1 00:00:00,560 --> 00:00:05,319 Speaker 1: Live from our nations. How do we reopen this economy? 2 00:00:05,400 --> 00:00:08,560 Speaker 1: The latest on how this pandemic is impacting farmers. What 3 00:00:08,640 --> 00:00:11,640 Speaker 1: does this do for the United States relationship with China? 4 00:00:11,800 --> 00:00:16,720 Speaker 1: Floomberg Sound On, the Insiders, the Influencers, the insides. We're 5 00:00:16,760 --> 00:00:19,959 Speaker 1: responding to this crisis and manufacturers are stepping up like 6 00:00:20,079 --> 00:00:23,600 Speaker 1: never before. We're looking at seventy Kennedys for different vaccines. 7 00:00:23,680 --> 00:00:26,400 Speaker 1: How do we make sure a pandemic of this scale 8 00:00:26,400 --> 00:00:30,480 Speaker 1: never happens again? This is Bloomberg Sound On with Kevin 9 00:00:30,560 --> 00:00:35,040 Speaker 1: Surrel on Bloomberg and one oh five point seven FM 10 00:00:35,159 --> 00:00:38,120 Speaker 1: h D two. I'm Kevin SURRELI. We've got a lot 11 00:00:38,240 --> 00:00:42,400 Speaker 1: to get through. The SMP five hundred wipes out lost 12 00:00:42,440 --> 00:00:46,600 Speaker 1: with a historic rally. This as President Trump making fresh 13 00:00:46,600 --> 00:00:53,760 Speaker 1: remarks about Minneapolis decision to defund this city police. Will 14 00:00:53,760 --> 00:00:56,520 Speaker 1: that happen in Washington, d C? Will it happen? And 15 00:00:56,600 --> 00:01:00,720 Speaker 1: a domino policy around the country. We're gonna talk about 16 00:01:00,720 --> 00:01:04,480 Speaker 1: that with our Ryan Teague back with and we're also 17 00:01:04,560 --> 00:01:07,440 Speaker 1: gonna check in on Capitol Hill for the latest on 18 00:01:07,560 --> 00:01:11,520 Speaker 1: the police policy debate, as well as another round of 19 00:01:11,560 --> 00:01:16,919 Speaker 1: potential economic stimulus. China jobs numbers coronavirus police reform. Adam 20 00:01:16,959 --> 00:01:19,280 Speaker 1: Hodge is going to join us senior vice president at 21 00:01:19,319 --> 00:01:23,280 Speaker 1: Aerial Investments. What does all of this mean? All of 22 00:01:23,319 --> 00:01:27,160 Speaker 1: this mean for the state of our country. We've got 23 00:01:27,200 --> 00:01:29,960 Speaker 1: a lot to get through. Busy, busy weekend here, all right, 24 00:01:30,120 --> 00:01:32,880 Speaker 1: lots to get through. Ryan Teague beck With Bloomberg's White 25 00:01:32,880 --> 00:01:36,600 Speaker 1: House reporter, Bryan Ryan Teague beck With joined us on 26 00:01:36,600 --> 00:01:38,840 Speaker 1: the line. Ryan, First of all, how are you. How's 27 00:01:38,880 --> 00:01:43,399 Speaker 1: the family? I'm good, and I think they could probably 28 00:01:43,400 --> 00:01:48,640 Speaker 1: need to break from me. I went back to Delco 29 00:01:49,080 --> 00:01:51,320 Speaker 1: on Saturday to meet my new niece, air and born 30 00:01:51,400 --> 00:01:54,880 Speaker 1: six weeks ago, lover so much, and see my godson 31 00:01:54,920 --> 00:01:56,920 Speaker 1: and my other niece, and we went on a socially 32 00:01:56,960 --> 00:01:58,720 Speaker 1: distanced walk and I think they were sick of me 33 00:01:58,800 --> 00:02:01,360 Speaker 1: after a few hours. I gotta be honest. I did 34 00:02:01,360 --> 00:02:04,520 Speaker 1: like a quick trip, you know, but three months first 35 00:02:04,560 --> 00:02:07,240 Speaker 1: time leaving d C and there we are. But it 36 00:02:07,280 --> 00:02:09,639 Speaker 1: was great to see the family and catch up with everyone. Okay, 37 00:02:09,840 --> 00:02:13,640 Speaker 1: President Trump and his allies earlier today saying they are 38 00:02:13,680 --> 00:02:16,200 Speaker 1: not going to defund the police lay it out for us. 39 00:02:16,240 --> 00:02:19,400 Speaker 1: This is now a national conversation about whether or not 40 00:02:19,720 --> 00:02:24,239 Speaker 1: there is going to be police defunding. Yeah. So what's 41 00:02:24,280 --> 00:02:27,680 Speaker 1: interesting about this to be UM, is that it is 42 00:02:28,000 --> 00:02:30,799 Speaker 1: largely a vocal debate. I mean, we're talking about like 43 00:02:31,040 --> 00:02:34,600 Speaker 1: your mayor your police department. We're not talking about something 44 00:02:35,080 --> 00:02:38,600 Speaker 1: that Congress really gets involved in, a the President going 45 00:02:38,639 --> 00:02:40,639 Speaker 1: to be called on to make a lot of decisions. 46 00:02:41,200 --> 00:02:44,760 Speaker 1: It is more um that just a general tenors here. 47 00:02:45,040 --> 00:02:48,760 Speaker 1: And I think what is going on is that, uh, 48 00:02:49,200 --> 00:02:53,200 Speaker 1: President Trump and Republicans are searching for a way to know, 49 00:02:53,960 --> 00:02:57,519 Speaker 1: kind of get a handle on the protest against police silence. UM. 50 00:02:57,520 --> 00:03:03,359 Speaker 1: Trump is sort of assilated between saying, uh that he's 51 00:03:03,680 --> 00:03:06,360 Speaker 1: um ket on crime and one law and order, which 52 00:03:06,360 --> 00:03:09,919 Speaker 1: I think is sort of his impulse, uh, and also 53 00:03:10,080 --> 00:03:13,720 Speaker 1: wanting to reach out to black voters. Uh if he could, 54 00:03:13,960 --> 00:03:15,920 Speaker 1: if he could get just a small percentage of them, 55 00:03:16,200 --> 00:03:18,200 Speaker 1: could make it really hard for Joe Biden to win, 56 00:03:19,040 --> 00:03:23,239 Speaker 1: UM by you know, counting his the first step back 57 00:03:23,480 --> 00:03:30,919 Speaker 1: and and his um support for lowering or decriminalizing something 58 00:03:31,040 --> 00:03:34,040 Speaker 1: and penalties things like that. In the backdrop of all 59 00:03:34,080 --> 00:03:40,440 Speaker 1: of this, Minneapolis has really thrown itself into the front 60 00:03:41,080 --> 00:03:43,920 Speaker 1: in terms of this policy debate. Reading from the Associated Press, 61 00:03:43,920 --> 00:03:47,960 Speaker 1: several advocacy groups presented their own recommendations Monday to reform 62 00:03:48,040 --> 00:03:52,080 Speaker 1: law enforcement practices in Minneapolis. This a day after the 63 00:03:52,120 --> 00:03:55,960 Speaker 1: majority of the city council voice support for abolishing the 64 00:03:56,000 --> 00:04:00,440 Speaker 1: police department entirely in the wake of George Floyd's death. 65 00:04:00,720 --> 00:04:07,520 Speaker 1: Do you think that other cities are going to follow Minneapolis? Bryan? Um, 66 00:04:07,840 --> 00:04:09,680 Speaker 1: you know, it's hard to say where this is going. 