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Speaker 1: Live from our nation's capital. This is Bloomberg sound On

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Speaker 1: talking about a huge issue. Here is investment in marginalized communities.

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Speaker 1: They want to deconstructive package and cherry pick what they

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Speaker 1: like what they don't like. China is surgeon powered with

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Speaker 1: major investments. Bloomberg sound On the insiders, the influencers, the insns.

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Speaker 1: Biden has promised again and again and he will unite

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Speaker 1: the country. Who the big Biden has to watch in

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Speaker 1: terms of moderate defectors, infu the structure has always been

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Speaker 1: guard part of the Bloomberg sound On on Bloomberg Radio.

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Speaker 1: I'm Jeanie schanzay No. President Biden isn't Tulsa, Oklahoma this

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Speaker 1: afternoon to commemorate the massacre of hundreds of African Americans

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Speaker 1: on what is known as Black Wall Street. We'll talk

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Speaker 1: about his historic visit, plus the special election going on

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Speaker 1: in New Mexico, and the latest on infrastructure negotiations. And

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Speaker 1: I am joined today by Bloomberg Politics contributor Rick Davis

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Speaker 1: as well as Isaac Right, democratic strategist, founding partner of

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Speaker 1: Forward Solution Strategy Group, and founder of the Rural Voter Institute.

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Speaker 1: So I hope you all had a safe and enjoyable

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Speaker 1: Memorial Day. It's June one, and it's a day that

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Speaker 1: commemorates to really important occasions in American history. Today marks

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Speaker 1: the beginning of Pride Month, which is an important time

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Speaker 1: of celebration and reflection for the lgbt Q plus community

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Speaker 1: and its allies. It also marks a second solemn occasion,

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Speaker 1: one that has gone under addressed in American history until now,

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Speaker 1: and that's the massacre that occurred in Tulsa, Oklahoma, one

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Speaker 1: hundred years ago today. It was one of the lowest

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Speaker 1: points in the nation's history, in which African American enclave

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Speaker 1: in that city was destroyed by a mob and more

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Speaker 1: than three hundred of his residents were killed. And as

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Speaker 1: we begin this afternoon, President Biden is in Tulsa making

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Speaker 1: a historic visit where he met with families of those lost,

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Speaker 1: made remarks, and of course became the first president to

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Speaker 1: visit Tulsa to commemorate this day. And we have some

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Speaker 1: sound on what the President had to say in his remarks.

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Speaker 1: So much too long, the history of what took place

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Speaker 1: here was told in silence, cloaked in darkness. But just

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Speaker 1: because history is silent, it doesn't mean that it did

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Speaker 1: not take place. So Rick Davis, let me ask you. UM,

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Speaker 1: I was stunned by how many people I spoke to

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Speaker 1: today and I include myself in this, that going through

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Speaker 1: public schools as I did in the United States a

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Speaker 1: few years ago, did not get this history about what

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Speaker 1: happened in Tulsa, Oklahoma, one hundred years ago. UM. Absolutely

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Speaker 1: shocking that this has sort of been wiped off the

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Speaker 1: history books in the United States by and large until now.

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Speaker 1: Was that your experience? Sure, when I was in school,

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Speaker 1: they used chalkboards still, Genie, so it might have been

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Speaker 1: a little bit before you. But at the same time,

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Speaker 1: there was no real Black American history taught and UH.

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Speaker 1: And so I was a lucky guy. I was a

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Speaker 1: Navy Branton. So I traveled all over the country to

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Speaker 1: UH to go to school and UH and in every

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Speaker 1: location that I recall, and you know, my memories faded

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Speaker 1: a long time ago, but I really don't ever recall

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Speaker 1: a focus on this event or any events like it.

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Speaker 1: And I think the point the President made today was

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Speaker 1: this isn't the only event that has occurred like this,

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Speaker 1: but this is the one we are commemorating today. Yeah,

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Speaker 1: very well said, and Isaac right, let let me ask

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Speaker 1: you the same question. Was this something that you experienced

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Speaker 1: in your education if assuming you were educated in the

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Speaker 1: United States or otherwise. I was, and it's it's it's

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Speaker 1: such a funny thing for you to bring this up.

