Transcripts For BLOOMBERG Bloomberg Markets Balance Of Power 20240712

The system . Michael no. He repeated that comment today as his parts of efforts to Tell Congress they need to do more in terms of lending programs, more in terms of fiscal support. Strategy oferall letting inflation run hot or is designed over the longterm to try to help by not cutting off credit to the economy when it starts to reach the lower levels , when Economic Growth starts to help the people he was talking about, which is what they did in the last expansion. Where theill take a long tipecd first 300 billion 300 Million Dollars will go. Andlked with their chairman ceo, brian moynihan, about that program. We have a billion dollars across 1 billion across those programs. One is entrepreneurship, one is educations and job creation, and another is health. You have the healthcare crisis, which affected these communities more than other communities, and that has been statistically proven. We have been doing a lot. Recently, we announced 25 million would go in nearterm health and issues health initiatives. Thats like masks to shelters, to Community Health places, to school systems. Did 100,000 mask the providence we did 100,000 masks for the Providence School system. Bronner stated, it is 1 billion across these four big initiatives. We announced 300 million for allocations, for lack of a better term, and we completed investments already and are or five,n another four institutions that are africanamerican owned and we d as do hispanic owne well to give them the capi the capital to grow. We have said we would do 200 million in equity, Growth Equity in our markets to businesses owned by hispanic business owners, africanamerican business owners, and asian business owners, to help them grow faster. This would be smaller sized investments, and i call my colleagues across the industry to come. This is not a fund we want to drive. Puttingcompanies to be a fund together to help this growth capital. The other place, that was the 200 million allocation. Then, we started on the job stuff. Theres two different thought ,rocess is with hp and hsis which is more a Fouryear College and how we help in the Career Development pathways for those colleagues and colleges. The other piece which is Skills Development with Community Colleges, Community Colleges would serve the communities of color, helping develop skills and jobs there. That is what we are going on. Those grants are going out as we speak. It is all about helping in every community. This is not just about bank of america. It is cataloguing efforts for other ceos and companies, to join in and create jobs. Needs a lot more work to be done. David theres a lot of good work being done, but you are a banker. Lets talk about this minority deposit institutions youre talking about. Give us a sense, from your understanding of the question of the under bank and on bank unbank in our communities. Michael the idea is how do we the idea is creating more lending capacity. The 50 million put in, when fully deployed, think of it multiplied by 14. Have done autions great job. Some are bigger and some are smaller. We already have about 100 million deposits in them, but that is deposits they can lend out. This is equity so they can get deposits from other people and grow. We do a great job of lending in all communities. All capabilities in housing, Small Business lending is the largest in the country, but to have a fully competitive place and help these institutions be more competitive and focused in the communities, our job is to help them grow. David you have made investments thus far in three minority oriented or owned lenders. Do you ask beck to take positions in more of those entities . Thee all have but completed fourth, and we are in discussions with wadhams, and all of them, and we continue to work through them. We began with the ones we have the strongest relationship over and areand working toward theres a list of them, and the team is doing a great job. Four are done and a few hopefully in the next few weeks. The idea was get the money into those institutions to help them grow and get in there fast. That is what we are doing. David this is a lot of money, and for a good cause. Give us a sense of the private sector versus the Public Sector. How much of the frankly, we have been talking about for 400 years of systemic racism, can be addressed in the Public Private sector . What we need in the Public Sector to help that . You need catalyst. In housing, for example, you need more help in the Public Sector in terms of authorization of housing developments. We do 5 billion per year in low andlending moderate income communities, sometimes institutional and commercial property, and sometimes the dominant share is housing. The problem is that it is not enough. In charlotte alone, the study the group of ceos has come up insurers. 0 housing what we did in charlotte, to give you an example of how it works, we put in some more risk capital along with other institutions that we built up 60 million or 70 million more debt which can be leveraged that we end other institutions do. So what can the Public Sector do . Permit the housing faster, get it done faster so the pace that it can be rebuilt is fast. That is something they need. The money is there, the capital will come, but you have to get the authorization to build the units. On the other cited to help frankly key people in their are now the prices we from being evicted. That group of ceos thrive in eviction work, and we see a lot of others do pro bono work to build the ability for tenants to be represented. Its all aspects of it, but the lic side needs to permit dry the authorization part of it. David that was some of my drive the authorization