That pause in rotation from greater value showing up with green on the screen for the nasdaq 100. A little bit of love for attack. We might be able to look at a chart. Ins is from our mliv team bloomberg. They are say not much more love coming for attack. The last time we saw this big rotation from the nasdaq to the russell 2000 or from growth to value was right before the dot com the bubble burst about 20 years ago. I have also mention the recordsetting month of gains for the russell 2000. Lets switch up the board. Growth for the russell 2000 index. Look at some of the gains and betterknown names within the russell 2000. Fuelcell come energy, transocean expressed. Triple digit growth for those companies. What those companies do is they reflect the sectors that have been driving some of the gains. Fuelcell reflecting green energy, u. S. Oil, and retail. , thank youa chandra as always for enjoying us. For joining us. Companies taking advantage of new innovation, especially digital outset. Joining us is the ceo of self my. Reading through the white paper on Digital Security is a read at 8 00 a. M. What is fascinating is you are starting to see the benefits of some of the Digital Security tokens. What you see is the benefit . Kenneth there is no question things like digitization will add speed to processing, greater efficiencies, faster clearing and settlement, all of which can be tremendously beneficial both to issuers and investors. What we try to lay out in the white paper we did with our colleagues at Price Waterhouse cooper, how do you apply 100 years worth of security regulation, project way when we think about customer protection, to a true Digital Security. Taylor how do you do that . Kenneth we tried to raise a number of issues regulators need to consider and are considering. This is an evolving issue. We have seen Companies Looking to pay dividends through a digital asset. A security offering approved. We have seen an exchange being established that would trade Digital Securities. All of these things are going to push regulators to have to look and see how do we apply requirements, customer protection requirements, clearing requirements, who needs to be registered, who has registered the clearing entities, and who plays what role to make sure all of these rules that had been in place for many years and worked quite well applied to the digital world. Kevin lets follow right there youre right you and i got to wheneach other years ago senator Elizabeth Warren tried to move the Obama Administration to the left in terms of fiduciary regulation. Here we are at the cost of a new technique at the cusp of a new technology that has already arrived, and youre saying there significant regulatory hurdles that could come up with the new administration. What do you foresee on the regulatory horizon with the new wood ministration . Toneth as it relates Digital Securities, the new administration will have to pick up where the last one left off, which is how do we map the current structure for physical securities to Digital Securities . We think you need to do that. I see no reason the new administration should not want to do that. Theres not be a parallel world not subject to the same customer protection rules as you have in the physical world in the fiscal world. The new administration will have to deal with covid, just as the current one is. Securities regulators and futures regulators will have to pick this up. I would also note on the global stage, the International Regulatory bodies and others are also looking at digitization. This is not just a phenomenon in the u. S. , but a phenomenon around the globe. This will be an agenda for the new administration, for sure. So much of the Reputational Risk arises and there are these security concerns. I want to get to the point you outlined in the white paper, which is getting things done with more speed, more urgency, and having more resolution in a more timely manner. What needs to be done to accomplish that goal . Kenneth that is a good goal to try to achieve. Over the years, when you think about settlement of securities transactions, we moved from three days to two dates for most securities transactions who have things like treasury securities, which are much quicker. There is a lot of work behind the scenes. It is easy to say we can clear 0, but there is a lot of work that goes behind the scenes, versus how you apply with asset managers, how you apply with different jurisdictions in a global world. The goals are always good. The infrastructure, the plumbing has to be retrofitted to accomplish that. We try to lay out things like that as well as other issues that regulators and market operations, Market Participants like our members and others need to take into consideration to do the work to make sure you can accomplish the goals, but at the end of the day you maintain the customer protection that is so important to market efficiency and transparency. Taylor and the time we have left, we would love your thoughts on the ship to a work from home environment. How does that impact your industry . Kenneth the industry has done extremely well and