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Speaker 1: My wife and I were actually discussing this morning the

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Speaker 1: fact that neither of us, both of us attended public

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Speaker 1: school rules grew up in strong educational backgrounds, but neither

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Speaker 1: of us learned about it in public schools, and both

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Speaker 1: of us only became aware of the Tulsa massacre when

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Speaker 1: we were adults. And so we talked about how we

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Speaker 1: wanted to change that for our children, UM, and teach

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Speaker 1: it in the home here for our kids, regardless of

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Speaker 1: whether it may or may not be taught in public schools. UM,

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Speaker 1: which is a whole other UH topic right now, going

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Speaker 1: on about the fight about curriculum UH and race in

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Speaker 1: public schools. UM. But I think Biden's trip today was

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Speaker 1: really important in the historical sense, not only to shine

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Speaker 1: light on this very dark chapter of American history, but

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Speaker 1: the fact that it was also in the morning that

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Speaker 1: the Biden Harris administration announced new steps to help narrow

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Speaker 1: the racial wealth gap in America and to reinvest in

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Speaker 1: communities that have been left behind by FAILD policy, you know,

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Speaker 1: to take action to address racial discrimination the housing market,

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Speaker 1: including launching first of its kind interagency effort to address

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Speaker 1: the inequity and home appraisals, and conducting rulemaking to aggress

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Speaker 1: we combat housing discrimination right using the federal government's purchasing

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Speaker 1: power to grow federal contracting with small disadvantage of businesses

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Speaker 1: by that's translating to something like an additional hundred billion

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Speaker 1: dollars over five years and helping more Americans realize their

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Speaker 1: entrepreneurial dreams. Um. Just as the Greenwood District lives on today,

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Speaker 1: so does the fight to shape a nation that will

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Speaker 1: one day grant all its to the dignity, respect, and

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Speaker 1: opportunity to reach their full potential. And we are taking

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Speaker 1: strides towards making that vision of reality. And I'm so

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Speaker 1: glad you mentioned that, Isaac, because the President not only

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Speaker 1: commemorated the event, but he talked about policies that you mentioned,

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Speaker 1: several of those policy initiatives to close the racial wealth gap. So, Rick,

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Speaker 1: what do you make of some of these proposals? And

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Speaker 1: Isaac just went through some of those mainly focused on housing,

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Speaker 1: housing practices, helping small disadvantaged businesses. What do you make

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Speaker 1: up some of the policy proposals the president put forward today. Yeah,

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Speaker 1: I think it's good of Isaac to point this out.

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Speaker 1: I mean, it's a it's a heavy day in the

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Speaker 1: history of Tulsa, a great learning experience for the rest

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Speaker 1: of the country. But also it's it's showcasing these initiatives

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Speaker 1: by the Biden administration, something they've been talking about all

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Speaker 1: the way through the campaign. I would say it's very

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Speaker 1: reminiscent of a period of time in the late nineteen

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Speaker 1: eighties with my old friend Jack Camp who once served

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Speaker 1: as Secretary of Housing, uh and and and he was

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Speaker 1: a champion for ending racial discrimination, especially in low income housing.

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Speaker 1: And so I think it's the kind of thing where

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Speaker 1: we talk a lot about these kinds of things, but

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Speaker 1: we never really make a dent in the armor of

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Speaker 1: this kind of systemic uh, I would say discrimination and so, uh,

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Speaker 1: it'll be interesting to see if this can now get

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Speaker 1: up ground. Uh. You know, the President has an incredibly

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Speaker 1: robust legislative agenda right now, and it's it's it's going

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Speaker 1: to take a little effort on his administration's part to

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Speaker 1: get the attention to these initiatives that they deserve. And

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Speaker 1: and one thing that in some of them, my friends

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Speaker 1: that I have spoken to that was left off the

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Speaker 1: president's um list of policy initiatives today are amongst the

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Speaker 1: most controversial UM and this Isaac, I wanted to ask

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Speaker 1: you your thoughts on the issue of reparations, which has

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Speaker 1: been widely discussed in in the state UM. What are

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Speaker 1: your views on that and does the federal government have

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Speaker 1: any role in the issue of reparations for the people

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Speaker 1: and the families of the people who were killed there. Yeah,

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Speaker 1: I think that's a serious conversation we have to engage in,

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Speaker 1: and I do believe the government has a responsibility to

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Speaker 1: have that discussion and to figure out what can be

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Speaker 1: done in a way. I mean, there is not a

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Speaker 1: way that we're ever going to make that history right,

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Speaker 1: but what can we do to try to make some

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Speaker 1: a tone and a step towards the toma UM. I

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Speaker 1: think we just saw Germany uh was working towards reparations

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Speaker 1: in the form of future economic investment in places in

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Speaker 1: Africa where they had been part of colonialization years ago.