67 00:04:10,240 --> 00:04:13,960 Speaker 1: I think that, uh, something like defund the police is 68 00:04:14,000 --> 00:04:17,040 Speaker 1: sort of like any of the other three word slogans 69 00:04:17,080 --> 00:04:20,599 Speaker 1: that have been tossed around in recent years, um, build 70 00:04:20,640 --> 00:04:25,320 Speaker 1: the wall, Muslim band whatever. These um tend to mean 71 00:04:25,920 --> 00:04:29,880 Speaker 1: lots of things to different people, and in this case, UH, 72 00:04:30,040 --> 00:04:33,080 Speaker 1: defund the police could mean everything from let's just stop 73 00:04:33,160 --> 00:04:37,400 Speaker 1: giving them, um, you know, extra excess military equipment, to 74 00:04:37,839 --> 00:04:40,160 Speaker 1: let's you know, kind a million dollars from their budget, 75 00:04:40,240 --> 00:04:44,720 Speaker 1: to uh, you know, let's actually just disbanded this particular 76 00:04:44,720 --> 00:04:48,320 Speaker 1: police department and start over from scratch. UM. I think 77 00:04:48,360 --> 00:04:51,960 Speaker 1: that in Minneapolis, they've had such endemic problems there and 78 00:04:52,160 --> 00:04:54,200 Speaker 1: this was the epicenter of it that they're taking it 79 00:04:54,279 --> 00:04:56,480 Speaker 1: to to that extreme. I think some of the other 80 00:04:56,520 --> 00:04:58,440 Speaker 1: people who are saying things like the fund the police 81 00:04:58,839 --> 00:05:05,480 Speaker 1: don't necessarily that exact uh outcome. Um, they might mean 82 00:05:05,520 --> 00:05:08,479 Speaker 1: just increased funding for all of the other programs that 83 00:05:08,480 --> 00:05:12,200 Speaker 1: have gotten budget cuts in recent years. Yeah, I mean 84 00:05:12,279 --> 00:05:13,840 Speaker 1: one of one of the things that's happened is that 85 00:05:13,960 --> 00:05:18,360 Speaker 1: as we've cut social services, um, in other ways, we've 86 00:05:18,400 --> 00:05:20,720 Speaker 1: called them police to do more. So for example, if 87 00:05:20,760 --> 00:05:24,240 Speaker 1: you have a relative who is mentally ill and they 88 00:05:24,240 --> 00:05:27,560 Speaker 1: are having an episode and you need some help, you 89 00:05:27,839 --> 00:05:30,000 Speaker 1: will end up calling them one one because who else 90 00:05:30,040 --> 00:05:31,720 Speaker 1: are you going to call. There's not like a very 91 00:05:31,720 --> 00:05:34,560 Speaker 1: well funded mental health services department that's going to send 92 00:05:34,600 --> 00:05:37,000 Speaker 1: someone how to help you. Um. It's problem is that 93 00:05:37,040 --> 00:05:40,279 Speaker 1: police are trained in the use of force, and you 94 00:05:40,320 --> 00:05:42,560 Speaker 1: can give them some training of something like mental health, 95 00:05:42,600 --> 00:05:45,000 Speaker 1: and probably we should do more of that because they 96 00:05:45,080 --> 00:05:48,120 Speaker 1: encounter it so much. Um. But you know they're going 97 00:05:48,160 --> 00:05:50,000 Speaker 1: to come in and use force, and in some cases 98 00:05:50,000 --> 00:05:52,400 Speaker 1: that's turned into deadly force. So someone is found that 99 00:05:52,440 --> 00:05:56,160 Speaker 1: they were having trouble with a mentally ill relative they 100 00:05:56,200 --> 00:05:58,360 Speaker 1: called police for help, and that plots have ended up 101 00:05:58,360 --> 00:06:01,440 Speaker 1: getting killed. And that's kind a situation where people are saying, 102 00:06:02,040 --> 00:06:05,280 Speaker 1: why don't we spend that money on mental health? Ryan T. 103 00:06:05,560 --> 00:06:08,680 Speaker 1: Beckwith's on the Lineman urg White House reporter, Is there 104 00:06:08,720 --> 00:06:13,000 Speaker 1: any common ground for Republicans and Democrats? And I know 105 00:06:13,040 --> 00:06:14,920 Speaker 1: this is a localized issue and you make that point, 106 00:06:14,920 --> 00:06:17,520 Speaker 1: but in Congress it could we see any legislation that 107 00:06:17,520 --> 00:06:20,320 Speaker 1: the President gets behind that Republicans and Democrats get behind, 108 00:06:20,640 --> 00:06:24,480 Speaker 1: and sir, in terms of a consensus piece of legislation 109 00:06:25,200 --> 00:06:28,080 Speaker 1: that might impact several of these, uh policies that we're 110 00:06:28,080 --> 00:06:33,680 Speaker 1: talking about. Yes, I would say, except that we're so 111 00:06:33,839 --> 00:06:36,400 Speaker 1: close to an election that I don't think it's going 112 00:06:36,440 --> 00:06:39,520 Speaker 1: to happen. And you know, recall that a bill to 113 00:06:39,640 --> 00:06:43,320 Speaker 1: ban linking um is currently stalled in the Senate because 114 00:06:43,560 --> 00:06:46,760 Speaker 1: of a single senator held up the bill with an 115 00:06:46,800 --> 00:06:50,520 Speaker 1: objection to it, Senator Rampaul. So, I mean, you know, lynching, 116 00:06:50,640 --> 00:06:53,040 Speaker 1: you would think would be something that all of Congress 117 00:06:53,120 --> 00:06:54,839 Speaker 1: could agree is a bad thing and that no one 118 00:06:54,880 --> 00:06:57,600 Speaker 1: in Congress would want to be some defending it. Yet Uh, 119 00:06:57,640 --> 00:06:59,760 Speaker 1: they have not been able to get that one passed 120 00:06:59,839 --> 00:07:01,560 Speaker 1: the goal line. So I do think that there are 121 00:07:01,600 --> 00:07:04,039 Speaker 1: some things that there would be consensus on, like maybe 122 00:07:04,120 --> 00:07:08,039 Speaker 1: limiting certain things like chokeholds or something, and maybe giving 123 00:07:08,440 --> 00:07:11,480 Speaker 1: cutting the budget for handing over access military equipment, But 124 00:07:11,520 --> 00:07:15,080 Speaker 1: I don't think you're going to see those, Ryan, in 125 00:07:15,080 --> 00:07:16,760 Speaker 1: the minute that we have left, I do want to 126 00:07:16,800 --> 00:07:19,040 Speaker 1: ask you what are what have democrats been doing? We 127 00:07:19,080 --> 00:07:21,640 Speaker 1: all saw the picture of Speaker Pelosi and other Democrats 128 00:07:21,680 --> 00:07:24,640 Speaker 1: taking a knee today. What's Biden been up to today 129 00:07:24,760 --> 00:07:29,280 Speaker 1: with this? Uh it? Biden's main goal today was reassure 130 00:07:29,480 --> 00:07:33,680 Speaker 1: moderates that he's not fool of defending the police. Um. 131 00:07:33,720 --> 00:07:35,920 Speaker 1: That was something he's trying to make very clear. And 132 00:07:35,960 --> 00:07:37,600 Speaker 1: I think he's one of those things where they'll see 133 00:07:37,680 --> 00:07:43,160 Speaker 1: attention on the Democratic side. Uh. Biden is has certain 134 00:07:43,200 --> 00:07:47,160 Speaker 1: moderate tendencies. He's going to default too, um. And I 135 00:07:47,200 --> 00:07:49,800 Speaker 1: think he sees something like defunded the police is it's 136 00:07:50,000 --> 00:07:53,360 Speaker 1: much more damaging slogan than it is a helpful concept. 137 00:07:53,920 --> 00:07:57,800 Speaker 1: All Right, that's Ryan te back with Bloomberg National Political Reporter. 138 00:07:57,880 --> 00:08:00,400 Speaker 1: Did you see that Mitt Romney? Everybody? You see that 139 00:08:00,440 --> 00:08:03,840 Speaker 1: Mitt Romney Instagram post? I was on Instagram earlier today 140 00:08:03,840 --> 00:08:06,680 Speaker 1: and I see this Mitt Romney post where he was 141 00:08:06,720 --> 00:08:09,280 Speaker 1: protesting with the Black Lives Matter protesters. He had a 142 00:08:09,320 --> 00:08:12,880 Speaker 1: mask on on Instagram, Mitt Romney, Senator Mitt Romney, and 143 00:08:12,960 --> 00:08:16,960 Speaker 1: he hashtaged it black Lives Matter, becoming the most prominent 144 00:08:16,960 --> 00:08:20,920 Speaker 1: Republican in office to to post something like that, and 145 00:08:20,960 --> 00:08:23,680 Speaker 1: of course former Secretary of State Colin Powell making some 146 00:08:23,720 --> 00:08:25,880 Speaker 1: headlines as well, saying he's going to be voting for 147 00:08:26,040 --> 00:08:28,880 Speaker 1: Joe Biden. Much more coming up next we check in 148 00:08:29,600 --> 00:08:32,439 Speaker 1: Capitol Hill. I'm Kevin Sirelli, Chief Watching the correspondent for 149 00:08:32,480 --> 00:08:34,719 Speaker 1: Bloomberg Television and for Bloomberg Radio. It is so I 150 00:08:34,760 --> 00:08:36,360 Speaker 1: never thought I'd be happy to be back in any 151 00:08:36,360 --> 00:08:39,000 Speaker 1: type of office building. I'm Gratefu'll be back in an office. 