16:13,960 --> 00:16:16,080 Speaker 1: it's been remarkable. I want to switch gears now because 289 00:16:16,280 --> 00:16:19,360 Speaker 1: we started the day again with Attorney General William Barr 290 00:16:19,400 --> 00:16:23,480 Speaker 1: testifying before the House Appropriations Committee, and after that hearing wrapped, 291 00:16:23,480 --> 00:16:26,320 Speaker 1: I was able to catch up with the Appropriate Appropriations 292 00:16:26,360 --> 00:16:29,840 Speaker 1: Committee Chairwoman Nita Lowe, a Democrat from New York, and 293 00:16:29,840 --> 00:16:32,160 Speaker 1: I want to play for you now that that interview, 294 00:16:32,200 --> 00:16:35,080 Speaker 1: which first aired, of course on Bloomberg Television. Here's the chairwoman. 295 00:16:36,200 --> 00:16:39,320 Speaker 1: That is the question of the day. And if we 296 00:16:39,360 --> 00:16:42,760 Speaker 1: don't get it very soon, I am convinced that to 297 00:16:43,040 --> 00:16:47,200 Speaker 1: Judiciary Committee will subpoen at that report, and we need 298 00:16:47,240 --> 00:16:50,920 Speaker 1: the whole report so we as members of Congress can 299 00:16:51,000 --> 00:16:54,680 Speaker 1: fulfill our responsibility and read it, covered it cover. Now 300 00:16:54,720 --> 00:16:56,720 Speaker 1: A g bar said that he's going to issue some 301 00:16:56,760 --> 00:16:59,760 Speaker 1: redactions of it. Are you are are you concerned or 302 00:17:00,040 --> 00:17:02,240 Speaker 1: concerns you have about some of those doctors. It's clear 303 00:17:02,280 --> 00:17:06,840 Speaker 1: to me from this hearing and from other evidence that 304 00:17:06,920 --> 00:17:11,080 Speaker 1: the Attorney General understands that he's an employee of the 305 00:17:11,119 --> 00:17:14,760 Speaker 1: President of the United States of America, and if the 306 00:17:14,760 --> 00:17:17,760 Speaker 1: President of the United States and others in the White 307 00:17:17,760 --> 00:17:23,040 Speaker 1: House want to redact part of that report, he's not 308 00:17:23,160 --> 00:17:26,160 Speaker 1: going to be able to challenge them. And so when 309 00:17:26,160 --> 00:17:28,879 Speaker 1: he said he showed the four page led it to 310 00:17:28,920 --> 00:17:32,600 Speaker 1: the White House, he wouldn't tell me whether he made 311 00:17:32,600 --> 00:17:36,800 Speaker 1: any changes. And when he shows the whole report to 312 00:17:36,920 --> 00:17:40,600 Speaker 1: the White House, he's not going to tell us whether 313 00:17:40,680 --> 00:17:43,119 Speaker 1: there are parts of it that were redacted. And there 314 00:17:43,119 --> 00:17:45,240 Speaker 1: were some ambiguitious So whether or not the White House 315 00:17:45,280 --> 00:17:49,439 Speaker 1: has been briefed or seen even the Mueller Report Muller Report, 316 00:17:49,560 --> 00:17:53,639 Speaker 1: or been briefed on it, I would doubt very much 317 00:17:54,680 --> 00:17:57,920 Speaker 1: that someone in the White House, not the President because 318 00:17:57,960 --> 00:18:01,359 Speaker 1: he just watches TV, but I would think someone in 319 00:18:01,400 --> 00:18:04,719 Speaker 1: the White House would have the responsibility of reading that 320 00:18:04,880 --> 00:18:09,240 Speaker 1: report and discussing it with the Attorney General so there 321 00:18:09,320 --> 00:18:13,399 Speaker 1: can be joint decisions approved by the President as to 322 00:18:13,480 --> 00:18:16,720 Speaker 1: what stays in the report and what is redacted. And 323 00:18:16,800 --> 00:18:20,160 Speaker 1: switching quickly on on the issue of the president tax returns, 324 00:18:20,480 --> 00:18:23,240 Speaker 1: what what can be done in terms of getting the 325 00:18:23,280 --> 00:18:27,280 Speaker 1: president's to release his tax returns. I think every hole 326 00:18:28,240 --> 00:18:32,480 Speaker 1: for the president's tax return should be respected. He has 327 00:18:32,520 --> 00:18:36,640 Speaker 1: an obligation to read lease the's tax return. I pay taxes. 328 00:18:36,880 --> 00:18:39,920 Speaker 1: A lot of people in Western chest to pay taxes. 