# Supreme Court Thwarts Trump Bid to Oust Fed’s Cook

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 29 Jun 2026, 21 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/7f534b8c-9e91-429a-b102-ae3c00090c6d/284bdf50-7497-4909-9f1d-b47801195d4f/audio.mp3?utm_source=Podcast&in_playlist=0ad812bf-fd15-4012-a18c-ae3c00090c76

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu • Former Watergate prosecutor Nick Akerman joins to discuss the day’s Supreme Court decisions. A divided US Supreme Court expanded the president’s power to fire top government officials in a blockbuster decision that puts the White House firmly in control of potentially dozens of agencies that have long operated independently. The 6-3 decision overturns a 1935 precedent that laid the legal groundwork for the modern administrative state. The ruling lets President Donald Trump fire Democratic Federal Trade Commission member Rebecca Kelly Slaughter despite a law that says commissioners can be removed only for specified reasons. • Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, breaks down the latest in energy markets. Oil rose as traders assessed upcoming peace talks between the US and Iran following a weekend of flare-ups over the Strait of Hormuz, including an attack on a supertanker laden with crude. West Texas Intermediate pared earlier losses, trading above $70 a barrel. Brent was nearly $73 a barrel. Both Tehran and Washington will stand down on their tit-for-tat attacks for now and vessels can move freely through Hormuz, according to a US official who spoke on condition of anonymity. US President Donald Trump said the two sides are set to resume peace talks in Doha on Tuesday. • John Butler, Senior Industry Anaylst for Bloomberg Intelligence, discusses the latest headlines in the telecom space. SpaceX could advance its plan to compete directly with incumbent operators after Bloomberg News reported it held talks with Charter to use the latter’s terrestrial network to offer broader coverage. A Charter deal would help SpaceX address a key constraint of current satellite technology: insufficient capacity to support dense urban and suburban traffic. • Nathan Dean, Senior US Policy Analyst for Bloomberg Intelligence, joins for a look at the fate of the revised 21st Century ROAD to Housing Act, which passed Congress with overwhelming bipartisan support. BI expects the bill will likely still become law despite President Trump canceling a signing ceremony on June 24 until the SAVE America Act is passed. Presidents have 10 days to veto legislation -- with some exceptions -- or a bill automatically becomes law. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
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[0:21] Speaker 1: or watch us live on YouTube.
[0:24] Speaker 2: Here's a great lead sense in a Bloomberg in History
[0:26] Speaker 2: by Greg Store. A divided US Supreme Court expanded the
[0:29] Speaker 2: president's power to fire top government officials in a blockbuster
[0:33] Speaker 2: decision that puts the White House firmly in control of
[0:36] Speaker 2: potentially dozens of agencies that have long operated independently. I'm
[0:41] Speaker 2: not sure how to think about that. I think everybody's
[0:44] Speaker 2: trying to digest it. Nick Ackerman, he's got some thoughts.
[0:46] Speaker 2: He's a former assistant special Watergate prosecutor.
[0:49] Speaker 3: Nick.
[0:49] Speaker 2: Thanks so much for joining us here. It seems like
[0:51] Speaker 2: the executive branch just got a big, big win today.
[0:54] Speaker 2: How do you think about that?
[0:56] Speaker 4: Well, they did, and they didn't. They certainly got it
[0:59] Speaker 4: on all of the agencies other than the FED. The
[1:02] Speaker 4: Supreme Court told the President that he cannot fire Lisa
[1:08] Speaker 4: Cook unless he fires her for cause, gives her notice,
[1:11] Speaker 4: has a hearing. He can't just use it to basically
[1:16] Speaker 4: take over the FED and bend the FED to his will.
[1:21] Speaker 4: The Court there said very clearly that Congress intended that
[1:25] Speaker 4: the FED would have independent power to regulate the economy. Now,
[1:30] Speaker 4: on the other hand, the other case that came out
[1:34] Speaker 4: today had to do with the Federal Trade Commission, where
[1:37] Speaker 4: the Court essentially went along with this unitary executive theory
[1:43] Speaker 4: that if the agency itself was doing what would normally
[1:48] Speaker 4: be done by the President as part of his executive authorities.