152 00:08:39,200 --> 00:08:50,280 Speaker 1: Thanks for listening. More soon to Bloomberg. This is Bloomberg 153 00:08:50,480 --> 00:08:55,120 Speaker 1: Sound On with Kevin Surreley on Bloomberg and one oh 154 00:08:55,200 --> 00:08:58,880 Speaker 1: five point seven F M H D two. I'm Kevin Sireli, 155 00:08:59,040 --> 00:09:05,439 Speaker 1: Chief Washington correspondent for Bloomberg Television and for Bloomberg Radio. 156 00:09:06,040 --> 00:09:09,440 Speaker 1: Did you see this on the Bloomberg terminal US virus 157 00:09:09,520 --> 00:09:15,200 Speaker 1: cases rise one pent low asymptomatic risk. That's the part 158 00:09:15,240 --> 00:09:17,920 Speaker 1: I want to focus on. According to the Bloomberg wire 159 00:09:17,960 --> 00:09:22,120 Speaker 1: on the terminal transmission of the coronavirus by people who 160 00:09:22,160 --> 00:09:26,520 Speaker 1: are not showing symptoms is quote very rare. End to 161 00:09:26,600 --> 00:09:32,560 Speaker 1: quote the World Health organization said as infections surpassed seven 162 00:09:32,600 --> 00:09:36,880 Speaker 1: million globally, New York City began the first phase of 163 00:09:36,920 --> 00:09:40,680 Speaker 1: its reopening, and the genetic testing company Three and Me 164 00:09:41,720 --> 00:09:45,600 Speaker 1: said blood type may play a role in who is susceptible. 165 00:09:46,040 --> 00:09:47,559 Speaker 1: You know, the last time I heard about twenty three 166 00:09:47,559 --> 00:09:48,920 Speaker 1: and Me, it was my parents who were trying to 167 00:09:48,960 --> 00:09:51,280 Speaker 1: figure out just how much Irish and Italian there was. 168 00:09:51,360 --> 00:09:56,480 Speaker 1: Turns out they're basically Irish on the mom's side, Italian 169 00:09:56,480 --> 00:09:58,640 Speaker 1: on the death side. Enough of me and twenty three 170 00:09:58,640 --> 00:10:01,480 Speaker 1: and Me. Brad Blakeman on the line, Republican strategist from 171 00:10:01,520 --> 00:10:04,960 Speaker 1: her deputy assistant to President George W. Bush, Brad, how 172 00:10:05,000 --> 00:10:09,160 Speaker 1: are you hey? Doing well? Kevin? Thanks? Uh? So, I 173 00:10:09,200 --> 00:10:13,160 Speaker 1: want to come back to Colin Powell saying he's going 174 00:10:13,240 --> 00:10:16,840 Speaker 1: to vote for Joe Biden. You're a Bush guy. I 175 00:10:16,880 --> 00:10:21,800 Speaker 1: mean shocking, No, not so shocking. He didn't vote from 176 00:10:21,800 --> 00:10:24,400 Speaker 1: the first time. Doubtful he would vote from the second time. 177 00:10:24,440 --> 00:10:28,880 Speaker 1: So I don't think this is breaking news. Um, you know, 178 00:10:29,000 --> 00:10:33,520 Speaker 1: it's uh, it would be expected, I believe, all right, 179 00:10:33,600 --> 00:10:35,960 Speaker 1: But even so, I mean, are you concerned at all 180 00:10:36,000 --> 00:10:41,240 Speaker 1: about President Trump's footing? As we inch closer to the conventions. 181 00:10:41,440 --> 00:10:45,560 Speaker 1: Virtual and real life polls have his approval rating hovering 182 00:10:45,600 --> 00:10:51,600 Speaker 1: at about thirty eight percent to mid depending on the poll. Yeah, 183 00:10:51,640 --> 00:10:54,240 Speaker 1: I think that the president has a lot of work 184 00:10:54,280 --> 00:10:57,320 Speaker 1: to do between now and election day. I couldn't tell 185 00:10:57,360 --> 00:10:59,320 Speaker 1: you what was going to happen in ninety days ago. 186 00:10:59,360 --> 00:11:03,559 Speaker 1: I don't think any and the planet could between the 187 00:11:03,600 --> 00:11:08,680 Speaker 1: coronavirus and civil unrest with the killing of George Floyd 188 00:11:09,600 --> 00:11:12,320 Speaker 1: at the hands of police, um, and who knows what's 189 00:11:12,320 --> 00:11:15,000 Speaker 1: going to happen in ninety days from now. The fact 190 00:11:15,080 --> 00:11:19,080 Speaker 1: is this president has been feeding from a fire hose. Uh, 191 00:11:19,120 --> 00:11:28,000 Speaker 1: you know the last year, between trade and pandemic, social unrest. Um, 192 00:11:28,080 --> 00:11:32,560 Speaker 1: it's it's been quite challenging. So I think Biden is 193 00:11:32,600 --> 00:11:37,360 Speaker 1: getting a pass. Um. I call him punksitani Joe. You know, 194 00:11:37,400 --> 00:11:39,080 Speaker 1: when he comes out of his burrow while he's gonna 195 00:11:39,080 --> 00:11:42,920 Speaker 1: see his Trump shadow, because there's nothing there that Biden 196 00:11:42,960 --> 00:11:47,040 Speaker 1: has done. Um, he thinks that he's doing quite fine, 197 00:11:47,120 --> 00:11:51,800 Speaker 1: just you know, being in his basement. But yeah, Trump's 198 00:11:51,800 --> 00:11:54,280 Speaker 1: Trump has a lot of work to do, and so 199 00:11:54,400 --> 00:11:58,960 Speaker 1: does Biden. But I think the polls today are not 200 00:11:59,080 --> 00:12:01,600 Speaker 1: the polls that that the president has to worry about 201 00:12:02,400 --> 00:12:06,160 Speaker 1: the polling that becomes where the rubber reach meets the 202 00:12:06,240 --> 00:12:09,800 Speaker 1: road is a labor day. I agree with you, Brad, 203 00:12:09,800 --> 00:12:14,600 Speaker 1: Brad Blakman, Republican strategist, former Bush insider, and of course 204 00:12:15,080 --> 00:12:18,040 Speaker 1: a prominent Republican insider here inside of the nation's capital. 205 00:12:18,080 --> 00:12:20,280 Speaker 1: But the big poll, and I think it really is 206 00:12:20,559 --> 00:12:23,360 Speaker 1: it's really the first poll that we've gotten since all 207 00:12:23,400 --> 00:12:26,040 Speaker 1: of this has happened. NBC News, Wall Street Journal. It 208 00:12:26,080 --> 00:12:30,480 Speaker 1: was released yesterday, conducted between June two, and I was, 209 00:12:30,960 --> 00:12:34,760 Speaker 1: you know, going over this numerous times yesterday. But eight 210 00:12:34,800 --> 00:12:38,480 Speaker 1: in ten voters, eight in ten voters, Okay, this is 211 00:12:38,480 --> 00:12:43,200 Speaker 1: Republicans and Democrats. Voters believe that things are out of 212 00:12:43,240 --> 00:12:46,160 Speaker 1: control in the United States. Okay, well, people think that 213 00:12:46,240 --> 00:12:49,840 Speaker 1: for different reasons, but I mean, you know, when you 214 00:12:49,880 --> 00:12:55,240 Speaker 1: look at this, it also goes to show that sixty 215 00:12:56,000 --> 00:12:58,880 Speaker 1: of voters said that their quote very or somewhat worried 216 00:12:59,160 --> 00:13:01,520 Speaker 1: that they are somewhere then their immediate families might catch 217 00:13:01,559 --> 00:13:05,160 Speaker 1: the coronavirus. That's down ten percentage points from April. And 218 00:13:05,280 --> 00:13:08,280 Speaker 1: half of voters described the state of the economy as poor. 219 00:13:08,320 --> 00:13:10,160 Speaker 1: I don't know yet about the economy because of the 220 00:13:10,480 --> 00:13:14,400 Speaker 1: jobs numbers that we got on on Friday, the job 221 00:13:14,440 --> 00:13:16,840 Speaker 1: support and this was conducted before then. But you look 222 00:13:16,840 --> 00:13:19,800 Speaker 1: at the NBC News Wall Street Journal poll, Brad, I mean, 223 00:13:19,840 --> 00:13:23,840 Speaker 1: and folks are really concerned, more so than they have 224 00:13:23,960 --> 00:13:28,120 Speaker 1: ever been, uh in the in the past several years, No, 225 00:13:28,120 --> 00:13:31,280 