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Speaker 1: Joining us to jump into the conversation as Democratic Senator

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Speaker 1: Mark Warner of Virginia Senator, it's good to see you.

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Speaker 1: Welcome back to Bloomberg. Do you like what you're seeing here?

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Speaker 1: I know that Chuck Schumber said that he was heartened

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Speaker 1: by the process in the House while the Senate sign

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Speaker 1: off if this passes.

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Speaker 2: Well, I think the process thinks. The idea that we're

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Speaker 2: having two votes, say we're kicking the can into January

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Speaker 2: for part of the budget February for the other part,

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Speaker 2: and your viewers probably understand, is better than most. I

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Speaker 2: mean that means that, let's take a defense department. We've

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Speaker 2: got a lot of ship repair in Virginia. If you

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Speaker 2: finished a ship repair in September at the end of

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Speaker 2: last fiscal year, and you've got an empty dry dock,

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Speaker 2: now you can't start on the next project because it's

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Speaker 2: still a cr You're still operating off of last year's budget.

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Speaker 2: So while the top line number may be the same,

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Speaker 2: the inefficiency now the process being crummy. Does that mean

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Speaker 2: I'm going to vote to shut down the government over No.

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Speaker 2: I think I got to you know, we got to

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Speaker 2: be adults, Unlike some of the crowd in the House,

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Speaker 2: and if it comes over and it longs, it's clean

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Speaker 2: and there's not any other you know, add ons, poison pills,

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Speaker 2: funny business. I think that the overwhelming majority of US

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Speaker 2: will support this. And you know, the last thing the

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Speaker 2: economy or the country, or for that matter, of the

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Speaker 2: world needs is the United States government to shut down,

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Speaker 2: you know, going into Thanksgiving week.

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Speaker 3: But even Senator, if it doesn't shut down heading into Thanksgiving,

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Speaker 3: are we looking at a likely shutdown come January nineteenth

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Speaker 3: because you still have to reconcile the preparations bills that

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Speaker 3: your chamber in the House would like to look very different.

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Speaker 2: Well, again, I think the staggering was a good sign.

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Speaker 2: The bills that have already passed are more in that

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Speaker 2: first trunch on January nineteenth, the DoD bill and some

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Speaker 2: of the other big bills the following eight or in

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Speaker 2: I think early February. There's more than enough time. Again,

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Speaker 2: my hope would be the House would adhere to the

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Speaker 2: deal that was cut between the Speaker and the President,

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Speaker 2: and I think those top one or where there's going

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Speaker 2: to be some conversation. But even if we go through

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Speaker 2: a bit more drama into the new year, we've got

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Speaker 2: lots of things that we still need to get done

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Speaker 2: by the end of the fiscal year. We've got to

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Speaker 2: pass the Defense Bill. In that Defense Bill, I hope

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Speaker 2: well somewhere will be attached there is a critical component,

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Speaker 2: as chairman of the Intelligence Committee, a value which called

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Speaker 2: Section seven oh two, which allows the United States government

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Speaker 2: to follow conversations of foreign individuals. That is extraordinarily valuable

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Speaker 2: right now in terms of Ukraine, in terms of the

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Speaker 2: Middle East that expires. We've got to also, and this

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Speaker 2: is as important, I think, as and as historic as anything.

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Speaker 2: We've got to make sure we deal with what the

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Speaker 2: President has put forward on what's called the supplemental, which means,

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Speaker 2: how do we not walk away from our commitment to

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Speaker 2: Ukraine at this moment in time, How do we provide

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Speaker 2: assistance to Israel in the Middle East? How do we

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Speaker 2: provide humanitarian aid that help both Israel and not just

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Speaker 2: folks and gods, but other nation states who are in

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Speaker 2: a kind of a tumble now because of that challenge.

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Speaker 2: And how do we make sure your earlier comments about

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Speaker 2: the President's meeting with President she how do to make

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Speaker 2: sure we do continue to beef up our activities in

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Speaker 2: the Indo Pacific, particularly in terms of technology competition with China.

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Speaker 2: So there's a big agenda to get done well.

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Speaker 1: Senator, I'll say, it appears the House does not have

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Speaker 1: a lock on the drama.

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Speaker 2: I have to ask you.

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Speaker 1: About an exchange that took place earlier in the Upper Chamber.

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Speaker 1: That took place involving Senator Mark Wayne Mullen, the Teamster's President,

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Speaker 1: Sean O'Brien, and the chair of the committee, Senator Bernie Sanders.

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Speaker 1: This is the Senate Health Committee we're talking about, and

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Speaker 1: a fight that almost broke out today. Let's have everyone

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Speaker 1: watch what I'm talking about. We'll have you respond. So

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Speaker 1: this is a time, this is a place if you

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Speaker 1: want to run your mouth, we can be too consenting adult,

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Speaker 1: so we can finish it here.