[1:52] Speaker 4: I mean, keep in mind that the FTC does antitrust
[1:56] Speaker 4: enforcement pretty much the same thing that the Department of
[1:59] Speaker 4: Justice does. That what the court said was that those
[2:02] Speaker 4: are matters within the realm of the executive power, and
[2:07] Speaker 4: therefore the President has the right to fire those people. Now,
[2:11] Speaker 4: they did leave open the notion that there's maybe another
[2:17] Speaker 4: issue out there that has to do with whether or
[2:19] Speaker 4: not something like the FTC is a semi judicial body,
[2:25] Speaker 4: and that the FTC commissioners sit as judges in certain
[2:30] Speaker 4: respects and therefore are entitled to a little more deference.
[2:34] Speaker 4: But the Court said that's an issue for another day
[2:37] Speaker 4: and sent that back to the lower courts for consideration.
[2:41] Speaker 5: Okay, so does that mean Rebecca Kelly Slaughter has a
[2:46] Speaker 5: recourse here that she can kind of reltigate what's happening.
[2:50] Speaker 4: Well, all she can re litigate is to argue that
[2:53] Speaker 4: just as we had always thought about these federal agencies,
[2:56] Speaker 4: that they're quasi judicial, quasi legislative, and quasi executive, and
[3:04] Speaker 4: somehow she's got to be able to argue out that
[3:07] Speaker 4: there is a special part of this that is quasi
[3:09] Speaker 4: judicial and that she should be permitted to continue in
[3:13] Speaker 4: that role. The problem with that is is that obviously
[3:17] Speaker 4: a FTC commissioner has a lot of different roles and
[3:21] Speaker 4: to separate it out is not that easy. And why
[3:25] Speaker 4: would you keep somebody in just for that purpose. I
[3:29] Speaker 4: just don't know where this goes, but it seems to
[3:31] Speaker 4: me any president who now comes into office has the
[3:35] Speaker 4: right to get rid of all the FTC commissioners, the
[3:38] Speaker 4: FCC commissioners, etc. In order to put his own people
[3:42] Speaker 4: in there. What's unfortunate it is in the past, whatever
[3:46] Speaker 4: president was in power got the majority of commissioners, and
[3:50] Speaker 4: the other party, whether it was Democrat or Republican, had
[3:54] Speaker 4: a certain number of positions.
[3:56] Speaker 3: It really was.
[3:57] Speaker 4: More of a bipartisan type of op This will make
[4:01] Speaker 4: it much more partisan in terms of who gets appointed
[4:05] Speaker 4: to these positions. It means whoever becomes president will have
[4:09] Speaker 4: the power to appoint those commissioners.
[4:11] Speaker 2: All Right, Nick, If I'm former FED Chairman Jerome Powell,
[4:14] Speaker 2: how do I look at this Lisa Cook.
[4:18] Speaker 3: Decision?
[4:18] Speaker 2: Do I feel comfortable leaving the FED and going out
[4:20] Speaker 2: in the private practice?
[4:23] Speaker 4: Well, I guess there's two parts to that that question. One,
[4:27] Speaker 4: I think he feel comfortable knowing that Lisa Cook cannot
[4:31] Speaker 4: be taken away, that nobody else can be taken away
[4:34] Speaker 4: just because President Trump disagrees with how they come out
[4:38] Speaker 4: on interest rates. On the other hand, it does mean
[4:45] Speaker 4: that the president can appoint other people that he can
[4:49] Speaker 4: still put in his own individuals. And if I were
[4:55] Speaker 4: the chairman, the former chairman, I don't think i'd leave
[4:58] Speaker 4: quite yet, since he's going to be a vote more
[5:02] Speaker 4: consistent with an independent view than the others, And so
[5:06] Speaker 4: from that standpoint, I would stick it out for a
[5:09] Speaker 4: while and see how things go. I think he has
[5:13] Speaker 4: to feel comfortable before he leaves. He can feel comfortable
[5:16] Speaker 4: on the lease of situation. But as to how else
[5:20] Speaker 4: the FED is run, I think he probably has to
[5:23] Speaker 4: wait and see right.