Speaker 1: no doubt. And I think traditionally when there's an election 226 00:13:31,360 --> 00:13:34,240 Speaker 1: cycle for president, when the voter goes in the voting booth, 227 00:13:34,240 --> 00:13:36,240 Speaker 1: they're asking, it sells my better off today than I 228 00:13:36,280 --> 00:13:40,400 Speaker 1: was four years ago? Clearly the answers no. The question is, well, 229 00:13:40,720 --> 00:13:42,840 Speaker 1: who gets the blame for that? And I think the 230 00:13:42,920 --> 00:13:46,640 Speaker 1: question that people be asking in in the fall is 231 00:13:47,640 --> 00:13:49,959 Speaker 1: I'm not better off than I was, but who can 232 00:13:50,080 --> 00:13:53,640 Speaker 1: get us through this crisis? And so far Trump has 233 00:13:53,679 --> 00:13:57,240 Speaker 1: done a pretty good job. The social unrest we're seeing 234 00:13:57,320 --> 00:14:01,560 Speaker 1: is in democratic cities that have been controlled Democrats for generations, 235 00:14:01,880 --> 00:14:05,320 Speaker 1: and now you have the Democratic mayors and city councils 236 00:14:05,320 --> 00:14:09,439 Speaker 1: talking about the funding or getting rid of police departments. Uh. 237 00:14:09,480 --> 00:14:12,480 Speaker 1: You know, it's it's crazy, and I don't think the 238 00:14:12,520 --> 00:14:17,000 Speaker 1: American people agree with that. Um. Certainly the president uh 239 00:14:17,040 --> 00:14:20,160 Speaker 1: and the administration do not agree with that. So I 240 00:14:20,200 --> 00:14:25,480 Speaker 1: think there's a lot of anxiety by Americans. There's no 241 00:14:25,600 --> 00:14:29,360 Speaker 1: question about it. I feel it, my friends feel it. Um. 242 00:14:29,960 --> 00:14:31,920 Speaker 1: But the question is who can take us through this 243 00:14:32,040 --> 00:14:37,120 Speaker 1: crisis or do we change a horse in mid stream. Now, 244 00:14:37,200 --> 00:14:39,720 Speaker 1: let me also say this. Let's say it's Joe Biden, 245 00:14:39,880 --> 00:14:43,480 Speaker 1: who's a new president. You've got a lame duck in 246 00:14:43,480 --> 00:14:46,640 Speaker 1: in Trump and then you've got Joe Biden has ninety 247 00:14:46,680 --> 00:14:50,960 Speaker 1: days to get an administration together. I mean, our country 248 00:14:51,040 --> 00:14:56,280 Speaker 1: cannot afford um non governance. Uh. And I think that 249 00:14:56,280 --> 00:15:00,240 Speaker 1: that's a real plus for the president, is the uncertainty 250 00:15:00,240 --> 00:15:04,880 Speaker 1: of changing should courses administration? Should Republican lawmakers work with 251 00:15:04,960 --> 00:15:08,360 Speaker 1: Democrats to reform the police of the police force in 252 00:15:08,360 --> 00:15:13,760 Speaker 1: this country. I think policing is is a local concern. Uh. 253 00:15:13,800 --> 00:15:17,000 Speaker 1: And I think that uh, whatever national role we can 254 00:15:17,040 --> 00:15:22,920 Speaker 1: play to be um, you know, uh, cooperative, Yeah we should, 255 00:15:23,200 --> 00:15:26,320 Speaker 1: But policing is on a local level. Um, it's a 256 00:15:26,320 --> 00:15:31,280 Speaker 1: community based exercise. And we don't have federalized police in America, 257 00:15:31,280 --> 00:15:34,440 Speaker 1: and there's a reason for that, nor should we. So yeah, 258 00:15:34,520 --> 00:15:37,040 Speaker 1: we should be helpful and constructive. But I don't believe 259 00:15:37,600 --> 00:15:41,280 Speaker 1: that one size fits all is the approach to take. 260 00:15:41,320 --> 00:15:43,960 Speaker 1: When you're talking about policing because every community is different 261 00:15:43,960 --> 00:15:48,560 Speaker 1: and every community has different needs. Fascinating, a fascinating conversation. 262 00:15:48,600 --> 00:15:50,640 Speaker 1: And just to close out that NBC News Wall Street 263 00:15:50,680 --> 00:15:54,080 Speaker 1: Journal poll nationally, Joe Biden is ahead of Trump by 264 00:15:54,200 --> 00:16:01,800 Speaker 1: seven points. That's unchanged in April, So it was unchanged. 265 00:16:02,440 --> 00:16:04,400 Speaker 1: It was unchanged, all right, our thanks to our good 266 00:16:04,400 --> 00:16:06,680 Speaker 1: friend of the program, Brad Blakeman. Great, you're here from Brad, 267 00:16:06,800 --> 00:16:12,040 Speaker 1: Republican strategists and uh also a former deputy assistant to 268 00:16:12,160 --> 00:16:15,120 Speaker 1: President George W. Bush. Coming up, we check in with 269 00:16:15,160 --> 00:16:20,320 Speaker 1: Congressman Andy Barr, Republican from Kentucky's sixth district. Remember, you 270 00:16:20,320 --> 00:16:22,280 Speaker 1: can download the sound on podcast on Apple, it, tians 271 00:16:22,280 --> 00:16:24,520 Speaker 1: and Bloomberg dot com or by downloading Bloomberg Business App. 272 00:16:24,520 --> 00:16:27,520 Speaker 1: You can also find me on Radio dot com, I 273 00:16:27,600 --> 00:16:31,200 Speaker 1: Heart Radio and Spotify. Andy Bars. Next, you're listening to 274 00:16:31,200 --> 00:16:52,760 Speaker 1: Bloomberg nine one. This is Bloomberg's Sound On with Kevin 275 00:16:52,760 --> 00:16:56,960 Speaker 1: Surley on Bloomberg and one oh five point seven F 276 00:16:57,120 --> 00:16:59,680 Speaker 1: M h D two. What's het on? Down? Sick n 277 00:16:59,720 --> 00:17:04,359 Speaker 1: tell gy and check in with Congressman Andy Barr, Republican 278 00:17:04,520 --> 00:17:07,960 Speaker 1: from Kentucky. I'm Kevin Cirelichief Washington correspondent from Bloomberg TV 279 00:17:08,000 --> 00:17:10,560 Speaker 1: and Radio. Congressman, thanks for being here before we talk 280 00:17:10,640 --> 00:17:12,800 Speaker 1: news the day. I do want to ask you about something. 281 00:17:13,280 --> 00:17:18,000 Speaker 1: You are the House Financial Services Subcommittee on Oversight and Investigation. 282 00:17:18,040 --> 00:17:20,439 Speaker 1: You're the ranking member of that subcommittee. I know you 283 00:17:20,480 --> 00:17:25,080 Speaker 1: do a lot of bipartisan work, uh protecting veterans from 284 00:17:25,160 --> 00:17:28,480 Speaker 1: financial scams. And this is such a tough time for 285 00:17:28,560 --> 00:17:32,080 Speaker 1: so many different Americans, UH, and for veterans as well 286 00:17:32,119 --> 00:17:34,280 Speaker 1: as we're all navigating through this. What can you tell 287 00:17:34,359 --> 00:17:38,399 Speaker 1: us about how veterans are being protected right now with 288 00:17:38,440 --> 00:17:43,000 Speaker 1: all of the economic calamity going on. Well, Kevin, thanks 289 00:17:43,000 --> 00:17:45,680 Speaker 1: for having me on, and you're right. We are following 290 00:17:45,920 --> 00:17:50,840 Speaker 1: UM very closely the work of the Veterans Affairs Department 291 00:17:50,880 --> 00:17:54,440 Speaker 1: to make sure that our veterans are not victims of scams. 