1 00:00:00,400 --> 00:00:02,560 Speaker 1: Dr Brooks, thanks so much for joining us. I want 2 00:00:02,560 --> 00:00:05,600 Speaker 1: to ask you, there's been this uptick in cases and 3 00:00:05,840 --> 00:00:08,160 Speaker 1: what is the administration doing in order to get these 4 00:00:08,200 --> 00:00:12,560 Speaker 1: cases back down? Yeah? Thank you. That's a really terrific 5 00:00:12,680 --> 00:00:16,840 Speaker 1: question because the current uptick in places that now extends 6 00:00:16,960 --> 00:00:23,119 Speaker 1: really from Washington State through Oregon into California, across Arizona, 7 00:00:23,360 --> 00:00:28,120 Speaker 1: New Mexico, and then of course Mississippi, Alabama, Florida, Texas, 8 00:00:29,120 --> 00:00:32,720 Speaker 1: UM is really a very critical outbreak that needs to 9 00:00:32,760 --> 00:00:36,480 Speaker 1: be contained. And I think collectively I was just out 10 00:00:36,760 --> 00:00:40,199 Speaker 1: in the field going to Texas, Arizona, New Mexico, and 11 00:00:40,240 --> 00:00:43,000 Speaker 1: Florida and really getting it on the ground, report and 12 00:00:43,080 --> 00:00:47,040 Speaker 1: experience to understand how we can be even more supportive. 13 00:00:47,440 --> 00:00:51,440 Speaker 1: I think we're supporting their testing, and we're supporting increased 14 00:00:51,479 --> 00:00:54,400 Speaker 1: human capacity at their hospitals. But I want to really 15 00:00:54,440 --> 00:00:58,080 Speaker 1: applaud the governors who have taken decisive action to really 16 00:00:58,160 --> 00:01:03,680 Speaker 1: mandate masks increase, so distancing closed bars, ensure that UM 17 00:01:03,720 --> 00:01:06,840 Speaker 1: if you can't social distance, and an indoor restaurant, really 18 00:01:06,880 --> 00:01:11,360 Speaker 1: decreasing that capacity of indoor restaurants, moving dining outside and 19 00:01:11,400 --> 00:01:14,840 Speaker 1: really talking to the people in their metro areas. And 20 00:01:14,840 --> 00:01:17,759 Speaker 1: their counties and what each individual needs to do. We 21 00:01:17,840 --> 00:01:20,399 Speaker 1: all need to do all of these things. We also 22 00:01:20,440 --> 00:01:23,160 Speaker 1: have to make sure that we're not bringing that virus 23 00:01:23,319 --> 00:01:26,840 Speaker 1: into our households by having parties then inside the houses. 24 00:01:27,000 --> 00:01:29,479 Speaker 1: So I think there's a lot we can do as 25 00:01:29,600 --> 00:01:32,120 Speaker 1: individual Americans, but there's a lot we can do at 26 00:01:32,120 --> 00:01:34,760 Speaker 1: the state and local and federal level to support that 27 00:01:34,880 --> 00:01:38,400 Speaker 1: response and change the course of this really this pandemic 28 00:01:38,440 --> 00:01:41,160 Speaker 1: across the South, but also now up the West coast 29 00:01:41,400 --> 00:01:44,040 Speaker 1: and Dr Burks, I mean, some of the numbers, it's 30 00:01:44,080 --> 00:01:48,440 Speaker 1: astounding to see how young people. Young people are are 31 00:01:48,480 --> 00:01:50,960 Speaker 1: really seeing a lot of the upticking cases, and they're 32 00:01:51,000 --> 00:01:53,520 Speaker 1: making some poor decisions. They're going to bars, they're going 33 00:01:53,560 --> 00:01:55,760 Speaker 1: to you know, we all see the images on the news. 34 00:01:55,760 --> 00:01:58,960 Speaker 1: How do we prevent young people from getting these infections? 35 00:02:00,560 --> 00:02:02,800 Speaker 1: I think there's two pieces of that. One is to 36 00:02:02,880 --> 00:02:05,360 Speaker 1: be very honest with them and to tell them that 37 00:02:05,400 --> 00:02:08,720 Speaker 1: there's a specrtion of disease and young people that truly 38 00:02:08,800 --> 00:02:11,880 Speaker 1: they will know people who are test positive that have 39 00:02:12,000 --> 00:02:14,959 Speaker 1: no symptoms. They will know people with mild like only 40 00:02:15,000 --> 00:02:17,120 Speaker 1: a sore throat and a running nose. They will know 41 00:02:17,240 --> 00:02:20,280 Speaker 1: people who got a bad fever and we're sick for 42 00:02:20,320 --> 00:02:22,960 Speaker 1: two weeks, and they need to know that there's also 43 00:02:23,240 --> 00:02:26,639 Speaker 1: young Americans who are in the hospitals right now suffering 44 00:02:26,680 --> 00:02:30,120 Speaker 1: from very severe disease. And so there is a spectrum. 45 00:02:30,160 --> 00:02:32,120 Speaker 1: I think when they saw that a lot of their 46 00:02:32,160 --> 00:02:36,000 Speaker 1: friends had mild disease and then they saw in social 47 00:02:36,000 --> 00:02:39,600 Speaker 1: media that people were having a great time together, you know, 48 00:02:39,639 --> 00:02:41,680 Speaker 1: they wanted to have a great time together too, And 49 00:02:41,720 --> 00:02:44,799 Speaker 1: it's now on all of us to really change those 50 00:02:44,840 --> 00:02:50,000 Speaker 1: messages to really resonate with our millennials and gencs who 51 00:02:50,000 --> 00:02:53,840 Speaker 1: that they understand the risk those decisions make not only 52 00:02:53,880 --> 00:02:58,120 Speaker 1: to them potentially getting infected, but their parents getting infected, 53 00:02:58,480 --> 00:03:01,880 Speaker 1: and critically they're our grandparents who maybe in their eighties 54 00:03:01,880 --> 00:03:05,840 Speaker 1: getting infected, oh, which we know have a very severe course. 55 00:03:05,919 --> 00:03:09,560 Speaker 1: And so I think translating that message into something that 56 00:03:09,639 --> 00:03:13,120 Speaker 1: people not only here but act on is really critical. 57 00:03:13,200 --> 00:03:15,399 Speaker 1: Sometimes in public help, we just keep saying the same 58 00:03:15,440 --> 00:03:17,760 Speaker 1: thing over and over again and think that you know, 59 00:03:17,919 --> 00:03:21,120 Speaker 1: eventually it will resonate. No people turn off, So we 60 00:03:21,160 --> 00:03:25,239 Speaker 1: really have to make messages much more tailored to very 61 00:03:25,280 --> 00:03:28,160 Speaker 1: specific age groups so that they only can hear the 62 00:03:28,240 --> 00:03:32,400 Speaker 1: message but internalize it and then change their behavior to 63 00:03:32,480 --> 00:03:35,760 Speaker 1: really protect themselves. They're they're friends who may have pre 64 00:03:35,840 --> 00:03:39,680 Speaker 1: existing condition and protecting others by really being in masks 65 00:03:39,760 --> 00:03:43,000 Speaker 1: all the time. We can get through this until we 66 00:03:43,080 --> 00:03:46,640 Speaker 1: have a vaccine if we all do our part. Dr Burkes, 67 00:03:46,640 --> 00:03:48,160 Speaker 1: You've been so generous with your time, and I want 68 00:03:48,160 --> 00:03:50,960 Speaker 1: to talk about another portion of this that quite frankly, 69 00:03:51,080 --> 00:03:54,200 Speaker 1: I don't think economists are talking enough about, and that 70 00:03:54,400 --> 00:03:57,680 Speaker 1: is from an economic perspective. A lot of parents have 71 00:03:57,880 --> 00:04:00,839 Speaker 1: children who are potentially going back to school in the fall, 72 00:04:00,960 --> 00:04:03,560 Speaker 1: or they're unsure if kids are going to be going 73 00:04:03,600 --> 00:04:07,360 Speaker 1: back to school, Dr Burke's in the fall. So number one, 74 00:04:07,480 --> 00:04:12,000 Speaker 1: how should schools be preparing for the potential reopening of schools? 75 00:04:12,040 --> 00:04:15,440 Speaker 1: And secondly, just as important, what is the government doing 76 00:04:15,520 --> 00:04:18,440 Speaker 1: in order to make sure that the classrooms are safe 77 00:04:18,480 --> 00:04:22,480 Speaker 1: and clean and healthy for these kids. Well, I think 78 00:04:22,520 --> 00:04:26,479 Speaker 1: you've raised a critical point. There is health, and there's COVID, 79 00:04:26,839 --> 00:04:29,560 Speaker 1: and there's actually health of our children, and then there's 80 00:04:29,560 --> 00:04:33,640 Speaker 1: the economic um parts. So there's really three parts. And 81 00:04:33,680 --> 00:04:35,719 Speaker 1: I think if we put the child at the center 82 00:04:35,800 --> 00:04:40,159 Speaker 1: and say what is best for the American child, what 83 00:04:40,320 --> 00:04:43,560 Speaker 1: experiences do they need? And when we come to the 84 00:04:43,600 --> 00:04:46,680 Speaker 1: conclusion that they need to be in school, then we 85 00:04:46,720 --> 00:04:49,560 Speaker 1: need to really figure out how to make that a 86 00:04:49,640 --> 00:04:52,800 Speaker 1: safe environment. I know many jurisdictions have worked on this. 87 00:04:52,960 --> 00:04:54,800 Speaker 1: I think we also have to make sure that we 88 00:04:54,839 --> 00:04:57,680 Speaker 1: have a way for teachers and administrators to be safe, 89 00:04:57,880 --> 00:04:59,880 Speaker 1: and we need to have a way that households can 90 00:05:00,080 --> 00:05:04,320 Speaker 1: be safe, um if they are multigenerational households, because we 91 00:05:04,400 --> 00:05:07,320 Speaker 1: know children will come in facted just like we have 92 00:05:07,440 --> 00:05:09,679 Speaker 1: eighteen year olds and twenty two year olds in fact 93 00:05:09,920 --> 00:05:12,640 Speaker 1: and may not show symptoms. And so these are we 94 00:05:12,680 --> 00:05:15,160 Speaker 1: have to bring in testing into the schools as well 95 00:05:15,200 --> 00:05:19,239 Speaker 1: as you describe creating a healthy environment and really working 96 00:05:19,279 --> 00:05:21,920 Speaker 1: together at the state and local level and the federal 97 00:05:22,000 --> 00:05:24,960 Speaker 1: level to learn from each other of how we were 98 00:05:25,040 --> 00:05:27,599 Speaker 1: putting the child at the center and meeting their needs, 99 00:05:27,800 --> 00:05:31,279 Speaker 1: were able to create that safe environment for both the families, 100 00:05:31,320 --> 00:05:34,560 Speaker 1: the teachers and the children. It really is just so 101 00:05:34,600 --> 00:05:37,159 Speaker 1: many different questions and that's and that's where it comes 102 00:05:37,200 --> 00:05:40,200 Speaker 1: from from the elementary you know, K through twelve perspective, 103 00:05:40,240 --> 00:05:41,719 Speaker 1: and you know, I come from a family of teachers. 104 00:05:41,760 --> 00:05:45,320 Speaker 1: But then there's the higher ed perspective. Dr Burke's colleges 105 00:05:45,360 --> 00:05:48,000 Speaker 1: and universities, and you've got kids going out of state 106 00:05:48,040 --> 00:05:51,000 Speaker 1: and state, I mean, what what should higher education UH 107 00:05:51,360 --> 00:05:54,560 Speaker 1: institutions be doing well? In a way, I think it's 108 00:05:54,560 --> 00:05:58,240 Speaker 1: a little bit easier for higher educational institutions and the 109 00:05:58,279 --> 00:06:01,400 Speaker 1: older children in K through twelve because on the on 110 00:06:01,440 --> 00:06:04,000 Speaker 1: the White House website about four weeks ago, we really 111 00:06:04,000 --> 00:06:07,880 Speaker 1: put up a document of how you can do routine 112 00:06:07,920 --> 00:06:11,720 Speaker 1: surveillance testing by pooling sample. So let's say you have 113 00:06:11,960 --> 00:06:16,560 Speaker 1: a dormitory of three hundred people, they could be tested 114 00:06:16,880 --> 00:06:20,840 Speaker 1: weekly with thirty tests um and that is easy to do. 115 00:06:20,960 --> 00:06:24,320 Speaker 1: And within each of these universities they have a depth 116 00:06:24,600 --> 00:06:27,919 Speaker 1: of testing capacity that has not been utilized. And so 117 00:06:28,000 --> 00:06:32,279 Speaker 1: we've been talking to university presidents and and deans about 118 00:06:32,320 --> 00:06:37,279 Speaker 1: how to turn on their research testing capacity to routinely 119 00:06:37,440 --> 00:06:40,960 Speaker 1: screen there on student body. And I think that is 120 00:06:41,120 --> 00:06:44,080 Speaker 1: very possible. And then how we take that into K 121 00:06:44,279 --> 00:06:47,800 Speaker 1: through twelve that need it when you see virus circulating 122 00:06:47,839 --> 00:06:50,159 Speaker 1: in the community, how you get in there and do 123 00:06:50,240 --> 00:06:53,480 Speaker 1: what we call surveillance testing in schools, and that it 124 00:06:53,520 --> 00:06:55,960 Speaker 1: can be done classroom by classroom. There's a lot of 125 00:06:56,000 --> 00:07:01,320 Speaker 1: advice about how to keep students in um specific accorded classrooms, 126 00:07:01,360 --> 00:07:05,719 Speaker 1: and so if there's only infection in that particular cohort, 127 00:07:06,000 --> 00:07:08,080 Speaker 1: they may have to quarantine for two weeks, but the 128 00:07:08,080 --> 00:07:10,440 Speaker 1: rest of the school can continue to go. We know 129 00:07:10,560 --> 00:07:12,600 Speaker 1: how to do this. We have a science and we 130 00:07:12,600 --> 00:07:15,800 Speaker 1: have the technology. We need the will to bring this 131 00:07:15,880 --> 00:07:19,280 Speaker 1: type of innovative testing to our k through twelves and 132 00:07:19,320 --> 00:07:22,119 Speaker 1: to our universities and colleges. I've got one more question 133 00:07:22,160 --> 00:07:23,840 Speaker 1: for you, because you've been so generous with your time, 134 00:07:23,840 --> 00:07:26,880 Speaker 1: and I'm incredibly appreciative. Doctor Deborrah Burks is on the line, 135 00:07:26,880 --> 00:07:30,160 Speaker 1: and of course she is uh. She is uh one 136 00:07:30,200 --> 00:07:33,679 Speaker 1: of the top diplomats and America physicians who is really 137 00:07:33,800 --> 00:07:38,080 Speaker 1: driving behind the scenes as well as sometimes publicly, the 138 00:07:38,080 --> 00:07:41,720 Speaker 1: the White House coronavirus response. Uh. And you have deep 139 00:07:41,760 --> 00:07:45,320 Speaker 1: experience with this because of your experience and how the 140 00:07:45,400 --> 00:07:49,040 Speaker 1: United States handled HIV and AIDS and whatnot. When we 141 00:07:49,360 --> 00:07:52,280 Speaker 1: do get a vaccine, you know when, not? If when? 142 00:07:52,920 --> 00:07:56,720 Speaker 1: How is the administration preparing so that everyone can get 143 00:07:56,760 --> 00:08:01,120 Speaker 1: one and that there's no socio economic despair questions that 144 00:08:01,240 --> 00:08:04,320 Speaker 1: come into account, but that everyone that it's equal distribution. 145 00:08:04,840 --> 00:08:09,360 Speaker 1: How are we preparing for the vaccine I think the 146 00:08:09,560 --> 00:08:14,320 Speaker 1: evidence of what this administration has done for making testing free, 147 00:08:14,600 --> 00:08:18,320 Speaker 1: for making care when it wasn't affordable or and people 148 00:08:18,360 --> 00:08:22,640 Speaker 1: didn't have insurance um free UM so that everybody can 149 00:08:22,680 --> 00:08:25,560 Speaker 1: get what they need to protect themselves about the virus. 150 00:08:25,600 --> 00:08:29,320 Speaker 1: I'm sure similar will happen with vaccination. Just a couple 151 00:08:29,320 --> 00:08:33,040 Speaker 1: of comments on vaccination. So there are vaccines that do 152 00:08:33,080 --> 00:08:36,880 Speaker 1: what we call sterilizing immunity. It prevents you from getting effected. 