[5:25] Speaker 5: And of course he also probably wants to wait for
[5:27] Speaker 5: that dog investigation to be completely put out to pasture
[5:31] Speaker 5: Nick before we let you go. We know the Supreme
[5:33] Speaker 5: Court will issue its remaining opinions tomorrow and that includes
[5:37] Speaker 5: the birthright citizenship decision. How are you thinking about what
[5:43] Speaker 5: a likely decision would mean for the economy.
[5:47] Speaker 4: Well, I think it's going to be it should be
[5:50] Speaker 4: at least that they're just going to go along with
[5:53] Speaker 4: the plain language of the Constitution that somebody born in
[5:57] Speaker 4: the United States is a citizen the United States unless
[6:01] Speaker 4: they have some other jurisdictional issues, such as being the
[6:05] Speaker 4: offspring of an ambassador from a foreign country. I don't
[6:10] Speaker 4: think that will really impact the economy whatsoever. The decision
[6:15] Speaker 4: a few days ago relating to the Haitians and the Syrians,
[6:20] Speaker 4: that does have an impact on the economy because those
[6:23] Speaker 4: people could be sent back to their countries, They could
[6:26] Speaker 4: be taken out of the economy, could be taken out
[6:28] Speaker 4: of their jobs. And that is where I think where
[6:32] Speaker 4: we're going to see an impact on the economy, none of.
[6:35] Speaker 3: Which is good.
[6:36] Speaker 6: Stay with us. More from Bloomberg Intelligence coming up after this.
[6:43] Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
[6:47] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[6:50] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[6:53] Speaker 1: you get your podcasts, or watch us live on YouTube.
[6:58] Speaker 5: Let's check in with Mike mcglohone's our senior monoty strategists
[7:00] Speaker 5: for Bloomberg Intelligence. Mike, the latest out of Iran and
[7:05] Speaker 5: the Middle East is that both sides have agreed to
[7:08] Speaker 5: halt mutual attacks.
[7:09] Speaker 6: Is that necessary for crude oil prices to kind of
[7:12] Speaker 6: stay at these.
[7:13] Speaker 5: Current levels or if there's going to be you know,
[7:15] Speaker 5: skirmishes once again because we've gone through a couple of
[7:18] Speaker 5: weekends like this, will that reignite oil prices?
[7:21] Speaker 4: Well?
[7:22] Speaker 7: I think the round trip world US scarlet's much poor appropriate.
[7:26] Speaker 7: I don't think we've ended the bottom end of that
[7:28] Speaker 7: round trip, So something really bad has to happen straight
[7:32] Speaker 7: for crudell to maybe get near or stay above eighty.
[7:35] Speaker 7: I think that's what most traders are looking at, is
[7:37] Speaker 7: leveling want to reset those shorts, and both entities in
[7:41] Speaker 7: the Strait have vested interest in its staying open now.
[7:43] Speaker 7: I mean rants getting a good deal can sell crude
[7:46] Speaker 7: all and an open market. Finally that drill Will is
[7:48] Speaker 7: going global, so the normal scales for crudell to get
[7:51] Speaker 7: back to where it was before, but with fuel this time,
[7:53] Speaker 7: because we just added a lot of supply and in
[7:55] Speaker 7: Western Hemisphere from all those prices going up, that was
[7:58] Speaker 7: hovering around fifty five dollars of barrels. So Mike base
[8:00] Speaker 7: case or second half of the year is we're going
[8:02] Speaker 7: to press below that and potentially towards forty. On one
[8:05] Speaker 7: key premise, the stock market drops down a little bit
[8:08] Speaker 7: and stays down a little bit. That's usually how crude
[8:10] Speaker 7: oil makes bottoms. Just stock market has to go down.