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Speaker 1: As in the International News this week, I think that

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Speaker 1: it's a tremendous responsibility that the government needs to have,

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Speaker 1: not just at the state, but at the federal level

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Speaker 1: as well. Isa think I'm kind of curious, UH, if

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Speaker 1: you've got a sense this is uh right down your alley,

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Speaker 1: especially with UH, with your involvement politically in the South. Uh,

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Speaker 1: do we think that there is a chance to have

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Speaker 1: a national dialogue on the backs of things like this

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Speaker 1: legislation that Present Biden announced today about a healing process

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Speaker 1: around racial discrimination. I mean, we've seen so many massive

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Speaker 1: events around the urban areas over the last two years.

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Speaker 1: Are we in a position now where we can look

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Speaker 1: at this in a bipartisan, nonpartisan fashion and begin to

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Speaker 1: heal as a country? A bipartisan, nonpartisan approach is the

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Speaker 1: right approach. But I think you hit the nail on

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Speaker 1: the head with what he says, because the question was

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Speaker 1: this on the back of these things, is this the

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Speaker 1: time that we can begin that dialogue? And I think

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Speaker 1: that we as a nation, not as Democrats or as Republicans,

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Speaker 1: but we as people have failed in that so often

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Speaker 1: we wait until we have a tragedy, until we see something,

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Speaker 1: whether it is the commemoration of the Tulsa masker, whether

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Speaker 1: it is the videotape of George Floyd being murdered. We

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Speaker 1: wait until things like that to talk about the racial

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Speaker 1: history of America and what needs to be done when

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Speaker 1: the reality is just because there wasn't an event today,

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Speaker 1: because there wasn't a crisis last week, doesn't mean that

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Speaker 1: people aren't still suffering every day. It doesn't wash away

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Speaker 1: the history or the ramification of it today. Uh, simply

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Speaker 1: because there's not something to have that conversation on the

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Speaker 1: back of. I think that's where we have to change

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Speaker 1: our mindset to the fact this needs to be an

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Speaker 1: ongoing part of our dial This has got to be

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Speaker 1: something that we address when there are things in the

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Speaker 1: news and when there aren't, so that we can one

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Speaker 1: day get to uh, that reconciliation that you speak of.

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Speaker 1: And part of that is we have to break in

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Speaker 1: the partisan mons. This isn't a Democrat for a Republican issue.

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Speaker 1: This is an American issue. This is a human issue.

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Speaker 1: And Isaac, you said that so beautifully. And one of

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Speaker 1: the things that occurred over this Memorial Day weekend, Um

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Speaker 1: really screamed against sort of bridging the partisan gap, and

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Speaker 1: and that was this failure of this bill in Texas

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Speaker 1: only failed this voting and elections bill because Democrats walked

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Speaker 1: out of the House chamber before a midnight bedline. And

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Speaker 1: this was Texas is so called Election Integrity Protection Act

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Speaker 1: or Senate Bill seven. And it's one of a number

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Speaker 1: of bills that have been attempted by Republican controlled legislators

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Speaker 1: across the kind tree in the wake of UM. And

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Speaker 1: so this of course is related as we talk about

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Speaker 1: what happened in Tulsa in issues of race across this country,

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Speaker 1: what Democrats see as an effort to disenfranchise African Americans. UM.