292 00:17:54,440 --> 00:17:58,720 Speaker 1: There there has been an uptick in various financial scams, 293 00:17:58,760 --> 00:18:05,320 Speaker 1: with many uh fake or false charities advertising for contributions 294 00:18:05,400 --> 00:18:10,240 Speaker 1: during this downturn, and so we in particular are making 295 00:18:10,240 --> 00:18:14,760 Speaker 1: sure that our veterans have accurate information about legitimate organizations 296 00:18:14,800 --> 00:18:18,119 Speaker 1: that they can contribute to and help and those that 297 00:18:18,160 --> 00:18:22,120 Speaker 1: are fakes and frauds. The other issue that I've been 298 00:18:22,119 --> 00:18:25,640 Speaker 1: tracking very closely with veterans is making sure that during 299 00:18:25,760 --> 00:18:29,640 Speaker 1: the shutdown of our economy and the shutdown of our 300 00:18:30,440 --> 00:18:34,639 Speaker 1: v A system. From from the standpoint of physical interaction 301 00:18:34,800 --> 00:18:37,600 Speaker 1: is we don't want that to disrupt their ability to 302 00:18:38,119 --> 00:18:43,200 Speaker 1: file and UH and process disability claims. And we did 303 00:18:43,280 --> 00:18:46,320 Speaker 1: see that for a while. Obviously they had to shut 304 00:18:46,320 --> 00:18:50,560 Speaker 1: down in person meetings, but we wanted UH the access 305 00:18:50,600 --> 00:18:54,639 Speaker 1: to the online portal to remain available, and so we 306 00:18:54,680 --> 00:18:59,800 Speaker 1: file legislation UH to make sure that the the forms, 307 00:18:59,840 --> 00:19:05,159 Speaker 1: the the the application forms, and the disability benefits questionnaires 308 00:19:05,320 --> 00:19:10,160 Speaker 1: would stay available online for veterans so that their efforts 309 00:19:10,200 --> 00:19:14,640 Speaker 1: to apply for disability UH benefits would not be interrupted 310 00:19:14,880 --> 00:19:19,560 Speaker 1: as a result of the the COVID uh pandemic. For 311 00:19:19,640 --> 00:19:22,240 Speaker 1: any bars on the line, he is a Republican from 312 00:19:22,320 --> 00:19:25,280 Speaker 1: the state of Kentucky, a congressman UH, and you also 313 00:19:25,320 --> 00:19:28,440 Speaker 1: have worked you know whenever whenever people think of Kentucky congressman, 314 00:19:28,440 --> 00:19:31,080 Speaker 1: they think of bourbon distilleries. And we've heard all of this, 315 00:19:31,359 --> 00:19:33,920 Speaker 1: these great news stories over the past couple of months, 316 00:19:34,080 --> 00:19:36,520 Speaker 1: and we've interviewed lawmakers about this as well, of of 317 00:19:36,600 --> 00:19:42,160 Speaker 1: distilleries transitioning from from from what they typically make bourbon 318 00:19:42,640 --> 00:19:46,720 Speaker 1: into hand sanitizer. And you actually immediately jumped on this 319 00:19:46,960 --> 00:19:51,199 Speaker 1: and and wrote legislation that would allow allow for some 320 00:19:51,240 --> 00:19:53,640 Speaker 1: of the red tape when they make such a significant 321 00:19:53,880 --> 00:19:59,920 Speaker 1: supply chain change to be more feasible in the short terms, 322 00:20:00,040 --> 00:20:02,119 Speaker 1: that they could really pitch in and help and not 323 00:20:02,240 --> 00:20:03,879 Speaker 1: have to be tied up by red tape. Can you 324 00:20:03,880 --> 00:20:06,520 Speaker 1: tell us about that and give us an update on that. Sure, 325 00:20:06,520 --> 00:20:09,800 Speaker 1: I'm so proud of our signature bourbon distilling industry. I 326 00:20:09,840 --> 00:20:13,280 Speaker 1: represent the Kentucky Bourbon Trail. And when tourism is down, 327 00:20:13,280 --> 00:20:15,320 Speaker 1: and in fact, the trail had to be closed off 328 00:20:15,359 --> 00:20:18,719 Speaker 1: because of public safety, because of the need for social 329 00:20:18,760 --> 00:20:21,800 Speaker 1: distancing and you can't have the large crowds and and 330 00:20:21,840 --> 00:20:25,040 Speaker 1: of course the risk of contamination of the products. So UH, 331 00:20:25,080 --> 00:20:29,560 Speaker 1: they shut down the tours, but they quickly retooled their 332 00:20:29,640 --> 00:20:35,200 Speaker 1: facilities and distilleries to UH make more alcohol available for 333 00:20:35,840 --> 00:20:39,120 Speaker 1: production of hand sanitizer, which was in a serious short 334 00:20:39,160 --> 00:20:44,160 Speaker 1: supply still is, especially for the hospitals and the healthcare providers. UH. 335 00:20:44,200 --> 00:20:46,760 Speaker 1: And so what we did in the Cares Act, which 336 00:20:46,840 --> 00:20:51,840 Speaker 1: was the largest of the four rescue bills, we exempted 337 00:20:52,640 --> 00:20:56,439 Speaker 1: UH alcohol UH used for hand sanitizer from the federal 338 00:20:56,480 --> 00:20:59,479 Speaker 1: excise tax. And that created a greater incentive for our 339 00:20:59,520 --> 00:21:02,280 Speaker 1: distillery to pitch in and contribute. And they in many 340 00:21:02,280 --> 00:21:04,399 Speaker 1: cases weren't even trying to sell it. They were just 341 00:21:04,440 --> 00:21:07,200 Speaker 1: trying to give it away and contribute UH to fight 342 00:21:07,280 --> 00:21:10,679 Speaker 1: this public health emergency. One problem still remains, though, and 343 00:21:10,720 --> 00:21:14,439 Speaker 1: that is the FDA, for whatever reason, will not relent 344 00:21:14,640 --> 00:21:20,760 Speaker 1: during this public health crisis to allow um under natured 345 00:21:21,000 --> 00:21:25,680 Speaker 1: alcohol to be used, meaning alcohol that's fit for human consumption. 346 00:21:25,760 --> 00:21:28,359 Speaker 1: They will not allow that to be used in the 347 00:21:28,359 --> 00:21:32,440 Speaker 1: hand sanitizer, even though UH in order to make hand 348 00:21:32,440 --> 00:21:35,080 Speaker 1: sanitizer you have to put soap in it, which basically 349 00:21:35,119 --> 00:21:40,919 Speaker 1: makes it inedible UH and undrinkable. Nevertheless, they are still 350 00:21:40,920 --> 00:21:44,520 Speaker 1: requiring the FDA is still requiring what I think is 351 00:21:44,720 --> 00:21:47,840 Speaker 1: a little excessive bureaucracy and red tape, and that is 352 00:21:47,880 --> 00:21:50,720 Speaker 1: they have to they're still required to denature it, meaning 353 00:21:50,720 --> 00:21:54,320 Speaker 1: they have to put in certain oils. And so we 354 00:21:54,400 --> 00:21:56,760 Speaker 1: introduce a bill Senator rand Paul in the Senate, and 355 00:21:57,119 --> 00:21:59,679 Speaker 1: I introduced this in the House to allow for the 356 00:22:00,119 --> 00:22:02,639 Speaker 1: for the pendency of the pandemic and the and the 357 00:22:02,680 --> 00:22:07,200 Speaker 1: public health crisis to allow them to use under natured alcohol. 358 00:22:07,840 --> 00:22:10,919 Speaker 1: We don't think the risk of people consuming that alcohol 359 00:22:11,600 --> 00:22:14,200 Speaker 1: will be very strong when it's when soap is added 360 00:22:14,240 --> 00:22:18,120 Speaker 1: and it's used for purposes of hand sanitized sounds nasty, 361 00:22:18,160 --> 00:22:20,920 Speaker 1: Congressman Congressman Any Bars on the line, Republican from Kentucky, 362 00:22:21,040 --> 00:22:23,240 Speaker 1: you mentioned the Cares Act. We've been trying to get 363 00:22:23,240 --> 00:22:25,320 Speaker 1: our hands around, our arms around this one. Do you 364 00:22:25,320 --> 00:22:28,439 Speaker 1: think there's gonna be another economic stimulus ahead of the 365 00:22:28,480 --> 00:22:33,639 Speaker 1: August recess? There could be, But I will tell you 366 00:22:33,680 --> 00:22:37,639 Speaker 1: despite the hand ringing from some cities and states about 367 00:22:38,040 --> 00:22:40,240 Speaker 1: need for a bail out of state and local governments, 368 00:22:40,280 --> 00:22:43,479 Speaker 1: you know, we've included over seven hundred and fifty billion 369 00:22:43,520 --> 00:22:46,640 Speaker 1: dollars in relief to states and local governments, and much 370 00:22:46,640 --> 00:22:50,040 Speaker 1: of it has not even been deployed yet. Uh. Many 371 00:22:50,080 --> 00:22:53,119 Speaker 1: of the health care