part of it. David that was some of michael conversation some of my conversation with him. Coming up, or discussion on secretary mnuchins testimony about fiscal stimulus. Do we need it and what kind . We talked to seth harris, next, on balance of power, Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turned to Mark Crumpton for bloomberg first word news. Ruth Bader Ginsburg is back at the place where she spent 27 years. Justice ginsburgs flag draped casket arrived at the Supreme Court this morning. Inside the building, the courts remaining eight justices were together for the First Time Since the pandemic began in march, when they started meeting by phone. Thousands of people are expected to pay respects as she lies in repose. A white house aide says President Trump will pay his respects on thursday. Bill de blasio is expanding weeklong for those to another 9000 employees, which would save the city 21 million. Managerial and nonrepresented employees must take five furlough days from october through march. The mayor issued a similar order for month per month, has they facing 9 billion shortfall through june of 2021. Mayor de Blasio Lawrence ones layoffs may finally happen without Financial Aid from the federal government or longterm borrowing approval. The blahs io said, we are forced to make these difficult decisions as we face a massive budget shortfall with no help in sight. The nations top Infectious Disease expert says the coronavirus pandemic is the biggest challenge she has seen in his four decades on the job. Rivaled only by the hiv age crisis. Hiv aids crisis. Dr. Found she talked about the efforts of finding a safe and effective vaccine, and ensuring the United States will distribute it fairly throughout the population. If we can deploy and get vaccines distributed throughout the country by the end of 2021 and combine that with a continuation of a certain level of the Public Health measures, i believe we can approach and perhaps reach a degree of normality that closely resembles what we had before this particular outbreak occurred. You can watch this and more from the bloomberg equality summit on Bloomberg Television, as well as bloomberg radio, and at Bloomberg Live go. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by over 2700 journalists and analysts in more than 120 countries. I am Mark Crumpton. This is bloomberg. David the supplemental Unemployment Insurance has long expired. Yesterday, secretary mnuchin and chair powell talked about the need to do something, though what to do is not clear. Joining us now is seth harris, who served a deputy secretary of labor under president obama and acting secretary. Great to have you here. Take us back to the days of the 600 dollar per week supplemental unemployment. That is long since gone, the end of july it went away. What was its effect . Some people were encouraged concerned it was encouraging people not to work. Sen. Harris this new study out of the Federal Reserve board tells us that is not true, david. That unemployed workers did not slow their job search, did not turn down jobs simply because they were getting an extra 600 per week. The reason is workers really understand their own home economics, and they know if they take a job, that paycheck will last longer than Unemployment Benefits would. The average worker gets, according to the study, about 1000 per week on a twoyear job. That is worth more than the additional 600 they were getting from the federal government. It has no effect on peoples job search and we knew that from other data. The labor market data. There are slightly under 30 million americans collecting Unemployment Insurance now. There are only about 6. 6 million open jobs in the United States. Everyis about one job for four workers on unemployment are now. Thats the reason workers are not going back to work, there werent jobs to go to. David the study referred to came out of the staff of the San Francisco Federal Reserve. The Federal Reserve says it is not their study but their staff came up with it. It didnt have much effect on the downside but, taking away the but to taking away the 600 per week how much of an effect . Because we are adding jobs, right . Sen. Harris at a slow and declining rate. The economic recovery is slowing, and we see high rates of layoffs. That is what the weekly, initial unappointed data claims data tells us, people are losing their jobs every week. The number is still in 800,000 range, just for state unemployment. Another 600,000 or 700,000 for people in self employed independent contractors. Thats a record by a longshot. We have never seen records like that in the history of counting on employment claims. Struggling,is still a very slow, painful recovery. We need to stimulate the economy. One way to do that would be with 600 in supplemental Unemployment Benefits. Unemployed workers take that money, spend it, which is could for the corner grocer and local gas station, landlords, other people who get paid with that money, but there is more we need to do. David chair powell said we need more progress we made a lot of progress but there is still 11 Million People unemployed. What do you do about that . You have made no secret that you support joe biden. What would a biden presidency do to this . Sen. Harris Vice President biden has laid out in great withl his jobs program substantial investments in middleclass union jobs, infrastructure jobs, manufacturing jobs, jobs in education, jobs that will help our economy become a more Green Economy to address the threat of climate change. That is really what is needed. We need to fix the tax system so the wealthiest dont get away with what they are getting away with now, paying little in taxes. In the middle class and other working