329 00:18:40,240 --> 00:18:44,560 Speaker 1: Westchester and Rockland County, my district, are among the highest 330 00:18:44,680 --> 00:18:50,399 Speaker 1: tax states in the nation, and the sole legislation that 331 00:18:50,560 --> 00:18:53,680 Speaker 1: the President put through shame on him. As a New Yorker, 332 00:18:54,280 --> 00:18:57,440 Speaker 1: we should be able to deduct state and local taxes. 333 00:18:57,760 --> 00:19:03,200 Speaker 1: Maybe he's spending too much time in Florida. Wow. House 334 00:19:03,240 --> 00:19:08,280 Speaker 1: Appropriations Committee Chairwoman Nita Lowey, Democrat from New York, Salty 335 00:19:08,440 --> 00:19:12,200 Speaker 1: talking salt state and local tax deduction. There at the end, 336 00:19:13,000 --> 00:19:15,440 Speaker 1: I'm Kevin CURRELLI coming up. We're gonna have much more 337 00:19:15,560 --> 00:19:18,879 Speaker 1: from Live on Capitol Hill inside of the House, Rayburn Building. 338 00:19:18,880 --> 00:19:23,600 Speaker 1: Treasury Secretary Stephen nation still testifying, Still testifying before the 339 00:19:23,600 --> 00:19:26,399 Speaker 1: House Financial Services Committee, where all of the big banks 340 00:19:26,400 --> 00:19:30,359 Speaker 1: CEOs will be tomorrow, will be here too. Download the 341 00:19:30,400 --> 00:19:34,119 Speaker 1: Sound On podcast on Apple iTunes, at Bloomberg dot com, 342 00:19:34,280 --> 00:19:37,000 Speaker 1: or by downloading the Bloomberg Business app. You can also 343 00:19:37,119 --> 00:19:40,119 Speaker 1: check us out on Radio dot com, I Heart Radio, 344 00:19:40,240 --> 00:19:43,800 Speaker 1: and Spotify. Not just me, but my talented colleagues as well. 345 00:19:44,080 --> 00:19:53,560 Speaker 1: You're listening to Bloomberg. This is Sound On with Kevin 346 00:19:53,640 --> 00:19:59,280 Speaker 1: Cereally on Bloomberg and one M h D two Baltimore. 347 00:20:03,320 --> 00:20:07,440 Speaker 1: Welcome back. I'm Kevin Cirelli, Bloomberg News Chief Washington correspondent 348 00:20:07,480 --> 00:20:11,320 Speaker 1: for Bloomberg Television and Bloomberg Radio. While we were in 349 00:20:11,480 --> 00:20:17,200 Speaker 1: the break, Treasury Secretary Stephen Manusian briskly walking out, escorted 350 00:20:17,200 --> 00:20:20,760 Speaker 1: by his staff to the vehicle that was waiting for him. 351 00:20:21,359 --> 00:20:24,080 Speaker 1: He said he couldn't talk to reporters. He did you 352 00:20:24,080 --> 00:20:26,840 Speaker 1: know he walked right past reporters, he said. House Financial 353 00:20:26,880 --> 00:20:31,000 Speaker 1: Services Committee Chairwoman Maxine Waters kept him a half hour 354 00:20:31,480 --> 00:20:34,800 Speaker 1: past however long he was going to stay. I'm here 355 00:20:34,840 --> 00:20:37,880 Speaker 1: inside of the rain Burn Building watching it unfold right 356 00:20:37,920 --> 00:20:41,919 Speaker 1: before me with my colleague Aris Eric Wasson, a congressional reporter. 357 00:20:42,040 --> 00:20:45,760 Speaker 1: Then we're literally standing outside of the right patment room 358 00:20:46,040 --> 00:20:49,520 Speaker 1: the House Financial Services Committee chairwoman, and we're watching you're 359 00:20:49,520 --> 00:20:54,320 Speaker 1: ready for this, Congresswoman Alexandria Accacio Cortez talk with Jesse 360 00:20:54,600 --> 00:20:58,000 Speaker 1: Jackson literally inside of the room. We don't know what 361 00:20:58,000 --> 00:21:00,119 Speaker 1: they're talking about. If we can get them to tell 362 00:21:00,200 --> 00:21:04,359 Speaker 1: us what they're talking about, we will obviously bring that 363 00:21:04,680 --> 00:21:08,840 Speaker 1: to you. And it's been a remarkable day simply because 364 00:21:08,880 --> 00:21:15,119 Speaker 1: tomorrow the House Financial Services Committee will be UH will 365 00:21:15,160 --> 00:21:20,000 Speaker 1: be going of right to hear from the testimony of 366 00:21:20,040 --> 00:21:24,600 Speaker 1: the big bank CEOs, and it's gonna be remarkable because 367 00:21:24,600 --> 00:21:28,040 Speaker 1: you've got Jamie Diamond testifying him. This is really an opportunity, folks, 368 00:21:28,440 --> 00:21:35,280 Speaker 1: UH for for the House Financial Services Committee UH to 369 00:21:35,280 --> 00:21:38,360 Speaker 1: to really go and and I'm gonna try to. I'm 370 00:21:38,359 --> 00:21:42,280 Speaker 1: actually gonna here here's I'm gonna break into this Cagle, 371 00:21:42,320 --> 00:21:44,560 Speaker 1: congress Woman you are live on Bloomberg Radio right now. 372 00:21:44,640 --> 00:21:47,040 Speaker 1: What what can you give us a preview of tomorrow's 373 00:21:47,080 --> 00:21:48,919 Speaker 1: hearing with the Big Bank CEO? Is what are you 374 00:21:48,920 --> 00:21:51,680 Speaker 1: going to be looking for when we meet tomorrow. We're 375 00:21:51,680 --> 00:21:55,000 Speaker 1: going to be doing what is expected of any committee 376 00:21:55,200 --> 00:21:59,720 Speaker 1: and they're oversight responsibility. We have been doing this UM 377 00:21:59,720 --> 00:22:05,240 Speaker 1: in a tantising all right, And that was thank you, Joan. 378 00:22:05,280 --> 00:22:09,879 Speaker 1: That was how Financial Services Committee chairwoman Maxine Waters she's 379 00:22:09,880 --> 00:22:14,000 Speaker 1: giving us a preview of the hearing tomorrow. Eric, What 380 00:22:14,040 --> 00:22:17,040 Speaker 1: did you make in terms of we heard from tomorrow 381 00:22:17,080 --> 00:22:20,600 Speaker 1: as to what precisely will happen? Well, you know, I 382 00:22:20,640 --> 00:22:22,640 Speaker 1: think that the key takeaways that we've got to take 383 00:22:22,800 --> 00:22:25,200 Speaker 1: for right now is what Manusian was saying right before 384 00:22:25,200 --> 00:22:27,560 Speaker 1: the end of his testimony. He said, the US financial 385 00:22:27,600 --> 00:22:30,760 Speaker 1: system is preparing for the UK to crash out of 386 00:22:30,760 --> 00:22:33,320 Speaker 1: the EU and it will cause massive global disruption. This 387 00:22:33,359 --> 00:22:35,960 Speaker 1: is the biggest warning we've heard yet from Steve Venusian 388 00:22:36,320 --> 00:22:40,359 Speaker 1: about Brexit. UM. We also heard from him today that 389 00:22:40,720 --> 00:22:43,160 Speaker 1: he will follow the law, he said when it comes 390 00:22:43,200 --> 00:22:46,919 Speaker 1: to releasing President Trump's tax returns separately. I r S 391 00:22:46,920 --> 00:22:49,879 Speaker 1: Commissioner Charles Reddick also said he will be making the 392 00:22:49,960 --> 00:22:53,120 Speaker 1: decision along with Treasury to whether or not to release 393 00:22:53,160 --> 00:22:56,240 Speaker 1: Trump's tax returns. These are very significant developments. They are 394 00:22:56,240 --> 00:22:58,359 Speaker 1: on the record saying they will follow the law and 395 00:22:58,359 --> 00:23:01,280 Speaker 1: if the law ultimately decide just to even go to 396 00:23:01,280 --> 00:23:03,760 Speaker 1: the Supreme Court that President Trump needs to release his 397 00:23:03,840 --> 00:23:07,399 Speaker 1: tax returns. Uh, this is something that will come may 398 00:23:07,440 --> 00:23:10,040 Speaker 1: come back to haunt him. Yeah. It was really remarkable 399 00:23:10,080 --> 00:23:13,720 Speaker 1: just to see this committee, the House Financial Services Committee, 400 00:23:14,000 --> 00:23:16,120 Speaker 1: really be in the eye of the storm because you've 401 00:23:16,160 --> 00:23:19,320 Speaker 1: got all of these different characters now pressing on the 402 00:23:19,359 --> 00:23:23,040 Speaker 1: Democratic side pressing for the release of the president's tax return, 403 00:23:23,320 --> 00:23:27,280 Speaker 1: Treasury Secretary Monution digging in saying that he's, you know, 404 00:23:27,520 --> 00:23:30,879 Speaker 1: not gonna do it, and then now you've got the 405 00:23:30,920 --> 00:23:34,040 Speaker 1: Big Bank CEO set to testify tomorrow. It really is 406 00:23:34,520 --> 00:23:39,240 Speaker 1: truly remarkable. I wanna I want to just put into 407 00:23:39,320 --> 00:23:44,800 Speaker 1: context though, just from the Treasury secretaries respected every source 408 00:23:44,800 --> 00:23:47,720 Speaker 1: that I've spoken with that the Treasury Department has essentially 409 00:23:47,760 --> 00:23:50,840 Speaker 1: said they've been preparing for this battle for quite some time. 410 00:23:51,400 --> 00:23:53,600 Speaker 1: Coming up, we're gonna hear from Senator Corey Gardner, a 411 00:23:53,640 --> 00:23:58,840 Speaker 1: Republican from Colorado. He's working with get this Senator Elizabeth 412 00:23:58,880 --> 00:24:03,240 Speaker 1: Warren on marijuana gislation. Uh. And remember you can download 413 00:24:03,320 --> 00:24:06,640 Speaker 1: the sound on podcast on Apple iTunes, at Bloomberg dot com, 414 00:24:06,760 --> 00:24:09,359 Speaker 1: or by downloading the Bloomberg Business app. You can also 415 00:24:09,400 --> 00:24:12,480 Speaker 1: find us on Radio dot com, I Heart Radio and Spotify. 