[8:13] Speaker 2: So is there going to be a if you talk
[8:16] Speaker 2: to your trader buddies, some kind of straight of FORMUS
[8:20] Speaker 2: kind of premium baked into global oil, or is reach
[8:24] Speaker 2: can go right back to supply and demand.
[8:27] Speaker 6: Well, I've already gone.
[8:27] Speaker 7: Back to it, Paul, But we've accelerated the supply and
[8:30] Speaker 7: decreased the demand, and we've accelerated that process of the
[8:33] Speaker 7: redundancy of opek and the price maker status shifting to
[8:38] Speaker 7: the Western Hemisphere. So let's look at drill will before
[8:40] Speaker 7: this war started. First that we had US Canada. Now
[8:43] Speaker 7: we have Venezuela, Iran, UAE, potentially Iraq. The whole world's
[8:48] Speaker 7: going that way, and it's also looking forward to a
[8:50] Speaker 7: potential you know, draw down in what's happening in the economy.
[8:54] Speaker 7: So to me, this is a normal cycle. But it's
[8:56] Speaker 7: not just Crudel. It happened in corn, soybeans, and wheat,
[8:59] Speaker 7: bitcoin and natural We asked all those markets are heading lower,
[9:02] Speaker 7: and the key theme is what makes them go up
[9:03] Speaker 7: in the second half of the year. But what does
[9:05] Speaker 7: mister Trump need for midterms? Lower inflation? Krudell's going to
[9:08] Speaker 7: lead the way. I fully expect he's going to get
[9:10] Speaker 7: it and heading towards below fifty and stops go lower,
[9:13] Speaker 7: like I said, close to the forty.
[9:15] Speaker 5: Yeah, you've been remarkably consistent about that call, Mike since
[9:19] Speaker 5: the beginning. Let's get your take on gold prices, because
[9:22] Speaker 5: you said commodities are going down. Gold is no exception,
[9:25] Speaker 5: holding it about four thy thirty five, but still a
[9:27] Speaker 5: far cry from where it was before the Iran War,
[9:30] Speaker 5: which was basically at about five thousand.
[9:35] Speaker 6: Two hundred or so. What is the outlook for gold
[9:38] Speaker 6: right now?
[9:39] Speaker 7: I think Scarlett's's shifting to a bear market on the
[9:41] Speaker 7: back of bitcoin, and it has to look forward to
[9:44] Speaker 7: fed vigilance. We've reached a plateau of inflation increasing and
[9:49] Speaker 7: stock on the back of the stock market and really.
[9:51] Speaker 3: Hurting people in election.
[9:52] Speaker 7: So what does mister Trump need. It needs lower inflation.
[9:56] Speaker 6: Goal's a big part of that.
[9:57] Speaker 7: The key theme about gold is that opportunity we got
[10:00] Speaker 7: in Q one might have been the best selling opportunity
[10:02] Speaker 7: in this, you know, a couple couple decades, and now
[10:05] Speaker 7: we're heading towards a more normal cycle. I think it's
[10:07] Speaker 7: gonna be stuck in the range for years. Good supports
[10:10] Speaker 7: around thirty four hundred, good resistance is around its two
[10:13] Speaker 7: hundred two hundred day, moving to ravage around forty four hundred.
[10:16] Speaker 6: But if history is.
[10:17] Speaker 7: A guide, Goal will be stocking a range maybe for
[10:19] Speaker 7: the next twenty years like Crudeau was the last twenty years.
[10:23] Speaker 6: Stay with us. More from Bloomberg Intelligence coming up after this.
[10:29] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[10:33] Speaker 1: weekdays at ten am Eastern on Apple Coarcklay, and Android
[10:36] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[10:39] Speaker 1: you get your podcasts, or watch us live on YouTube.