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Speaker 1: Democrats have criticized the Texas bill's restrictions, specifically it's banned

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Speaker 1: on twenty four hour and drive through voting. And then

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Speaker 1: over the weekend, President Biden joined in those criticizing the measures,

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Speaker 1: calling the legislation in Texas, just like that in Florida

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Speaker 1: and Georgia, an assault on democracy. And while the legislative

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Speaker 1: session ended Monday, Governor Greg Abbott said he would not

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Speaker 1: only call a special session to try passing the voting

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Speaker 1: bill again, but he also threatened to veto a section

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Speaker 1: of the state budget that funds the legislature and its

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Speaker 1: associated agencies, which would mean lawmakers in Texas and their

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Speaker 1: staffs would have their pays cut. I'm Jeanie Chanzano and

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Speaker 1: I'm here with an all star panel Bloomberg Politics can

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Speaker 1: tributor Rick Davis and Isaac Wright, Democratic strategist, partner at

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Speaker 1: Forward Solution Strategy Group and founder of the Rural Voter Institute.

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Speaker 1: As we were discussing, Texas Republicans pushed to pass a

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Speaker 1: comprehensive bill of controversial election reforms was halted by House

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Speaker 1: Democrats who walked off the state Legislative fourth floor on

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Speaker 1: Sunday night, running out the clock on the session and

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Speaker 1: ensuring the bill would be killed at least for now.

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Speaker 1: Following the walkout, Lieutenant Governor Dan Patrick, a Republican, blasted

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Speaker 1: both sides, calling it a failure of both Republican leadership

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Speaker 1: and Democrats who were voted to do their job here.

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Speaker 1: Sound on that the Democrats should not have walked out.

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Speaker 1: You are elected to do your job and be here.

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Speaker 1: If you lose on the bill, you lose on bill,

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Speaker 1: you don't get to go home and cry about it.

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Speaker 1: But House leadership created the situation, and Texas Governor Greg

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Speaker 1: Abbott has promised to revive the bill in a special session,

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Speaker 1: and as we discussed potentially withhold or diminished pay for legislators. So, Isaac,

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Speaker 1: let me ask you, what do you make of what

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Speaker 1: pertains to this voting bill something we've seen in other

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Speaker 1: states across the country since well. I think the folks

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Speaker 1: who walked out of the Texas floor because they believe

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Speaker 1: that Americans deserved the right to vote, uh, and the

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Speaker 1: fundamental right to vote should not be taken away from

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Speaker 1: anybody or should not be should not be made harder

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Speaker 1: to vote for any American because of their economic circumstance, um,

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Speaker 1: et cetera. I think those people took a brave moral

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Speaker 1: stand um that said, it doesn't change the vote count um.

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Speaker 1: And I say that as somebody that if you remember,

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Speaker 1: the longest running legislative walkout in US history was the

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Speaker 1: Indiana legislature a few years ago cerca. Twelve or so. UM.

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Speaker 1: I lived in the Comfort Sweets Hotel for five of

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Speaker 1: those six weeks with that legislative call, flew into to

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Speaker 1: help help them with their effort, um and stay there

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Speaker 1: for part of that time. I remember it very well,

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Speaker 1: and the long ride back to the Indiana State Capitol

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Speaker 1: tonight they won what was at that point the longest

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Speaker 1: corm break of any legislature in US history. That said,

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Speaker 1: it doesn't change the vote because they lost the very

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Speaker 1: next year. UM. And I think we've seen Governor Abbott

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Speaker 1: stay is he's just gonna call a special section session UM,

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Speaker 1: and that there is a question of how long can

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Speaker 1: you uh walk out of the floor to break horm

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Speaker 1: and it just doesn't change the vote count. What this

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Speaker 1: is and what I think it was a brilliant move

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Speaker 1: by the people who walked out, and not only just

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Speaker 1: say they morally courageous thing, but they made a national

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Speaker 1: clearion call for federal legislation, i e. For the John

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Speaker 1: Lewis Voting Right to Act to be passed, because if

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Speaker 1: that happened, it would solve this problem. It would protect

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Speaker 1: that fundamental right to vote from those who would endanger it.

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Speaker 1: And I think passing before the People Act sometimes called

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Speaker 1: the John Lewis Act, I think this was a call

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Speaker 1: out to Congress, to the U. S. Senate, to the

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Speaker 1: administration UH to pass that legislation. UM. Following this, one

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Speaker 1: of the people, I'm gonna be looking to UH. And

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Speaker 1: I would suggest anybody who's really following closely watches trade

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Speaker 1: Martinez Fisher. UM. He is a brilliant legislator out of

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Speaker 1: the Bear County, San Antonio area. UH, somebody who is

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Speaker 1: on the rise in Texas politics as a leader, and

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Speaker 1: and somebody to watch closely on this issue as it

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Speaker 1: continues to develop about how it will develop. I just

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Speaker 1: think he's one of the strongest leaders in the state

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Speaker 1: right now. And Isaac, I couldn't agree with you more.