153 00:08:37,000 --> 00:08:40,520 Speaker 1: That's a more rare vaccine. Most vaccines prevent you from 154 00:08:40,520 --> 00:08:42,760 Speaker 1: getting disease. And what do I mean by that? You 155 00:08:42,800 --> 00:08:47,440 Speaker 1: could get a low grade infection asymptomatic, last thirty six 156 00:08:47,520 --> 00:08:51,520 Speaker 1: to forty eight hours, you clear the virus, you're fine, 157 00:08:51,920 --> 00:08:55,000 Speaker 1: And so many of these vaccines may work in that way. 158 00:08:55,120 --> 00:08:57,560 Speaker 1: And so then we have to really make sure that 159 00:08:57,720 --> 00:09:01,480 Speaker 1: with the first available vaccines that were immunizing the cohort 160 00:09:01,960 --> 00:09:05,480 Speaker 1: and the cohorts most susceptible to severe disease, and we 161 00:09:05,520 --> 00:09:09,319 Speaker 1: know who those are. We know particularly long term care facilities, 162 00:09:09,480 --> 00:09:13,200 Speaker 1: nursing home, people in close settings like prisons. Of course 163 00:09:13,200 --> 00:09:15,360 Speaker 1: it would all be voluntary, but we want to make 164 00:09:15,360 --> 00:09:18,719 Speaker 1: sure a vaccine go to the most needed CDC is 165 00:09:18,760 --> 00:09:21,600 Speaker 1: working on a generalized distribution plan that gets it because 166 00:09:21,600 --> 00:09:23,680 Speaker 1: they're used to doing it for fluid, to get it 167 00:09:23,720 --> 00:09:27,440 Speaker 1: to all across America. But I think Americans would understand 168 00:09:27,480 --> 00:09:30,120 Speaker 1: that we need to prioritize the groups that could have 169 00:09:30,320 --> 00:09:33,880 Speaker 1: the most severe illness first and then work our way 170 00:09:33,960 --> 00:09:36,360 Speaker 1: through the rest of the United States to make sure 171 00:09:36,400 --> 00:09:39,120 Speaker 1: that everyone has access. All Right, Dr Burke's I will 172 00:09:39,160 --> 00:09:42,320 Speaker 1: leave it there. We're joined by Secretary Asar and I 173 00:09:42,360 --> 00:09:45,960 Speaker 1: want to ask you about this executive order that Chief 174 00:09:46,000 --> 00:09:49,000 Speaker 1: of Staff Market Meadows talked about yesterday in terms of 175 00:09:49,080 --> 00:09:53,280 Speaker 1: prescription jug pricing. Can you give us any details. Well, 176 00:09:53,520 --> 00:09:56,280 Speaker 1: I make it a business to not preempt the President 177 00:09:56,400 --> 00:10:00,280 Speaker 1: or the so uh, I'm gonna I'm gonna leave even 178 00:10:00,280 --> 00:10:03,800 Speaker 1: the actual announcements to them, but suffice it to say 179 00:10:03,880 --> 00:10:07,040 Speaker 1: the President has been deeply committed to getting prescription drug 180 00:10:07,120 --> 00:10:12,080 Speaker 1: prices down. We've approved historic levels of generic drugs, drugs um. 181 00:10:12,200 --> 00:10:15,920 Speaker 1: We've seen prescription drug inflation flatten from where it had 182 00:10:15,960 --> 00:10:19,040 Speaker 1: been before he before he took office, and before he 183 00:10:19,120 --> 00:10:21,720 Speaker 1: laid out the blueprint, where it was I think about 184 00:10:21,760 --> 00:10:25,640 Speaker 1: five percent on average inflation to now we're basically flat 185 00:10:25,920 --> 00:10:30,600 Speaker 1: zero percent inflation. But he remains committed to leveling the 186 00:10:30,640 --> 00:10:34,480 Speaker 1: playing field internationally and stopped for in free riding where 187 00:10:34,520 --> 00:10:37,120 Speaker 1: they don't where other countries don't pay enough for their 188 00:10:37,160 --> 00:10:40,160 Speaker 1: drugs and we pay too much up to ensure that 189 00:10:40,200 --> 00:10:43,960 Speaker 1: we decrease what people, especially our senior citizens, pay out 190 00:10:43,960 --> 00:10:47,120 Speaker 1: a pocket for their drugs. And he's deeply committed to 191 00:10:47,200 --> 00:10:50,080 Speaker 1: the concept that people should have the freedom to get 192 00:10:50,080 --> 00:10:53,199 Speaker 1: their drugs, import them from abroad if they can get 193 00:10:53,240 --> 00:10:56,719 Speaker 1: them in a safe, effective way that reduces their cost. Well, 194 00:10:56,720 --> 00:10:59,000 Speaker 1: that's what I want to follow up on, because he 195 00:10:59,240 --> 00:11:03,280 Speaker 1: There's also been reports about potentially more executive orders as 196 00:11:03,320 --> 00:11:05,920 Speaker 1: it relates to UH to manufacturing, and I've been having 197 00:11:06,000 --> 00:11:09,760 Speaker 1: conversations with administration officials on the economy as well as 198 00:11:09,800 --> 00:11:13,920 Speaker 1: protecting the domestic and international supply chain, and that includes, 199 00:11:14,400 --> 00:11:19,079 Speaker 1: as you're alluding to, Mr Secretary, that includes UH prescription drugs. 200 00:11:19,120 --> 00:11:22,680 Speaker 1: So how how does that what needs to be done 201 00:11:22,679 --> 00:11:25,360 Speaker 1: in between the public and the private sector in order 202 00:11:25,400 --> 00:11:29,080 Speaker 1: to protect people's medicines, especially if they are parts of 203 00:11:29,120 --> 00:11:32,679 Speaker 1: it is made internationally, like in China. Yes, so, I 204 00:11:32,679 --> 00:11:36,880 Speaker 1: think that the coronavirus pandemic has brought home that core 205 00:11:37,000 --> 00:11:40,439 Speaker 1: elements of our medical supply chain are just as strategic 206 00:11:40,520 --> 00:11:45,040 Speaker 1: to our national security as say nuclear submarines or aircraft 207 00:11:45,080 --> 00:11:48,600 Speaker 1: carriers are, and have to be treated with that same 208 00:11:48,720 --> 00:11:51,080 Speaker 1: kind of approach, which is to make sure we have 209 00:11:51,280 --> 00:11:55,640 Speaker 1: core domestic manufacturing capabilities. Now that means paying for that. 210 00:11:55,640 --> 00:11:59,160 Speaker 1: That does mean that right now we've seen the supply 211 00:11:59,400 --> 00:12:03,480 Speaker 1: chain UH go to low cost areas in the world 212 00:12:03,880 --> 00:12:07,880 Speaker 1: UM as well as areas that have protectionist trade policies 213 00:12:08,120 --> 00:12:11,520 Speaker 1: that lead to lower prices of goods UM. So it 214 00:12:11,640 --> 00:12:15,160 Speaker 1: might mean that we have to use our powers under 215 00:12:15,200 --> 00:12:19,400 Speaker 1: the Defense Production Act or otherwise to fund and incentivize 216 00:12:19,440 --> 00:12:25,199 Speaker 1: domestic manufacturing to ensure purchasing hear of domestic manufactured product 217 00:12:25,559 --> 00:12:30,760 Speaker 1: so that we essentially UM support and defend a local, 218 00:12:31,000 --> 00:12:36,480 Speaker 1: domestically based strategic focus around pharmaceuticals as well as personal 219 00:12:36,480 --> 00:12:39,600 Speaker 1: protective equipment. Can I can I ask you one more question? 220 00:12:39,679 --> 00:12:42,960 Speaker 1: Do you have a timetable on that executive order? I 221 00:12:43,040 --> 00:12:44,719 Speaker 1: just I want to know if if we're gonna get 222 00:12:44,720 --> 00:12:46,440 Speaker 1: it a couple of weeks, a couple of days in 223 00:12:46,520 --> 00:12:50,520 Speaker 1: terms of big pharma. Well, I don't have a timetable 224 00:12:50,559 --> 00:12:52,360 Speaker 1: for you. Again, I'll leave that to the President to 225 00:12:52,400 --> 00:12:55,319 Speaker 1: make a decision on when he when and whether he's 226 00:12:55,360 --> 00:12:57,720 Speaker 1: going to do anything by executive orders, all right, and 227 00:12:57,760 --> 00:13:00,959 Speaker 1: just and and just More broadly, it's how many questions 228 00:13:01,000 --> 00:13:03,920 Speaker 1: that I get from folks outside of the industry, outside 229 00:13:03,920 --> 00:13:06,520 Speaker 1: of Washington, is they want to know about vaccine development. 230 00:13:06,520 --> 00:13:08,400 Speaker 1: They want to know that when there is a vaccine, 231 00:13:08,400 --> 00:13:11,520 Speaker 1: when there is an effective treatment and vaccine, that that 232 00:13:11,600 --> 00:13:13,680 Speaker 1: everyone's going to be able to get it when they want. 233 00:13:13,960 --> 00:13:16,880 Speaker 1: Can you give us an inside account as to how 234 00:13:17,040 --> 00:13:19,840 Speaker 1: the vaccination process and what the government's doing to make 235 00:13:19,880 --> 00:13:23,120 Speaker 1: sure that people can get that vaccine once it is 236 00:13:23,200 --> 00:13:26,280 Speaker 1: in the market. Yeah, So the first thing we have 237 00:13:26,360 --> 00:13:29,440 Speaker 1: to do is get vaccine and get vaccine manufactured and 238 00:13:29,520 --> 00:13:32,680 Speaker 1: ensure that it's a safe and effective vaccine according to 239 00:13:32,760 --> 00:13:36,760 Speaker 1: the FDA's gold standard regular story approval processes. So we 240 00:13:36,880 --> 00:13:41,160 Speaker 1: just had an important announcement today where we are investing 241 00:13:41,240 --> 00:13:45,240 Speaker 1: in a fourth fourth vaccine candidates. This is nova vaccess 242 00:13:45,400 --> 00:13:50,199 Speaker 1: protein based vaccine one point six billion dollars for advanced 243 00:13:50,280 --> 00:13:53,400 Speaker 1: R and D as well as advanced manufacturing to secure 244 00:13:53,840 --> 00:13:57,360 Speaker 1: one million doses of the vaccine. So what are we 245 00:13:57,440 --> 00:14:01,679 Speaker 1: doing with whether it's our relationship with Maderna or the 246 00:14:01,720 --> 00:14:05,480 Speaker 1: ASTROSENCA vaccine or the Jansen J and J vaccine or 247 00:14:05,559 --> 00:14:09,760 Speaker 1: now novavax um. We are funding the R and B 248 00:14:10,120 --> 00:14:14,719 Speaker 1: to make sure that we compress the timelines any inefficiency 249 00:14:14,880 --> 00:14:19,480 Speaker 1: in the development timelines, not sacrificing standards, but just ensuring 250 00:14:19,560 --> 00:14:24,240 Speaker 1: that we're avoiding any types of unnecessary delay on development. 251 00:14:24,640 --> 00:14:28,360 Speaker 1: Uh So that taking the pharma timelines that normally you 252 00:14:28,360 --> 00:14:31,520 Speaker 1: would get say phase one data, you come, you sit down, 253 00:14:31,600 --> 00:14:33,640 Speaker 1: you study it, you spend time, then you design a 254 00:14:33,680 --> 00:14:37,440 Speaker 1: phase two or phase three trial. Um and instead compressing that, 255 00:14:37,600 --> 00:14:40,360 Speaker 1: have that predesigned. Have that so you can go right 256 00:14:40,400 --> 00:14:45,080 Speaker 1: away and then on manufacturing, make the investment to scale 257 00:14:45,160 --> 00:14:48,760 Speaker 1: up commercial manufacturing to deliver hundreds and millions of doses 258 00:14:49,240 --> 00:14:52,040 Speaker 1: even as you're doing the development trials to make to 259 00:14:52,200 --> 00:14:56,280 Speaker 1: to to prove that the vaccine would be safe and effective. Um. So, 260 00:14:56,600 --> 00:15:00,280 Speaker 1: what we're also doing is the distribution work is of course, 261 00:15:00,320 --> 00:15:04,200 Speaker 1: as you mentioned, critical, So we are working internally and 262 00:15:04,240 --> 00:15:09,119 Speaker 1: we will engage external stakeholders in a process to advise 263 00:15:09,320 --> 00:15:12,960 Speaker 1: on as we get more limited supplies of vaccine out. 264 00:15:13,040 --> 00:15:15,160 Speaker 1: So in the fall, as we get say tens of 265 00:15:15,200 --> 00:15:18,320 Speaker 1: millions of vaccine and scale up to the hundreds of 266 00:15:18,360 --> 00:15:22,600 Speaker 1: millions of doses of vaccine in early next year. Who 267 00:15:22,600 --> 00:15:26,120 Speaker 1: are the first groups that ought to be vaccinated? That 268 00:15:26,160 --> 00:15:28,400 Speaker 1: will be an ethical process. It will be a public 269 00:15:28,440 --> 00:15:32,080 Speaker 1: process where we gather input to help make those determinations. 270 00:15:32,440 --> 00:15:35,040 Speaker 1: I really appreciate your time, Secretary, is are and for 271 00:15:35,120 --> 00:15:39,000 Speaker 1: taking my I'm Kevin Cirelli, chief Washington correspondent for Bloomberg 272 00:15:39,000 --> 00:15:42,880 Speaker 1: TV and Radio. We're joined by Secretary Brulette. Mr Secretary, 273 00:15:42,920 --> 00:15:44,880 Speaker 1: thanks so much for being here. I want to get 274 00:15:44,960 --> 00:15:49,760 Speaker 1: your reaction to really what's been going on in the 275 00:15:49,800 --> 00:15:53,080 Speaker 1: past day, which is you've got a court order that 276 00:15:53,160 --> 00:15:55,800 Speaker 1: says the Dakota Access crude oil pipeline has got to 277 00:15:55,800 --> 00:15:58,600 Speaker 1: shut down. And then you've got developers of the Atlantic 278 00:15:58,720 --> 00:16:01,400 Speaker 1: Coast gas condo it's saying that they've got to cancel 279 00:16:01,920 --> 00:16:06,160 Speaker 1: the project. Are these are these types of pipelines, these 280 00:16:06,200 --> 00:16:08,960 Speaker 1: massive pipelines. Are these a thing in the past or 281 00:16:08,960 --> 00:16:11,480 Speaker 1: what has to be done in order to allow them 282 00:16:11,480 --> 00:16:14,880 Speaker 1: to be built? It was great, Hey, great to be 283 00:16:14,920 --> 00:16:17,240 Speaker 1: with you again, Kevin. I really appreciate the opportunity to 284 00:16:17,560 --> 00:16:20,920 Speaker 1: talk about these issues today. No, they're not done. H 285 00:16:21,000 --> 00:16:24,880 Speaker 1: They're not Dinosaurs and things of the past very disappointing 286 00:16:24,920 --> 00:16:27,560 Speaker 1: news coming out of you know, the East Coast with 287 00:16:27,600 --> 00:16:30,520 Speaker 1: the break to the Atlantic Coast pipeline. However, so you know, look, 288 00:16:30,520 --> 00:16:33,640 Speaker 1: I understand the decision. It's an economically rational decision. These 289 00:16:33,640 --> 00:16:37,240 Speaker 1: people have spent three billion dollars over six years. They 290 00:16:37,280 --> 00:16:40,560 Speaker 1: want a Supreme Court case, and yet they're still unable 291 00:16:40,600 --> 00:16:43,640 Speaker 1: to see their way through, UH, to develop this pipeline. 