dollars have not yet been deployed. Remember, 372 00:22:53,600 --> 00:22:58,240 Speaker 1: we have appropriated and and borrowed almost three trillion dollars 373 00:22:58,400 --> 00:23:01,080 Speaker 1: and much of that money has yet to be used. 374 00:23:01,160 --> 00:23:04,960 Speaker 1: Even the very popular p p P program, the Paycheck 375 00:23:05,000 --> 00:23:08,120 Speaker 1: Protection Program, we're only at a little north of five 376 00:23:08,520 --> 00:23:14,080 Speaker 1: billion dollars of that allocated, with six and sixty authorized 377 00:23:14,080 --> 00:23:16,680 Speaker 1: for that program. And by the way, not a dime 378 00:23:16,800 --> 00:23:19,920 Speaker 1: of that has been taxpayer money so far, because none 379 00:23:19,920 --> 00:23:22,560 Speaker 1: of the banks and the private lenders have been reimbursed 380 00:23:22,640 --> 00:23:24,959 Speaker 1: yet they will be because much of this will be 381 00:23:24,960 --> 00:23:29,200 Speaker 1: forgivable forgiven loans. But it's amazing to think the contribution 382 00:23:29,280 --> 00:23:32,520 Speaker 1: of the private sector and the capital providers. All of 383 00:23:32,560 --> 00:23:36,480 Speaker 1: this money has come from the private community banks, the 384 00:23:36,480 --> 00:23:39,159 Speaker 1: regional banks, the larger banks, the credit unions, even the 385 00:23:39,200 --> 00:23:42,080 Speaker 1: non bank lenders. UH. They have really stepped into the 386 00:23:42,080 --> 00:23:45,200 Speaker 1: breach and provided a lot of this liquidity. So at 387 00:23:45,200 --> 00:23:48,280 Speaker 1: this point, I don't think we have an urgent need 388 00:23:48,440 --> 00:23:51,360 Speaker 1: for another measure, but there could be one. Uh. There 389 00:23:51,480 --> 00:23:56,240 Speaker 1: is an appetite, bipartisan appetite for some COVID related additional 390 00:23:56,280 --> 00:23:58,679 Speaker 1: relief to state and local governments, but that has to 391 00:23:58,720 --> 00:24:02,560 Speaker 1: be coupled and and combined with a liability protection that 392 00:24:02,600 --> 00:24:06,720 Speaker 1: will really facilitate reopening the economy. And we have to 393 00:24:06,760 --> 00:24:10,240 Speaker 1: reopen the economy to rebuild the taxpace. We can't keep borrowing. 394 00:24:10,280 --> 00:24:12,600 Speaker 1: We need taxpayers and that means we need people back 395 00:24:12,600 --> 00:24:14,800 Speaker 1: to work. Congressman any bars on the line, he's a 396 00:24:14,840 --> 00:24:18,879 Speaker 1: Republican from Kentucky, you mentioned the bipartisanship in certain of 397 00:24:18,920 --> 00:24:21,480 Speaker 1: these areas and listeners of this program in particular. No, 398 00:24:21,600 --> 00:24:23,520 Speaker 1: that that's what I try to figure out, you know, 399 00:24:23,640 --> 00:24:26,320 Speaker 1: where is their agreement that we can dive into the 400 00:24:26,320 --> 00:24:29,439 Speaker 1: weeds on to actually somehow move the needles. So let 401 00:24:29,480 --> 00:24:32,560 Speaker 1: me ask you about this. There's been everyone has seen 402 00:24:32,600 --> 00:24:37,080 Speaker 1: that video of George Floyd. It's horrific, horrific. Is there 403 00:24:37,119 --> 00:24:41,800 Speaker 1: any consensus that that you a conservative lawmaker in in 404 00:24:41,800 --> 00:24:45,360 Speaker 1: in Kentucky, could you see yourself working with any Democrats? 405 00:24:45,560 --> 00:24:48,120 Speaker 1: Is there any type of policy that could come out 406 00:24:48,160 --> 00:24:51,840 Speaker 1: of Washington? Or do you see this as to prevent 407 00:24:52,160 --> 00:24:55,119 Speaker 1: this type of thing from ever happening again? Or is 408 00:24:55,200 --> 00:24:58,399 Speaker 1: this a local issue? No, I don't think it's a 409 00:24:58,400 --> 00:25:01,080 Speaker 1: local issue. I think it's a national assuming. Yes, I 410 00:25:01,119 --> 00:25:04,639 Speaker 1: think there is an opportunity for bipartisanship on this issue 411 00:25:04,680 --> 00:25:10,000 Speaker 1: because what happened to George Floyd was a horrific tragedy. Uh, 412 00:25:10,040 --> 00:25:13,760 Speaker 1: this kind of police misconduct should never never happened. There's 413 00:25:14,080 --> 00:25:19,000 Speaker 1: bipartisan agreement about that. I think, Uh, many members of 414 00:25:19,000 --> 00:25:22,760 Speaker 1: Congress and Americans recognize that, uh, this kind of police 415 00:25:22,760 --> 00:25:26,120 Speaker 1: misconduct is rare. That the vast majority of law enforcement 416 00:25:26,160 --> 00:25:29,600 Speaker 1: officers are good, civic minded people who live up to 417 00:25:29,600 --> 00:25:32,919 Speaker 1: the high standards that we impose upon them. But but 418 00:25:33,119 --> 00:25:37,200 Speaker 1: one of these horrific events is one too many. And 419 00:25:37,280 --> 00:25:39,679 Speaker 1: let's face it, there have been there have been several 420 00:25:39,720 --> 00:25:44,520 Speaker 1: of these Briana Taylor's cases, tragic right here in Louisville, Kentucky. 421 00:25:44,600 --> 00:25:47,000 Speaker 1: And then of course the Floyd case is the one 422 00:25:47,040 --> 00:25:50,040 Speaker 1: that really has spurred a lot of these protests. And 423 00:25:50,200 --> 00:25:53,760 Speaker 1: we're glad to see that most of these protests are peaceful. Um, 424 00:25:53,920 --> 00:25:58,240 Speaker 1: but we want to also recognize that violent protests and 425 00:25:58,359 --> 00:26:02,000 Speaker 1: riots do do not the situation, and they dishonor the 426 00:26:02,080 --> 00:26:04,840 Speaker 1: memory of George Floyd. So I do think there's an 427 00:26:04,840 --> 00:26:07,840 Speaker 1: opportunity to unite and heal as a country, come together 428 00:26:08,280 --> 00:26:12,840 Speaker 1: and root out uh racial discrimination in police and law 429 00:26:12,920 --> 00:26:17,080 Speaker 1: enforcement agencies around this country which should never be tolerated. 430 00:26:17,160 --> 00:26:19,840 Speaker 1: We we have to, we have to recognize that there 431 00:26:19,920 --> 00:26:24,600 Speaker 1: is injustice with this, and so let's let's not engage 432 00:26:24,600 --> 00:26:27,359 Speaker 1: in serious proposals like defunding the police, but actually fund 433 00:26:27,359 --> 00:26:30,000 Speaker 1: them to afford them. All Right, we gotta leave it there, Andy, 434 00:26:30,080 --> 00:26:32,159 Speaker 1: bar thank you, thank you very much. More. Next, this 435 00:26:32,200 --> 00:26:39,760 Speaker 1: is Bloomberg. This is Bloomberg's Sound On with Kevin Surreley 436 00:26:40,119 --> 00:26:43,720 Speaker 1: on Bloomberg one and one oh five point seven FM 437 00:26:43,880 --> 00:26:47,720 Speaker 1: HD two. I'm Kevin Sireley, Chief Washington correspondent for Bloomberg 438 00:26:47,760 --> 00:26:53,199 Speaker 1: Television and for Bloomberg Radio. Uh, what a beautiful day 439 00:26:53,240 --> 00:26:55,560 Speaker 1: in the nation's capital. What a beautiful day in the 440 00:26:55,640 --> 00:26:58,400 Speaker 1: nation's capitol. Remember when it was freezing cold we were 441 00:26:58,400 --> 00:27:00,600 Speaker 1: all working from home and the wind and everything. Now 442 00:27:00,600 --> 00:27:05,480 Speaker 1: we're in summertime. Adam Hodge, Senior Vice President and Aerial Investments, Adam, 443 00:27:05,520 --> 00:27:09,480 Speaker 1: it's summer finally. It took it took a long time 444 00:27:09,520 --> 00:27:11,879 Speaker 1: to get here. That we're happy