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Speaker 1: This was a brilliant clarion call on the part of Democrats.

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Speaker 1: But Rick, I feel like I am forever asking you

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Speaker 1: this question, or we are discussing it. What is the

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Speaker 1: likelihood that the voting bill passes in Congress this year?

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Speaker 1: I'm sorry to put you on the spot with that,

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Speaker 1: because we we haven't seen much passed at this point.

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Speaker 1: What are the prospects of passage? Look, this has a

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Speaker 1: fundamental problem with Senate passage. I think most of the Democrats,

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Speaker 1: UM that I'm aware of, have have not been campaigning

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Speaker 1: heavily on this. They've got other priorities. Uh. It's obviously

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Speaker 1: the best end around that that the Democrats could come

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Speaker 1: up with to try and do what they can't do

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Speaker 1: in a lot of these state legislatures like Texas, I

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Speaker 1: think that you know Isaac's point about um, until you

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Speaker 1: change the dynamic on the on the ground in the

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Speaker 1: chamber between Republicans and Democrats, you're you're you're going to

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Speaker 1: continue to see one party rule in a lot of

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Speaker 1: these states. I would say, you know, I think we're

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Speaker 1: still seeing a chapter to unfold in this Texas situation.

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Speaker 1: I mean, nobody's gonna go back to work because they

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Speaker 1: get paid six hundred dollars a day. In the Texas legislature,

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Speaker 1: it doesn't meet for another two years. So different from

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Speaker 1: the example I think Isaac gave. If if they are

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Speaker 1: able to stone wall this thing for a while, they

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Speaker 1: could have a I think a moral victory uh in Texas.

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Speaker 1: But but still um uh. It doesn't seem to be

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Speaker 1: hitting the point. I think Democrats going after these kinds

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Speaker 1: of initiatives need to be focused on what what's going

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Speaker 1: to hurt Republicans if they do this. And and it's

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Speaker 1: still not clear to me that there's an argument that

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Speaker 1: is turning the votes of Republican state legislators in any

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Speaker 1: of these states where it might cost them politically inside

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Speaker 1: their district or inside their states. So for me, uh,

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Speaker 1: you know, I'm not seeing the pain that the Democrats

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Speaker 1: are invoking with Republicans on this. UH. To try and

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Speaker 1: change this to a debate on the federal legislation and

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Speaker 1: has slimmed to no chances of passage is kind of

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Speaker 1: wasting a perfectly good bullet. I mean, what they did

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Speaker 1: in Texas did draw a great attention to this issue

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Speaker 1: and is going to actually make a lot of the

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Speaker 1: leaders in the Texas legislature embarrassed by this, as the

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Speaker 1: as a lieutenant governor pointed out. But whether or not

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Speaker 1: that will translate into something more broad based political movement

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Speaker 1: UH yet to be seen. Yeah, and so much of

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Speaker 1: this has to do with what is going on on

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Speaker 1: the ground of these states, and coming up, we're going

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Speaker 1: to focus on that and the special election in New

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Speaker 1: Mexico today, which is going to determine how much of

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Speaker 1: power and numbers Democrats have in the House. You're listening

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Speaker 1: to Bloomberg Sound On on Bloomberg Radio. I'm Jennie Schanzano

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Speaker 1: and I'm joined by Bloomberg Politics contributor Rick Davis. The

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Speaker 1: White House says it's working with meat producer JBS Foods,

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Speaker 1: one of the largest meat producers in the country, after

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Speaker 1: the company was hit with a ransomware attack on Sunday.

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Speaker 1: JBS said in a statement on Monday that they attack

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Speaker 1: hit some of its servers in North America and Australia

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Speaker 1: and it's not aware of any data that was compromised

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Speaker 1: on board Air Force one on the way to Tulsa.

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Speaker 1: Earlier today, Deputy White House Press secord Terry Karine Jean

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Speaker 1: Pierre said the attack might have come from Russia. Here's

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Speaker 1: sound on that. JBS notified the administration that the ransom

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Speaker 1: demand came from a criminal organization, likely based in Russia.