292 00:16:43,640 --> 00:16:46,440 Speaker 1: It's very very concerning. We'll see what the next steps 293 00:16:46,440 --> 00:16:49,720 Speaker 1: are there. But I understand the decision, and while disappointing, UH, 294 00:16:50,280 --> 00:16:52,200 Speaker 1: you know, I think it's probably at this point in 295 00:16:52,240 --> 00:16:56,160 Speaker 1: economically rational decision. I am not quite certain, however, that 296 00:16:56,200 --> 00:16:59,480 Speaker 1: I understand you know, what the environmental activists are actually 297 00:16:59,480 --> 00:17:02,640 Speaker 1: celebrate eating uh, you know, except for perhaps the loss 298 00:17:02,640 --> 00:17:05,960 Speaker 1: of American jobs and the uh, the loss of access 299 00:17:06,040 --> 00:17:09,520 Speaker 1: to cheap gas, cheap natural gas down in North Carolina 300 00:17:09,560 --> 00:17:12,639 Speaker 1: and other places along the pipeline, not much there to 301 00:17:12,720 --> 00:17:15,520 Speaker 1: cheer about, in my opinion. With regard to the Dakota 302 00:17:15,560 --> 00:17:18,160 Speaker 1: Access pipeline, we'll have to wait and see. I did 303 00:17:18,200 --> 00:17:21,960 Speaker 1: review the decision quickly yesterday. UM. I assume that the 304 00:17:22,000 --> 00:17:24,000 Speaker 1: parties that are involved with that are going to avail 305 00:17:24,040 --> 00:17:27,720 Speaker 1: themselves or whatever legal options present are presented to them. 306 00:17:28,240 --> 00:17:30,360 Speaker 1: We'll have to wait and see what those decisions are. 307 00:17:30,680 --> 00:17:34,760 Speaker 1: But it's very very important that we we take advantage 308 00:17:34,760 --> 00:17:39,719 Speaker 1: of these opportunities to create what the President calls regulatory certainty, 309 00:17:40,280 --> 00:17:42,720 Speaker 1: and he has directed me very early in this administration 310 00:17:42,760 --> 00:17:45,320 Speaker 1: and look at the regulations within the Department of Energy, 311 00:17:45,640 --> 00:17:49,160 Speaker 1: eliminate those that are redundant, are simply unnecessary. And we've 312 00:17:49,160 --> 00:17:51,280 Speaker 1: done exactly that. So we're going to continue that as 313 00:17:51,320 --> 00:17:54,680 Speaker 1: we move along. You know, even beyond that, we're staring 314 00:17:54,800 --> 00:17:59,399 Speaker 1: down Mr. Secretary, the prospects of another economic stimulus ahead 315 00:17:59,400 --> 00:18:02,480 Speaker 1: of the August recess. What would you like to see 316 00:18:02,560 --> 00:18:05,960 Speaker 1: included in that? And do you think that more government 317 00:18:05,960 --> 00:18:07,720 Speaker 1: aid is going to be needed for the oil and 318 00:18:07,760 --> 00:18:11,159 Speaker 1: gas industry at this point? You know, I think I 319 00:18:11,160 --> 00:18:13,840 Speaker 1: think what's happening in the energy industry depends on what 320 00:18:13,880 --> 00:18:16,399 Speaker 1: part of the industry you're talking about, obviously, but you know, 321 00:18:16,480 --> 00:18:19,440 Speaker 1: with regard to things like oil and gas, we're seeing 322 00:18:19,480 --> 00:18:22,280 Speaker 1: demand for refined product come back in a very good way, 323 00:18:22,400 --> 00:18:26,000 Speaker 1: very aggressive way. As that demand curve continues to increase, 324 00:18:26,040 --> 00:18:28,359 Speaker 1: as people begin to get out and about, as the 325 00:18:28,400 --> 00:18:31,720 Speaker 1: economies continue to open. We're gonna see these guys do 326 00:18:31,920 --> 00:18:34,960 Speaker 1: just fine. I am so proud of this particular industry 327 00:18:35,000 --> 00:18:37,320 Speaker 1: because of the innovations that they've been able to develop 328 00:18:37,400 --> 00:18:40,160 Speaker 1: over the course of the last two three perups four 329 00:18:40,240 --> 00:18:42,960 Speaker 1: decades that allows them to ramp up and down their 330 00:18:42,960 --> 00:18:47,080 Speaker 1: production numbers very very efficiently. So, you know, I think 331 00:18:47,119 --> 00:18:49,000 Speaker 1: as we continue to open up, we're going to have 332 00:18:49,280 --> 00:18:52,800 Speaker 1: a great, great economic recovery, and energy is going to 333 00:18:52,960 --> 00:18:57,040 Speaker 1: underpin almost all of it. And and to bring it 334 00:18:57,080 --> 00:18:58,879 Speaker 1: back to what you said, I mean, we're talking macro 335 00:18:59,040 --> 00:19:00,679 Speaker 1: right now, but to go down to the to the 336 00:19:00,720 --> 00:19:03,400 Speaker 1: localized level. For so many of these individuals, whether their 337 00:19:03,440 --> 00:19:06,680 Speaker 1: court cases or whether they're they're you know, the back 338 00:19:06,680 --> 00:19:09,439 Speaker 1: and forth, what's going on on Capitol Hill. These are 339 00:19:09,520 --> 00:19:11,639 Speaker 1: jobs for many people and and and parts of the 340 00:19:11,640 --> 00:19:15,240 Speaker 1: country that have been just completely economically devastated as a 341 00:19:15,320 --> 00:19:19,120 Speaker 1: result of this pandemic. What what needs to be done 342 00:19:19,160 --> 00:19:23,000 Speaker 1: to help those refinery workers to be helped, to help 343 00:19:23,080 --> 00:19:27,000 Speaker 1: those uh, you know, drillers who want to get back 344 00:19:27,000 --> 00:19:29,400 Speaker 1: to work. Maybe they are reopening, but they're staring these 345 00:19:29,600 --> 00:19:32,280 Speaker 1: down the headlines of all of this economic uncertainty. What 346 00:19:32,359 --> 00:19:35,840 Speaker 1: needs to be done to specifically help them. We need 347 00:19:35,880 --> 00:19:37,840 Speaker 1: to continue to open up the economy. That's what's going 348 00:19:37,880 --> 00:19:39,560 Speaker 1: to help them the most. And I think the President 349 00:19:39,600 --> 00:19:42,800 Speaker 1: is very appropriately pursuing that, you know, with regard to 350 00:19:42,800 --> 00:19:45,680 Speaker 1: the other government programs, the Care's Act, the Paper Check 351 00:19:45,720 --> 00:19:49,360 Speaker 1: Protection Act, UM, all of those programs, I think Secretary 352 00:19:49,400 --> 00:19:51,560 Speaker 1: Manutian and others have done a great job of making 353 00:19:51,600 --> 00:19:53,880 Speaker 1: those available to the energy industry. I know that many 354 00:19:53,920 --> 00:19:57,320 Speaker 1: have taken a um taking advantage of or made those 355 00:19:57,359 --> 00:20:00,200 Speaker 1: programs available to their employees as well as the you know, 356 00:20:00,280 --> 00:20:02,399 Speaker 1: their corporate entities. We need to continue to see that 357 00:20:02,480 --> 00:20:05,679 Speaker 1: happen as we move along. But first and foremost, you know, 358 00:20:05,720 --> 00:20:07,760 Speaker 1: the demand for energy is going to fix so many 359 00:20:07,800 --> 00:20:09,600 Speaker 1: of these issues that we're dealing with right now in 360 00:20:09,640 --> 00:20:12,840 Speaker 1: the economy. And UM, I think the President has done 361 00:20:12,880 --> 00:20:15,600 Speaker 1: a great job of opening up the economy in a 362 00:20:15,600 --> 00:20:17,880 Speaker 1: way that protects the health and welfare of the American 363 00:20:17,880 --> 00:20:20,920 Speaker 1: people and creates the economic activity that we need to 364 00:20:20,960 --> 00:20:25,480 Speaker 1: see these industries survive and thrive post pandemic. I have 365 00:20:25,520 --> 00:20:27,120 Speaker 1: two more questions for you, and I'll keep it quick. 366 00:20:27,240 --> 00:20:29,840 Speaker 1: Why just on the Dakota Access pipeline, why is that 367 00:20:29,920 --> 00:20:32,800 Speaker 1: so critical at a time, especially when there's an energy 368 00:20:32,800 --> 00:20:36,560 Speaker 1: surplus surplus and depressed markets and and along with this 369 00:20:37,000 --> 00:20:40,040 Speaker 1: greater global reliance and renewable sources. Talk to me about 370 00:20:40,040 --> 00:20:43,680 Speaker 1: the CODA. Sure, well, these types of pipelines, do you 371 00:20:43,720 --> 00:20:45,359 Speaker 1: think about what they're bringing in and you think about 372 00:20:45,400 --> 00:20:48,400 Speaker 1: what their purposes are? You know, in many cases they're 373 00:20:48,400 --> 00:20:51,760 Speaker 1: bringing in, for instance, crude oil that's necessary for certain 374 00:20:51,800 --> 00:20:54,240 Speaker 1: refineries here in the United States. You know, we talked 375 00:20:54,240 --> 00:20:57,159 Speaker 1: about energy independence in the past, and we talked about 376 00:20:57,480 --> 00:20:59,920 Speaker 1: the fact that our production numbers are now very, very 377 00:21:00,080 --> 00:21:03,639 Speaker 1: high in the United States, is in fact independent of 378 00:21:03,680 --> 00:21:07,600 Speaker 1: any of the negative consequences of being too dependent upon 379 00:21:07,720 --> 00:21:11,639 Speaker 1: adversarial nations. But what happens in trade is that certain 380 00:21:11,680 --> 00:21:15,760 Speaker 1: types of oil are are very advantageous to certain refineries. 381 00:21:15,760 --> 00:21:17,199 Speaker 1: And that's what we're seeing in the case of some 382 00:21:17,240 --> 00:21:20,600 Speaker 1: of the pipelines in the Northeast Canada. Produces very heavy 383 00:21:20,640 --> 00:21:24,000 Speaker 1: crude that is needed at these refineries, So bringing it 384 00:21:24,080 --> 00:21:26,640 Speaker 1: in and allowing that trade to happen is very important. 385 00:21:26,880 --> 00:21:28,840 Speaker 1: If you shut down the pipeline, you've shut off of 386 00:21:28,920 --> 00:21:32,280 Speaker 1: an avenue for a very important resource for many parts 387 00:21:32,280 --> 00:21:36,679 Speaker 1: of the country, places like Ohio, places down in Houston, Texas, 388 00:21:36,760 --> 00:21:39,240 Speaker 1: where you know these refineries are set up for this 389 00:21:39,359 --> 00:21:41,879 Speaker 1: heavy crude. Do you think we need to to to 390 00:21:41,960 --> 00:21:44,240 Speaker 1: do something to the permitting system and is that a 391 00:21:44,440 --> 00:21:47,679 Speaker 1: congressional fix or an executive order fix or any actions 392 00:21:47,680 --> 00:21:50,240 Speaker 1: that you can take. Well, I think, I think what 393 00:21:50,280 --> 00:21:52,320 Speaker 1: the President has has directed us to do at the 394 00:21:52,320 --> 00:21:55,560 Speaker 1: federal level UH is working. So, for instance, I'll give 395 00:21:55,600 --> 00:21:58,439 Speaker 1: you just a very practical, common sense example. You know, 396 00:21:58,880 --> 00:22:01,439 Speaker 1: if we have to do an environ ronmental review at 397 00:22:01,480 --> 00:22:04,280 Speaker 1: the Department of Energy, for instance, UH as part of 398 00:22:04,280 --> 00:22:07,600 Speaker 1: the permitting process for an l G export facility, we 399 00:22:07,680 --> 00:22:09,680 Speaker 1: take a very common sense step and we said, well, 400 00:22:09,680 --> 00:22:12,520 Speaker 1: has anyone else already done an environmental review? And if 401 00:22:12,560 --> 00:22:14,840 Speaker 1: the answer to that question is yes, then we reliable 402 00:22:14,840 --> 00:22:18,000 Speaker 1: on the work that's already been done, rather than initiating 403 00:22:18,040 --> 00:22:22,600 Speaker 1: a complete new process to do what other agencies have 404 00:22:22,680 --> 00:22:26,040 Speaker 1: already completed. Reliance upon their work is a very appropriate 405 00:22:26,040 --> 00:22:28,760 Speaker 1: step for us to take, and that eliminates millions of 406 00:22:28,800 --> 00:22:32,960 Speaker 1: dollars in permitting fees, legal fees, other types of cost 407 00:22:33,000 --> 00:22:35,720 Speaker 1: of these important projects. And final question for you. On 408 00:22:36,359 --> 00:22:40,399 Speaker 1: earlier this week, Denmark gave the nord stream to permission 409 00:22:40,440 --> 00:22:43,879 Speaker 1: to use pipeline vessels, UH, in order to complete the 410 00:22:43,960 --> 00:22:48,639 Speaker 1: final stretch of the pipeline. And this, you know they're saying, 411 00:22:48,880 --> 00:22:52,440 Speaker 1: is only going to enhance their ability to get Russian 412 00:22:52,600 --> 00:22:57,480 Speaker 1: natural natural gas to Europe. This is becoming more controversial, 413 00:22:57,480 --> 00:22:59,600 Speaker 1: as you know, Mr Secretary, by the day, and it 414 00:22:59,640 --> 00:23:03,200 Speaker 1: really had altered the political dynamics for Europe and Russia, 415 00:23:03,320 --> 00:23:09,160 Speaker 1: increasing Europe's reliance on Russian energy and therefore have us implications. 416 00:23:09,200 --> 00:23:12,480 Speaker 1: I just want to ask you where the administration is 417 00:23:12,520 --> 00:23:16,560 Speaker 1: on this standpoint, UH, in terms of Europe and Russia 418 00:23:16,600 --> 00:23:19,920 Speaker 1: and their energy reliance on each other. I think we're 419 00:23:19,920 --> 00:23:21,880 Speaker 1: in the same place that we've always been. The President 420 00:23:21,960 --> 00:23:24,040 Speaker 1: nailed it two years ago when he attended the NATO 421 00:23:24,119 --> 00:23:26,679 Speaker 1: conference and said he has a very basic question, a 422 00:23:26,760 --> 00:23:29,639 Speaker 1: very direct question. He said, you know, wait a minute, 423 00:23:30,280 --> 00:23:32,879 Speaker 1: I'm protecting you from the very people that you're buying 424 00:23:32,880 --> 00:23:35,560 Speaker 1: your energy from. Explain that to me. And he was 425 00:23:35,600 --> 00:23:39,919 Speaker 1: speaking very specifically to German and Europeans generally, so you know, 426 00:23:40,000 --> 00:23:42,560 Speaker 1: this was in the context of their contributions to NATO, 427 00:23:42,640 --> 00:23:45,479 Speaker 1: which I understand to be still somewhat deficient. So we're 428 00:23:45,520 --> 00:23:48,639 Speaker 1: going to continue our opposition to the pipeline. Uh, we 429 00:23:48,720 --> 00:23:50,879 Speaker 1: appreciate what the Danes are doing. We think it's very 430 00:23:50,880 --> 00:23:55,040 Speaker 1: important that they apply the European regulatory construct to this 431 00:23:55,119 --> 00:23:58,320 Speaker 1: particular pipeline, and we're going to continue our pressure on 432 00:23:58,480 --> 00:24:00,959 Speaker 1: them to insist that they do. Ex believe that. All right, 433 00:24:01,000 --> 00:24:04,280 Speaker 1: Secretary Amberlett, Department of Energy Secretary. I appreciate your time 434 00:24:04,280 --> 00:24:06,760 Speaker 1: and for speaking with me, sir, Thank you. We're joined 435 00:24:06,800 --> 00:24:11,000 Speaker 1: by Congressman brad Winstrup. He is a Republican serving Ohio 436 00:24:11,160 --> 00:24:13,200 Speaker 1: and and and Congressman, I want to ask you about 437 00:24:13,200 --> 00:24:16,240 Speaker 1: the next round of economic stimulus. You know, Leader McConnell 438 00:24:16,240 --> 00:24:19,439 Speaker 1: the other day was saying that August he wants to 439 00:24:19,480 --> 00:24:22,719 Speaker 1: get something done before the August recess. What would be 440 00:24:22,760 --> 00:24:27,880 Speaker 1: in the next round of economic stimulus, Well, in general, 441 00:24:27,920 --> 00:24:31,920 Speaker 1: I would say what we're focusing on is a reopening package. 442 00:24:32,000 --> 00:24:35,720 Speaker 1: In other words, instead of Phase four or five whatever 443 00:24:36,160 --> 00:24:39,760 Speaker 1: that we were talking about, reopening phase one and and 444 00:24:39,760 --> 00:24:43,600 Speaker 1: it's still addresses the effects of COVID and it's just 445 00:24:43,720 --> 00:24:46,400 Speaker 1: it's effects on our economy. And I think that that's 446 00:24:46,400 --> 00:24:48,480 Speaker 1: gonna be the big push, and we're going to continue 447 00:24:48,480 --> 00:24:50,200 Speaker 1: to look for any of the glitches and the things 448 00:24:50,200 --> 00:24:54,240 Speaker 1: that we've already done so that we can maintain UH 449 00:24:54,760 --> 00:24:58,520 Speaker 1: and get back to a healthy economy, whether it's our hospitals, 450 00:24:58,520 --> 00:25:01,760 Speaker 1: our businesses or endo vigils are small businesses. We have 451 00:25:01,840 --> 00:25:04,080 Speaker 1: to take a look at all that we painted things 452 00:25:04,080 --> 00:25:06,680 Speaker 1: with a pretty broadbrush when we first started, and we've 453 00:25:06,720 --> 00:25:09,399 Speaker 1: seen we've had to make some changes, extending programs like 454 00:25:09,440 --> 00:25:12,320 Speaker 1: p P P. I think is is a great deal 455 00:25:12,440 --> 00:25:15,280 Speaker 1: for what's going on in America today and the needs 456 00:25:15,280 --> 00:25:17,760 Speaker 1: that people have. And we have to continue to look 457 00:25:17,800 --> 00:25:21,480 Speaker 1: at things going in a positive direction and UH doing 458 00:25:21,480 --> 00:25:24,840 Speaker 1: and doing it safely. And that's the that's the conundrum. So, 459 00:25:24,960 --> 00:25:29,720 Speaker 1: you know, from an economic perspective, especially as economist, Congressman 460 00:25:29,720 --> 00:25:32,560 Speaker 1: are talking about their being a stepped up recovery with 461 00:25:32,680 --> 00:25:35,639 Speaker 1: the with the you know, positive economic indicators and the 462 00:25:35,720 --> 00:25:38,639 Speaker 1: Q three beginning Q four, you know, you've just passed 463 00:25:38,640 --> 00:25:42,720 Speaker 1: significant other significant economic deals including U S M c 464 00:25:42,880 --> 00:25:46,639 Speaker 1: A which recently went into effect. From an economic standpoint, 465 00:25:46,720 --> 00:25:48,720 Speaker 1: it's not just the virus, but what else needs to 466 00:25:48,760 --> 00:25:54,560 Speaker 1: be done in order to get a faster recovery. Well, 467 00:25:54,600 --> 00:25:58,520 Speaker 1: I think that you you'll see the administration working with 468 00:25:58,760 --> 00:26:02,800 Speaker 1: us UH to to do pro gross things. UM, you 469 00:26:02,800 --> 00:26:07,240 Speaker 1: know I think that, um, there's so many things to 470 00:26:07,280 --> 00:26:09,480 Speaker 1: look at, and I know that I'm being kind of 471 00:26:09,560 --> 00:26:12,680 Speaker 1: vague because there there are a lot of opportunities out 472 00:26:12,720 --> 00:26:18,320 Speaker 1: there UM. And to allow people to uh continue with 473 00:26:18,359 --> 00:26:22,119 Speaker 1: the tax breaks to maintain more of their income UM. 474 00:26:22,160 --> 00:26:25,800 Speaker 1: But we also have to get kids back in school. 