[10:43] Speaker 2: John Butler he covers all the telecom stuff for Bloomberg
[10:48] Speaker 2: Intelligence and John Charter SpaceX you're part of the research
[10:51] Speaker 2: team covering SpaceX here. What's what's the story here?
[10:55] Speaker 3: Yeah, so Paul SpaceX is looking for an in in
[10:59] Speaker 3: the US wireless market. You know, if you look at
[11:03] Speaker 3: their satellite constellation today, they have six hundred and fifty
[11:07] Speaker 3: direct to sell satellites that are providing very limited coverage
[11:12] Speaker 3: and service in partnership with T Mobile by the way,
[11:16] Speaker 3: it's called the T Satellite Service, But it really doesn't
[11:19] Speaker 3: have the kind of horsepower where they could really compete
[11:23] Speaker 3: closely with the incumbent carriers like AT and T or Verizon.
[11:29] Speaker 3: And so I think what Starlink may be hoping to
[11:33] Speaker 3: do here with Charter is get access to a terrestrial
[11:37] Speaker 3: network that they compare with her, that they can put
[11:40] Speaker 3: together with the satellite network and take another step forward
[11:44] Speaker 3: towards providing what I'll call terrestrial like cellular services. I'd
[11:50] Speaker 3: add there's a lot that would need to be done
[11:53] Speaker 3: before they really get there, even if they were to
[11:56] Speaker 3: partner or even buy Charter, but again, it would it
[12:02] Speaker 3: would bring them a big step closer to competing with
[12:05] Speaker 3: the big incumbents here, and I think there's a lot
[12:09] Speaker 3: of concern among telecom investors about this rising competitive threat.
[12:15] Speaker 2: So what do you think how much treastial capacity do
[12:19] Speaker 2: you think SpaceX might need?
[12:21] Speaker 6: Would would a charter get it done?
[12:22] Speaker 2: Or would you need a charter, Comcast get a you know,
[12:26] Speaker 2: an AT and T or something.
[12:28] Speaker 3: Boy, it's a complicated question. So the cable operators have
[12:33] Speaker 3: gotten into the terrestrial wireless business by striking a wholesale
[12:40] Speaker 3: deal with Verizon and some of the other carriers, so
[12:44] Speaker 3: they don't quite have this spectrum or the airwaves to
[12:47] Speaker 3: do it themselves. They're essentially using Verizon and AT and
[12:52] Speaker 3: T's network as a means of allowing their consumers to
[12:57] Speaker 3: have wireless service. Starlink has about sixty five megahertz's spectrum
[13:03] Speaker 3: I'm going to give some numbers here just to give
[13:05] Speaker 3: a perspective, whereas T Mobile has almost four hundred megahertz,
[13:11] Speaker 3: and so Starlink has a way to go before they're
[13:14] Speaker 3: there as a standalone carrier. And then if they partner
[13:18] Speaker 3: with one of the cable operators, there's the complexity of
[13:21] Speaker 3: that wholesale deal with the carriers themselves that might get
[13:25] Speaker 3: called into question. If you look at Charter, they have
[13:30] Speaker 3: some spectrum, but they don't have a lot of it.
[13:33] Speaker 3: So again, Starlink would be sort of left in what
[13:36] Speaker 3: I'll call that subscale position in terms of having the
[13:41] Speaker 3: right amount of airwaves to offer wireless service.
[13:46] Speaker 2: Well, here's a name from way back in the past
[13:48] Speaker 2: in spectrum. What happened happened to Charlie Ergen's spectrum.
[13:54] Speaker 3: So Charlie sold his spectrum to SpaceX. Is how SpaceX
[14:01] Speaker 3: got the sixty five megahertz of spectrum that they have today.
