The next four years and what it can reasonably be expected to achieve. Number what, largely, to be a steward of the nations recovery. Having to reconcile with an agenda that formally biden cant begin to implement it until january 2020. That leaves time for the Trump Administration to steer the agenda to our they favor. Covid cases are trending higher. There are signs that Economic Growth is showing some strain. When we talk about what good potential he talk about, Mitch Mcconnell is on board for some fiscal stimulus. Jay powell out there also making comments about what could potentially be done. Carolinerobably why sort of stormed off the set. Ratio, a lot of people in washington, look where the budget deficit is. I know you are a closet mmter, joe. Explain to me how you get a major fiscal stimulus done. Joe you just vote for it. Politicalm is constraints. There is a lot of agreement, we need more stimulus, various programs that were enacted at the start of the pandemic, we have a spending bill we have to do. There is a stimulus package. Some republicans may also try to get the judy shelton confirmation vote. It comes down to our their votes. Do the votes exist . Seeine tomorrow, we will jay powell and Steve Mnuchin on the hill. Powells prewritten testimony is out. Transcript, it says he sees significant challenges and uncertainties because of the vaccine. He Still Believes that news will be positive in the medium term but he said it is still hard to assess the implications of that. The economy and a good place right now, but a lot of uncertainty with regards to covid and getting that under control. Joe i want to bring in bloomberg congressional reporter eric lawson. Even before we get to the Biden Administration, we still have time in the current congress, current presidency. Mitch mcconnell coming out this afternoon, saying he wants a stimulus deal to get aid to the american public. Do we even know what is on the table from the republican side that mcconnell would push through the senate, that trump would sign . Erik Mitch Mcconnell was out there today talking about the need to immediately pass a stimulus. But he is not really showing much wiggle room. He is talking again about a minor package, something that would reup ppp, the Small Business business program, vaccination money, etc. A are seeing some noise, bipartisan gang of senators, moderates trying to get together and talk about a possible solution. There is this spending bill that needs to be passed by december 11. That does provide a vehicle leaving the train station. Whether you call it stimulus or not, is the question. You might call it health money, make sure vaccines get to the people and get to the states quickly. As far as direct stimulus payments, large ui, etc. , i think that is unlikely. Ofaine there are other sort policy bills that republicans want to get done before this current term has ended. For 60 years in a row, the defense policy bill has gotten the agreement enacted and signed. That is one thing Congress Loves to do, spend money on the troops and hardware. Thee is a holdup, both house and senate versions, a fasttrack process rename confederate bases. These are bases that are named after confederate war heroes. President trump has said he would veto such a thing. Jim inhofe, the republican senator in charge of the Armed Services committee, that could lead to a stalemate. As of right now, there was a hope that the house would vote on this this weekend we are not seeing it on the schedule yet. Joe we have all these various biden econ officials that will be nominated. Is, can anything get paste anything get passed . Is there any upside scenario. Can you think of any reason why biden and mcconnell might in a position to do a deal . Favorite,e is our old the debt ceiling, which will come back into effect in the summer. There is the need to deal with that. Appropriations for another budget deal. Perhapssee all of those tailored with some longterm fiscal restraint, maybe an entitlement or two. We have the Medicare Trust fund running out of funds in 2022. You could see a stimulus or a victim for structure package all a stimulus or a big infrastructure package. Biden will have to pay a toll. What is an update on going on down there in washington particular with the current congress. Coming up, we will talk about the next big president ial administration coming in in january. Joe biden rolling out news on what his Economic Team will look like. We will discuss his pix with former Federal Reserve economist. This is bloomberg. Andline i am Caroline Hyde what did i miss . See what i did there. Joe biden is moving swiftly to build out a diverse administration. Rounds to cecelia lead the National Council of economic advisors. Joe historically, there has always been a cap between the Unemployment Rate of different races but we have seen it exacerbated, accelerated. The Unemployment Rate has come down obviously for everyone. You look at the white Unemployment Rate, 6 . Black americans, nearly 11 . After a lot of compression in those lines precrisis, lots of work to do now. Joining us now, Bloomberg Opinion contributor, former Federal Reserve economist. Describe big picture the names we have today, not just gross but the role of policy in flattening and compressing some of these divergences. In much is that prominent the work of bidens econ team . I completely affirm that there is a story, a real emphasis being put on a more diverse policy team. That comes in many dimensions. It is very important to have a stellar researcher in cecilia ea. Se as the chair of the c it means a lot to have biden drawing on people from different backgrounds, different training. Bernstein will be may be the first member of cea not to holiday phd in economics. Economistbsolutely an and the way he has worked on economic policy. That is important to bring diverse viewpoints. Is not that that story going to be front and center wendy Bided Administration takes office next year. The meccas still with us. It is worse than when they thought about their team. We are not going to be in a build back better. We are going to be in a lets get this under control. A generaleems to be consensus on the market that what needs to be done with regards to economic recovery and making sure we do not repeat the mistakes of the past couple of recessions, the fact that he is picking people who are not traditional economists. Thean address some of inequalities here that maybe traditional economics has not been able to solve or address. Claudia there is a chance. I will try to be optimistic. The problem right now is the politics. Economists, policy wonks, we have lots of ideas. Health officials have lots of ideas. I truly believe bringing in new opinions and backgrounds is helpful but it is also risky. With the cares act, there were some parts of it that were very innovative. They really went off the rails in terms of administration. The best, most well intended ideas do not always work. Frankly, they are going to be really hard to get through congress. Caroline joe biden, while on the campaign trail of a talked about giving another role and responsibility to the Federal Reserve itself about inequality being at the heart of what it has to face. Is that something that jay powell can confront aside from just running up until every Single Person benefits . Claudia the Federal Reserve is taking this step on its own. You can see with the Monetary Policy framework, the Federal Reserve, in the way that they talk, which is very quiet and quite, they made a