475 00:26:25,840 --> 00:26:28,280 Speaker 1: These these are some of the things that we have 476 00:26:28,440 --> 00:26:31,600 Speaker 1: to do for allow to allow our economy to take place, 477 00:26:31,640 --> 00:26:33,800 Speaker 1: and of course we have to do it do it safely. 478 00:26:34,160 --> 00:26:37,080 Speaker 1: So it's a combination of returning to normal in a 479 00:26:37,200 --> 00:26:39,760 Speaker 1: in a safe place, in a way that people aren't 480 00:26:39,760 --> 00:26:43,120 Speaker 1: anxious and and so it really comes down so much 481 00:26:43,119 --> 00:26:46,520 Speaker 1: of this is involved with health, right and so as 482 00:26:46,560 --> 00:26:50,480 Speaker 1: you look, we have got to look at the virus 483 00:26:50,520 --> 00:26:54,320 Speaker 1: itself and continue to go in positive directions medically, which 484 00:26:54,320 --> 00:26:58,159 Speaker 1: we have done with treatments. You're seeing far fewer people 485 00:26:58,800 --> 00:27:02,160 Speaker 1: uh dying. You're seeing people that have recovered and they 486 00:27:02,240 --> 00:27:05,520 Speaker 1: have convalescent plasma. They can help the next person. Those 487 00:27:05,560 --> 00:27:07,920 Speaker 1: are things that we need to do to build confidence 488 00:27:08,080 --> 00:27:11,600 Speaker 1: in in our society in general, UM, and we would 489 00:27:11,680 --> 00:27:13,840 Speaker 1: and when we do that, we can eliminate some of 490 00:27:13,880 --> 00:27:17,800 Speaker 1: the other things that have been happening because people aren't 491 00:27:17,800 --> 00:27:19,600 Speaker 1: at work or they are shut down. We see an 492 00:27:19,600 --> 00:27:23,080 Speaker 1: increase in suicide, domestic violence, all these things that are 493 00:27:23,119 --> 00:27:25,920 Speaker 1: negatives for us. So we have to take a look 494 00:27:25,920 --> 00:27:28,560 Speaker 1: at those and make sure that we can re institute 495 00:27:28,640 --> 00:27:30,800 Speaker 1: normal life for a lot of people, so that people 496 00:27:30,840 --> 00:27:33,320 Speaker 1: can go to work because their kids are taken care 497 00:27:33,359 --> 00:27:37,160 Speaker 1: of at school and afterwards, and all of these things 498 00:27:37,200 --> 00:27:42,000 Speaker 1: come into play. We have a shortage of daycare providers. 499 00:27:42,040 --> 00:27:44,680 Speaker 1: That's the problem for our economy because you can't return 500 00:27:44,720 --> 00:27:47,359 Speaker 1: to work and just leave your kids at home. All 501 00:27:47,400 --> 00:27:49,520 Speaker 1: of these things have to be addressed. And I'm going 502 00:27:49,560 --> 00:27:52,679 Speaker 1: to look for incentives for those types of programs and 503 00:27:52,760 --> 00:27:55,639 Speaker 1: to encourage more people to go into those fields because 504 00:27:55,640 --> 00:27:57,919 Speaker 1: there's a definite need there. And if we don't, if 505 00:27:57,920 --> 00:28:01,240 Speaker 1: we don't address every component of the US, people just 506 00:28:01,280 --> 00:28:03,600 Speaker 1: can't all return back to work. But I am encouraged 507 00:28:03,640 --> 00:28:06,000 Speaker 1: by the numbers that we have seen in the last 508 00:28:06,000 --> 00:28:08,119 Speaker 1: couple of months in Congressmen. I want to pick up 509 00:28:08,119 --> 00:28:11,159 Speaker 1: on that point because from an economic standpoint here we 510 00:28:11,200 --> 00:28:14,439 Speaker 1: are staring down the next round of economic stimulus negotiations 511 00:28:14,440 --> 00:28:17,840 Speaker 1: ahead of the August recess. And and and you you 512 00:28:17,880 --> 00:28:21,520 Speaker 1: mentioned about the psychology of the American worker in terms 513 00:28:21,560 --> 00:28:24,080 Speaker 1: of going back to work. Part of that includes sending 514 00:28:24,119 --> 00:28:27,399 Speaker 1: your kids back to school and having faith that the 515 00:28:27,520 --> 00:28:31,640 Speaker 1: school not even but being reassured that sending your your 516 00:28:31,720 --> 00:28:34,399 Speaker 1: kids back to school, back to daycare, back to you know, 517 00:28:34,400 --> 00:28:37,040 Speaker 1: elementary school, high school, that they're going to be safe. 518 00:28:37,560 --> 00:28:41,560 Speaker 1: And so you talked about providing incentives for these schools 519 00:28:41,560 --> 00:28:45,680 Speaker 1: to be able to get access to to clean facilities 520 00:28:45,720 --> 00:28:50,120 Speaker 1: and whatnot. How important is that to to to reopening 521 00:28:50,120 --> 00:28:55,080 Speaker 1: the economy. It's really important. And you talk to anybody 522 00:28:55,160 --> 00:28:58,960 Speaker 1: that has employees, especially in small businesses, and that is 523 00:28:59,000 --> 00:29:00,880 Speaker 1: one of their major con turns and it's going to 524 00:29:00,960 --> 00:29:03,520 Speaker 1: be a limiting factor. So we've seen good numbers. We 525 00:29:03,560 --> 00:29:05,479 Speaker 1: want to see the numbers going up. But those are 526 00:29:05,480 --> 00:29:08,280 Speaker 1: the things that come into play. And so I represent 527 00:29:08,360 --> 00:29:12,080 Speaker 1: both urban and rural areas and it's a very different 528 00:29:12,360 --> 00:29:16,400 Speaker 1: environment in each I have some counties where their hospital 529 00:29:16,840 --> 00:29:20,959 Speaker 1: maybe has had zero admissions for COVID or one and 530 00:29:20,960 --> 00:29:24,040 Speaker 1: and only one death and that was with co morbidities, 531 00:29:24,320 --> 00:29:28,000 Speaker 1: and so they're not understanding the same way an urban 532 00:29:28,040 --> 00:29:30,800 Speaker 1: setting is, where you have higher numbers than you have deaths. 533 00:29:31,200 --> 00:29:33,360 Speaker 1: Cincinnati is not the same as New York and my 534 00:29:33,440 --> 00:29:36,720 Speaker 1: rural errors aren't the same as Cincinnati. So how we 535 00:29:36,800 --> 00:29:40,200 Speaker 1: go about doing that really is going to involve good 536 00:29:40,240 --> 00:29:45,000 Speaker 1: medical decisions at the local level to build the confidence 537 00:29:45,240 --> 00:29:49,120 Speaker 1: of parents and of kids going to school. The desire 538 00:29:49,240 --> 00:29:52,720 Speaker 1: is there. I have seen that tremendously. The desire is 539 00:29:52,760 --> 00:29:55,960 Speaker 1: there to return to that normal, and we just have 540 00:29:56,080 --> 00:29:58,600 Speaker 1: to do all that we can to allow, especially at 541 00:29:58,600 --> 00:30:01,160 Speaker 1: a local level, people to revise the safety that is 542 00:30:01,240 --> 00:30:04,920 Speaker 1: necessary and the competent of that safety if they're going 543 00:30:04,920 --> 00:30:08,280 Speaker 1: to go back to to work and and be able 544 00:30:08,320 --> 00:30:10,760 Speaker 1: to send their kids to school. But at the same time, 545 00:30:11,040 --> 00:30:13,760 Speaker 1: what's really important on people's minds is they don't want 546 00:30:13,760 --> 00:30:16,960 Speaker 1: their kids missing out on their education. And so it's 547 00:30:16,960 --> 00:30:19,960 Speaker 1: a combination there. So it's a very holistic approach that 548 00:30:20,000 --> 00:30:23,080 Speaker 1: we need to take because it's not just about the virus. 549 00:30:23,160 --> 00:30:25,120 Speaker 1: Are we going to have a generation of kids that 550 00:30:25,200 --> 00:30:28,240 Speaker 1: were uneducated because we're not letting them go to school. 551 00:30:28,440 --> 00:30:31,360 Speaker 1: That's the problem. And I can tell you is, you know, 552 00:30:31,440 --> 00:30:34,880 Speaker 1: I'm lucky my my son in kindergarten. We we get 553 00:30:34,920 --> 00:30:37,920 Speaker 1: his his teachers online every day, and we have his 554 00:30:37,960 --> 00:30:40,760 Speaker 1: class work online every day, and we can print the 555 00:30:40,800 --> 00:30:43,400 Speaker 1: programs and do the work with him. Not everyone has 556 00:30:43,440 --> 00:30:47,400 Speaker 1: that capability across America, and we have to recognize that. 557 00:30:47,480 --> 00:30:50,640 Speaker 1: And that's why the importance of continuing to educate our 558 00:30:50,720 --> 00:30:54,160 Speaker 1: children is really important, especially for our workforce, not only 559 00:30:54,200 --> 00:30:56,760 Speaker 1: for today for parents that are working, but for the 560 00:30:56,840 --> 00:31:00,320 Speaker 1: future and our workforce. Cogress and Bradwin shops in the line. 561 00:31:00,320 --> 00:31:04,520 Speaker 1: He's a Republican and he serves for Ohio second Congressional District. 562 00:31:04,600 --> 00:31:07,479 Speaker 1: He's also an Iraq war veteran and serves as a 563 00:31:07,480 --> 00:31:12,239 Speaker 1: member of the House Select Intelligence Committee. Uh and Uh, 564 00:31:12,640 --> 00:31:15,560 Speaker 1: that's really where I want to go next. In terms 565 00:31:15,560 --> 00:31:18,600 Speaker 1: of more geopolitical If if I could for a minute, 566 00:31:18,680 --> 00:31:25,840 Speaker 1: how has how has the United States collectively been protecting 567 00:31:25,840 --> 00:31:29,120 Speaker 1: itself against some of what's what's coming out of China, 568 00:31:29,200 --> 00:31:32,280 Speaker 1: or how has this been changing the dynamic from Beijing 569 00:31:32,880 --> 00:31:37,600 Speaker 1: with their lack of transparency, Congressman. In terms of resetting, uh, 570 00:31:37,640 --> 00:31:42,760 Speaker 1: some of the some of the geopolitical relationship there. We 571 00:31:42,840 --> 00:31:45,320 Speaker 1: have a lot of restructuring to do, and I think 572 00:31:45,320 --> 00:31:47,800 Speaker 1: that this president was on his way and doing that, 573 00:31:48,160 --> 00:31:50,040 Speaker 1: and I think we're going to continue to do it. 574 00:31:50,120 --> 00:31:52,560 Speaker 1: And I think it's going to happen with the support 575 00:31:52,600 --> 00:31:56,800 Speaker 1: of Congress because it needs to. I'm I'm a military guy. 576 00:31:56,840 --> 00:31:59,240 Speaker 1: I did. He has spent a year in Iraq, also 577 00:31:59,320 --> 00:32:03,080 Speaker 1: a position, very concerned about the World Health Organization. If 578 00:32:03,080 --> 00:32:06,440 Speaker 1: you're not getting honest data and honest answers out of 579 00:32:06,240 --> 00:32:09,400 Speaker 1: the membership, then it's not worth having it at all. 580 00:32:09,880 --> 00:32:12,440 Speaker 1: And we shouggest trying to together our own data as 581 00:32:12,520 --> 00:32:16,800 Speaker 1: best that we can. And and so that's a recognized problem, 582 00:32:16,840 --> 00:32:19,240 Speaker 1: and I think the President was right to respond to 583 00:32:19,280 --> 00:32:21,360 Speaker 1: that in some ways and let it be known that 584 00:32:21,440 --> 00:32:24,240 Speaker 1: we're not going to tolerate this, this type of bad 585 00:32:24,320 --> 00:32:27,760 Speaker 1: behavior when it comes to the health of humankind. This 586 00:32:27,800 --> 00:32:31,160 Speaker 1: has affected the entire world. That's one thing. We've also 587 00:32:31,280 --> 00:32:34,000 Speaker 1: learned a valuable, valuable lesson that I think has really 588 00:32:34,040 --> 00:32:37,120 Speaker 1: been brought to the forefront and maybe been ignored for 589 00:32:37,120 --> 00:32:40,680 Speaker 1: for decades now, and that's our supply chain. And so 590 00:32:40,720 --> 00:32:43,040 Speaker 1: we are going to have to change our economy in 591 00:32:43,080 --> 00:32:46,600 Speaker 1: a way that manufacturing comes back to the United States, 592 00:32:46,680 --> 00:32:49,400 Speaker 1: which this president has been doing since the day he 593 00:32:49,440 --> 00:32:52,400 Speaker 1: took office, and that is key. I got asked early 594 00:32:52,440 --> 00:32:54,959 Speaker 1: on when it was recognized we had a supply chain problem, 595 00:32:55,200 --> 00:32:57,000 Speaker 1: So what do you do? I said, what this president 596 00:32:57,040 --> 00:33:00,000 Speaker 1: has been doing bringing manufacturing back to the United States 597 00:33:00,040 --> 00:33:02,600 Speaker 1: of America. We're gonna have to find ways of doing that. 598 00:33:02,800 --> 00:33:05,200 Speaker 1: As a military person, if you had told me that 599 00:33:05,240 --> 00:33:11,160 Speaker 1: my protective equipment and my pharmaceuticals that we got in China, 600 00:33:11,640 --> 00:33:13,680 Speaker 1: where that we that we got in Iraq, we're coming 601 00:33:13,720 --> 00:33:16,400 Speaker 1: from China, I would have said, there is no way. 602 00:33:16,600 --> 00:33:19,120 Speaker 1: And but that's the situation we're in, and I can 603 00:33:19,160 --> 00:33:22,320 Speaker 1: tell you right now we're working diligently to identify where 604 00:33:22,440 --> 00:33:26,520 Speaker 1: vulnerabilities are and working to correct that and working hand 605 00:33:26,560 --> 00:33:29,600 Speaker 1: in hand with the administration on that. That's Congressman Bradwin 606 00:33:29,640 --> 00:33:32,840 Speaker 1: shrip He is a Republican from Ohio second Congressional District. 607 00:33:33,200 --> 00:33:37,160 Speaker 1: We're joined by Javita Carranza of the Small Business Administration, 608 00:33:37,240 --> 00:33:39,800 Speaker 1: and she, of course has been one of the driving 609 00:33:39,960 --> 00:33:44,240 Speaker 1: forces behind making sure that businesses get access to loans, 610 00:33:44,640 --> 00:33:48,400 Speaker 1: especially small businesses get access to loans. Now, we've just 611 00:33:48,560 --> 00:33:51,600 Speaker 1: received some of the data about who has gotten access 612 00:33:51,640 --> 00:33:54,400 Speaker 1: to the p P P loans that have been out there. 