people are bearing the burden. Shift that burden and increase taxes on the wealthiest in our economy to fund a Massive Jobs Program in a number of different sectors. That would be the way, not merely to bill back to where we were, to build back to a fairer economy, an economy focused on racial equity, that shares doesnt just fund jobs on the coast but funds jobs throughout the United States economy and every in every stage. That is where Vice President biden is and where we need to go. David from your experience in the department of labor and sector in general, it is is a demand that we need go up . The employer does not employ more people until their demand will be there for the goods and services . Sen. Harris we do need more demand, but 70 of the economy in the United States is consumption. Me,s people like you and but unemployed workers and food insecure workers spending money. That is what creates the demand that makes the economy grow. We have to build it from the middle out. We have to put money in the pockets of the people most likely to spend it, not the people looking for a tax shelter and put it offshore in the cayman islands. That is the way we get the economy to grow. We are suffering from insufficient demand in the economy right now because so many people are unemployed, so many people are underemployed. You see a high rate of parttime workers in voluntary involuntary parttime workers. David seth, always glad to have you. That was the former u. S. Secretary under president obama. Still ahead, we talked to Patrick Mchenry, ranking republican of the house financial committee. Bloomberg balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for a market check. Scarlet, it looks like tech is leading us down again. Stocks are resuming their decline, the s p 500 lower for the fifth time in six days. Underperformers are consistent with what we have seen all month long, tech leading lower. Tech a giving back some of yesterdays gains. All this month, big tech has become less correlated with the broader market. The 120day correlation between the nasdaq 100, dominated by the five big tech names, and s p 500 is almost at his lowest in two years. In march, it was at a record high. Manufacturing and services are still growing, but roughly at the same pace as august, rather than a meaningful pickup. You were talking about jay powell telling the house today there is a long way to go in economic recovery, and more physical support as needed. Lawmakers have turned attention to feeling the late filling the late justice ruth Bader Ginsburg seat. Waserms of movers, there anticipation before teslas battery day, but it was more hype than concrete messaging and not really the positive catalysts investors ahead position four. Investors say it is impressive but is reflected in the valuation. 830 timesrading at reported earnings. You are looking at the kleins looking at the kleins because lithium will be impacted by this new technology. Panasonic and other asian battery makers lose tesla as a customer as well. One of the big winners we are watching is nike, the best performer on the dow industrial after the Sportswear Company blew away analyst estimates with its latest quarterly results. Almost double the average analyst estimate as Digital Sales drove the revenue number to the little change. David thank you, so much to scarlet fu for that report on the markets. And, the need of poor minority communities for financial services. We talk with Deron Williams to andess the sun unbank underbank. This is balance of power on bluebird television and radio. Bloomberg television and radio. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Power this is balance of on Bloomberg Television and radio. Chair powell address the disproportionate harm caused in minority communities by the coronavirus and economic downturn. Not fallen equally on all americans. Those least able to bear the burden have been most effective. Rising joblessness has been severe for lower wage workers, women, and africanamericans and hispanics. David the question was what can be done about it. One thing everyone seems to agree on is the Critical Role of Community Development Financial Institutions. We welcome of the pioneers in this area, darrin williams, ceo of Southern Bancorp which serves the arkansas and mississippi delta from 43 locations and has assets of 1. 6 billion. Thank you for joining us. I dont think i couldve told and now youfi was cannot have testimony on the economy without it. Explain what you do in the delta. Darrin first of all, thanks for having us. Experiencing a resurgence. We are designated as a Community Development Financial Institution by the treasury and 60 of our activity, our lending activity must take place in lower income tracks so we provide access to capital for people in communities that often do not have that type of access. We have been interval work on helping people make it through the Economic Impacts of this pandemic. David this came to the forefront in my reading. With the payment protection program. One of the problems they wanted to get money to Small Businesses a lot of them did not have banking relations other than a payroll lending service. How did you play in that . Darrin that is exactly right. Intentionalt use channels to reach everybody with those dollars, any people will be left out. Lender already so we had access to the system and we were able to hit the ground running day one when the program rolled out. The very first day of the program we processed and funded our first loan. We made sure that we work with customers and we also worked with businesses in the community that may not have had a relationship with a bank or Financial Institution. Fortunately in efforts to Lobby Congress and the administration, they made a carveout so that we could make sure Small Business is in markets had access to the program and expanded program, not just the banks but the loan funds and Credit Unions and other nondepository types of cdfis out there. David one of the things we heard yesterday was about the main Street Lending program. You had to get below 100,000. I am not sure we had a lot of appetite for that. Give me a sense of the size of the loan you have been making under the ppp. Darrin our average loan is less than 80,000. We did 1300 loans for 112 million. 