416 00:24:12,800 --> 00:24:22,560 Speaker 1: I'm Kevin CURRELLI you're listening to Bloomberg. You're listening to 417 00:24:22,840 --> 00:24:27,560 Speaker 1: Sound On with Kevin Surreally on Bloomberg and one oh 418 00:24:27,680 --> 00:24:32,359 Speaker 1: five point seven f m h D two Baltimore. Busy 419 00:24:32,440 --> 00:24:35,199 Speaker 1: day here on Capitol Hill. I'm still inside at the 420 00:24:35,200 --> 00:24:38,639 Speaker 1: House Rayburn Building. And and earlier today in the Senate, 421 00:24:38,680 --> 00:24:40,760 Speaker 1: I was able to catch up with Senator Corey Gardner. 422 00:24:40,800 --> 00:24:43,960 Speaker 1: He's a Republican from Colorado, and I got his take 423 00:24:44,000 --> 00:24:47,280 Speaker 1: on trade policy, but also on a piece of legislation 424 00:24:47,280 --> 00:24:50,359 Speaker 1: that has President Trump's support as well as you ready 425 00:24:50,400 --> 00:24:53,800 Speaker 1: for this, Senator Elizabeth Warren, No, you did not miss 426 00:24:53,880 --> 00:24:58,080 Speaker 1: hear me. President Trump is backing legislation that Senator Elizabeth 427 00:24:58,119 --> 00:25:01,879 Speaker 1: Warren Democratic presidential handed it is a co sponsor of, 428 00:25:02,520 --> 00:25:05,960 Speaker 1: and it involves marijuana. Take a listen to my conversation 429 00:25:06,000 --> 00:25:09,439 Speaker 1: with Senator Gardner from earlier today. Well, this is a 430 00:25:09,480 --> 00:25:12,280 Speaker 1: bill that's not focused on legalization, as some approaches to 431 00:25:12,400 --> 00:25:15,040 Speaker 1: marijuana have been, but it's a bill that actually deals 432 00:25:15,080 --> 00:25:17,720 Speaker 1: with the current challenge we have between the conflict of 433 00:25:17,760 --> 00:25:20,000 Speaker 1: federal and state law. So the bill that Senator War 434 00:25:20,080 --> 00:25:22,600 Speaker 1: and I have introduced basically says, if a state decides 435 00:25:22,640 --> 00:25:25,240 Speaker 1: that it wants to legalize marijuana, whether that's medical or 436 00:25:25,240 --> 00:25:27,680 Speaker 1: recreational or any other kind of form, and then once 437 00:25:27,720 --> 00:25:30,680 Speaker 1: the state does that, it basically carves itself out of 438 00:25:30,760 --> 00:25:34,159 Speaker 1: the federal prohibition. And the federal prohibition has made a 439 00:25:34,200 --> 00:25:38,439 Speaker 1: lot of uncertainty, especially for financial institutions in terms of 440 00:25:38,440 --> 00:25:40,960 Speaker 1: whether or not they can get involved, and ultimately someone 441 00:25:41,040 --> 00:25:43,199 Speaker 1: argued that makes a safety concerns. It's created a lot 442 00:25:43,200 --> 00:25:44,879 Speaker 1: of uncertainty, and it's created a lot of sort of 443 00:25:45,160 --> 00:25:47,640 Speaker 1: black market concerns where you didn't need to have one 444 00:25:47,720 --> 00:25:50,399 Speaker 1: had they done, had the federal government handled this appropriately 445 00:25:50,440 --> 00:25:52,680 Speaker 1: to begin with. And so in Colorado alone, if you 446 00:25:52,680 --> 00:25:55,800 Speaker 1: look at our industry's about a two billion dollar cash economy, 447 00:25:56,040 --> 00:25:58,000 Speaker 1: and you've got two billion dollars of cash floating around 448 00:25:58,000 --> 00:26:00,680 Speaker 1: an armored vehicles and warehouses. It needs to get out 449 00:26:00,680 --> 00:26:03,560 Speaker 1: of the shadows and into some transparency. And that's why 450 00:26:03,640 --> 00:26:06,440 Speaker 1: the financial services. Part of this is so important, he said, 451 00:26:06,520 --> 00:26:09,320 Speaker 1: armored vehicles, And I don't think people really fully understand 452 00:26:09,400 --> 00:26:13,920 Speaker 1: precisely what that means. You've literally got this legalized in state. 