613 00:33:54,480 --> 00:33:57,200 Speaker 1: Now there have been some criticism, as you know, that 614 00:33:57,240 --> 00:34:00,400 Speaker 1: it was the politically well connected, uh that that we're 615 00:34:00,440 --> 00:34:03,280 Speaker 1: able to get access to this What is the administration 616 00:34:03,480 --> 00:34:06,600 Speaker 1: doing to make sure that any small business that needs 617 00:34:06,640 --> 00:34:11,399 Speaker 1: and qualifies for those loans is able to get it. Well, Kevin, 618 00:34:11,440 --> 00:34:13,080 Speaker 1: I'd like to start out by saying that the p 619 00:34:13,239 --> 00:34:16,120 Speaker 1: p P has proven to be very successful. It has 620 00:34:16,160 --> 00:34:20,360 Speaker 1: actually achieved its two objectives, which was a job retention, 621 00:34:20,800 --> 00:34:25,000 Speaker 1: wage growth all in one and then also sustaining of 622 00:34:25,040 --> 00:34:28,560 Speaker 1: small businesses. And the PPP has saved nearly five million 623 00:34:28,600 --> 00:34:32,200 Speaker 1: small business enterprises. So those are the data, you know, 624 00:34:32,239 --> 00:34:35,000 Speaker 1: the data points that I always look at the fact 625 00:34:35,000 --> 00:34:40,279 Speaker 1: that we process about five billion dollars and saved and 626 00:34:40,280 --> 00:34:42,040 Speaker 1: this is the other data point I always as they 627 00:34:42,080 --> 00:34:46,720 Speaker 1: focused on, we we estimate based on the entry on 628 00:34:46,760 --> 00:34:49,760 Speaker 1: all of the loan applications that we've saved an estimated 629 00:34:49,760 --> 00:34:53,239 Speaker 1: fifty one million jobs. And I also looked at the 630 00:34:53,280 --> 00:34:55,920 Speaker 1: fact that of the funding. If you look at the 631 00:34:56,000 --> 00:34:59,200 Speaker 1: data very closely, you notice that most of the loans 632 00:34:59,280 --> 00:35:03,720 Speaker 1: were made um about a hundred and fifty thousand dollars 633 00:35:03,719 --> 00:35:06,359 Speaker 1: in less. Actually, I look at loans that are five 634 00:35:06,400 --> 00:35:10,800 Speaker 1: thousands or twenty thousand dollars and we have provided funding 635 00:35:11,080 --> 00:35:16,600 Speaker 1: for I would say of the loan volume, men value 636 00:35:16,640 --> 00:35:21,000 Speaker 1: of the loans really went to low income counties. And 637 00:35:21,080 --> 00:35:23,759 Speaker 1: that's why as I traveled throughout the United States, I've 638 00:35:23,840 --> 00:35:28,359 Speaker 1: visited those particular communities and and the businesses have been 639 00:35:28,920 --> 00:35:33,960 Speaker 1: hit the hardest, Kevin, like the restaurants, for the manufacturing 640 00:35:35,520 --> 00:35:39,440 Speaker 1: and and Javita. I want to ask you specifically about 641 00:35:39,560 --> 00:35:42,200 Speaker 1: some of the criticism about the data that has been 642 00:35:42,239 --> 00:35:47,720 Speaker 1: made public. Democrats have raised concerns that the smaller sized 643 00:35:47,760 --> 00:35:50,920 Speaker 1: loans have not yet been disclosed. Loans that are that 644 00:35:51,000 --> 00:35:54,360 Speaker 1: are fewer than a hundred and fifty thousand dollars for 645 00:35:54,400 --> 00:35:59,640 Speaker 1: those approved learned loans. Why why is that information considered 646 00:35:59,719 --> 00:36:05,200 Speaker 1: prietary or confidential? Kevin. That's an excellent question because as 647 00:36:05,280 --> 00:36:10,120 Speaker 1: an administrator of a small business administration, I take um 648 00:36:10,120 --> 00:36:15,839 Speaker 1: my judiciary responsibility very seriously about protecting proprietary and confidence 649 00:36:15,840 --> 00:36:21,120 Speaker 1: and competitive information and the smallest the small the smallest 650 00:36:21,160 --> 00:36:24,239 Speaker 1: businesses like the sole proprietors or for that matter, the 651 00:36:24,239 --> 00:36:28,440 Speaker 1: independent contractors. I always use as as an example, Kevin, 652 00:36:29,160 --> 00:36:33,840 Speaker 1: here you have a woman, single parent, single parent, who's 653 00:36:33,880 --> 00:36:37,640 Speaker 1: an uber or lift driver, and her home address is 654 00:36:37,640 --> 00:36:40,799 Speaker 1: her business address, and she's applying for something like less 655 00:36:40,800 --> 00:36:45,600 Speaker 1: than five thousand dollars. That is very confidential information. And 656 00:36:45,640 --> 00:36:48,480 Speaker 1: that's the information that we were trying to protect when 657 00:36:48,520 --> 00:36:51,799 Speaker 1: we were very specific about what we would release and 658 00:36:51,880 --> 00:36:55,200 Speaker 1: what we wouldn't release. UM. You know, the g O 659 00:36:55,520 --> 00:37:00,120 Speaker 1: Office and the Congressional Oversight members, they've received information and 660 00:37:00,600 --> 00:37:06,000 Speaker 1: UM that's unique to their particular UM requirements, but as 661 00:37:06,040 --> 00:37:10,239 Speaker 1: it relates to the public information, that's why we protected 662 00:37:10,280 --> 00:37:15,040 Speaker 1: certain certain loan values and and beyond that. Just on Saturday, 663 00:37:15,120 --> 00:37:19,160 Speaker 1: the President extending the deadline for p P P loans 664 00:37:19,200 --> 00:37:22,520 Speaker 1: I believe until August eight, and there I think it's 665 00:37:22,560 --> 00:37:25,960 Speaker 1: a hundred and thirty plus billion dollars worth of remaining 666 00:37:26,000 --> 00:37:29,799 Speaker 1: funds for for small businesses loans. Do you think if 667 00:37:29,920 --> 00:37:33,680 Speaker 1: if that money isn't isn't used up by August eight, 668 00:37:34,320 --> 00:37:36,600 Speaker 1: where do you think that will go? And what is 669 00:37:36,600 --> 00:37:41,239 Speaker 1: the best way to appropriate the leftover funds specifically to 670 00:37:41,320 --> 00:37:44,600 Speaker 1: target so really micro's target some of these small businesses, 671 00:37:44,800 --> 00:37:48,200 Speaker 1: micro businesses even around the country that are the backbone 672 00:37:48,320 --> 00:37:52,640 Speaker 1: of of of America's economy. Well, Kevin, let me answer 673 00:37:53,320 --> 00:37:56,960 Speaker 1: your question to fold. The President took historic action and 674 00:37:57,160 --> 00:38:01,560 Speaker 1: very focused on small business, small businesses and their employees, 675 00:38:02,239 --> 00:38:06,200 Speaker 1: and he made available hundreds of billions of dollars. We've 676 00:38:06,239 --> 00:38:10,200 Speaker 1: already processed a half a trillion dollars worth of funds 677 00:38:10,239 --> 00:38:14,120 Speaker 1: for small businesses. You have the data and so that 678 00:38:14,200 --> 00:38:18,160 Speaker 1: represents Again, I can't emphasize more fifty one million jobs 679 00:38:18,360 --> 00:38:22,120 Speaker 1: and if the one hundred and twenty five over one 680 00:38:22,200 --> 00:38:25,879 Speaker 1: hundred and twenty five billion dollars that remains and that's 681 00:38:25,920 --> 00:38:30,640 Speaker 1: available through August eight, We're really focused on continuing to 682 00:38:30,800 --> 00:38:34,880 Speaker 1: provide funds for sole proprits and independent contractors. With Kevin, 683 00:38:35,239 --> 00:38:38,400 Speaker 1: many of them were apprehensive and some of them returned 684 00:38:38,440 --> 00:38:43,600 Speaker 1: their loans, and so we are encouraging for these particular 685 00:38:43,640 --> 00:38:46,560 Speaker 1: businesses to work with their local lenders, and we have 686 00:38:47,120 --> 00:38:52,360 Speaker 1: over fifty five hundred lending partners and Kevin, you'd be 687 00:38:52,400 --> 00:38:56,200 Speaker 1: pleased to know that there are more sedified and credit 688 00:38:56,280 --> 00:39:00,840 Speaker 1: unions applying to be authorized so that they can provide 689 00:39:00,840 --> 00:39:04,399 Speaker 1: P p P loans because it's a forgivable loan. As 690 00:39:04,440 --> 00:39:07,680 Speaker 1: long as a small business can demonstrate that they've used 691 00:39:07,680 --> 00:39:10,640 Speaker 1: their funds to retain their employees as well as their 692 00:39:10,680 --> 00:39:15,680 Speaker 1: operating costs, that's like a win win proposition. The loan 693 00:39:15,760 --> 00:39:21,320 Speaker 1: will be forgiven. So I really expect maybe a slow intake, 694 00:39:21,800 --> 00:39:26,080 Speaker 1: but um definitely more businesses. Unique businesses will be applying 695 00:39:26,120 --> 00:39:30,239 Speaker 1: for these moans. Again over a billion in the P 696 00:39:30,360 --> 00:39:34,600 Speaker 1: P P loan portfolio, but also we have the disaster 697 00:39:35,200 --> 00:39:38,840 Speaker 1: loan portfolio, which is called the Economic Injury Disaster Loan Portfolio, 698 00:39:38,920 --> 00:39:42,680 Speaker 1: the COVID that has I'm going to say about another 699 00:39:42,760 --> 00:39:46,160 Speaker 1: eighty than ninety billion dollars available for small businesses. I 700 00:39:46,239 --> 00:39:49,000 Speaker 1: just got a couple more questions. We're busy, Yeah, I 701 00:39:49,040 --> 00:39:50,319 Speaker 1: know you are, and that's why I want to be 702 00:39:50,400 --> 00:39:52,040 Speaker 1: very respectful of your time. And I've just got a 703 00:39:52,080 --> 00:39:56,920 Speaker 1: couple more questions. Because as as Congress gets it, rolls 704 00:39:57,000 --> 00:39:59,480 Speaker 1: up their sleeve and tries to get to some type 705 00:39:59,480 --> 00:40:02,160 Speaker 1: of the round of economic stimulus. And the President has 706 00:40:02,160 --> 00:40:04,919 Speaker 1: come out and said he once there's leader McConnell has said, 707 00:40:05,280 --> 00:40:08,680 Speaker 1: but before August recess, but what do you think are 708 00:40:08,719 --> 00:40:13,239 Speaker 1: some creative ways to target micro businesses, to target these 709 00:40:13,280 --> 00:40:15,680 Speaker 1: mom and pop shops and I don't like using that cliche, 710 00:40:15,760 --> 00:40:20,080 Speaker 1: but these small town businesses. What are some new ways 711 00:40:20,120 --> 00:40:23,719 Speaker 1: that we can we can help those businesses um in 712 00:40:23,760 --> 00:40:27,680 Speaker 1: the next stimulus that you'd like to see. Yes, Kevin, 713 00:40:28,000 --> 00:40:32,040 Speaker 1: there's a lot of discussion in the negotiations. Currently, we've 714 00:40:32,080 --> 00:40:36,560 Speaker 1: submitted some of our recommendations to them concerning our what 715 00:40:36,920 --> 00:40:40,040 Speaker 1: we call the flagship um loan portfolio, which is a 716 00:40:40,120 --> 00:40:43,600 Speaker 1: seven eight the Bible four which really focuses on manufacturing 717 00:40:43,640 --> 00:40:47,359 Speaker 1: and the focus it focuses really in the underserved communities 718 00:40:47,840 --> 00:40:50,840 Speaker 1: where six of their employees have to come from that community. 719 00:40:51,239 --> 00:40:53,799 Speaker 1: So we're really interested in the seven eight Bible or 720 00:40:53,840 --> 00:40:57,480 Speaker 1: portfolio in the community advantage. We've also looked at our 721 00:40:57,760 --> 00:41:00,960 Speaker 1: federal but Chairman of Government Contracting Office, and then they're 722 00:41:01,000 --> 00:41:05,719 Speaker 1: also there's also other um considerations on the table where 723 00:41:05,719 --> 00:41:09,239 Speaker 1: we definitely are listening to all our small businesses and 724 00:41:09,320 --> 00:41:13,520 Speaker 1: the chambers and the trade associations on what they believe 725 00:41:13,920 --> 00:41:18,680 Speaker 1: would be necessary to two again assist these small businesses 726 00:41:18,680 --> 00:41:21,520 Speaker 1: to whether this particular storm, this pandemic was only supposed 727 00:41:21,560 --> 00:41:24,560 Speaker 1: to last two or three weeks, Kevin, that was the 728 00:41:24,600 --> 00:41:27,480 Speaker 1: first lifeline, and then it was expanded to the second 729 00:41:27,480 --> 00:41:30,800 Speaker 1: transp funds, which which we now still have a hundred 730 00:41:30,800 --> 00:41:33,400 Speaker 1: and twenty five thousand of US I'm sorry, a hundred 731 00:41:33,440 --> 00:41:38,120 Speaker 1: and fifty billion available all in s b A. So, Kevin, 732 00:41:38,520 --> 00:41:43,400 Speaker 1: we want to make sure that the small business community 733 00:41:43,440 --> 00:41:49,920 Speaker 1: continues to thrive like they did free COVID pandemic, because 734 00:41:50,040 --> 00:41:53,280 Speaker 1: I'll give you a couple of statistics, the Hispanic women's 735 00:41:53,280 --> 00:41:57,440 Speaker 1: small businesses and the African American small women's small businesses 736 00:41:57,680 --> 00:42:03,040 Speaker 1: were the fastest growing small businesses pre pandemic, and they 737 00:42:03,080 --> 00:42:08,640 Speaker 1: were significant employers, and they definitely represent half of the 738 00:42:08,719 --> 00:42:12,000 Speaker 1: GDP in the United States that represents something like ten 739 00:42:12,080 --> 00:42:17,160 Speaker 1: to eleven trillion dollars. So I hope that brings in 740 00:42:17,200 --> 00:42:20,880 Speaker 1: an appreciation why this president is so focused on small 741 00:42:20,920 --> 00:42:25,640 Speaker 1: business and this entire administrations focus on small businesses because 742 00:42:25,760 --> 00:42:31,960 Speaker 1: they are such a essential um economic fuel engine into 743 00:42:32,040 --> 00:42:35,080 Speaker 1: our national economy. And that sets up for my for 744 00:42:35,200 --> 00:42:39,239 Speaker 1: my final question UH to you specifically, you mentioned just 745 00:42:39,400 --> 00:42:44,200 Speaker 1: about how disproportionately certain minority groups as well as rural 746 00:42:44,320 --> 00:42:48,640 Speaker 1: communities have been impacted from an economic standpoint, and just 747 00:42:49,080 --> 00:42:53,800 Speaker 1: the need to really make sure that that is UH, 748 00:42:53,960 --> 00:42:59,080 Speaker 1: that that's revitalized, especially during this recovery. And and oftentimes 749 00:42:59,120 --> 00:43:01,880 Speaker 1: those smaller business is are more difficult to get access 750 00:43:01,920 --> 00:43:05,200 Speaker 1: to just given for a variety of reasons, but for 751 00:43:05,239 --> 00:43:09,000 Speaker 1: the government to directly access that those and and penetrate 752 00:43:09,040 --> 00:43:13,040 Speaker 1: those small businesses, So how crucial is it that these 753 00:43:13,080 --> 00:43:17,719 Speaker 1: minority communities, that these underserved communities around the country are 754 00:43:17,800 --> 00:43:21,720 Speaker 1: able to have direct access and a direct pipeline into 755 00:43:22,280 --> 00:43:25,440 Speaker 1: the federal government and Congress to make sure that they 756 00:43:25,440 --> 00:43:29,400 Speaker 1: are a part of this recovery and not left behind. Well, 757 00:43:29,640 --> 00:43:33,239 Speaker 1: Kevin as an advocate for small business Administration and the 758 00:43:33,280 --> 00:43:36,120 Speaker 1: fact that we recognize as the thirty one million small 759 00:43:36,120 --> 00:43:44,480 Speaker 1: businesses can we've only only processed about fifteen million small 760 00:43:44,520 --> 00:43:49,799 Speaker 1: business financial transactions. We understand we have our work cut out, 761 00:43:50,120 --> 00:43:54,360 Speaker 1: and so we remain laser focused on the opportunity zones, 762 00:43:54,800 --> 00:43:57,720 Speaker 1: the use U s m c A because small businesses 763 00:43:57,760 --> 00:44:02,400 Speaker 1: are very significant exporters in every state in Mexico and 764 00:44:02,719 --> 00:44:09,040 Speaker 1: um Canada are definitely markets that small businesses explore as 765 00:44:09,040 --> 00:44:13,279 Speaker 1: an initial trading partner. So the President's pro growth policies 766 00:44:13,760 --> 00:44:17,960 Speaker 1: will further accelerate the recovery. And I'm ensuring that the 767 00:44:18,200 --> 00:44:22,040 Speaker 1: entire s b A and our partners, which is Commerce, 768 00:44:22,360 --> 00:44:27,000 Speaker 1: Department of Labor, the Chambers, We're going at the small 769 00:44:27,040 --> 00:44:31,160 Speaker 1: business community as a whole government, not just s b A. 770 00:44:31,640 --> 00:44:34,560 Speaker 1: So we're we're totally committed in the underserved market, from 771 00:44:34,600 --> 00:44:37,040 Speaker 1: the tribal nations to the veterans to the women owned 772 00:44:37,440 --> 00:44:41,840 Speaker 1: and minority in general. I'm Kevin's really chief Washington correspondent 773 00:44:41,840 --> 00:44:44,520 Speaker 1: for Bloomberg Television and for Bloomberg Radio. We are joined 774 00:44:44,520 --> 00:44:48,160 Speaker 1: by a spokesman for President Trump, Ben Williamson. Ben, I 775 00:44:48,200 --> 00:44:50,520 Speaker 1: want to get your reaction to something that I've been 776 00:44:50,560 --> 00:44:54,120 Speaker 1: hearing a lot from administration sources, and that is to 777 00:44:54,320 --> 00:44:56,799 Speaker 1: not to look at the number of cases that are 778 00:44:56,800 --> 00:44:59,560 Speaker 1: being reported, but to also pay attention to the case 779 00:45:00,000 --> 00:45:03,640 Speaker 1: mentality rate of COVID nineteen. Explain to me why that's 780 00:45:03,680 --> 00:45:07,160 Speaker 1: important and what the difference is. Well, Kevin, first of all, 781 00:45:07,200 --> 00:45:08,799 Speaker 1: it's great to be with you. Thanks so much for 782 00:45:08,840 --> 00:45:11,200 Speaker 1: having me, and that's exactly right. I think those are 783 00:45:11,480 --> 00:45:14,239 Speaker 1: those are a couple of additional metrics that we need 784 00:45:14,280 --> 00:45:17,480 Speaker 1: to be looking at in addition two cases. It's true 785 00:45:17,520 --> 00:45:20,280 Speaker 1: that we're seeing, you know, cases rise in some areas 786 00:45:20,320 --> 00:45:23,480 Speaker 1: across the country. We have different hot zones that are 787 00:45:23,480 --> 00:45:26,239 Speaker 1: popping up, and we're working with states and localities to 788 00:45:26,320 --> 00:45:28,479 Speaker 1: deal with that. But a lot of that is because 789 00:45:28,480 --> 00:45:31,600 Speaker 1: we're increasing testing. You know, we've hit over forty million tests. 