going to working to remote. You might recall in march to early april the industry went 90 working remote. It is probably back to 70 now. A lot of people are hoping to get north of 50 in the office by the end of the year. That does not look likely. A lot of folks are talking going first and Second Quarter remote. , operationsthat work extraordinarily well and everyone is quite pleased with that. Going forward, we are working on a lot of these issues with our members and the regulators. We believe there will be some form of Permanent Working remote , either in a split shift fashion or in some functions will continue to work remote in the postcovid world. We will have to map the rules around that that are not necessarily in place today. Kevin final question before we let you go enjoy your holiday. We need a new grammleachbliley act for digitization and tokenization and all of these emerging technologies . Kenneth i dont think so. What we need is to figure out how we take the existing rule set and apply it in a digital world. That takes a lot of work. I do not think there should be a parallel universe in the digital world. I think we should just map the physical world across the digital world. Broke, dontaint fix it or however that expression goes. Thank you to kenneth bentsen. You got it. Aylor kevin sometimes i stumble like person wins with the football. Entz with then w football. This is balance of power on Bloomberg Television and radio. Kevin this is balance of power on Bloomberg Television and radio. I am Kevin Cirilli in washington. Taylor i am taylor riggs in new york. We turn to Karina Mitchell for bloomberg first word news. Karina the New York Times reports the president has canceled a trip to pennsylvania. He wants to meet with state lawmakers examining allegations of voter impropriety. Pennsylvania has already certified joe biden won the election. Trump campaign is complained observers were not allowed to be close to workers counting votes. The number is stunning. U. K. Chancellor of the exchequer rishi sunak says the british economy will sink will shrink the most in 300 years. Rishi sunak said gdp would decline by more than 11 in 2020. The Budget Office present projects 5. 5 growth and unemployment is expected to reach 7. 5 percent. Wasrial for covid victims erected in the Czech Republic near prague. It is not known who is behind the installation. The Czech Republic has ported 500,000 infections and 7800 deaths. One of the worlds best soccer players has died. Argentinas Diego Maradona suffered a heart attack in buenos aires after successfully undergoing brain surgery earlier this month. He led argentina to the 1986 world cup title and one League Titles at home and in italy but he struggled to cope with fame and in his battle with addiction was front page news. Diego maradona was 60. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Karina Mitchell. This is bloomberg. Kevin thank. Joining us from the white house is Peter Navarro, assistant to the president and director of the office of trade and manufacturing policy. Great to see you. My first question is there have been widespread reports your office as well as your colleagues are going to continue to put pressure on china and the remaining weeks left in the administration. Can you forecast what some of your focus is going to be . Mr. Navarro i can tell you what. E have done in the last week we had an executive order signed by the president which cut off investment in Chinese Companies that build the weapons to kill americans. Might transpire over the next several weeks that is up for the president to reveal. What i would love to do is talk about our breadandbutter, which is the economy. We had a bunch of things come out from the indicators today and over last week, and for me what is really important and for the people of america is to understand that we are moving towards what could be a precipice unless we get to a phase four deal. If i may, let me tell you the good, the bad, and the ugly. If you look at the data, we had an incredible surgeon consumption. Of 40 increase in q2. The highest on record. Home sales were very robust. Durable goods is a bright spot. The gdp, comparing that to great britain, we had a revision and it held the 33 . The other good news is the inflation is well below target. Here is the bad and the ugly. We saw an uptick in Unemployment Insurance claims. We saw personal income go down. Both of those things are related to what i described as a trajectory of money that has been injected through the stimulus and relief package. Clearly we are well past that peak, we are moving down into a place where the ppp program and the Unemployment Compensation program kevin du support secretary mnuchins decision to try to put 426 billion back into a private account from the Federal Reserve callingmany states are for immediate assistance . Why not just use the money already allocated . Mr. Navarro that is for secretary mnuchin to have that conversation with you. What i will say i think needs to be done is in the phase four, you have a number of things. The ppp program, the small loan program, was tremendously