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Speaker 1: The White House is engaging directly with the Russian government

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Speaker 1: on this matter and delivering the message that risk responsible

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Speaker 1: states do not harbor ransomware criminals or assessing any impacts

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Speaker 1: on supply, and the President has directed the administration to

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Speaker 1: determine what we can do to mitigate any impacts as

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Speaker 1: may become necessary. And joining us on the line to

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Speaker 1: discuss this still breaking story is Teresa Peyton, CEO of

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Speaker 1: Fortilize Solutions, former Chief Information Officer at the White House

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Speaker 1: overseeing I T. Operations for President George W. Bush and

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Speaker 1: his staff. So, Teresa, it's so good to talk to you.

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Speaker 1: And can I just ask you for your view as

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Speaker 1: to how the White House and the administration has handled

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Speaker 1: both this LA this attack and also the Colonial pipeline. Yeah.

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Speaker 1: I mean, they obviously are getting involved very swiftly. Attribution

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Speaker 1: in sort of the early hours and days during an

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Speaker 1: attack is hard, uh so, But you know, obviously they've

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Speaker 1: got some evidence that has not been shared publicly yet

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Speaker 1: that points back to Russia. The fact that the White

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Speaker 1: House is saying publicly that they are having conversations with

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Speaker 1: Russia is a good thing. It's a strong message. But

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Speaker 1: it just goes to show that we are being tested

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Speaker 1: as a nation, not just the administration, but we are

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Speaker 1: being tested. And if you want to know how well

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Speaker 1: we're getting along with or not getting along with certain countries,

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Speaker 1: take a look at some of the attacks and where

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Speaker 1: the attacks are coming from. And clearly we are being

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Speaker 1: sent a message that we will go after your critical infrastructure.

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Speaker 1: They've gone after you know, whether it's email accounts, we

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Speaker 1: have Colonial pipeline, and now we have our food supply.

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Speaker 1: You know, Teresa, I was looking at some of the

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Speaker 1: things you've written and said in the past, because this

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Speaker 1: is just a fascinating area for me, because it seems

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Speaker 1: our country, with all its capabilities, especially it's technology, seems

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Speaker 1: impotent to these um to these hackers, to these folks

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Speaker 1: who are are are facilitating this ransomware and or just

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Speaker 1: straight hacking our systems. And in the past you've said

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Speaker 1: that our security procols are fundamentally broken. How do we

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Speaker 1: fix them? I mean, what's the pivot to a better

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Speaker 1: future on this because otherwise, I mean, we're just paying

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Speaker 1: these ransomware criminals. They seem to slip the knot or

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Speaker 1: shut down and open up a new business a couple

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Speaker 1: of weeks later. Yeah, I'm so glad you asked. And

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Speaker 1: it's um, it's complicated. But there's a couple of things.

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Speaker 1: First of all, every business UM needs to realize the

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Speaker 1: fact that everyone is now a technology company that happens

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Speaker 1: to do what you do for a living. So this UM,

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Speaker 1: you know, world's largest meat companies, they're actually a technology

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Speaker 1: company that provides meat processing services. Because we're all being

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Speaker 1: run by technology. It's a part of automation, it's a

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Speaker 1: part of logistics, it's a part of operations, and once

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Speaker 1: you realize how dependent you are upon technology, that has

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Speaker 1: to become part of your business continuity and business resiliency plan.

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Speaker 1: Ransomware is just one of many things that can happen

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Speaker 1: to your technology, and certainly not the only one, but

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Speaker 1: it becomes very public when your systems are locked up

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Speaker 1: in our offline. Um. One of the solutions that we

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Speaker 1: have to have, besides the realization that we're so dependent

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Speaker 1: on technology in every industry, is the fact that businesses

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Speaker 1: shouldn't be left to shoulder the burden alone. We we

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Speaker 1: have to stop victim shaming and saying all businesses must

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Speaker 1: do better and if they are a victim of attack,

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Speaker 1: but if somehow their fault, um we don't leave them

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Speaker 1: to defend themselves against unscrupulous nation states who might launch

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Speaker 1: something in the air across the border. UM. So we

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Speaker 1: have to be thinking creatively and differently about this, and

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Speaker 1: it starts first of all by designing technology and security

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Speaker 1: for the humans that are using it. That's really where

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Speaker 1: we fail the human. You think about strong passwords, Nobody

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Speaker 1: loves strong passwords except for security people. UM. So we

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Speaker 1: have to make it more seamless and more elegant for

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Speaker 1: the user so that we can make ransomware and other

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Speaker 1: different types of cyber crime incidents harder to actually do.