453 00:26:13,920 --> 00:26:16,520 Speaker 1: It's like Colorado as well as now California and others, 454 00:26:16,600 --> 00:26:20,080 Speaker 1: and they're literally having to put cash in armored cars 455 00:26:20,160 --> 00:26:22,760 Speaker 1: with the paramilitary force basically to try to protect this 456 00:26:22,800 --> 00:26:25,240 Speaker 1: cash from people who wish to you know, rob or 457 00:26:25,280 --> 00:26:28,240 Speaker 1: steal or or the cartel involvement. So this is a 458 00:26:28,240 --> 00:26:30,360 Speaker 1: big challenge and this isn't going away. And I think 459 00:26:30,359 --> 00:26:32,760 Speaker 1: that's my point to Congress has been let's not keep 460 00:26:32,760 --> 00:26:34,600 Speaker 1: our head in the sands on this and let's make 461 00:26:34,600 --> 00:26:36,960 Speaker 1: sure we address this problem. And President Trump, you've said, 462 00:26:37,240 --> 00:26:39,040 Speaker 1: said he's gonna sign it. Yeah, he would sign it. 463 00:26:39,080 --> 00:26:41,160 Speaker 1: And that's something that he has been supportive of from 464 00:26:41,240 --> 00:26:44,080 Speaker 1: day one when the Jeff Sessions reversed the Cole Memorandum, 465 00:26:44,119 --> 00:26:46,679 Speaker 1: which was basically the guidance document for all of this 466 00:26:46,760 --> 00:26:49,760 Speaker 1: up until Jeff Sessions reversed it. Okay, but all of 467 00:26:49,760 --> 00:26:52,119 Speaker 1: this would be gone away if if the a g. 468 00:26:52,320 --> 00:26:55,480 Speaker 1: S Office, so the Partner of Justice, wouldn't label marijuana 469 00:26:55,600 --> 00:26:58,320 Speaker 1: as a drug. It certainly could do that there's a 470 00:26:58,320 --> 00:27:00,000 Speaker 1: couple of different approaches. I mean, they could de squet 471 00:27:00,000 --> 00:27:01,639 Speaker 1: for what they can do that through their own I 472 00:27:01,680 --> 00:27:03,600 Speaker 1: think it sounds like they're waiting for Congress to take 473 00:27:03,640 --> 00:27:06,159 Speaker 1: that step because they don't want to internally. There's a 474 00:27:06,200 --> 00:27:07,560 Speaker 1: number of ways you can do this, and again, I 475 00:27:07,560 --> 00:27:09,879 Speaker 1: think the approach that the Senator Warn and I have 476 00:27:10,000 --> 00:27:12,280 Speaker 1: has been the one that has has achieved the most 477 00:27:12,600 --> 00:27:16,320 Speaker 1: the most support by partisan support, because it's not about legalization. 478 00:27:16,359 --> 00:27:18,360 Speaker 1: You're not making a determination on whether you want to 479 00:27:18,600 --> 00:27:22,359 Speaker 1: legalize marijuana nationally. You're not making a determination on scheduling issues. 480 00:27:22,600 --> 00:27:25,600 Speaker 1: You're simply saying, hey, if your state makes a decision 481 00:27:25,800 --> 00:27:28,199 Speaker 1: that's different than federal law, then we're going to respect 482 00:27:28,200 --> 00:27:30,560 Speaker 1: that state's decision to do that, and it's going to 483 00:27:30,600 --> 00:27:32,520 Speaker 1: be fine, and it will be in compliance. And said 484 00:27:32,520 --> 00:27:35,359 Speaker 1: about a compliance with federal law. Fascinating issues, switching gears, us, 485 00:27:35,359 --> 00:27:37,359 Speaker 1: trying to trade policy, big issue for your state, and 486 00:27:37,400 --> 00:27:38,960 Speaker 1: you've been really at the forefront of this as a 487 00:27:39,000 --> 00:27:41,000 Speaker 1: member of the Commerce Committee. Where do you things stand 488 00:27:41,000 --> 00:27:43,000 Speaker 1: and where do you want to see things end up? 489 00:27:43,440 --> 00:27:46,919 Speaker 1: President Trump and President she finally, whenever they meet in comface, 490 00:27:47,040 --> 00:27:49,240 Speaker 1: I think the world has really the global the Global 491 00:27:49,320 --> 00:27:51,760 Speaker 1: Trade Coalition has really woken up to the practices of 492 00:27:51,880 --> 00:27:54,000 Speaker 1: China and when it comes to trade over the past 493 00:27:54,040 --> 00:27:56,520 Speaker 1: a decade. This morning, there are reports that the European 494 00:27:56,600 --> 00:27:59,320 Speaker 1: Union has grown more and more frustrated with China. They 495 00:27:59,320 --> 00:28:01,400 Speaker 1: had a they thought some agreements in place a year 496 00:28:01,400 --> 00:28:03,639 Speaker 1: ago that we're going to be executed by China, but 497 00:28:03,640 --> 00:28:05,639 Speaker 1: now they're frustrated that China hasn't stopped some of the 498 00:28:05,640 --> 00:28:08,960 Speaker 1: state owned enterprise issues, the forced transfer of technology. That's 499 00:28:09,000 --> 00:28:11,160 Speaker 1: a concerned The United States continues to carry out something 500 00:28:11,160 --> 00:28:13,439 Speaker 1: that I'm very concerned about. But I don't believe in tariffs. 501 00:28:13,440 --> 00:28:15,040 Speaker 1: I don't think the tariff's approach is the right thing. 502 00:28:15,040 --> 00:28:17,600 Speaker 1: I think that hurts our economy. It's attacks on American consumers. 503 00:28:17,840 --> 00:28:19,600 Speaker 1: And so yes, we got to join with our European 504 00:28:19,680 --> 00:28:22,400 Speaker 1: Union colleagues and say to China, Hey, the European Union, 505 00:28:22,600 --> 00:28:25,440 Speaker 1: the United States are partners in Southeast Asia. We're gonna 506 00:28:25,440 --> 00:28:28,560 Speaker 1: collectively stand up to China. We're gonna organize in a 507 00:28:28,600 --> 00:28:31,000 Speaker 1: in a coopertive way against China to make sure they 508 00:28:31,080 --> 00:28:33,360 Speaker 1: change their behavior. I think that's more effective and more 509 00:28:33,400 --> 00:28:36,399 Speaker 1: economically beneficial than a than a one off tariff strapper. 510 00:28:36,440 --> 00:28:38,960 Speaker 1: And yet President Trump is is signaling that he would 511 00:28:39,000 --> 00:28:41,640 Speaker 1: raise tariffs against the Europeans as well. I I know again, 512 00:28:41,680 --> 00:28:44,880 Speaker 1: I think this is a dangerous economic policy to have tariffs. 513 00:28:44,960 --> 00:28:47,400 Speaker 1: I don't like it. I think we should negotiate. I 514 00:28:47,400 --> 00:28:50,120 Speaker 1: think we should get coalitions together of like minded countries 515 00:28:50,120 --> 00:28:53,040 Speaker 1: and behaviors. But I think when it comes to tariffs, 516 00:28:53,160 --> 00:28:55,280 Speaker 1: it really is disruptive to trade and it certainly breaks 517 00:28:55,320 --> 00:28:56,840 Speaker 1: up supply change that you may never be able to 518 00:28:56,840 --> 00:29:01,920 Speaker 1: put back. That was center her Corey Gardner, a Republican 519 00:29:02,080 --> 00:29:07,280 Speaker 1: from Colorado, speaking about the President's tariffs. Uh. And I'm 520 00:29:07,360 --> 00:29:11,680 Speaker 1: Kevin Surlei, Bloomberg Neer's chief Washington correspondent for Bloomberg Television 521 00:29:11,720 --> 00:29:15,400 Speaker 1: and Bloomberg Radio. We're broadcasting from inside of the House 522 00:29:16,080 --> 00:29:19,960 Speaker 1: Rayburn Building while we were listening to that interview. You 523 00:29:20,000 --> 00:29:22,040 Speaker 1: can check out the full interview on the Bloomberg Business 524 00:29:22,080 --> 00:29:25,520 Speaker 1: app as well as on Bloomberg TV dot com. Congresswoman 525 00:29:25,560 --> 00:29:29,280 Speaker 1: Alexandria Accascio Cortez walked out walked out of the House 526 00:29:29,280 --> 00:29:32,160 Speaker 1: Financial Services Committee room here in Rayburn. She was meeting 527 00:29:32,160 --> 00:29:35,280 Speaker 1: with Jesse Jackson. No clue on what but I asked 528 00:29:35,280 --> 00:29:39,680 Speaker 1: her to give me a preview of what precisely she's 529 00:29:39,720 --> 00:29:44,080 Speaker 1: going to be wanting to hear from Jamie Diamond tomorrow, 530 00:29:44,160 --> 00:29:48,440 Speaker 1: from Brian moynahan, all of the big CEOs who are 531 00:29:48,480 --> 00:29:51,440 Speaker 1: going to be testifying before the House Financial Services Committee. 