successful in helping Small Businesses. As we arem we have losing the Small Businesses. What we have learned from the crash in 2008 to 2009 is once you lose them it is hard to get them back. We need to do that. We also need to extend Unemployment Insurance compensation because all of that by the end of december, that is all gone in terms of the emergency. People are hurting. That will hurt consumer spending. That is necessary. We had a good stimulation with the 1200 check per person that went out your i think that would be what we need we need a fiscal bridge to the point where the vaccines take in and we are able to get back to a semblance of the regular economy. Having said that, we do have the structural adjustment that are going to have tremendous impact and we will have to figure out how to wade through and that will be difficult. Taylor you mentioned those Small Businesses. I have heard from a lot of them. They do not need more debt. They need grants. How realistic is that . Mr. Navarro the ppp was structured in a way that it was effectively a grant. They were forgivable loans. If youve got that money as a loan and you complied with the terms, which is to say you kept people working, among other things. That is forgiven. There is no difference. If you just give people money without the restrictions, i do not think you get the same result. Taylor the concerns are that is only if they keep people on their payroll. They do not need the workers anymore because there is no business. How do you give them grants even if they have to permanently let these people go because there is no money coming in . Mr. Navarro you raise the undrum because what we see in your earlier segment you are talking about how people are working remote and what are they going to get back we have profound structural adjustments that are primarily hitting our major metropolitan areas. Restaurants, office buildings, the transportation sector. All of these things will change in ways which probably will not snap back to what they used to be. We will have to figure that out. My own view, this is consistent with President Trumps philosophy is that to offset the loss Service Sector jobs will have to make it up in manufacturing jobs and that means bringing more manufacturing here. Dataf the bad news is the was in our trade deficit, when our trade deficit is going up because we are buying more than we are selling. Part of that is because fear of recovery is faster than much of the rest of the world. Over time we have to create jobs here, and our best shot will be to be by creating manufacturing jobs that are still in the trunk , where particular for bluecollar americans cured kevin precisely. The economist the bloomberg terminal says wednesdays data indicates the economic rebound is becoming more tenuous amid soaring coronavirus cases, fresh lockdowns, and an extended deadlock in congress. Markets are anticipating theres going to be a digital stimulus. I dont want to go to the talking points of republicans versus democrats of why there has not been a stimulus deal, but how you actually break through this . You are staring down a december 11 deadline to keep the government open. You have coronavirus cases the data disagrees it is just impacting the cities. It is impacting the heartland. How do you provide the assistance, not in terms of longterm restructuring, but right here and right now . Kevin these are the quick mr. Navarro these are the questions. The conversation you and i and taylor are having is the way to break the impasse. We are having an intelligent conversation about what i described as the Second Derivative problem. The first derivative, it looks like things are still Getting Better. The Second Derivative is theyre Getting Better at a slower rate, which means eventually that flip spirit what i see ahead eventually that flips. What i see ahead is a chasm as all the programs expire and we struggle with justice. I take your point the heartland is hurting as well. I would say it is the major metropolitan areas that disproportionately are suffering pain in these Service Sectors. The point is lets have this conversation. When i am sending out the message to you and the american people, we can see what is coming, and if we can see what is coming and it is bad, we need to be able to avoid it. The way to avoid it is basically hit those three points of the compass and a phase four deal, which is ppp, Small Business loans, a stimulus check come in more relief for unemployed workers. If we do not do that, there will be a lot of pain in america. Regressiveowns are a meaning they hurt the people least able to afford it the most. The lower income Service Sector workers that have been kicked to the curve by the virus from china. The election is over. This country as to look at the chessboard and figure this out. Having this conversation is an important conversation to have. Taylor we are always grateful for the conversation youre able to give jazz. Peter navarro, is to give to us. Peter navarro, assistant to President Trump. We are coming off some of the record highs yesterday but the dow still on track for its best month since 1987. Small caps on track for the best month ever. Tech still catching a bid, having its best month since april. This is balance of power on bloomberg tv and radio. Kevin this is balance of power on Bloomberg Television and radio. I am Kevin Cirilli in washington. Taylor i am taylor riggs in new york. We go back to the markets with emma chandra in london. On thehares slipping impact of the pandemic and the trade war subsidies. Emma absolutely right. We saw the stock popping earlier in the session, now it has come in the red. The real story is the industrial recovery is track during a long cured is tractoring along. 