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Speaker 1: And so, Teresa, on that point, as as you said,

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Speaker 1: and I've read you've said this in the past, you know,

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Speaker 1: don't leave them essentially to their own devices to defend themselves.

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Speaker 1: Beyond those technology solutions, are there regulatory solutions here? Should

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Speaker 1: Congress reacting and if so, how should the president? He

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Speaker 1: did issue executive orders after the colonial pipeline. Do we

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Speaker 1: need more out of Washington on this? And if so,

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Speaker 1: what do you recommend that they do well? I'd like

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Speaker 1: to see some really creative, transformative thinking here. So, for example,

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Speaker 1: besides conversations with the international community, and we need to

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Speaker 1: be saying, from a treaty perspective, an attack against one

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Speaker 1: of us is an attack against all of us, and

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Speaker 1: we need to start hammering out basically what will not

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Speaker 1: be tolerated anymore, and the international communities need to come together,

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Speaker 1: um and combat this together. The other piece that we

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Speaker 1: really need to be thinking about is, you know, how

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Speaker 1: do we think differently about this? I mean, what if

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Speaker 1: there was an opportunity for rapid response, rapid intelligence sharing

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Speaker 1: on a level that we haven't seen before. You know what,

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Speaker 1: if there was a hotline you could call as a

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Speaker 1: business is to say I've been not locked up by ransomware.

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Speaker 1: I don't want to have to pay. And we had

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Speaker 1: the best and the brightest in this nation creating decryption keys.

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Speaker 1: So there's a lot of innovation and transformation that can

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Speaker 1: happen here that hasn't. We really need to put our

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Speaker 1: best and brightest minds on this problem. And let me

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Speaker 1: just ask you too on this issue. And I understand

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Speaker 1: you said ransomware is is just one way in which businesses,

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Speaker 1: organizations are attacked. We've heard that Colonial pipeline paide something

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Speaker 1: like four point four million in bitcoin to this dark

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Speaker 1: side group. Just two quick questions on that. Should the

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Speaker 1: government outlaw paying ransomware and should they take action on

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Speaker 1: bitcoin which seems to make it difficult to track these

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Speaker 1: groups when you're paying with with bitcoin. Yeah, so I'll

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00:25:50,440 --> 00:25:54,600
Speaker 1: work backwards. Um, those are two excellent questions as well. Um.

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00:25:54,640 --> 00:25:58,399
Speaker 1: So as far as uh, you know, basically taking action

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00:25:58,440 --> 00:26:02,920
Speaker 1: against cryptocurrency, Uh, you know that's something that you really

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00:26:03,000 --> 00:26:09,080
Speaker 1: can't stop cryptocurrency from being mined. Um, So basically it's

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00:26:09,119 --> 00:26:12,200
Speaker 1: the result of solving a mathematical problem which creates the

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00:26:12,240 --> 00:26:17,080
Speaker 1: cryptocurrency UM. So the question is is, can you know

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00:26:17,200 --> 00:26:21,200
Speaker 1: market giants who are household trusted names, can they come

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00:26:21,280 --> 00:26:25,880
Speaker 1: up with an alternative to cryptocurrency UM to offer UM?

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00:26:25,960 --> 00:26:31,080
Speaker 1: And then secondly, how do we think differently about paying

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00:26:31,119 --> 00:26:35,640
Speaker 1: the ransom? And my concern with regulatory frameworks is they

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00:26:35,640 --> 00:26:40,080
Speaker 1: typically create a very expensive burden on businesses to meet

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00:26:40,680 --> 00:26:43,920
Speaker 1: and that is incredibly hard, not just on big business

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00:26:43,960 --> 00:26:47,040
Speaker 1: but small and medium sized businesses. And every dollar that

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00:26:47,080 --> 00:26:50,040
Speaker 1: you spend on a regulatory burden is a dollar you're

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00:26:50,040 --> 00:26:52,960
Speaker 1: not spending on R and D marketing growing the business.