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Speaker 2: Okay, that's fine, perfect, you want to it now. I'd

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Speaker 2: love to do it right now. We'll stand your butt up,

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Speaker 2: DN you stand up on them, hold stop it, so

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Speaker 2: sit down. Okay. You know you're United States Saturday.

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Speaker 3: You're an embarado, an embarrassment after embarrassment.

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Speaker 1: Hearing about the condition of the working class in America.

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Speaker 2: You have the biggest s thug. Yeah, he brought you

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Speaker 2: brought hit me. All right, you're the biggest stug even

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Speaker 2: I don't why you know what you're doing?

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Speaker 1: All right, So this this really app but this is

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Speaker 1: not a video from Saturday Night Live. Senator, you know

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Speaker 1: the individuals involved your old let everyone know. By the way,

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Speaker 1: Senator Mullen is a former mixed martial arts fighter.

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Speaker 2: He was ready to go.

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Speaker 1: Senator, is the Upper Chamber becoming the House of Representatives?

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Speaker 2: You know, I'd heard about this, and literally my staff

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Speaker 2: showed it to me before I came over to this interview.

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Speaker 2: If they just hadn't shown it to me, I could

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Speaker 2: have said, gosh, that sounds awful, but I can't comment

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Speaker 2: and look at it.

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Speaker 1: And what went through your mind when you're watching this?

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Speaker 2: Oh god, it's like, you know, some people up here

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Speaker 2: work hard to get that what eight or nine percent

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Speaker 2: approval rating that we have and more antics like that,

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Speaker 2: and that eight or nine percent approval rating of the

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Speaker 2: institution writ large. You know it just yeah, the country

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Speaker 2: deserves better. You know.

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Speaker 1: There was a congressman Today's city got punched at the

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Speaker 1: back by the former Speaker of the House, Kevin McCarthy.

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Speaker 1: We've we saw Chairman Comer's committee hearing come into some

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Speaker 1: sort of conflict with a bunch of yelling. I just

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Speaker 1: is this the future of the legislatures? Is anyone you Lately?

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Speaker 2: I do worry about the fact that when you know,

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Speaker 2: as you guys know, I've been part of every bipartisan

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Speaker 2: group of senators that have ever come together. We did

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Speaker 2: the Infrastructure Bill, we did the Chips Bill, we worked

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Speaker 2: on the Inflation Reduction Act, the Electoral count Act. And

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Speaker 2: I do worry at times when the Joe Mansions and

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Speaker 2: the Mitt Romneys leave following the Rob Portman's and Roy

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Speaker 2: Blunts and the Richard Burrs. We got to hire people

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Speaker 2: that can have strong opinions but know how to get

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Speaker 2: to yes. The whole notion of what the founder set

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Speaker 2: up with his experiment in democracy was you've got to

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Speaker 2: have checks and balances. Part of that checks and balances

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Speaker 2: means nobody gets to run the show, but you've got

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Speaker 2: to find a way to compromise to get dyes. As

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Speaker 2: you guys know, I was a business guy longer than

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Speaker 2: I have been a politician. I think I can still

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Speaker 2: claim that for about another year. But if all I

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Speaker 2: did was run down the opposition and never put out

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Speaker 2: a good product, I wouldn't be in business very long.

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Speaker 2: And what I so worry about is that, you know,

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Speaker 2: you've got these kind of antics. You've got a house

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Speaker 2: that went without a speaker for three weeks. You've got

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Speaker 2: potentially the United States walking away from a solemn commitment

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Speaker 2: to Ukraine. That makes the whole notion of NATO be

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Speaker 2: a little bit up for grabs. Who would ever trust

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Speaker 2: us again? You know, you have got literally hundreds of

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Speaker 2: senior members of our military not able to get their

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Speaker 2: promotion and get their families moved in because one guy

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Speaker 2: takes advantage of some archaic Senate rule with these sematories

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Speaker 2: are better, the folksters are better.

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Speaker 3: Well, Senator, you just said there that the US may

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Speaker 3: be about to walk away from Ukraine, especially considering Ukraine

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Speaker 3: funding is not included in this continuing resolution. Do you

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Speaker 3: think there is a real risk that that just never

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Speaker 3: passes both chambers?

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Speaker 2: I pray not. I think this is the part where

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Speaker 2: the minority of the minority too often up here drives

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Speaker 2: the bus, and a whole lot of Americans are saying,

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Speaker 2: what the heck is happening? Why can't reasonable people and

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Speaker 2: both parties get along? I mean, I still believe there's

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Speaker 2: seventy five votes in the Senate for age to Ukraine.

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Speaker 2: I mean the crazy thing, I feel that Ronald Reagan

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Speaker 2: must be rolling over in his grave. The Ukrainians have

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Speaker 2: literally taken out fifty percent of Russia's military capacity without

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Speaker 2: a single American soldier or NATO socials life being lost.