2021 isd net income for close to 4 billion. Bloomberg opinion Brooke Sutherland saying that is close to what analyst had been expecting for 2022, meaning deere is a full year ahead of schedule. What is the reason for this outlook . Does go things. Chinese agricultural spending trucking upwards. That is as a result of part one or phase one of the trade deal. Also seeing higher prices. Farmers with more money in their pocket, positive demand outlook and they are working with some of the oldest tractor equipment in a decade. That means they have money to spend and a reason to spend. Kevin our thanks to emma chandra. Up next, pennsylvania Lieutenant Governor john federman. We will talk about the politics of pennsylvania. This is balance of power on bloomberg tv and radio. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Taylor this is balance of power on Bloomberg Television and radio. I am taylor riggs in new york. Kevin i am Kevin Cirilli in washington. For the first word news, we go to Karina Mitchell. Hong kong executive carrie lam has vowed to strengthen ties with china. She also announced new steps to boost economic links with the mainland. President reportedly plans to pardon his former National Security advisor Michael Flynn according to politics website axios. Flynn pled guilty three years ago to lying to the fbi. Airline traffic rose wednesday despite warnings of a worsening virus surge and overwhelmed hospitals. Some americans put concerns aside to travel for the break not seen since the start of the pandemic. Increasingly, American Students are attending school virtually. Roughly 44 of students were going to Virtual Schools only monday, an increase of 5 from a week ago. Global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Karina Mitchell. This is bloomberg. Kevin thank you. President trump is canceling his trip to gettysburg, pennsylvania, where he was set to meet with republican lawmakers about allegations he has made of voting irregularities. The commonwealth certified its election yesterday, awarding its electoral votes to president elect joe biden. Joining us from philadelphia is john federman, Lieutenant Governor of pennsylvania. President trump canceled his trip. Why . Lt. Gov. Fetterman oh no too bad. Those are not allegations. Those are lies about pennsylvanias election system. It works beautifully and we delivered a true result that, unfortunately for the president , named biden the winner. So why did he cancel . I dont know, but it will not change anything. Meetingst a sad amway in the Hotel Ballroom in gettysburg and it will not have any meaningful impact. Kevin i want to go back to the last segment. We interviewed Peter Navarro and he brought up manufacturing job. Manufacturing is an incredibly important sector in pennsylvania. How would a Biden Administration what do you want to see from the Biden Administration to bring back manufacturing jobs to places like pennsylvania . Lt. Gov. Fetterman joe biden is all about Building Back better and made in america. I am literally sitting across the street from a steel mill. Acknowledging the investment in these industries we already have in pennsylvania, u. S. Steel in and its employees built the greenest steel mill in the world, and it would be good to have a president who understands that we can make existing industries green, more efficient, so we can preserve the union way of life here and make as much as we can right here domestically. I am encouraged by everything that i know joe biden stands for. Taylor you have been a proponent of legalizing marijuana. We have seen other states do it, but the revenue is never as much as the assumptions in the budget. Is this another way to help try to close the budget deficit . Lt. Gov. Fetterman i dont know if i agree with that assertion that the revenues dont always match. They often will match and sometimes exceed that. Compared to a state where wed is illegal, the revenue is zero if you dont count the cartels and dealers. The revenue we are saying no to would be a minimum of 5 billion over 20 years in pennsylvania. Thats a fact. The idea of free money is better than no money especially when it is going to the black market. I am convinced that it is the right reason not only for budgetary reasons it also for justice and freedom and jobs. It is a nobrainer to be honest. Taylor we are trying to balance jobs with a health emergency. I am curious, on a day when new york topped 6000 cases for the First Time Since april, what are you doing to prevent new yorkers