85 were less than 150,000. We did loans for smallest 200. Our average loan size was small compared to larger banks. That is what the communities needed. There were a number of businesses that said they would not have made it but for the support of the paycheck protection program. David they got that loan. To what extent is the economy coming back in the areas you serve . Darrin that is the milliondollar question. Clearly our communities in the delta and many of the low wealth communities are struggling before the pandemic. The impact is even more exacerbated on them. These communities and businesses need more stimulus and support to make it. That paycheck protection, those dollars will continue to last for just a period of time. We are running up on that time and it is expected to run out. These folks have to be prepared to ask for loan forgiveness. That is another real issue. Congress had not eased the rules on how to seek forgiveness. I think there is agreement among republicans and democrats that if a loan is less than 150,000, there ought to be a streamlined forgiveness process which would make it easier for banks to service those loans. Unfortunately right now because of partisan politics, we have not been able to pass legislation to allow that to happen. Hopefully that will happen and our hope is that there will be additional stimulus to help them bridge this economic impasse because of the pandemic. David who was helping them through that process . These are Small Businesses. A lot of them dont have the money to hire a law firm. You are a lawyer yourself with a big law firm. They cannot afford to hire a lawyer. Who is helping them figure this out . Darrin part of our role as a Community Development Financial Institution is we are helping our bars, holding their hands, helping them through the process, helping them fill out the application. We are having a fill out loan forgiveness and we are actually lobbying congressional leaders and the administration to provide additional relief. As a cdfi lender end, we provide a lot of support much further than just making a loan to our customers. David i know you have been a democrat and served in the legislature there and your bank was formed when Jefferson Clinton was governor down there. Time to what extent are you getting bipartisan support . You had direct dealings with donald trump. Darrin that is exactly right. The cdfi industry has enjoyed broad bipartisan support from republicans and democrats alike. This is one of the best publicprivate partnerships. We take those dollars and we leverage them and multiply them with private dollars and we are able to support underserved communities that need that help and that assistance. We are proud that we have support from both republicans and democrats. Earlier this year the congressman in arkansas, he and i jointly Encouraging Congress to go further and support cdfi s. He was a former Advisory Board member and he was a banker before he went to congress. We enjoyed broad bipartisan support among republicans and democrats alike. That goes to how important the cdfi fund is and we are happy that more and more people know about it. Now lets take advantage of this program, this industry that has not been taken advantage of like we could to really help and support low wealth people across america. David the congressman specifically called you by name and talked about the good work you are doing down there. Give me some sense if you can, how much more do we need in terms of dollars and length. Is the economy coming back at all in the areas you are serving . Darrin we are seeing the economy come back in sectors. There are certain sectors still struggling. The hotel, the restaurant sector, those sectors are still struggling. Unfortunately it is the Service Industry that is disproportionately minority, disproportionately women that do not have the ability to work remote, there is a financial divide. Those sectors are struggling. We are seeing some rebound across the board. Loan demand is down. People are not looking to make any Capital Investments until they really understand what is going to happen with the pandemic or even the election. We are seeing uneven distribution of the recovery in our markets. David fascinating. A lot more work to be done. Are you getting the support you need out of congress . What is your sense . You know the political process well. Darrin first let me applaud congress and the administration. It is unprecedented the amount of support and stimulus they buttressn to really this economy during the pandemic. Our economy needs more. You need more clarity about how to seek loan forgiveness with the paycheck protection program. We have similar applications to the loan forgiveness and not heard anything from them. We heard from banks across the country. Our borrowers who have access to the program want some finality and want to understand what their response abilities are. We need him to come together and pass legislation that they already all agree on to get some relief and loan forgiveness for this paycheck protection program. David really appreciate you being with us together. That is Southern Bancorp ceo