[14:06] Speaker 3: And what Ergin was doing was using that spectrum, together
[14:10] Speaker 3: with those wholesale agreements with Verizon and AT and T
[14:14] Speaker 3: and T Mobile by the way, to offer their own
[14:17] Speaker 3: branded wireless service. So my feeling is to just sort
[14:22] Speaker 3: of distill it all down. Even if Starlink were to
[14:27] Speaker 3: acquire Charter, let's say, I still think they would need
[14:31] Speaker 3: to work out a deal where they wholesale some network
[14:34] Speaker 3: capacity from the big three incumbents, and to date at
[14:38] Speaker 3: least that has proven to be a little bit of
[14:41] Speaker 3: a sticking point for them.
[14:43] Speaker 2: So is the stock movement here a twelve thirteen percent
[14:46] Speaker 2: move higher and Charters that tell you that some investors
[14:48] Speaker 2: think that Starlink may infect I mean SpaceX may. In fact,
[14:52] Speaker 2: by Trader outright.
[14:54] Speaker 3: They might, But as I sort of think through it,
[14:57] Speaker 3: one thing that Starlink has is they have a very
[15:00] Speaker 3: strong broadband business, and if you look at what's driving
[15:04] Speaker 3: the bus for all the cable operators today, it is
[15:07] Speaker 3: the broadband business. So they're acquiring redundancy there. I think
[15:12] Speaker 3: if they buy Charter, in my mind, I think what
[15:15] Speaker 3: they would more likely do is wholesale the Charter network
[15:20] Speaker 3: to begin that process of trying to figure out how
[15:23] Speaker 3: to provide that last mile in building wireless coverage, which
[15:28] Speaker 3: is the real challenge for a SpaceX, and having those
[15:32] Speaker 3: network facilities would afford them a bit of an advantage
[15:36] Speaker 3: relative to where they are today. So in my mind,
[15:40] Speaker 3: I'm thinking partnership as opposed to acquisition, But who knows.
[15:45] Speaker 3: I mean, I think they could go either route.
[15:48] Speaker 2: Here.
[15:48] Speaker 6: Stay with us. More from Bloomberg Intelligence coming up after this.
[15:56] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[16:00] Speaker 1: days at ten am. He's done on Apple, Cocklay and
[16:02] Speaker 1: Android Otto with the Blueberg Business app. Listen on demand
[16:05] Speaker 1: wherever you get your podcasts, or watch us live on YouTube.
[16:10] Speaker 2: You know, the only thing I really know about how
[16:11] Speaker 2: a bill becomes a law I learned from that Schoolhouse
[16:15] Speaker 2: rock back in the day. Ye, So yeah, I don't know.
[16:20] Speaker 2: I mean, what's going on here? Didn't the House and
[16:22] Speaker 2: the Senate passed this House he did?
[16:24] Speaker 5: It was a bipartisan boa and it was pretty overwhelming,
[16:27] Speaker 5: but the President decided not to sign it, and he
[16:30] Speaker 5: says he wants his voting right ID to be bill
[16:34] Speaker 5: to be passed first, but the Senate has made clear,
[16:37] Speaker 5: the Republican controlled Senate has made clear that the votes
[16:39] Speaker 5: just are not there. So Nathan Dean is our senior
[16:41] Speaker 5: policy analyst for Bloomberg Intelligence. Nathan, what happens to this
[16:46] Speaker 5: housing bill that was passed by both chambers of Commerce Congress?
[16:51] Speaker 6: Excuse me? But the President has yet to sign.
[16:54] Speaker 8: So Speaker Johnson said that he's going to send that
[16:56] Speaker 8: bill to the White House today. And the reason why
[16:58] Speaker 8: that's important is that it starts a ten day clock
[17:01] Speaker 8: that President Trump can essentially has three choices. He can
[17:04] Speaker 8: either sign the bill, he can veto the bill, or
[17:06] Speaker 8: he can do nothing. And if he does nothing, that
[17:08] Speaker 8: the bill then automatically becomes law. And I think that's
[17:11] Speaker 8: where you know, two of these scenarios are going to play. Oh,
[17:13] Speaker 8: he's either going to sign the bill or the bill's
[17:15] Speaker 8: going to become law. I don't see the President Trump
[17:17] Speaker 8: going to veto this bill because even though this bill,
[17:20] Speaker 8: you know, he called it Senator Elizabeth Warren's bill, like
[17:23] Speaker 8: you noted, it's overwhelmingly by partisan and it gives both
[17:26] Speaker 8: sides of the aisle the opportunity to go ahead of
[17:28] Speaker 8: the midterms and say we care about affordability because that
[17:31] Speaker 8: is the biggest driver of this bill, is that it's
[17:34] Speaker 8: an affordability housing bill. So that's why I think the
[17:36] Speaker 8: bill ultimately becomes law.