790 00:45:31,600 --> 00:45:34,319 Speaker 1: I believe the number is now um and as a 791 00:45:34,320 --> 00:45:36,320 Speaker 1: result of that increased number, of testing, you're going to 792 00:45:36,400 --> 00:45:40,600 Speaker 1: be catching a lot more asymptomatic cases, cases that maybe 793 00:45:40,640 --> 00:45:45,759 Speaker 1: aren't quite as serious as hospitalization rates may indicate. Uh. 794 00:45:45,800 --> 00:45:47,799 Speaker 1: And so that's a couple of other things that we 795 00:45:47,840 --> 00:45:50,120 Speaker 1: have to look at. Is number one, what are the 796 00:45:50,160 --> 00:45:53,760 Speaker 1: hospitalization numbers? And the number two, what are the fatality 797 00:45:53,840 --> 00:45:56,680 Speaker 1: rates that we're experiencing in the data does look good 798 00:45:56,680 --> 00:45:58,560 Speaker 1: on those two fronts. We have one of the lowest 799 00:45:58,680 --> 00:46:00,920 Speaker 1: fatality rates in the world. Think we're a little bit 800 00:46:00,920 --> 00:46:04,759 Speaker 1: below or around four percent, which is significantly lower than 801 00:46:04,800 --> 00:46:07,520 Speaker 1: some of our competitors across the globe. And so when 802 00:46:07,560 --> 00:46:11,040 Speaker 1: we look at that, when we consider the numbers that 803 00:46:11,080 --> 00:46:13,760 Speaker 1: we're dealing with, those are certainly two of the indicators 804 00:46:13,800 --> 00:46:15,720 Speaker 1: that we want to look at to see exactly how situations, 805 00:46:15,760 --> 00:46:19,000 Speaker 1: how serious the situation is. And meanwhile, we're staring down 806 00:46:19,080 --> 00:46:22,040 Speaker 1: the prospects of another economic stimulus sent A Majority Leader 807 00:46:22,080 --> 00:46:24,799 Speaker 1: Mitch McConnell has said he wants to see another round 808 00:46:24,800 --> 00:46:28,840 Speaker 1: of stimulus ahead of the August recess. Administration officials have 809 00:46:28,960 --> 00:46:32,160 Speaker 1: also suggested as much what is the White House want 810 00:46:32,200 --> 00:46:35,520 Speaker 1: to see included in the next round of economic stimulus, 811 00:46:35,640 --> 00:46:40,719 Speaker 1: especially as talks for Phase four continue to intensify. Well, 812 00:46:40,760 --> 00:46:43,160 Speaker 1: I think we're where Secretary of Minution mentioned the other 813 00:46:43,239 --> 00:46:46,720 Speaker 1: day in his press conference, you know, protect job, protect kids, 814 00:46:47,400 --> 00:46:50,759 Speaker 1: and protect liabilities. We want any stimulus coming out of 815 00:46:50,760 --> 00:46:52,759 Speaker 1: Congress to make sure that number one, we make it 816 00:46:52,840 --> 00:46:55,960 Speaker 1: easier for people to get back to work, for businesses 817 00:46:56,040 --> 00:46:59,360 Speaker 1: to to rehire their employee used to jump start the 818 00:46:59,400 --> 00:47:01,359 Speaker 1: economy and make sure that our economy can get back 819 00:47:01,360 --> 00:47:03,799 Speaker 1: to normal. And then number two, we also want to 820 00:47:03,800 --> 00:47:05,839 Speaker 1: make sure that it's easier for kids to go back 821 00:47:05,840 --> 00:47:09,359 Speaker 1: to school. The economy can't really open and get back 822 00:47:09,360 --> 00:47:11,520 Speaker 1: to normal unless schools are open, and we want to 823 00:47:11,520 --> 00:47:14,759 Speaker 1: work hand in hand with states and localities to make 824 00:47:14,800 --> 00:47:18,080 Speaker 1: sure that schools can open safely, the children can be 825 00:47:18,120 --> 00:47:21,280 Speaker 1: safe in school, and the teachers can be safe in school. 826 00:47:21,320 --> 00:47:22,840 Speaker 1: So that's something that we want to address. And then 827 00:47:22,920 --> 00:47:24,960 Speaker 1: number three, we want to look at liabilities. We want 828 00:47:24,960 --> 00:47:29,360 Speaker 1: to make sure that businesses can open without fear of 829 00:47:30,000 --> 00:47:34,520 Speaker 1: liability that will damage their business or or costume enough 830 00:47:34,520 --> 00:47:37,560 Speaker 1: where it's not worth reopening in the age of COVID. 831 00:47:37,680 --> 00:47:41,360 Speaker 1: So Secretary Minution is leading those negotiations, will be working 832 00:47:41,400 --> 00:47:44,839 Speaker 1: hand in hand with Leader McConnell and our our Democratic 833 00:47:45,520 --> 00:47:47,440 Speaker 1: counterparts in the Senate as one, we look forward to 834 00:47:47,480 --> 00:47:50,120 Speaker 1: seeing whereose negotiations go. You know, Ben Williamson's on the line. 835 00:47:50,160 --> 00:47:52,719 Speaker 1: He's a spokesman for President Trump working at the White House. 836 00:47:52,719 --> 00:47:56,439 Speaker 1: He previously worked for h the chief the now Chief 837 00:47:56,440 --> 00:47:59,839 Speaker 1: of Staff, Mark Meadows, but previously for then Congressman Mark 838 00:48:00,040 --> 00:48:01,440 Speaker 1: to So he knows a thing or two about the 839 00:48:01,520 --> 00:48:06,040 Speaker 1: dynamics of Congress, the Republican Party, and its relationship obviously 840 00:48:06,080 --> 00:48:08,960 Speaker 1: with Pennsylvania Avenue. But I want to bring it back 841 00:48:09,000 --> 00:48:12,600 Speaker 1: then to something you mentioned about schools, because I personally 842 00:48:12,800 --> 00:48:15,000 Speaker 1: I don't think economists are talking enough about this and 843 00:48:15,040 --> 00:48:17,840 Speaker 1: the impact that it has on the psychology of the 844 00:48:17,880 --> 00:48:21,520 Speaker 1: American worker, especially if they don't feel safe sending their 845 00:48:21,600 --> 00:48:23,800 Speaker 1: kids back to schools. I mean, how are they expected 846 00:48:23,840 --> 00:48:25,800 Speaker 1: to go back to work? But then you throw into 847 00:48:25,800 --> 00:48:28,600 Speaker 1: the mix of of kids playing with each other going 848 00:48:28,640 --> 00:48:31,239 Speaker 1: to schools, you know, and and and all of these 849 00:48:31,280 --> 00:48:34,520 Speaker 1: hosts of different questions. And so you mentioned this, and 850 00:48:34,840 --> 00:48:37,640 Speaker 1: I want to follow up on it. What does Congress 851 00:48:37,680 --> 00:48:41,040 Speaker 1: need to do in the next round of economic stimulus 852 00:48:41,080 --> 00:48:44,759 Speaker 1: to help ease some of the concerns that parents have 853 00:48:45,520 --> 00:48:49,160 Speaker 1: for sending their children back to the classroom. You you 854 00:48:49,280 --> 00:48:51,200 Speaker 1: hit the nail on that. This is one of the 855 00:48:51,360 --> 00:48:56,320 Speaker 1: more under discussed topics, UH, in all of Washington, d C. 856 00:48:56,640 --> 00:49:01,000 Speaker 1: As far as the impacts that the reopening schools has 857 00:49:01,040 --> 00:49:03,720 Speaker 1: not only on the economy, but but on on mental health, 858 00:49:03,840 --> 00:49:07,440 Speaker 1: on the on the fabric of communities, on psychology of 859 00:49:07,480 --> 00:49:10,960 Speaker 1: both kids and parents. It's not just parents having the 860 00:49:11,040 --> 00:49:13,960 Speaker 1: freedom to get back to work and provide for their families, 861 00:49:13,960 --> 00:49:16,680 Speaker 1: but it's it's kids. It's kids being out in the community, 862 00:49:16,719 --> 00:49:20,319 Speaker 1: it's kids playing with each other learning. UH, schools are 863 00:49:20,320 --> 00:49:25,080 Speaker 1: such a huge driver of our success economically as a country. 864 00:49:25,120 --> 00:49:27,200 Speaker 1: You're exactly right about that. And so what Congress wants 865 00:49:27,239 --> 00:49:29,040 Speaker 1: to do. I think Kevin McCarthy had not been on 866 00:49:29,080 --> 00:49:31,920 Speaker 1: this kind of explaining a little bit about what what 867 00:49:31,920 --> 00:49:33,359 Speaker 1: what we want to do. But we want to work 868 00:49:33,400 --> 00:49:36,200 Speaker 1: hand in hand with states and localities to make sure 869 00:49:37,040 --> 00:49:39,719 Speaker 1: that they have both the funds and the resources to 870 00:49:39,800 --> 00:49:42,280 Speaker 1: open up safely. And what that looks like, we won't 871 00:49:42,320 --> 00:49:45,120 Speaker 1: get out ahead of of the negotiations. It could look 872 00:49:45,160 --> 00:49:47,880 Speaker 1: like any number of of safety measures, but but we 873 00:49:47,960 --> 00:49:50,880 Speaker 1: want to make sure that from from Pennsylvania Avenue, that 874 00:49:50,960 --> 00:49:54,719 Speaker 1: we're there for states and local governments to make sure 875 00:49:54,760 --> 00:49:57,920 Speaker 1: they have measures to protect kids and then also work 876 00:49:58,000 --> 00:50:01,680 Speaker 1: with Congress if funds necessary to do that. We're we're 877 00:50:01,719 --> 00:50:03,399 Speaker 1: willing to be right there with them to make sure 878 00:50:03,440 --> 00:50:06,320 Speaker 1: that kids can get back to school so that life 879 00:50:06,320 --> 00:50:08,279 Speaker 1: can get back to as normal as possible. What we 880 00:50:08,320 --> 00:50:11,960 Speaker 1: deal with ultimately therapeutics and a vaccine for COVID. I'm 881 00:50:12,040 --> 00:50:15,200 Speaker 1: Kevin Surli, Chief Washington correspondent for Bloomberg Television and for 882 00:50:15,239 --> 00:50:19,279 Speaker 1: Bloomberg Radio, and we're joined by CMS Administrator Verma. Thank 883 00:50:19,280 --> 00:50:21,879 Speaker 1: you so much for being here. I want to ask you. 884 00:50:22,360 --> 00:50:27,000 Speaker 1: On November one, CMS issued a final rule which would 885 00:50:27,080 --> 00:50:31,360 Speaker 1: enact payment restrictions to non evaluation and management services in 886 00:50:31,400 --> 00:50:35,200 Speaker 1: the Medicare system. After COVID and seeing the need for 887 00:50:35,239 --> 00:50:36,960 Speaker 1: some of these health servants is do you think that 888 00:50:37,040 --> 00:50:40,399 Speaker 1: rule's got to be postponed until until we are through 889 00:50:40,440 --> 00:50:43,040 Speaker 1: this or do you think we could still follow through 890 00:50:43,040 --> 00:50:46,040 Speaker 1: with that. Wells a couple of things to know about 891 00:50:46,120 --> 00:50:49,160 Speaker 1: this rule. First of all, this rule was trying to 892 00:50:49,200 --> 00:50:52,360 Speaker 1: reduce the burden that physicians based every day with the 893 00:50:52,400 --> 00:50:54,759 Speaker 1: Medicare program. We know that there's just a lot of 894 00:50:54,840 --> 00:50:58,400 Speaker 1: challenges and billing and they spend, you know, unfortunately more 895 00:50:58,440 --> 00:51:01,200 Speaker 1: time away from their patients, and this rule is designed 896 00:51:01,200 --> 00:51:03,920 Speaker 1: to give them more time face to face time with 897 00:51:04,000 --> 00:51:06,759 Speaker 1: their patients. UM. The other thing that it does is 898 00:51:06,800 --> 00:51:11,040 Speaker 1: that it really reimburses physicians for the time that they're 899 00:51:11,080 --> 00:51:13,919 Speaker 1: spending with their patients. A lot of times, the way 900 00:51:13,920 --> 00:51:16,360 Speaker 1: the system has worked in the past is that it 901 00:51:16,440 --> 00:51:20,040 Speaker 1: doesn't really advantage those providers are primary care doctors that 902 00:51:20,080 --> 00:51:22,759 Speaker 1: are on the front lines dealing with our patients that 903 00:51:22,840 --> 00:51:25,640 Speaker 1: have multiple comorbidities. You know, a lot of our patients 904 00:51:25,680 --> 00:51:29,080 Speaker 1: now have diabetes, hypertension, and a lot of different disease 905 00:51:29,160 --> 00:51:31,839 Speaker 1: issues all going on at once, and they need more 906 00:51:31,880 --> 00:51:34,279 Speaker 1: time with their doctors. And so the changes that we 907 00:51:34,360 --> 00:51:38,719 Speaker 1: made UM reimburse providers for spending time with their patients 908 00:51:38,760 --> 00:51:42,960 Speaker 1: and reducing their burdens. So and even during this and 909 00:51:43,000 --> 00:51:46,840 Speaker 1: you know, this administrative verma, during this crisis, the elderly 910 00:51:46,920 --> 00:51:51,280 Speaker 1: have been incredibly incredibly impacted both from a psychological perspective 911 00:51:51,280 --> 00:51:53,359 Speaker 1: in terms of not being able to be with loved 912 00:51:53,360 --> 00:51:57,120 Speaker 1: ones for their own safety. Uh and and and economically 913 00:51:57,120 --> 00:52:00,560 Speaker 1: as well. UH. And I'm curious about Medicare and whether 914 00:52:00,680 --> 00:52:02,960 Speaker 1: or not you think as we stare down the potential 915 00:52:03,000 --> 00:52:07,279 Speaker 1: for another economic stimulus. Whether or not Medicare payment increases 916 00:52:07,640 --> 00:52:11,799 Speaker 1: might be something on the table for right now. You know, 917 00:52:11,840 --> 00:52:13,560 Speaker 1: one of the things that we've done in the Medicare 918 00:52:13,640 --> 00:52:18,440 Speaker 1: program is provide accelerated payments for our providers, so if 919 00:52:18,480 --> 00:52:21,920 Speaker 1: they've had trouble, our healthcare providers have had trouble with finances, 920 00:52:21,960 --> 00:52:24,560 Speaker 1: they've been able to seek loans from the Medicare program. 921 00:52:24,840 --> 00:52:26,520 Speaker 1: The other thing that we've done is so that the 922 00:52:26,560 --> 00:52:29,840 Speaker 1: President has been focused on and and UH is signing 923 00:52:29,840 --> 00:52:32,279 Speaker 1: the Cares Act, and that actually provided a hundred and 924 00:52:32,320 --> 00:52:36,000 Speaker 1: seventy five billion dollars to providers across the country. We 925 00:52:36,040 --> 00:52:38,719 Speaker 1: know that providers have been hit hard. They have increased 926 00:52:38,760 --> 00:52:42,359 Speaker 1: costs for personal protective equipment, many of them haven't been 927 00:52:42,400 --> 00:52:45,880 Speaker 1: able to perform elective surgeries, and many of them have 928 00:52:45,920 --> 00:52:49,520 Speaker 1: closed down their practices. So those funds are there to 929 00:52:49,640 --> 00:52:52,759 Speaker 1: help the health care system deal with the impact of 930 00:52:52,760 --> 00:52:55,279 Speaker 1: the coronavirus. That being said, I can tell you from 931 00:52:55,280 --> 00:52:58,160 Speaker 1: the Medicare program is we're starting to see services come 932 00:52:58,200 --> 00:53:01,319 Speaker 1: back up. We're seeing a lot of our patients accessing 933 00:53:01,400 --> 00:53:03,520 Speaker 1: telehealth services, which is one of the things that the 934 00:53:03,560 --> 00:53:06,560 Speaker 1: President is from the very beginning, UH to make sure 935 00:53:06,600 --> 00:53:10,520 Speaker 1: that our Medicare beneficiaries could communicate with their providers while 936 00:53:10,560 --> 00:53:12,920 Speaker 1: they were sheltering in place. Do you think we have 937 00:53:13,000 --> 00:53:16,040 Speaker 1: enough doctors in the Medicare system because so many people 938 00:53:16,080 --> 00:53:17,919 Speaker 1: getting sick? Or is that? Is that how many people 939 00:53:17,920 --> 00:53:20,759 Speaker 1: should be concerned about it all? You know, I think 940 00:53:20,800 --> 00:53:24,799 Speaker 1: generally we're we're adding ten thousand new beneficiaries in the 941 00:53:24,840 --> 00:53:28,640 Speaker 1: Medicare program every single day. So the needs on the 942 00:53:28,719 --> 00:53:31,960 Speaker 1: health care system and the impact are significant. But that's 943 00:53:32,000 --> 00:53:35,120 Speaker 1: why the President has been focused on workforce challenges. That's 944 00:53:35,120 --> 00:53:38,400 Speaker 1: why we've been providing more flexibility to the health care system, 945 00:53:38,520 --> 00:53:41,759 Speaker 1: especially during COVID, so that we can augment the workforce. 