from infecting your pennsylvania . Lt. Gov. Fetterman we have a travel advisory where anyone coming from outside the state needs to isolate for 14 days or provide proof of a negative covid test. Of course, this is voluntary and we understand there will be people that ignore that. The message we are trying to promote constantly is this idea that, to your point, we are having a surge all across our state and the region and the country, and this is a virus that has killed more than a quarter million empty chairs. The governor of pennsylvania has insisted on new mandates with respect to masking and social distancing and events indoors, including banning alcohol sales after 5 00 p. M. This evening to prevent the socalled homecoming events that typically occur in bars across america when people are returning home for thanksgiving. They tend to congregate in these closed areas and spaces and drink. Kevin how do you do that in terms of balancing the Health Concerns that are very real we are all following the data but how do you balance that . This is like a sucker punch to the goat of the Small Business owners, and many of them are democrats in pennsylvania, for example, and they are ready to pull their hair out that they have a shut down on a massive night of business to balance the Health Concerns, Lieutenant Governor, without any aid coming from washington, d. C. . We do needtterman aid coming from washington, d. C. That is undeniable no matter your litter goal read no matter your political leanings. Making more money by promoting closed in events that has demonstrated that it is a super spreader is something it is reasonable to curtail, frankly. It is the 64,000 question balancing lives and livelihoods. That is what we try to do in pennsylvania. This idea that we must arrest this virus and flatten the curve as we did in the spring, give people time to adjust, to stockpile ppe equipment, and develop a vaccine, which we have. I think Everyone Needs to understand that you doing your own little part is the only thing that will slow this virus. And i do not believe you know, i had a veteran say his grandfather fought in world war ii. What is being asked of us now not not of us now is to go and drink past 5 00 p. M. At a restaurant. You can still dine. I dont think thats too much of a stretch. Am, for ustic as i to make it through this awful pandemic with the least loss of life. Mayor ofu were the braddock, pennsylvania before you were Lieutenant Governor. I want to ask you specifically with regard to how small towns are being impacted from the economic fallout of the coronavirus pandemic. There have been a lot of questions that you and other democrats like you and pennsylvania have raised about how the u. S. Should respond in the rebuilding after this in the global economy, especially when a chinese especially with a Chinese Communist party on the rise. From a smalltown perspective, what do you hope the Biden Administration will take away when they are dealing with xi jinping . Lt. Gov. Fetterman without a doubt, we need to embrace the industries we have. As i mentioned earlier in our interview, i literally am sitting across from what would be the greenest steel mill in the world. We need these jobs. We need these union jobs. We need this steel. This steel would allow us to strongest,roduce the greenest steel in the world to make sure our auto fleet can meet the increasing epa standards for mileage in our trucks and other vehicles. I cannot overstate the importance of a facility like this, because if it gets built in a country like china, where there is no environment of standards, no labor standards, no any kind of standards other than pumping out as much as you can, the environment and workers rights be dammed, it needs to be staying in this country. This battle in braddock is the battle you speak of. These Companies Need to be helped to secure this investment and the american way of life and the steelworker way of life here because we cannot all work for google as much as a lot of people would want. I am 50 years old. I do not want someone telling me, hey, go learn coding. We cannot all go work at facebook or learn to code. If we can do it in a way that is environmentally sound and that preserves these union, family sustaining jobs, we can do it we have to do it. Taylor what policy will ensure that success . Lt. Gov. Fetterman recognize that china men is an adversary economically and this country still needs to make stuff. Kevin i appreciate it. I am not trying to get in trouble. Lt. Gov. Fetterman i can appreciate that. We still need to make stuff in this country. Ability we have the to be the worlds leader in the manufacture of responsible green steel right across the street. We need to double down on these kinds of investments because from a strategic standpoint i mean, if we are all downwind globally from an environmentals perspective an environment a perspective, if it does not get made in this country with environment of standards, it gets made in a country with no environment will standards. Kevin i have to put on my pa politics cap. Will you run for senate or governor . Lt. Gov. Fetterman