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00:26:53,000 --> 00:26:55,119
Speaker 1: And so we have to find, you know, sort of

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00:26:55,119 --> 00:26:58,840
Speaker 1: those creative innovative ways to protect and to send our

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00:26:58,880 --> 00:27:03,520
Speaker 1: critical infrastructure small medium and large sized businesses UM without

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00:27:03,560 --> 00:27:07,040
Speaker 1: doing it. And what today is somewhat of a piecemeal

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00:27:07,040 --> 00:27:11,520
Speaker 1: approach TRICA. You you mentioned earlier about this notion of

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00:27:11,560 --> 00:27:14,439
Speaker 1: sort of a cyber NATO, you know, protecting those people

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00:27:14,480 --> 00:27:18,520
Speaker 1: who get attacked this way, and this is the new war.

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00:27:19,080 --> 00:27:21,720
Speaker 1: We've seen this going on with with the near peer

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00:27:21,760 --> 00:27:25,720
Speaker 1: competition with China and Russia, but many others. North Korea

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00:27:25,760 --> 00:27:30,880
Speaker 1: has been a regular user of cyber crimes to advance

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00:27:30,920 --> 00:27:35,560
Speaker 1: its interests both economically and politically. Is there in an

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00:27:35,600 --> 00:27:39,880
Speaker 1: effort by this administration or or to try and put

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00:27:39,960 --> 00:27:45,200
Speaker 1: that kind of multilateral agreement in place so that countries

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00:27:45,280 --> 00:27:47,879
Speaker 1: can use the best and the brightest that offer in

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00:27:48,000 --> 00:27:51,920
Speaker 1: order to protect their industries and their governments from these

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00:27:52,000 --> 00:27:56,959
Speaker 1: kind of attacks. Yeah, this, this is definitely a moment

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00:27:57,480 --> 00:28:00,800
Speaker 1: where the world should come to other on this. And

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Speaker 1: I would love to see the administration lead the way.

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00:28:03,760 --> 00:28:07,000
Speaker 1: I mean, the operations don't just impact Americans in this

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00:28:07,119 --> 00:28:13,159
Speaker 1: particular instance, Australia and Canada are also impacted. And and again,

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00:28:13,320 --> 00:28:15,639
Speaker 1: an attack against one of us is an attack against

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00:28:15,720 --> 00:28:18,320
Speaker 1: all of us. And so you know this this is

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Speaker 1: you know, as we're trying to as a as a country,

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00:28:21,320 --> 00:28:24,280
Speaker 1: but as a world, start to come out of the

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00:28:24,359 --> 00:28:27,960
Speaker 1: pandemic and you know, kind of get things back on

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00:28:28,080 --> 00:28:33,680
Speaker 1: track economically for everybody. Um, this is just another challenge

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00:28:33,800 --> 00:28:38,080
Speaker 1: for everybody from small businesses to restaurants who are struggling.

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00:28:38,520 --> 00:28:41,120
Speaker 1: Um and now you know everyday Americans who are just

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00:28:41,160 --> 00:28:43,640
Speaker 1: trying to put food on the table. And so UM,

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00:28:43,720 --> 00:28:46,800
Speaker 1: I would love to see the administration lean forward and

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00:28:46,920 --> 00:28:50,840
Speaker 1: pull nations together, pull our allies together and hammer something out.

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00:28:51,240 --> 00:28:54,720
Speaker 1: We certainly need to do it um and unfortunately, you

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00:28:54,720 --> 00:28:57,440
Speaker 1: know the clock is running out. We've had the warnings

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00:28:57,520 --> 00:29:00,760
Speaker 1: over the years and just have an addressed So I

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Speaker 1: want to thank you so much, so helpful. Teresa Peyton,

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00:29:03,720 --> 00:29:07,360
Speaker 1: CEO of Fortilite Solutions, former ce IO at the White

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00:29:07,400 --> 00:29:10,760
Speaker 1: House overseeing i T operations for George W. Bush. And

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Speaker 1: thank you to Rick Davis, Bloomberg political contributor. I am

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Speaker 1: Jeanie Chanzano. This is sound On on Bloomberg.