946 00:53:41,840 --> 00:53:45,200 Speaker 1: We're allowing providers to operate at the top of their license, 947 00:53:45,239 --> 00:53:48,879 Speaker 1: whether it be our nurse and necessis also providing more 948 00:53:48,920 --> 00:53:52,280 Speaker 1: flexibility for nurse practitioners so that we can make sure 949 00:53:52,400 --> 00:53:57,319 Speaker 1: that especially those hot spots and areas are able to 950 00:53:57,360 --> 00:54:00,320 Speaker 1: address the surges and that they have a capath city 951 00:54:00,360 --> 00:54:03,799 Speaker 1: to address the healthcare needs of their communities. Seems administrators 952 00:54:03,840 --> 00:54:06,719 Speaker 1: Seema Verma is on the line and and you know, 953 00:54:07,000 --> 00:54:09,759 Speaker 1: I'm struck by this because we hear of all of 954 00:54:09,880 --> 00:54:15,600 Speaker 1: the heroic, incredible frontline workers who are just really you know, 955 00:54:15,640 --> 00:54:18,640 Speaker 1: they're risking their lives, they're working these incredibly long shifts. 956 00:54:19,280 --> 00:54:22,279 Speaker 1: And then I get angry because I hear about the fraudsters, 957 00:54:22,560 --> 00:54:26,359 Speaker 1: and I hear about people taking advantage of of whether 958 00:54:26,400 --> 00:54:29,360 Speaker 1: it's the elderly, whether it's it's uh folks, you know, 959 00:54:29,680 --> 00:54:32,480 Speaker 1: anyone really, you know, and they're being fraudulent and they're 960 00:54:32,520 --> 00:54:35,960 Speaker 1: tricking people into making some telehealth payments. And you know, 961 00:54:36,040 --> 00:54:37,879 Speaker 1: I know that this has been something that you've really, 962 00:54:38,360 --> 00:54:40,840 Speaker 1: you know, pushed back against and been trying to stop. 963 00:54:40,920 --> 00:54:43,160 Speaker 1: So what are what are policymakers, what are you doing 964 00:54:43,600 --> 00:54:45,879 Speaker 1: in order to make sure that people aren't being It's 965 00:54:45,960 --> 00:54:48,239 Speaker 1: it's crazy to me, but that people aren't falling for 966 00:54:48,320 --> 00:54:52,879 Speaker 1: these fraudsters. Yeah, it was disappointing that those frousters would 967 00:54:52,920 --> 00:54:56,320 Speaker 1: try to take advantage of the American taxpayer during this 968 00:54:56,560 --> 00:55:00,239 Speaker 1: very difficult time. You know, we have weighed hund the 969 00:55:00,360 --> 00:55:03,879 Speaker 1: regulations so that the health care system could work better, 970 00:55:04,040 --> 00:55:07,879 Speaker 1: more efficiently, especially during this time of crisis, and unfortunately, 971 00:55:07,960 --> 00:55:10,160 Speaker 1: people are taking advantage of it. I can tell you 972 00:55:10,239 --> 00:55:13,200 Speaker 1: at the agency that we have focused on a very 973 00:55:13,280 --> 00:55:16,840 Speaker 1: strong plan that for every waiver, for every flexibility, we 974 00:55:16,920 --> 00:55:20,560 Speaker 1: have a plan to track potential frosters. So in telehealth, 975 00:55:20,640 --> 00:55:23,239 Speaker 1: we've already found some people that were billing for more 976 00:55:23,320 --> 00:55:26,400 Speaker 1: services that were humanly possible in a twenty four hour period. 977 00:55:26,520 --> 00:55:29,080 Speaker 1: So you know, rest assured tax payers should know that 978 00:55:29,200 --> 00:55:31,759 Speaker 1: behind the scenes, we're looking for those individuals and we'll 979 00:55:31,800 --> 00:55:34,920 Speaker 1: do everything we can to um to to bring them 980 00:55:34,960 --> 00:55:37,040 Speaker 1: to justice. And just the final question for you on 981 00:55:37,080 --> 00:55:38,800 Speaker 1: the issue of telehealth, I mean, it really is the 982 00:55:38,880 --> 00:55:42,560 Speaker 1: future of medicine. What what I I would argue it 983 00:55:42,680 --> 00:55:44,520 Speaker 1: might be one of the legacies of the of this 984 00:55:44,960 --> 00:55:48,560 Speaker 1: horrible pandemic is that it's telehealth has really surge to 985 00:55:48,800 --> 00:55:52,160 Speaker 1: to read program really how we view getting access to 986 00:55:52,440 --> 00:55:56,359 Speaker 1: to our health care. But what what advances have been 987 00:55:56,360 --> 00:56:00,440 Speaker 1: made in the telehealth field during the last couple of months. Well, 988 00:56:00,560 --> 00:56:02,719 Speaker 1: you know, the President has been focused on making sure 989 00:56:02,800 --> 00:56:08,080 Speaker 1: that we're bringing innovation technology and really modernizing the Medicare program. 990 00:56:08,239 --> 00:56:11,520 Speaker 1: So what we've done from the very beginning, what he's done, 991 00:56:12,120 --> 00:56:14,960 Speaker 1: and I think this speaks to his leadership around without 992 00:56:15,040 --> 00:56:18,480 Speaker 1: bringing every tool possible to address the coronavirus, and so 993 00:56:18,640 --> 00:56:21,920 Speaker 1: we may telehealth available not only in the Medicare program 994 00:56:22,000 --> 00:56:24,200 Speaker 1: but also in Medicaid, and it's been really important for 995 00:56:24,320 --> 00:56:27,279 Speaker 1: people because it's allowed them to receive healthcare in the 996 00:56:27,400 --> 00:56:30,319 Speaker 1: safety of their homes. And it's also helps keep our 997 00:56:30,360 --> 00:56:34,440 Speaker 1: healthcare workers safe and reduced use of protective equipment. UM. 998 00:56:34,640 --> 00:56:37,320 Speaker 1: You know, it's been amazing to see the rapid adoption 999 00:56:37,480 --> 00:56:40,600 Speaker 1: across the health care system. Our patients seem to like it. 1000 00:56:40,840 --> 00:56:44,279 Speaker 1: Doctors were reluctant at first, but I think they're recognizing 1001 00:56:44,400 --> 00:56:47,920 Speaker 1: that telehealth can be a tool to increase accessibility of 1002 00:56:48,000 --> 00:56:50,960 Speaker 1: healthcare services. So I've said that this is uh, the 1003 00:56:51,239 --> 00:56:52,759 Speaker 1: genie has been let out of the bottle and I 1004 00:56:52,800 --> 00:56:55,320 Speaker 1: don't think there's any going back when it comes to telehealth. 1005 00:56:55,560 --> 00:56:58,080 Speaker 1: A think the American public have clearly seen that there 1006 00:56:58,160 --> 00:57:00,920 Speaker 1: are that there is a place for telehealth in our 1007 00:57:00,960 --> 00:57:04,520 Speaker 1: healthcare system. All right, CMS Administrator Seema Verma, thank you 1008 00:57:04,600 --> 00:57:08,759 Speaker 1: so much for Alright. So here we are, Mark, We're 1009 00:57:08,840 --> 00:57:12,040 Speaker 1: dealing with an uptick in cases and there's a lot 1010 00:57:12,120 --> 00:57:15,560 Speaker 1: of questions about how to best control this. TOUTH. Economic 1011 00:57:15,640 --> 00:57:18,800 Speaker 1: officials have said as part of the administration that closing 1012 00:57:18,880 --> 00:57:21,240 Speaker 1: down the economy again is just not on the table. 1013 00:57:21,600 --> 00:57:25,320 Speaker 1: So how do we get this virus under control, well, 1014 00:57:25,400 --> 00:57:28,320 Speaker 1: closing down the economy is certainly not UH an option 1015 00:57:28,360 --> 00:57:32,120 Speaker 1: that's on the table. When the United States asked Americans 1016 00:57:32,200 --> 00:57:35,640 Speaker 1: to UH sacrifice for forty five days to slow the spread, 1017 00:57:36,120 --> 00:57:39,520 Speaker 1: people made enormous sacrifices that gave us the time and 1018 00:57:39,640 --> 00:57:42,840 Speaker 1: preparation to build supply some across the globe, to make 1019 00:57:42,840 --> 00:57:45,280 Speaker 1: sure that our hostels are better prepared and to develop 1020 00:57:45,320 --> 00:57:48,920 Speaker 1: better therapeutics. And today at this point, um doctors far 1021 00:57:49,080 --> 00:57:51,720 Speaker 1: no far better how to treat patients, and what we're 1022 00:57:51,720 --> 00:57:55,120 Speaker 1: seeing in many cases is an ability to better protect 1023 00:57:55,280 --> 00:57:57,320 Speaker 1: those that are most vulnerable, whether it's those who have 1024 00:57:57,480 --> 00:58:00,960 Speaker 1: come more abidities or those that are elderly in age. 1025 00:58:01,520 --> 00:58:04,520 Speaker 1: And so what we're seeing now is a is arising 1026 00:58:04,640 --> 00:58:08,960 Speaker 1: cases among younger populations to forty four years old. In 1027 00:58:09,120 --> 00:58:11,640 Speaker 1: some cases, um as our health experts will tell you 1028 00:58:11,840 --> 00:58:14,760 Speaker 1: from decisions that they've made that are unwise about not 1029 00:58:14,960 --> 00:58:17,919 Speaker 1: taking the virus seriously. But in other cases it's it's 1030 00:58:18,000 --> 00:58:20,520 Speaker 1: basically people getting back to work and in some cases 1031 00:58:20,560 --> 00:58:23,960 Speaker 1: employers mandating that all employees get tested. And you're finding 1032 00:58:24,000 --> 00:58:26,960 Speaker 1: people who are asymptomatic, which is good to find, so 1033 00:58:27,120 --> 00:58:30,000 Speaker 1: you can isolate them, but but we are better able 1034 00:58:30,040 --> 00:58:34,080 Speaker 1: to treat patients. There's better a capacity within our hospitals 1035 00:58:34,120 --> 00:58:37,000 Speaker 1: in these areas now and uh and going back to 1036 00:58:37,400 --> 00:58:39,800 Speaker 1: to shut down is not an option. We can do both. 1037 00:58:39,920 --> 00:58:43,000 Speaker 1: We can make sure that America stays open and stays healthy. 1038 00:58:43,080 --> 00:58:45,400 Speaker 1: And I think that one things we've learned through this, Kevin, 1039 00:58:45,800 --> 00:58:49,280 Speaker 1: is there's also enormous health consequence to shutting down the economy, 1040 00:58:49,600 --> 00:58:51,880 Speaker 1: whether or not that's a financial pain or whether or 1041 00:58:51,920 --> 00:58:54,760 Speaker 1: not that's the psychological pain for many people. Mark, you 1042 00:58:54,840 --> 00:58:58,120 Speaker 1: know we're heading into Phase four talks later this month. 1043 00:58:58,240 --> 00:59:03,160 Speaker 1: What are some of the priorities for Phase four? Well, 1044 00:59:03,320 --> 00:59:05,960 Speaker 1: I think what you're seeing, Kevin, is that over the 1045 00:59:06,080 --> 00:59:09,520 Speaker 1: last couple of months, UH, seven and a half million 1046 00:59:09,840 --> 00:59:13,200 Speaker 1: jobs that have returned. At the at the nature of 1047 00:59:13,320 --> 00:59:16,600 Speaker 1: this epidemic, we've lost a little over twenty million jobs, 1048 00:59:16,680 --> 00:59:19,400 Speaker 1: so a third of the way back, and that means 1049 00:59:19,480 --> 00:59:21,320 Speaker 1: we have we still have a significant way to go, 1050 00:59:21,920 --> 00:59:24,280 Speaker 1: but we're but the strength of the last two months 1051 00:59:24,320 --> 00:59:27,960 Speaker 1: certainly surpassed expectations, and we believe that you can continue 1052 00:59:27,960 --> 00:59:30,000 Speaker 1: to see that momentum in the next month as well. 1053 00:59:30,600 --> 00:59:33,280 Speaker 1: I think we want to make sure that UM that 1054 00:59:33,480 --> 00:59:37,360 Speaker 1: people that are that are still unemployed and hurting or protected. 1055 00:59:37,440 --> 00:59:40,480 Speaker 1: But at the same time, UM, we want to we 1056 00:59:40,560 --> 00:59:43,360 Speaker 1: want to take into consideration of fact the economy is 1057 00:59:43,440 --> 00:59:46,160 Speaker 1: bouncing back. And once you try to contain the amount 1058 00:59:46,200 --> 00:59:48,600 Speaker 1: of spending, I think that you've seen a price tag 1059 00:59:48,640 --> 00:59:50,960 Speaker 1: of about a trillion dollars or less. There's obviously been 1060 00:59:51,080 --> 00:59:53,240 Speaker 1: a lot of stimulus put in the system over the 1061 00:59:53,320 --> 00:59:55,680 Speaker 1: last couple of bills, and so the price tag for 1062 00:59:55,840 --> 00:59:58,320 Speaker 1: us would be that. And I think where the priorities 1063 00:59:58,360 --> 01:00:01,440 Speaker 1: for us as liability protection. We think that's essential for 1064 01:00:01,480 --> 01:00:03,880 Speaker 1: employers bring people back to work and just quickly. The 1065 01:00:04,000 --> 01:00:06,600 Speaker 1: side Majority Leader Mitch McConnell says, another round of stimulus 1066 01:00:06,680 --> 01:00:08,880 Speaker 1: ahead of August is at the time table that the 1067 01:00:08,920 --> 01:00:11,920 Speaker 1: White House is working on. It is the timetable the 1068 01:00:12,000 --> 01:00:14,720 Speaker 1: August recess for Congress should be the first week in August, 1069 01:00:14,800 --> 01:00:16,640 Speaker 1: and so by that timetables and we want to have 1070 01:00:16,720 --> 01:00:19,120 Speaker 1: a bill on the present desk. You know, something that 1071 01:00:19,440 --> 01:00:22,360 Speaker 1: is just as important to the economy and for folks 1072 01:00:22,440 --> 01:00:24,840 Speaker 1: getting back to work is if their kids can go 1073 01:00:25,000 --> 01:00:27,120 Speaker 1: to school. And this is something that I don't think 1074 01:00:27,120 --> 01:00:30,400 Speaker 1: economists have talked a lot about publicly, but increasingly they 1075 01:00:30,440 --> 01:00:33,360 Speaker 1: are doing. So, where does school and getting kids back 1076 01:00:33,440 --> 01:00:36,720 Speaker 1: to school in the fall based upon the data of 1077 01:00:36,800 --> 01:00:39,240 Speaker 1: the virus all over the country? Mark, how does that 1078 01:00:39,400 --> 01:00:42,240 Speaker 1: factor in and what is the administration doing in order 1079 01:00:42,320 --> 01:00:45,160 Speaker 1: to work with schools across the country, Kevin, is a 1080 01:00:45,240 --> 01:00:47,560 Speaker 1: great question. You're exactly right. I think there's not been 1081 01:00:47,680 --> 01:00:50,320 Speaker 1: enough attention paid to that to this point. Today the 1082 01:00:50,360 --> 01:00:53,120 Speaker 1: White House is devoting almost an entire day to exactly 1083 01:00:53,200 --> 01:00:55,760 Speaker 1: that question. The Vice presid will be leading a call 1084 01:00:55,880 --> 01:00:58,800 Speaker 1: with all the nation's governors this morning to talk about 1085 01:00:58,800 --> 01:01:02,320 Speaker 1: the importance of making sure schools are reopened in the fall. Additionally, 1086 01:01:02,360 --> 01:01:04,720 Speaker 1: there'll be a summit here at the White House throughout 1087 01:01:04,760 --> 01:01:08,040 Speaker 1: the afternoon that