yes, yes. Kevin we will leave it there. Lt. Gov. Fetterman one of the other. Decisionen we make the when will you make the decision . Lt. Gov. Fetterman i dont know. But i will remind your viewers that the steelers are undefeated. Theres that. Kevin oh my gosh. We will leave it there. I will be polite. No, but thank you. You know, it is already a rough enough season for the eagles, taylor. We have to wrap this. It will go off the rails. N,ank you, John Fetterma Lieutenant Governor of pennsylvania. Coming up, we will be speaking to the ceo of aurora cannabis, miguel martin. This is bloomberg. Kevin this is balance of power on Bloomberg Television and radio paradigm Kevin Cirilli in washington. Taylor im taylor riggs in new york. We want to get right to it. Of the American Hotel and lodging associations ceo. Some i am wondering what of your constituents and members are saying about how tough this year is and when do they think in and think an and insight may be. In sight may be. It will go down as the worst year ever. When we look ahead to when we believe the rebound begins or the slow crawl out begins, we are looking at the spring, assuming vaccines are being distributed widely across the u. S. , the globe, therapeutics improve, and we have good, safe, reliable and inexpensive testing. If you put those together, april might be a month we come out of this, but the next four months will be brutal. Taylor that is exciting, but the problem is a lot of people cannot make it until april. How many are saying that without help, april does not exist for them . Chip that is the most alarming statistic we have received from our membership across the board. About 70 hotels say they cannot make it more than six months with no help at all. The cares package originally signed by President Trump back on march 27 was expected to last only eight to 10 weeks, written into the legislation eight to 10 weeks. That was a long time ago. Donedea they have not anything since then is frustrating to a lot of people. They seem more concerned with their own reelection than the jobs of the people they represent. Kevin frustrating is putting it mildly according to the conversations we have been having. Thank you for the neutral word. Moving forward from an industry perspective, can you talk to us about how your industry is planning for the second half of next year . As you know, so many of these conferences and various conferences in cities like las vegas, for example, our planned six to nine months, even years out in the future. Are you starting to see a rebound in the second half of next year . Chip we have begun to see planning on those events for third and fourth quarter. What you point out is critically important. You have to have Business Travel comeback. Leisure travel has been the only type that has sustained us at all and that has not been what we needed. It is great, but the reality is about 65 of an average Hotels Revenue comes from some sort of Business Travel. Our studies show only 8 of people have taken a business trip since march. And only 8 , strangely enough, plan to take a business trip during the first half of next year. That is the real problem. Taylor i want to bring you some breaking news and interrupt this conversation. We are hearing from treasury secretary steve mnuchin, speaking in an interview with us, saying he has an excellent relationship with fed chair powell and touting the record of coordination they have had. This as we continue to talk about stimulus that is needed and more coordination with washington to get us through the next six months, as you alluded to. What would you like to see specifically . Earlier, we were having conversations about how the ppp loan is not enough. I mean, we are all full of debt. We need grants and loan forgiveness. Have any of your members floated that idea around . You interesting that mentioned secretary mnuchin because if you recall, once the cares act was passed, i remember him saying ppp was good, but what would be great would be the main Street Lending act because they could leverage that to trillions of dollars into the economy. If he were to get a report card on the act, it would be an f. It has not worked at all. I do not know hotel anywhere that has received a mainstream lending act loan. Ppp is good, but it is only for the shortterm to get you through a gap. For so many of our real estate, asset heavy hoteliers, they have to be able to pay their mortgages, service there debt. Their debt. Kevin this has been Common Thread from the fed to the treasury. Billionsas asked for to be returned to a fund that would need congressional approval for whoever takes over after he leaves, in this case, likely going to be the soon to be confirmed janet yellen. That sets up a significant fight. My question to you, chip rogers, it fromour industry benef some of that money in those Lending Facility programs right now . Chip absolutely. We have been begging for it for months, but the rules are set up so that anyone who has an asset based business really cannot gain any access to the main Street Lending program. You see the numbers. About 85 ofrning 500 