darrin williams. Coming up, we talked with Patrick Mchenry about his home state of North Carolina. What it needs and what it wants. Ons is balance of power Bloomberg Television and on radio. This is balance of power on Bloomberg Television and radio. As part of our series leading up to the election, we are learning about North Carolina. We welcome republican congressman from the state, Patrick Mchenry who is Ranking Member of the House Financial Services committee. Welcome back. I want to talk about yesterday. First, talk about North Carolina. Take on where North Carolina stands. Red, blue, purple . Patrick i think it is more on the red side. I think President Trump wins the state of North Carolina in a similar fashion in 2016. I think senator tillis follows closely behind. Battle the clarifying about the Supreme Court nomination is actually politically the wins are on the side of senator tillis. We are a centre wright state and i think that reinforces good policy and good objective. Us andexplain that to the tragic loss of ruth Bader Ginsburg that is a very hot issue. The abortionas question and is that because of the evangelical population in your state . Patrick that could certainly be a component. The larger piece of this is a law and order message. People quarterly cords. They dont want legislating from the bench. They want a reserved judiciary. This reinforces what the electorate in North Carolina wants. I think this highlights the good work that President Trump has done through the administration and in the courts and because senator tillis has taken on the same lines in the courts. David give us a sense of the segmentation of North Carolina. We hear that there is a difference between the suburbs and some of the rural areas. I think you have some of both in your district. Patrick that is right. In North Carolina we had a court mandated redistricting that scrambled the congressional map. North carolina is a diverse state. We have five media markets fully contained. Seven media markets total. It is a substantial geographic state and a substantial population. We have a lot of folks that have come in through the northeast and midwest that come and work on the triangle and in charlotte both in tech and pharmaceuticals and was thinking in charlotte and with banking. We are a more republican state than four years ago, but less conservative, more moderate. Iseigh and charlotte that different than the suburbs and excerpts, much different than western and eastern north, that is more conservative. Is a very hardfought elections to control the governorship,he and reelect senator tillis and the president. It is quite a stage and it is going to be quite interesting and expensive over the coming days. David it is a rapidly growing state. You have a lot of supporters this time you did not have to years ago. Patrick that is right. President trump also has in North Carolina a winning message economically. We had record low unemployment that we had not seen in generations in North Carolina. We had the best economy of most peoples lifetimes in North Carolina. Even back in january and february, precovid. Well folks see is the economic see what folks see is the economic potential. Manufacturing is still a substantial part of our economy in North Carolina as well as the agricultural sector. David lets turn to some of what you asked chair powell and secretary mnuchin yesterday. You said some households across the country are back close to where they were before but there are a lot that are not even close to it. The question is what to do about it. You are asking that question. I will ask you. What should be done about that . Patrick a couple of things. A bold need bold testing regime that is free. If we get testing and therapeutics and treatments right, then we can get much closer to normal life. What the administration has done and the in has done fda in particular is taking safe and effective tests and get them online as quickly as possible. The tests available, we see a new generation of tests individuals can take and have an instant result very cheaply. Those things will make a huge difference to getting kids back into school and parents back working in a more normalized fashion. Those are the things that are necessary for this next phase before we get to a widely available and safe vaccine. I think that will take longer for widespread use of a vaccine. Those things are essential for us to get to the next phase of economic recovery before we get into the regulatory and tax changes necessary to get back to employment on the other side of covid. David we talked about the importance of the election. What about the response to covid19 . You look at national policies, the ones i have seen suggest that they trust former Vice President biden more than they trust donald trump to handle the virus. Do you see that in North Carolina . Patrick that is what the polling indicates. I see the polls that say that. I would also ask electorate, those people that say that they covid,iden over trump on what is the difference in bidens plan. There is no difference because he does not have any distinctive plan that is separate from the president s other than a mask mandate that he somewhat walked back. By not being in power in the midst of a Global Health pandemic and he can throw shots at the administration and how they handle it, but he is not leading and has offered no different plan. The key difference in that same polling, it says that the people trust President Trump on the economic recovery question. David no question about that. He continues to have an edge on that. It is liquid to have you with us. It always is. That is republican congressman Patrick Mchenry of North Carolina. Bloomberg is launching a series