it's finally here, all right, 445 00:27:11,960 --> 00:27:13,480 Speaker 1: So we got to dive into it to a host 446 00:27:13,560 --> 00:27:15,080 Speaker 1: of different things. You know, we've been talking about news 447 00:27:15,119 --> 00:27:18,920 Speaker 1: of the day. Adam served in the Obama Treasury Department, 448 00:27:18,960 --> 00:27:22,240 Speaker 1: so we're thrilled to have him on here. So much 449 00:27:22,240 --> 00:27:27,320 Speaker 1: of today and race really being up ended by the 450 00:27:27,359 --> 00:27:31,800 Speaker 1: tragic death of of George Floyd. Do you think that 451 00:27:32,520 --> 00:27:37,440 Speaker 1: defunding police departments is something that has bipartisanship, Because we 452 00:27:37,560 --> 00:27:40,399 Speaker 1: just heard from Congressman Andy Barr, Republican from Kentucky, and 453 00:27:40,400 --> 00:27:43,200 Speaker 1: he said he's willing to work with Democrats on certain 454 00:27:43,240 --> 00:27:47,680 Speaker 1: policy proposals, but defunding police is a nonstarter. And I 455 00:27:47,720 --> 00:27:50,080 Speaker 1: think that's what you heard from the Vice President, the 456 00:27:50,119 --> 00:27:52,400 Speaker 1: Vice President Biden as well as that's not a position 457 00:27:52,440 --> 00:27:55,680 Speaker 1: that they're willing to take. And um, I think that's 458 00:27:55,760 --> 00:27:59,040 Speaker 1: largely where the majority of the country is. But I 459 00:27:59,080 --> 00:28:02,679 Speaker 1: think what you're seeing and this is a larger just 460 00:28:02,800 --> 00:28:10,320 Speaker 1: response to this awakening of real um momentum and support 461 00:28:10,359 --> 00:28:13,280 Speaker 1: behind this idea that you know, we talked about liberty 462 00:28:13,280 --> 00:28:17,400 Speaker 1: and justice for all, but it hasn't always applied to all, 463 00:28:17,920 --> 00:28:23,120 Speaker 1: And so how can we create both liberty and justice 464 00:28:23,359 --> 00:28:26,480 Speaker 1: from the economic, from a civil, from a social perspective 465 00:28:26,560 --> 00:28:31,200 Speaker 1: that really gives African Americans people of color a chance 466 00:28:31,240 --> 00:28:35,000 Speaker 1: to fully participate equally in the country. And I think 467 00:28:35,080 --> 00:28:39,440 Speaker 1: that's where some of the activism and momentum has been in. 468 00:28:39,800 --> 00:28:42,840 Speaker 1: I think the proposal you saw from the Democrats in 469 00:28:42,920 --> 00:28:45,760 Speaker 1: Congress today kind of got to that the larger goal 470 00:28:45,800 --> 00:28:48,680 Speaker 1: of trying to make real, lasting progress for for people 471 00:28:48,720 --> 00:28:52,880 Speaker 1: of color, for African Americans in particular, Yeah, exactly. And 472 00:28:53,240 --> 00:28:55,520 Speaker 1: I think that I was struck by this because the 473 00:28:55,560 --> 00:28:58,720 Speaker 1: former Vice President Biden really saying in no clear terms 474 00:28:58,760 --> 00:29:01,160 Speaker 1: and very clear terms that deep funding police is not 475 00:29:01,320 --> 00:29:03,600 Speaker 1: something that is going to be a hallmark of a 476 00:29:03,640 --> 00:29:08,680 Speaker 1: Biden administration. Why do you think he did that? I mean, 477 00:29:08,680 --> 00:29:12,320 Speaker 1: I think because that's what he genuinely believed. I mean, like, 478 00:29:12,560 --> 00:29:17,080 Speaker 1: people can believe in in in law enforcement and want 479 00:29:17,200 --> 00:29:21,320 Speaker 1: the but it needs to be a law enforcement effort 480 00:29:21,360 --> 00:29:26,240 Speaker 1: that is truly respective of people's rights as protected under 481 00:29:26,240 --> 00:29:28,400 Speaker 1: the Constitution and the rule of law. And I think 482 00:29:28,440 --> 00:29:32,320 Speaker 1: for for far too long, UM, that has not necessarily 483 00:29:32,320 --> 00:29:36,160 Speaker 1: been the case. And so UM, what I think you'll 484 00:29:36,200 --> 00:29:40,920 Speaker 1: see Democrats rally around is our constructive reforms that help 485 00:29:41,440 --> 00:29:44,600 Speaker 1: deal with some of the systematic barriers and injustices that 486 00:29:44,680 --> 00:29:47,560 Speaker 1: people of color and African Americans in particular have faith 487 00:29:48,080 --> 00:29:50,040 Speaker 1: all right, UH, In terms of the next round of 488 00:29:50,040 --> 00:29:54,280 Speaker 1: economic stimulus, what are you looking for in terms of policy, 489 00:29:54,360 --> 00:29:59,480 Speaker 1: in terms of specific policies that could could help mid 490 00:30:00,200 --> 00:30:02,880 Speaker 1: mid sized companies, not just the big companies, but the 491 00:30:02,920 --> 00:30:07,760 Speaker 1: mid sized companies. I think one of the UH, you 492 00:30:07,800 --> 00:30:10,680 Speaker 1: saw some steps with the way they tried to tweak 493 00:30:10,720 --> 00:30:15,480 Speaker 1: the PPP program to expand access for smaller businesses. I 494 00:30:15,520 --> 00:30:17,920 Speaker 1: think the state and local funding is also going to 495 00:30:18,000 --> 00:30:21,280 Speaker 1: be huge because that will then allow states to continue 496 00:30:21,520 --> 00:30:27,600 Speaker 1: partnering with smaller and smaller minority owned businesses across the country. UM, 497 00:30:27,640 --> 00:30:29,959 Speaker 1: I think the big question and sticking point is going 498 00:30:29,960 --> 00:30:33,120 Speaker 1: to be around unemployment insurance. And you're just seeing some 499 00:30:33,640 --> 00:30:37,880 Speaker 1: members of Congress on the Republican side uh point out 500 00:30:37,960 --> 00:30:40,440 Speaker 1: that then we should get get rid of an unemployment insurance. 501 00:30:40,480 --> 00:30:44,040 Speaker 1: But many leading economists that I've seen would would indicate 502 00:30:44,080 --> 00:30:49,560 Speaker 1: that's kind of like stopping the UH medicine when you're 503 00:30:49,560 --> 00:30:51,400 Speaker 1: when you're still sit just because you're starting to feel 504 00:30:51,440 --> 00:30:55,640 Speaker 1: a little better. The we are in a deep recession. UH, 505 00:30:55,720 --> 00:30:59,320 Speaker 1: there's still you know, hundreds of thousands and millions of 506 00:30:59,360 --> 00:31:02,800 Speaker 1: Americans we're with on a job. And we Congress need 507 00:31:02,840 --> 00:31:05,200 Speaker 1: to get creative in terms of the solutions that they 508 00:31:05,200 --> 00:31:09,360 Speaker 1: put together that not only deal with the current crisis 509 00:31:09,880 --> 00:31:12,200 Speaker 1: but also helped put us on a stronger putting so 510 00:31:12,280 --> 00:31:16,800 Speaker 1: that um, the economy is is more is open from 511 00:31:17,000 --> 00:31:20,120 Speaker 1: more people to participate fully. You know. It really is 512 00:31:20,160 --> 00:31:23,600 Speaker 1: interesting because even as the discussion in Washington Adam Hodge 513 00:31:23,920 --> 00:31:26,520 Speaker 1: of over whether or not there's going to be another 514 00:31:26,640 --> 00:31:29,240 Speaker 1: round of economic stimulus and what's going to be in 515 00:31:29,280 --> 00:31:33,600 Speaker 1: the next round of economic stimulus. You've got the geopolitical implications. 516 00:31:33,800 --> 00:31:36,760 Speaker 1: Brendan Murray on the Bloomberg terminal reporting quote, it's not 517 00:31:36,840 --> 00:31:39,640 Speaker 1: quite a new Cold War yet, just the cold shoulder. 