will culminate with the President Vice President 1088 01:01:08,040 --> 01:01:11,960 Speaker 1: giving remarks. But recently, the American Academy of Pediatrics came 1089 01:01:11,960 --> 01:01:14,840 Speaker 1: out with a study that said it's essential that children 1090 01:01:14,960 --> 01:01:17,800 Speaker 1: need to get back in the classroom because developmentally they'll 1091 01:01:17,840 --> 01:01:21,400 Speaker 1: fall behind. But as you mentioned, it's also and critically 1092 01:01:21,440 --> 01:01:23,360 Speaker 1: important that if parents his kids are not able to 1093 01:01:23,360 --> 01:01:25,600 Speaker 1: go to school, and parents are home with their kids, 1094 01:01:25,680 --> 01:01:27,520 Speaker 1: they're not able to get back to work. And that's 1095 01:01:27,680 --> 01:01:31,120 Speaker 1: that's a big challenge for our economy too. And so 1096 01:01:31,680 --> 01:01:34,080 Speaker 1: what we found is all the evidence says that that 1097 01:01:34,360 --> 01:01:38,280 Speaker 1: actually the coronavirus is less of a health risk to 1098 01:01:38,600 --> 01:01:43,040 Speaker 1: people under twenty five years old than the average flu is. Conversely, 1099 01:01:43,160 --> 01:01:45,640 Speaker 1: it is a greater risk that people at older populations, 1100 01:01:45,800 --> 01:01:48,720 Speaker 1: but for children it is a very very low risk 1101 01:01:48,840 --> 01:01:50,560 Speaker 1: and it's something that we should be making sure that 1102 01:01:50,600 --> 01:01:54,120 Speaker 1: our children are back in school across the country this fall. Alright, 1103 01:01:54,200 --> 01:01:56,760 Speaker 1: final question for you because you mentioned therapeutics, and I 1104 01:01:56,840 --> 01:01:59,280 Speaker 1: want to ask you about hydroxy chloroquine because there seems 1105 01:01:59,280 --> 01:02:03,040 Speaker 1: to be this this new uh interest from from President 1106 01:02:03,080 --> 01:02:05,960 Speaker 1: Trump about hydroxy floroquin uh and and f d A 1107 01:02:06,200 --> 01:02:09,360 Speaker 1: talk to me about how the FDA is streamlining regulations, 1108 01:02:09,400 --> 01:02:11,640 Speaker 1: are really cutting through regulations in order to get some 1109 01:02:11,760 --> 01:02:15,760 Speaker 1: of these therapeutics more quickly, uh and and what the 1110 01:02:15,800 --> 01:02:20,040 Speaker 1: administration is doing on the therapeutic front. Well, Dr Han 1111 01:02:20,120 --> 01:02:22,160 Speaker 1: has done a phenomenal job as head of the FDA 1112 01:02:22,240 --> 01:02:24,160 Speaker 1: and helping to streamline and cut through some of the 1113 01:02:24,240 --> 01:02:27,240 Speaker 1: red tape. And there right now, um more than the 1114 01:02:27,400 --> 01:02:30,920 Speaker 1: hundred and forty products in the pipeline that we should 1115 01:02:31,080 --> 01:02:33,480 Speaker 1: anticipate may I am getting approved before the end of 1116 01:02:33,560 --> 01:02:36,640 Speaker 1: this year, and you've seen many already actually come online. 1117 01:02:36,720 --> 01:02:40,040 Speaker 1: I think the most promising candidly in trials that we've 1118 01:02:40,080 --> 01:02:42,520 Speaker 1: seen as blood plasma. And it's one of the reasons 1119 01:02:42,560 --> 01:02:45,320 Speaker 1: that those who have been infected and recovered from the 1120 01:02:45,400 --> 01:02:48,360 Speaker 1: coronavirus we really asked them to go donate blood because 1121 01:02:48,480 --> 01:02:51,400 Speaker 1: having that that in the in the supply is really 1122 01:02:51,440 --> 01:02:53,640 Speaker 1: one of the best treatments for patients that are currently 1123 01:02:53,680 --> 01:02:57,200 Speaker 1: suffering from the pandemic. Alright, Mark Short, appreciate it. Kevin, thanks, 1124 01:02:57,280 --> 01:02:59,520 Speaker 1: thanks so much for having me. We're joined by Tyler 1125 01:02:59,600 --> 01:03:02,040 Speaker 1: Goods need uh and Tyler, thanks you so much for 1126 01:03:02,520 --> 01:03:04,560 Speaker 1: for joining us. I want to ask you about the 1127 01:03:04,680 --> 01:03:08,080 Speaker 1: next rounds of economic stimulus. Senate Majority Leader Mitch McConnell says, 1128 01:03:08,120 --> 01:03:10,600 Speaker 1: by the end of August, is that what the White 1129 01:03:10,640 --> 01:03:12,840 Speaker 1: House wants and what does the White House want to 1130 01:03:12,960 --> 01:03:16,760 Speaker 1: see in the next round of economic stimulus? Yeah, so 1131 01:03:16,880 --> 01:03:20,800 Speaker 1: the White House we've had some internal discussions and definitely 1132 01:03:20,880 --> 01:03:25,200 Speaker 1: we do want to see further action to facilitate continued recovery, 1133 01:03:25,280 --> 01:03:28,480 Speaker 1: particularly in the labor market. I know that some priorities 1134 01:03:28,520 --> 01:03:33,120 Speaker 1: over here include a payroll tax cut, uh and also 1135 01:03:33,320 --> 01:03:36,920 Speaker 1: possibly some some some deductions to help businesses tackle the 1136 01:03:37,720 --> 01:03:43,880 Speaker 1: new COVID nineteen environment UM and and also some live 1137 01:03:43,960 --> 01:03:48,280 Speaker 1: potential liability reform to ensure that businesses are protected against 1138 01:03:48,440 --> 01:03:53,600 Speaker 1: excessive uh non economic damages for COVID related liability. And 1139 01:03:53,720 --> 01:03:57,800 Speaker 1: then also we do want to make sure, especially as 1140 01:03:57,880 --> 01:04:01,480 Speaker 1: the labor market continues to were, that we're striking the 1141 01:04:01,600 --> 01:04:05,480 Speaker 1: right balance between income replacement on the one hand and 1142 01:04:05,760 --> 01:04:09,520 Speaker 1: ensuring that we don't have excessively high implicit tax rates 1143 01:04:09,600 --> 01:04:11,920 Speaker 1: on the return to work on the other hand. You know, 1144 01:04:12,000 --> 01:04:13,880 Speaker 1: I think that's really that's the point I want to 1145 01:04:13,920 --> 01:04:17,560 Speaker 1: pick up on, is that is that increased taxes, especially 1146 01:04:17,640 --> 01:04:21,040 Speaker 1: for individuals when they return to work. You know, the 1147 01:04:21,200 --> 01:04:24,640 Speaker 1: unemployment benefits are are sets and the extra unemployment benefits 1148 01:04:24,680 --> 01:04:26,320 Speaker 1: are set to end at the end of the month July. 1149 01:04:27,360 --> 01:04:29,040 Speaker 1: What do you think is going to be done with 1150 01:04:29,240 --> 01:04:34,800 Speaker 1: stimulus and unemployment benefits? Right? So, I think during the 1151 01:04:35,720 --> 01:04:39,480 Speaker 1: depths of the crisis, So when we think back to 1152 01:04:39,760 --> 01:04:44,920 Speaker 1: the April um you know, this was the worst economic 1153 01:04:45,080 --> 01:04:47,320 Speaker 1: shock to the U S economy since SIMCE at least 1154 01:04:47,320 --> 01:04:49,480 Speaker 1: the nineteen thirties. And when we look at all the 1155 01:04:49,560 --> 01:04:52,520 Speaker 1: economic indicators, I mean, it was on track to be 1156 01:04:53,480 --> 01:04:57,560 Speaker 1: a really devastating economic contraction. And so with a view 1157 01:04:57,840 --> 01:05:02,520 Speaker 1: to the fact that households spending is the U S economy, 1158 01:05:02,600 --> 01:05:04,760 Speaker 1: I think at the time it was very important that 1159 01:05:04,840 --> 01:05:10,000 Speaker 1: we've made sure to really buffer household incomes um and 1160 01:05:10,240 --> 01:05:12,200 Speaker 1: and make sure that we didn't see a collapse in 1161 01:05:12,280 --> 01:05:15,400 Speaker 1: consumer spending. And so one of the things about the 1162 01:05:15,440 --> 01:05:20,360 Speaker 1: the expanded unemployment insurance benefits and the rebate checks is 1163 01:05:20,440 --> 01:05:23,160 Speaker 1: that they were very much targeted towards the lower end 1164 01:05:23,200 --> 01:05:25,400 Speaker 1: of the income distribution. So when you look at the 1165 01:05:25,880 --> 01:05:30,800 Speaker 1: months of household income replaced by the Cares Act provisions, 1166 01:05:31,080 --> 01:05:35,120 Speaker 1: they were very much geared towards the lower end of 1167 01:05:35,160 --> 01:05:38,200 Speaker 1: the income distribution. So I think in any any future 1168 01:05:38,320 --> 01:05:42,440 Speaker 1: rounds of discussions with with Congress, we want to, as 1169 01:05:42,480 --> 01:05:46,080 Speaker 1: I said, make sure that we're we're not allowing a 1170 01:05:46,200 --> 01:05:49,600 Speaker 1: big blow to household income and consequently to consumer spending, 1171 01:05:49,880 --> 01:05:52,320 Speaker 1: while also making sure that we don't have really high 1172 01:05:52,360 --> 01:05:55,560 Speaker 1: implicit tax rates on on that return to work. So 1173 01:05:55,920 --> 01:05:59,040 Speaker 1: I think, what's what's interesting, and you know this, Tyler 1174 01:05:59,080 --> 01:06:01,520 Speaker 1: Good speakers on the line with us. You know, in 1175 01:06:01,760 --> 01:06:03,880 Speaker 1: terms of some Republicans that I talked to, they're a 1176 01:06:03,920 --> 01:06:08,120 Speaker 1: bit nervous Tyler, they're a bit nervous that, you know, yeah, yeah, 1177 01:06:08,360 --> 01:06:11,360 Speaker 1: increase the unemployment benefits and folks will will be less 1178 01:06:11,400 --> 01:06:14,480 Speaker 1: incentivized to go back to work. Is that a concern 1179 01:06:14,560 --> 01:06:16,400 Speaker 1: that the White House has? And how do you work 1180 01:06:16,480 --> 01:06:19,560 Speaker 1: with policymakers on the Hill to prevent that if that's 1181 01:06:19,560 --> 01:06:23,560 Speaker 1: the case? Right? So, as I said, yeah, we definitely 1182 01:06:24,040 --> 01:06:27,960 Speaker 1: don't want to see uh, implicit tax rates succeeding a 1183 01:06:28,440 --> 01:06:32,480 Speaker 1: pent meaning you know, the folks are financially better off 1184 01:06:33,400 --> 01:06:38,200 Speaker 1: on unemployment insurance than than unemployment UM, and so you know, 1185 01:06:38,280 --> 01:06:40,080 Speaker 1: we just we we definitely want to make sure that 1186 01:06:40,160 --> 01:06:42,800 Speaker 1: we strike that right balance UM. And so one of 1187 01:06:42,840 --> 01:06:45,400 Speaker 1: the things about some of the extraordinary provisions of the 1188 01:06:45,480 --> 01:06:49,880 Speaker 1: Cares actors that they were set to expire, because I 1189 01:06:49,920 --> 01:06:52,400 Speaker 1: think one of the lessons we learned in the aftermath 1190 01:06:52,480 --> 01:06:55,880 Speaker 1: at two thousand eight two thousand nine is that when 1191 01:06:55,960 --> 01:06:59,160 Speaker 1: you have a lot of high implicit tax rates on work, 1192 01:06:59,560 --> 01:07:02,280 Speaker 1: it can really hinder the recovery of the labor market. 1193 01:07:02,840 --> 01:07:05,400 Speaker 1: And you know, until the labor market recovers, you don't 1194 01:07:05,480 --> 01:07:09,240 Speaker 1: really observe a strong recovery and the overall economy. And 1195 01:07:09,360 --> 01:07:11,320 Speaker 1: just the final question for you, Tyler, good speed, and 1196 01:07:11,400 --> 01:07:13,720 Speaker 1: this is about small businesses. How do we make sure 1197 01:07:14,080 --> 01:07:18,400 Speaker 1: that in the recovery that Main Street is not going 1198 01:07:18,440 --> 01:07:21,120 Speaker 1: to be left behind? Because when you look at you 1199 01:07:21,240 --> 01:07:24,440 Speaker 1: know sort of how this is gone. It's been minority 1200 01:07:24,520 --> 01:07:27,360 Speaker 1: groups who economically have really felt the brunt of this, 1201 01:07:27,600 --> 01:07:31,040 Speaker 1: as well as some small businesses. So what can policymakers 1202 01:07:31,080 --> 01:07:35,640 Speaker 1: do to prevent that? Great question? So certainly, you know, 1203 01:07:35,720 --> 01:07:38,640 Speaker 1: we've already seen in the Cares Act a lot of 1204 01:07:38,720 --> 01:07:42,000 Speaker 1: the aid, in fact, most of the aid to businesses 1205 01:07:42,080 --> 01:07:45,040 Speaker 1: were two small businesses. So the paycheck Protection Program that 1206 01:07:45,120 --> 01:07:48,800 Speaker 1: was very much geared towards small businesses. The average loan 1207 01:07:48,920 --> 01:07:51,480 Speaker 1: size was just over a hundred thousand dollars and almost 1208 01:07:52,200 --> 01:07:54,560 Speaker 1: of the loans approved were for a hundred fifty thousand 1209 01:07:55,120 --> 01:07:58,400 Speaker 1: or less UM. I think moving forward, you know, we 1210 01:07:58,480 --> 01:08:01,120 Speaker 1: want to make sure that any any continuing support for 1211 01:08:01,360 --> 01:08:05,320 Speaker 1: for businesses are are likewise targeted towards smaller firms that 1212 01:08:05,520 --> 01:08:08,680 Speaker 1: you know are a more difficult time weathering some of 1213 01:08:08,760 --> 01:08:12,320 Speaker 1: these adverse shocks. UM. And then on the on the 1214 01:08:12,400 --> 01:08:15,360 Speaker 1: labor market front, you know, the faster we can get 1215 01:08:15,440 --> 01:08:19,200 Speaker 1: folks back to work in a in a safe environment, um, 1216 01:08:19,760 --> 01:08:22,320 Speaker 1: the faster we can help those at the lower end 1217 01:08:22,360 --> 01:08:24,559 Speaker 1: of the income distribution, because remember, if we cast our 1218 01:08:24,640 --> 01:08:29,200 Speaker 1: minds back to February, before the pandemic really got got 1219 01:08:29,400 --> 01:08:32,080 Speaker 1: under way, Uh, it was the lower end of the 1220 01:08:32,120 --> 01:08:35,400 Speaker 1: income distribution that was enjoying the fastest wage growth. African 1221 01:08:35,439 --> 01:08:38,600 Speaker 1: Americans were, for the first time during the preceding expansion, 1222 01:08:38,960 --> 01:08:42,720 Speaker 1: experiencing faster wage growth than White Americans. Those without a 1223 01:08:42,800 --> 01:08:45,840 Speaker 1: college degree, we're experiencing for the first time in the expansion, 1224 01:08:46,080 --> 01:08:49,360 Speaker 1: faster wage growth than those with a college degree. Um, 1225 01:08:49,640 --> 01:08:52,519 Speaker 1: you know, the faster we can return to that sort 1226 01:08:52,520 --> 01:08:55,639 Speaker 1: of tight labor market, I think, you know, the quicker 1227 01:08:55,720 --> 01:08:57,519 Speaker 1: we can return to a state of affairs in which 1228 01:08:57,560 --> 01:09:00,920 Speaker 1: those who were previously left behind during the seating expansion 1229 01:09:01,280 --> 01:09:04,880 Speaker 1: can finally enjoy the fruits of a continuing expansion. So 1230 01:09:05,000 --> 01:09:07,240 Speaker 1: I think we're definitely going to keep keep focused on 1231 01:09:07,400 --> 01:09:11,280 Speaker 1: facilitating labor market recovery because, as I said, until the 1232 01:09:11,400 --> 01:09:14,080 Speaker 1: labor market recovers, we don't see, uh, we won't see 1233 01:09:14,120 --> 01:09:17,960 Speaker 1: a broader economic recovery. And then just one final note, 1234 01:09:18,000 --> 01:09:21,000 Speaker 1: you know we saw already in the June jobs report, 1235 01:09:22,040 --> 01:09:26,920 Speaker 1: job gains for African Americans was the second highest on record. 1236 01:09:27,680 --> 01:09:33,960 Speaker 1: The record was actually in February, following the tax tax law. 1237 01:09:34,680 --> 01:09:37,600 Speaker 1: Um So, as I said, you know, the faster we 1238 01:09:37,600 --> 01:09:41,680 Speaker 1: can get back to a tight growing labor market, the 1239 01:09:41,760 --> 01:09:46,120 Speaker 1: faster we can observe an overall recovery. Alright, Tyler Goodspeed 1240 01:09:46,160 --> 01:09:48,680 Speaker 1: of the White House Council of Economic Advisors, thank you 1241 01:09:48,720 --> 01:09:49,400 Speaker 1: so much for your time.