532 00:29:51,480 --> 00:29:54,920 Speaker 1: And she said she's got a lot of questions and 533 00:29:55,000 --> 00:29:58,360 Speaker 1: no doubt she will be asking them with me for 534 00:29:58,480 --> 00:30:00,720 Speaker 1: the hour. My colleague Eric Uson, who has been so 535 00:30:00,800 --> 00:30:03,880 Speaker 1: generous with his time and more importantly with his reporting 536 00:30:03,920 --> 00:30:08,640 Speaker 1: today because he's really followed, especially today the divide between 537 00:30:08,680 --> 00:30:13,880 Speaker 1: the Democrats. Uh, and we saw an explosive moment between 538 00:30:13,960 --> 00:30:18,160 Speaker 1: how Financial Services Committee Chairwoman Maxine Waters and Treasury Secretary 539 00:30:18,200 --> 00:30:20,600 Speaker 1: Manuition here in ray Burn. What can you tell us 540 00:30:20,600 --> 00:30:22,800 Speaker 1: about it? Well, that's the moment's gonna go viral from 541 00:30:22,840 --> 00:30:26,200 Speaker 1: this hearing. When the hearing was about to wrap up, 542 00:30:26,280 --> 00:30:28,200 Speaker 1: Manusian was saying he had another meeting to go to, 543 00:30:28,360 --> 00:30:32,560 Speaker 1: but Waters, the chairwoman of the committee, said that other 544 00:30:32,600 --> 00:30:35,320 Speaker 1: members had questions and she tried to negotiate that the 545 00:30:35,360 --> 00:30:39,160 Speaker 1: Treasury Secretary would stay. They got into a very testy exchange. 546 00:30:39,160 --> 00:30:41,640 Speaker 1: A lot of Democrats are I rate about how the 547 00:30:41,640 --> 00:30:45,080 Speaker 1: Treasury Secretary responded to the chairwoman. He said he's being 548 00:30:45,200 --> 00:30:47,040 Speaker 1: ordered to stay. He does not want to stay. He 549 00:30:47,320 --> 00:30:49,480 Speaker 1: refused to cancel a meeting and basically walked out of 550 00:30:49,480 --> 00:30:52,040 Speaker 1: the hearing. This is going viral on Twitter and other 551 00:30:52,040 --> 00:30:54,040 Speaker 1: social media platforms, and I think it's gonna become the 552 00:30:54,080 --> 00:30:57,640 Speaker 1: memorable uh moment of this meeting, where you know, you 553 00:30:57,680 --> 00:31:01,240 Speaker 1: really see the Trump administration coming really two loggerheads, with 554 00:31:01,320 --> 00:31:05,360 Speaker 1: a new House Democratic majority, with being having real oversight 555 00:31:05,440 --> 00:31:08,840 Speaker 1: from an opposition party. That's a really remarkable day, following 556 00:31:08,920 --> 00:31:14,080 Speaker 1: multiple developments, including, of course, Treasury Secretary Manution defending President 557 00:31:14,120 --> 00:31:17,000 Speaker 1: Trump on the issue of not releasing the tax returns. 558 00:31:17,040 --> 00:31:19,640 Speaker 1: He says he's going to comply with the law, a 559 00:31:19,680 --> 00:31:24,800 Speaker 1: moment of high political drama unfolding between House Financial Services 560 00:31:24,840 --> 00:31:30,800 Speaker 1: Committee Chairwoman Maxine Waters and Treasury Secretary Manuan who abruptly 561 00:31:31,120 --> 00:31:34,680 Speaker 1: ended the hearing and walked out of it, cutting short 562 00:31:34,760 --> 00:31:39,440 Speaker 1: a planned conversation with reporters. And then meanwhile the day beginning, 563 00:31:39,480 --> 00:31:43,160 Speaker 1: of course, with the other major takeaway here coming from Washington, 564 00:31:43,240 --> 00:31:44,880 Speaker 1: and that is that we're finally going to get that 565 00:31:44,960 --> 00:31:48,880 Speaker 1: Mueller report within a week. This according to Attorney General 566 00:31:49,120 --> 00:31:53,600 Speaker 1: William Barrs testimony before the House Appropriations Committee. Uh. That 567 00:31:53,760 --> 00:31:56,479 Speaker 1: testimony came this morning. He said, we're gonna get this report, 568 00:31:56,480 --> 00:32:00,360 Speaker 1: but there's gonna be rid actions. Democrats, including Appropriations Committee 569 00:32:00,440 --> 00:32:03,800 Speaker 1: chairwoman Nita Louie, she told me they want to see 570 00:32:03,800 --> 00:32:08,520 Speaker 1: the entire, entire report. So we end this day much 571 00:32:08,600 --> 00:32:11,440 Speaker 1: like we started it, Eric, which is we're getting the 572 00:32:11,560 --> 00:32:14,120 Speaker 1: report a week from now, but it's it's not gonna 573 00:32:14,200 --> 00:32:18,600 Speaker 1: make either side or Democrats. It's not gonna make Democrats satisfied. Uh. 574 00:32:18,600 --> 00:32:20,280 Speaker 1: And we're still gonna