billion. It makes no sense because the theory was some of these loans may be bad. Now they are just asking that the money be given out through a grant process. It does not make sense. That money could be used to save thousands of jobs today. Taylor chip rogers, grateful your time, American Hotel and lodging association ceo. I want to get back to our bloomberg exclusive. Mike mckee joins us. He just spoke with steven mnuchin. Your take on these comments . The issue has been whether the Outgoing Administration has been trying to hamstring the Incoming Administration by taking money away, making it harder to use in the future. Secretary mnuchin defending his efforts and suggesting it did not cause the kind of rift with the fed that has been reported. The secretary saying they speak multiple times a week, in close touch, and have an excellent relationship. Coming. The fed this was he discussed it with jay powell. And draftedweeks word by word there is a clear date that is the expiration. That is not as clear as the secretary makes it out to be in the sense that it is understood he could have extended it and could have let the fed make loans up to the january 31 this moneyt with supposedly going back 260 billion because they have already spent a good portion of that not just on the fed lending grams but other bailouts that this money will have to go back sometime at the end of the year, but it takes a while to process loans. The fed said today it is stopping its lending as of december 14. Banks have to have their proposals in, there loans in by december 14, so that is the new deadline. Kevin thank you, michael. Lets bring in congressman fred chill, a republican from arkansas and a member of the Financial Services committee to get some fresh reaction at Stephen Mnuchin speaking to our bloomberg print reporters, defending his relationship with fed chair jay powell and the strategy he has been utilizing byt has garnered support Senate Majority leader Mitch Mcconnell and the likely to be chairman of the banking committee, which will oversee the treasury secretary confirmation process, pat toomey. Is secretary mnuchin right with this policy or should he, as we heard from chip rogers of the hotel sector tell us, be lending to the industries that need this money now . Let me thank chip rogers for his leadership. He is right in the sense that the main Street Program should have included, in my view, a main Street Lending facility that facilitated something that was a collateral dependent loan or a second lien type loan. But the treasury and the fed could not get comfortable with that and rejected that idea. I think chip is right about it. I advocated for it both as a member of the house Financial Services committee as well as a member of the Congressional Oversight Committee for the cares act. Secondly, if that money is coming back to the treasury, it is an opportunity to reprogram those funds both for the ppp program and add something to that where we have 138 billion we have been trying to get extended through Speaker Pelosi through ppp. I put this on the table for our hoteliers and restaurant folks struggling due to the lack of travel and shutdowns. That is senator marco rubios idea of a Pandemic Loan Program from the sba that he has introduced in the senate. It might be a productive use of some of that reprogrammed money. Taylor we only have about one minute left. What should janet yellen due date one if she is confirmed as treasury secretary . Rep. Hill she should make representations recommendations to the congress on what support the fed needs to be on the look for economic conditions. Will they continue to improve . She needs to have that plan. And if they are going to deteriorate, she needs to have that plan both. That is what she needs to communicate to congress. Hell, congressman French Republican from arkansas congressman french hill, republican from arkansas, you will join me next hour on Bloomberg Radio and the former pennsylvania governor mark schweikert. Taylor how many more hours of radio do you have . 5, 6 . Kevin happy thanksgiving to you. What is your favorite pie, taylor . Bremmer,ecan, like ian right . Kevin gobble. Taylor this is bloomberg tv and radio. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Lets get to the first word news. Joe biden spoke with nbc news. Meetings working out with the covid team in the white house and how to not only distribute but how to get from a vaccine being to stupid to a person being able to get vaccinated so i think we are going to not be so far behind the curve as we thought we might be. Karina joe biden and his team have access to Current Administration officials and classified information. European Commission Warns that the coming days will be decisive for brexit talks until the european parliament, she cant tell if there will be a trade deal between the eu at u. K. She says there are three key issues, a level playing field, enforcement, and access to british fishing waters. Steven mnuchin said he has maintained coordination with Federal Reserve chair Jerome Powell throughout the economic downturn, saying the central bank had been aware