real commitment to full employment. The council of economic advisors have three experts who push on labor market experts. What i am concerned about is that we are at least a year if not more from that full employment conversation. We will get there. , i want to meantime see the Federal Reserve do more. The administration is going to have to be more creative and congress, please do something. Right now, they are words and that is it. That thes suppose politics go nowhere, there is no prospect of passing anything meaningful in theory. If it is a report and held senate sort of worstcase scenario political. Is there anything that can be done in your view now from the fed or the administration Via Executive order that would move the needle, or is it going to be very small bore stuff small bore stuff . There will be every effort. I am thrilled to have janet yellen as the up for treasury secretary. In a very narrow sense, this idea of doing something more, janet yellen knows what the fed can do and cant do. I am sure she has read the Emergency Powers part of the Federal Reserve act more than anyone on this planet. That depth of knowledge is really important. She has a good working relationship with jay powell. Their hands are going to be tied in a lot of ways. Some of the decisions that mnuchin has made about emergency lending facilities, that will complicate things, but i fully believe in the creativity of Monetary Policy, and if they have cover from the administration, that is a recipe for some movement. Thank you so much for joining us with your perspective. Coming up, with the Biden Administration taking shape, we discuss Economic Expectations for the next four years with the cofounder of an organization that helped get him elected, black lives matter. This is bloomberg. Romaine welcome back. Today, we are talking about the economic agenda for the next four years in the u. S. And the competing demands that will be put on the Bided Administration. One of the most visible and, yes, to some, the most distant most divisive groups out there, black lives matter, came together as a loose group of activists and has gone on to push against systemic racism and entrenched economic inequalities in the u. S. Joining us, one of the founders of the election of joe biden, your group was instrumental in trying to rally the vote. I am wondering, based on what you are seeing so far out of some of his cabinet picks, whether you are satisfied in a direction you think he will go . Opal i am so proud of our social Justice Movements across the country that vary across different sectors, racial justice, immigrant rights, women rights, and so on, that really play day vital role in electing joe biden to be our president and Vice President elect, laras. I think it is really important what we have done in terms of rejecting another round of trump as a resident and really the blatant racism that we were seeing coming from the white house. But we are seeing now with the various pix being announced is that some of what we were saying has been heated. Finally coming to bear and our voices are being listened to. We have taken our protests from the streets, channeled that energy and harnessed it at the polls. However, i think it will be important for us to ensure that those pix that will be part of this new administration will not just pay us lipservice but they will really have substance behind the rhetoric. I think we are going to have to pay very close attention that it is not just symbolic representation but we have substantive representation in the white house and beyond. Caroline are you in contact with the Transition Team . One policy would you like to see prioritized right here and now . Opal there are number of us in contact to various degrees with members who have been more recently announced to be part of the staff as well as the formal cabinet and some of us who are not inside that process. When i am here, i am really just representing a wide range of constituents and various groups. I do want to say that we have been in direct conversation and want more of a formidable seat at the table for all of our groups and various members of the coalition that we do participate in the grassroots needs to be able to have a seat at the table. So, we join in the call for that seat to be opened up and for us to be part of shaping our democracy because we are the ones directly impacted by the lawmakers and decisions being made. We are mobilizing people in the streets, people to the polls. We should have our voices heard very explicitly, and should not have to be shouting from a bullhorn. We should be invited into the halls of power to make sure that our concerns are made clear and enshrined into law. As we are seeing things take shape, i believe we are looking to see that the economic packages, the economic concerns that so many have, particularly black communities who are acutely impacted by the downturn as a result of the pandemic but even preceding the endemic, have been hit hard by the way that our system is designed, looking for substantive changes, the same thing for immigrant communities, the same thing for students saddled with so much Student Loan Debt and beyond. I think we are at a time when we are saying enough is enough, lets have real, adult conversations and comprehensive plans that take into account the various ways in which our society and our people are being impacted by the laws. Quo,by just the status business as usual. Joe we just have a few moments left. Presumably, some sort of economic recovery package will be the top priority for the administration. When you talk about a seat at the table, in that conversation or what the dream recovery package looks like, what are the specific priorities . Our recovery package, we have to look at the priorities of our nation. Lawwe going to prioritize enforcement that has been brutalizing our communities or are we going to prioritize programs, aobs safety net that helps support the families that are so acutely impacted by this downturn, who have lost their jobs and do not really have adequate housing or the ability to provide food and so on for their families. Those are the kinds of basic protections and supports we are looking at from an economic recovery package. We have been waiting for far too long. No stimulus has come. The 1200 check which did not do much for the average person. Now, months later, people are demanding that they have some modicum of support, given the way that this pandemic continues to have an undue impact in our society. , blacke opal tometi lives matter cofounder, of course. Thank you. An important conversation that we will continue to have. That is all for whatd you miss . Romaine this is bloomberg. In a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Hey. [narrator] she takes two prescriptions. Kates son jack, takes one too. Kate works hard, and thought she had good insurance. But she still pays too much. Thats no good. So kate downloaded the goodrx app. Now she can compare prescription prices, to find the best discounts. She even beats her insurance price. Good for you kate, good for you. Goodrx, stop paying too much for your prescriptions. Download the free app today. Emily im emily chang in San Francisco and this is bloomberg technology. Clears another approval and is applying to the fda for approval of its vaccine. The cofounder and chair will be my guest. Plus, as covid cases continue to spike, facebook is stepping in with a new initiative. One of the longest running employees at facebook, the product head,