be talking about the Muller Report 575 00:32:20,320 --> 00:32:22,440 Speaker 1: when we get the redactions. Well, the biggest question is 576 00:32:22,440 --> 00:32:24,920 Speaker 1: how much is gonna be redacted. The funny item one 577 00:32:24,960 --> 00:32:28,200 Speaker 1: of our compellers, Wahington Post, is selling pre selling copies 578 00:32:28,200 --> 00:32:30,360 Speaker 1: of the Mueller Report on Amazon dot com. But what 579 00:32:30,400 --> 00:32:32,120 Speaker 1: if it's almost all redacted? And I I wonder if they're 580 00:32:32,120 --> 00:32:33,800 Speaker 1: reduced the price, I mean the end of the day. 581 00:32:33,800 --> 00:32:36,120 Speaker 1: Sonny Joyer was asked about this today. He said, you know, 582 00:32:36,240 --> 00:32:38,840 Speaker 1: we really depend on the level of redactions. There's reports 583 00:32:38,840 --> 00:32:41,560 Speaker 1: coming out from people on Mueller's team that they're not 584 00:32:41,600 --> 00:32:46,160 Speaker 1: happy that Mueller was not consulted in Attorney General Bar's letter, uh, 585 00:32:46,440 --> 00:32:50,000 Speaker 1: summarizing the findings, and really there's a sense that, you know, 586 00:32:50,080 --> 00:32:52,320 Speaker 1: we got to see the report and if it's heavily redacted, 587 00:32:52,320 --> 00:32:54,840 Speaker 1: subpoena's will be flying here in Congress. They are going 588 00:32:54,880 --> 00:32:56,880 Speaker 1: to be flying. I mean, the minus will already get 589 00:32:56,880 --> 00:32:59,880 Speaker 1: them out. Anything else on your radar. But besides all 590 00:32:59,920 --> 00:33:01,920 Speaker 1: the biggest the biggest news of that, well, I think 591 00:33:01,960 --> 00:33:04,040 Speaker 1: you know the fact that the House Democrats cannot come 592 00:33:04,080 --> 00:33:06,880 Speaker 1: together on a budget position really builds ill. You know, 593 00:33:06,920 --> 00:33:09,040 Speaker 1: we've seen the debt limit, which needs to be increased 594 00:33:09,040 --> 00:33:12,479 Speaker 1: sometime probably before the fall. We're seeing budget caps if 595 00:33:12,520 --> 00:33:15,760 Speaker 1: they're not dealt with automatics across the board, spending cuts 596 00:33:15,760 --> 00:33:19,560 Speaker 1: between nine and eleven percent in most accounts happening. Is 597 00:33:19,600 --> 00:33:21,959 Speaker 1: Congress going to be able to overcome the Parson divide, 598 00:33:22,040 --> 00:33:26,200 Speaker 1: overcome the deep animosity between the Chump administration and Democrats 599 00:33:26,240 --> 00:33:28,760 Speaker 1: that we saw on display today at the Venusian hearing, 600 00:33:28,920 --> 00:33:32,280 Speaker 1: and come together on some deals. It's looking unlikely. Eric 601 00:33:32,320 --> 00:33:34,920 Speaker 1: Wasawson And if all that wasn't enough, also had that 602 00:33:35,040 --> 00:33:40,000 Speaker 1: scoop today about the uh, the the blue not the 603 00:33:40,000 --> 00:33:42,520 Speaker 1: Blue the House, the blue Dogs, the blue Dog Democrats, 604 00:33:42,560 --> 00:33:44,800 Speaker 1: the Centrals, Democrats in the House of Representatives saying they 605 00:33:44,840 --> 00:33:46,440 Speaker 1: want to have a balanced budget amendment, and then of 606 00:33:46,480 --> 00:33:50,920 Speaker 1: course that has Speaker Nancy Pelosi really having to referee 607 00:33:51,240 --> 00:33:53,560 Speaker 1: between the Democratic Socialists and the centrist I want to 608 00:33:53,600 --> 00:33:56,640 Speaker 1: thank our entire team UH in New York as well 609 00:33:56,680 --> 00:34:00,400 Speaker 1: as here broadcasting with us UH live on cap B Hill, 610 00:34:00,960 --> 00:34:03,960 Speaker 1: and you can download the sound on podcast on Apple iTunes, 611 00:34:04,000 --> 00:34:06,360 Speaker 1: at radio dot com, as well as on a host 612 00:34:06,440 --> 00:34:09,279 Speaker 1: of other different radio platforms. That does it for me. 613 00:34:09,360 --> 00:34:12,719 Speaker 1: Busy day tomorrow, we're gonna have full court coverage of 614 00:34:12,760 --> 00:34:15,520 Speaker 1: the House Financial Services Committee with the Big Bank CEO 615 00:34:15,680 --> 00:34:23,080 Speaker 1: s I'm Kevin Sirilli you're listening to Bloomberg one