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Speaker 2: If we were to walk away, we would literally, you know,

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Speaker 2: undermine the word of America. It would make people question

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Speaker 2: our treaty alliances. And the thing that is just just

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Speaker 2: makes me crazy is that some of these folks who say, oh,

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Speaker 2: I don't care about Putin and Ukraine, but I want

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Speaker 2: to do all I can to, you know, make sure

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Speaker 2: Iran doesn't do well, or make sure that president she

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Speaker 2: is constrained. If you don't understand that if you give

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Speaker 2: a green light to an autocratic ruler like Putin, that

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Speaker 2: Iran and China won't take that as a sign that

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Speaker 2: they can move more aggressively, then you don't pass geopolitics

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Speaker 2: one oh one.

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Speaker 1: This money is clearly going to be delayed for Ukraine. Senator,

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Speaker 1: as chair of the Intelligence Committee, you know more about

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Speaker 1: this than most people do. How much time do they

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Speaker 1: have if there's a chance this bleeds in the next year.

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Speaker 1: What does it mean for Ukraine.

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Speaker 2: We have to get this done this year. It would

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Speaker 2: be a historic mistake. You know, people and jobs like

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Speaker 2: mine have a tendency to overstate, and there have been,

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Speaker 2: you know, comparisons to what happened in the late thirties

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Speaker 2: in terms of you know, post Munich, in terms of

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Speaker 2: Britain turning a blind eye to Hitler's expansion in the Czechoslovakia.

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Speaker 2: You know, I'm not one for overstating, but this could

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Speaker 2: be one of those historic moments, you know. And the

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Speaker 2: Europeans both in terms of their military assistance and frankly

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Speaker 2: they've even done more humanitarian They've taken millions of Ukrainians in,

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Speaker 2: but they need American leadership as well. We cannot fail

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Speaker 2: on this task. And I'd say that to all those

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Speaker 2: even if they don't care about the war crimes that

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Speaker 2: Vladimir Putin has committed, but they say they want to

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Speaker 2: stand against Iran or stand up against the Communist Party

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Speaker 2: and President Shee. You give that green card to Putin,

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Speaker 2: You allow autocratic regimes elsewhere to be successful as well.

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Speaker 2: So we've got to do our job well.

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Speaker 3: Senator Joe just referenced the job you are doing on

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Speaker 3: the Intelligence Committee, but of course that's not the only

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Speaker 3: committee on which you sit. You also are a member

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Speaker 3: of the Senate Banking Committee, and you had a hearing

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Speaker 3: today with banking regulators, including Michael Barr, the Fed's Vice

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Speaker 3: Chair of Supervision.

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Speaker 2: On a day which, mind you.

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Speaker 3: The Fed's role in terms of its dual mandate when

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Speaker 3: it comes to prices. They maybe got some good news

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Speaker 3: on today in the form of inflation data. Is it

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Speaker 3: time for the FED to declare victory on the inflation

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Speaker 3: front and just shift all of their focus to their

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Speaker 3: supervisory role.

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Speaker 2: Well, I do think it's time for the FED to

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Speaker 2: lead continue the pause. You know, I don't think you know,

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Speaker 2: I know J Powell. I have a lot of respect

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Speaker 2: for him. I don't think he's going to declare victory.

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Speaker 2: But it was very good news for the economy. They

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Speaker 2: may be able to do this, this soft landing, you know,

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Speaker 2: bring down high inflation with outer recession. But it is

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Speaker 2: one of the reasons why one of the topics that

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Speaker 2: we were talking about today, and not to kind of

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Speaker 2: go from the the global to kind of more nerdy

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Speaker 2: but important as well. You know, the FED is proposed

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Speaker 2: something called Basel three bank capital standards, raising those bank

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Speaker 2: capital standards dramatically at this moment in time, even though

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Speaker 2: they were they're still getting input with this high with frankly,

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Speaker 2: with high interest rates already out there, with the existing

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Speaker 2: tightening of monetary policy, with the frankly geopolitical risk out there,

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Speaker 2: could actually cause a dramatic constriction and lending. And that's

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Speaker 2: not what we want to happen at this pint. I

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Speaker 2: do acknowledge that the banks, whenever there's a new regulation

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Speaker 2: cry the sky is falling, the sky is falling. This time,

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Speaker 2: they may be right, and I'm following this very closely.

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Speaker 2: I also pointed out that there is a tool that

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Speaker 2: when the FED was first created, saying you using what's

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Speaker 2: called the discount window, so if you've got a liquidity problem,

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Speaker 2: you can go to FED and borrow some money that

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Speaker 2: frankly banks have not been using fully. I want to

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Speaker 2: see if we can interject that in before we perhaps

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Speaker 2: layer on a lot of additional requirements.

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Speaker 3: All right, Senator, I'll just end by saying, for the record,

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Speaker 3: when you're on Bloomberg, nerdy is allowed. That's kind of

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Speaker 3: what we do here, so please come back anytime. We

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Speaker 3: always appreciate you joining us.

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Speaker 2: Thanks guys, all right.

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Speaker 3: Senator Mark Warner, the Democrat from Virginia, thank you very much.