518 00:31:40,080 --> 00:31:44,640 Speaker 1: Some of Americans said they will not buy products from China, 519 00:31:45,040 --> 00:31:47,760 Speaker 1: according to a survey of more than thousand adults conducted 520 00:31:47,760 --> 00:31:51,800 Speaker 1: between May twelve and May fourteen by our friends over 521 00:31:51,840 --> 00:31:55,000 Speaker 1: at the Washington Base FTI Consulting, which is a business 522 00:31:55,320 --> 00:31:58,840 Speaker 1: advisory firm. I mean you think about that, Americans saying 523 00:31:58,840 --> 00:32:04,880 Speaker 1: they won't buy products from China, that is a remarkable statistic. 524 00:32:05,200 --> 00:32:08,800 Speaker 1: And um, I would be so maybe we all are united, 525 00:32:09,120 --> 00:32:12,440 Speaker 1: I mean, maybe there is more agreement in America on 526 00:32:12,600 --> 00:32:16,120 Speaker 1: the economy. Uh. Then then people people give us credit 527 00:32:16,200 --> 00:32:21,080 Speaker 1: for I mean I think, um, what what you think? 528 00:32:21,120 --> 00:32:24,360 Speaker 1: More than anything else, people want the economy to work 529 00:32:24,560 --> 00:32:28,080 Speaker 1: for everyone. And that's where I think. Um, again, to 530 00:32:28,160 --> 00:32:29,960 Speaker 1: go back to the current day, and I think the 531 00:32:30,000 --> 00:32:35,640 Speaker 1: coronavirus helped bring also some of the systemic and equities 532 00:32:35,840 --> 00:32:40,760 Speaker 1: in place. Um, where you saw the majority of shtline 533 00:32:40,800 --> 00:32:43,200 Speaker 1: workers are or people of color who then got thick 534 00:32:43,320 --> 00:32:46,840 Speaker 1: and they've been born the brunt of the virus itself. 535 00:32:46,960 --> 00:32:50,760 Speaker 1: So I think whatever Congress as they put the pactice together, 536 00:32:50,840 --> 00:32:52,920 Speaker 1: it's important that they think about not only do we 537 00:32:53,000 --> 00:32:55,160 Speaker 1: solve for the now, but how do we set up 538 00:32:55,480 --> 00:32:57,480 Speaker 1: the economy so that we don't end up back in 539 00:32:57,520 --> 00:33:00,719 Speaker 1: the situation ever again? You know, you know something very 540 00:33:00,800 --> 00:33:03,320 Speaker 1: important and I do want to go into this because 541 00:33:03,320 --> 00:33:06,200 Speaker 1: it's been a common theme that we've explored, especially here 542 00:33:06,240 --> 00:33:09,680 Speaker 1: on Bloombergs Sound On, which is how minority groups have 543 00:33:09,800 --> 00:33:14,800 Speaker 1: been so much more negatively impacted over the past several 544 00:33:14,880 --> 00:33:17,360 Speaker 1: months on a host of different fronts. How do we 545 00:33:17,880 --> 00:33:20,920 Speaker 1: prevent that? How do we alleviate that, and and and 546 00:33:21,040 --> 00:33:23,440 Speaker 1: not just you know, it's one thing, you know, a 547 00:33:23,520 --> 00:33:27,760 Speaker 1: bailout and helicopter cash. I'm talking about structural changes, Adam. 548 00:33:28,000 --> 00:33:31,320 Speaker 1: How do we structurally change this system so that minority 549 00:33:31,360 --> 00:33:34,760 Speaker 1: groups every time, whether it's coronavirus or an economic recession 550 00:33:35,120 --> 00:33:40,280 Speaker 1: from other causes, or a hurricane or weather hurricane, how 551 00:33:40,360 --> 00:33:43,600 Speaker 1: do we make sure that uh, minority groups and low 552 00:33:43,680 --> 00:33:50,680 Speaker 1: socioeconomic individuals are not the hardest hit. Yeah, that's a 553 00:33:50,720 --> 00:33:53,360 Speaker 1: really great, great question. I saw a stat recently that 554 00:33:53,840 --> 00:33:58,600 Speaker 1: half of Black America was unemployed, half of African Americans 555 00:33:58,640 --> 00:34:03,880 Speaker 1: are unemployed. Wow, wow, right, which is just you know, unbelievable, 556 00:34:03,880 --> 00:34:08,040 Speaker 1: It's unfathomable. It's hard to comprehend these numbers. It really is, 557 00:34:08,680 --> 00:34:10,080 Speaker 1: it really is. And I don't think we do a 558 00:34:10,120 --> 00:34:14,080 Speaker 1: good enough job of really hammering that home. No, it's 559 00:34:14,239 --> 00:34:17,720 Speaker 1: it's uh. I think one starts by asking the question, 560 00:34:17,800 --> 00:34:20,040 Speaker 1: but the two I think there are some concrete steps 561 00:34:20,080 --> 00:34:23,840 Speaker 1: that both you know, corporate America and and and anybody 562 00:34:23,920 --> 00:34:27,600 Speaker 1: who's in a position to to deleverage their own um 563 00:34:28,080 --> 00:34:31,719 Speaker 1: uh purchasing power is just to think about are you 564 00:34:31,840 --> 00:34:36,240 Speaker 1: committed to UM to go and beyond just supplier diversity, 565 00:34:36,280 --> 00:34:39,440 Speaker 1: but talking about business diversity, it's like your corporation, who 566 00:34:39,480 --> 00:34:42,759 Speaker 1: are the law firms and accounting firms and uh that 567 00:34:42,920 --> 00:34:44,800 Speaker 1: that you're working with? And are there any people of 568 00:34:44,880 --> 00:34:48,200 Speaker 1: color UM on the relationship? And if not, you know 569 00:34:48,440 --> 00:34:50,719 Speaker 1: what what are you gonna how are you going to 570 00:34:50,760 --> 00:34:54,359 Speaker 1: commit to changing that? Are there is the diversity within 571 00:34:54,440 --> 00:34:57,759 Speaker 1: the ranks of your your institution? UM? And I think 572 00:34:57,800 --> 00:35:00,800 Speaker 1: we've we've all heard, oh, you know, the constant triple. 573 00:35:00,960 --> 00:35:02,759 Speaker 1: It's too hard to find and you haven't been able 574 00:35:02,760 --> 00:35:06,040 Speaker 1: to find people of color UM where were talented? I 575 00:35:06,280 --> 00:35:09,360 Speaker 1: that's just not true. That's like you know, baseball in 576 00:35:09,400 --> 00:35:13,240 Speaker 1: the nineties. Um, it was, but until when when Jackie 577 00:35:13,280 --> 00:35:15,080 Speaker 1: Robbins came into the league and all of a sudden 578 00:35:15,200 --> 00:35:18,160 Speaker 1: opened up doors for um, you know, a whole host 579 00:35:18,200 --> 00:35:21,080 Speaker 1: of other other players and so UM. How do you 580 00:35:21,120 --> 00:35:24,600 Speaker 1: get to a point where your your companies are who 581 00:35:24,680 --> 00:35:28,320 Speaker 1: all make diversity pledges, they all talk about um, but 582 00:35:28,400 --> 00:35:31,960 Speaker 1: they're committed to this issue, right, but really hiring people, 583 00:35:32,520 --> 00:35:34,799 Speaker 1: um it said senior roles with the company who can 584 00:35:34,840 --> 00:35:36,840 Speaker 1: then create wealth and then get back in the community. 585 00:35:36,880 --> 00:35:40,440 Speaker 1: And so you end up perpetuating a positive spiral. Adam, 586 00:35:40,480 --> 00:35:42,200 Speaker 1: come back on very very soon. We have to leave 587 00:35:42,239 --> 00:35:44,239 Speaker 1: it there. We're up against our break. Adam Hodge, Senior 588 00:35:44,320 --> 00:35:47,320 Speaker 1: vice president of Aerial Investment serving the Treasury Department for Obama. 589 00:35:47,880 --> 00:35:49,640 Speaker 1: You know, and it comes down if you're concerned about 590 00:35:49,640 --> 00:35:53,719 Speaker 1: reputational risk or making a real structural change, that does 591 00:35:53,760 --> 00:35:55,759 Speaker 1: it for me. I'm Kevin Sirelli, Chief Washington correspondent for 592 00:35:55,800 --> 00:36:02,759 Speaker 1: Bloomberg TV and Radio. Thanks for listening to Bloomberg. The