called looking for lincoln. I am frank barry, a writer of Bloomberg Opinion and i will be taking this rv across the country from new york to San Francisco following the lincoln highway. Turmoil and itn seems like the right time to go out on the road and capture the country in this moment but also to seek out those things that still bind us together and that hopefully will pull us through. That is frank barry. He also served as director of public affairs. He is founder and majority owner of bloomberg lp. You can follow updates on bloomberg quicktake. Coming up, ceos taking on social issues. We hear from the ceo of Delta Airlines. This is balance of power on bloomberg tv and radio. David this is balance of power on Bloomberg Television and radio. Corporate america is addressing Racial Justice after a long spring and summer in a variety of ways. The ceo of Delta Airlines ed bastian is introducing a comprehensive program for his company, addressing questions and advocating for social change broadly. I spoke with him earlier today as part of the bloomberg equality summit about the role of a ceo in changing society and in particular about his dealings at the beginning of his tenure with the nra. Time whennt have your values are being examined in todays world. You have to respond and understand what you stand for and the Company Positive values. When we saw something that did not align with our values, the discount for the nra members, we made the decision. At times like this you dont have time to seek consensus. You have to move because you are being evaluated and when you dont move or even if there is a gap in movement that is an evaluation as a result. It is more important for companies today to understand what their value set is, what they stand for and make decisions in support of that without having to go back and check and ask for permission. David as ceo how do you choose which social issues to get involved in and which not . Obviously antiracism is something you have really staked your flag on. There are i whole host of causes, things that might appeal to you. How do you know which was to go with and which ones to say, it is not something im going to use my position to attack . Ed that is a great question. It is a political minefield. Once youtube youre too into it, it is hard to get out. You have to be careful. There are areas where you can have impact and you can have influence. I tried to be careful to make certain that delta is seen as an ape political organization. We are not trying to be political activists. I am not trying to be a social activist. I have been accused of that internally and externally. Im trying to lead 75,000 people at delta who are of all political persuasions and backgrounds and opinions to do better by our own people in our community. Certainly helping the thatvantaged and those have been facing inequity for quite some time within our own company and in our community. It is a cause that i personally relate to and like to help. You have to be careful when you pick those battles. David give us a peek inside. Do you talk to fellow ceos about things like Racial Justice, Diversity Inclusion or gun control . Do you compare notes on best practices . Ed on racial equity, absolutely. I think it is a conversation that is going on inside the halls of every Major Corporation because we are all in a similar situation. Our numbers at delta are hopefully a little better than the average Corporation Given that we are based in atlanta. Everybody has a lot of work to do. We are all in a period of trying to understand what we can do. We dont have a lot of great role models amongst ceos which is evidenced by the fact that our black colleagues have not had the same access to the suite as our white colleagues. One person that i hold in high esteem, i have been in contact with him over this period of time. You talk about an incredible leader who is right in the forefront of the two big issues of our day, both battling the pandemic and developing a cure to save the planet as well as being an icon, a leader who has managed through as a black man to gain the leadership of one of the most Important Companies in the world. How he did that and what we can learn from it to do better. David that was part of my interview with Delta Airline ceo ed bastian. We also talked with him about his Program Announced back in august to really make sure that delta is an Antiracist Organization and the specific ways he will go about doing that complete with goals and timetables. Coming up, we continue on bloomberg radio. I will be at the summit for an interview with dan brouillette. Balance of power and we are on Bloomberg Television and on radio. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with Xfinity Mobile. I am Mark Crumpton with first word news. There is more news in the race to develop an effective covid19 vaccine. Johnson johnson has kicked off a massive trial to test its vaccine. The company has begun dosing up to 60,000 volunteers with its oneshot inoculation. They are the fourth vaccine maker to move its candidate into late stage human studies. The company says the trial could yield results as soon as the end of the year which would allow the company to seek emergency authorization in early 2021. There could be lines of 7000 trucks at the English Channel and two day waits to get into france after the u. K. Leaves the european union. The minister in charge of operations says as much as 60 of trucks waiting to cross the channel may not be ready for new paperwork and regulations that will come into effect on january 1. The British Government says the delays could last at least three months until Companies Get used to the new systems. Former secretary of state Hillary Clinton says the