[17:37] Speaker 2: Well, Nathan, that argument was perfectly coaching, which is why
[17:41] Speaker 2: I think I'm gonna put some money down on he
[17:43] Speaker 2: vetoes it. I mean, why wouldn't he, It's I that's
[17:47] Speaker 2: classic Trump.
[17:49] Speaker 8: Well, so President Trump's real, you know motivation here is
[17:52] Speaker 8: to try and get Congress, like you said, past the
[17:54] Speaker 8: Save America Act. This is the bill that deals with
[17:56] Speaker 8: citizen you know, Senator a citizenship voting. He even said
[17:59] Speaker 8: that just a few moments ago on True Social and
[18:01] Speaker 8: Response to the Supreme Court. Now, what I think ultimately
[18:05] Speaker 8: happens here is that they're trying to get Save America
[18:07] Speaker 8: Act through reconciliation. Long story, short is it's not going
[18:10] Speaker 8: to work. But if they try and get something tied
[18:13] Speaker 8: to grants, and the idea here right now is that
[18:15] Speaker 8: you offer four billion dollars in grants to states to
[18:19] Speaker 8: incentivize to implement the Save America Act, that could be
[18:22] Speaker 8: a pathway forward for essentially Speaker Johnson to say to
[18:25] Speaker 8: the White House, Look, we're doing what you've asked. We're
[18:28] Speaker 8: doing it within the role of what we can get
[18:30] Speaker 8: through Congress. Sign the bill. I think that's where President
[18:33] Speaker 8: Troub will ultimately agree to. But we'll see he can
[18:35] Speaker 8: always be to it, because nobody expected him last week
[18:38] Speaker 8: to say that he wasn't going to sign it either.
[18:41] Speaker 5: Okay, so here's my question about this housing bill. How
[18:43] Speaker 5: effective is it Because there's an affordability crisis in the
[18:46] Speaker 5: country and this is a federal bill, so it tries
[18:50] Speaker 5: to do things at the federal level. But there's all
[18:52] Speaker 5: I mean, states have their own laws and regulations and rules.
[18:55] Speaker 5: So does this bill, if it becomes law, really move
[18:58] Speaker 5: the needle.
[19:00] Speaker 8: So there's a short term and that there's a long
[19:01] Speaker 8: term aspect to this from the short term. If you're
[19:03] Speaker 8: listening to us right now in New York City, is
[19:05] Speaker 8: it going to decline the price of homes or make
[19:07] Speaker 8: it more affordable. No, You're not really going to see
[19:10] Speaker 8: much of a short term impact on this. This is
[19:12] Speaker 8: essentially just messaging from the short term side. From the
[19:15] Speaker 8: long term side, it's incrementally better for the housing. You know,
[19:19] Speaker 8: we've done some analysis, call it one to three percent
[19:21] Speaker 8: growth in terms of new homes.
[19:23] Speaker 6: Long story, you know, talking about the next.
[19:25] Speaker 8: Three to five years, but you're really looking at markets
[19:27] Speaker 8: like Austin, Texas, or Birmingham, Alabama, rather than New York
[19:31] Speaker 8: City or Washington, d C. At the end of the day,
[19:33] Speaker 8: this bill was mostly from the investment side talking about negatives.
[19:37] Speaker 8: There was some original language in here that would actually
[19:40] Speaker 8: sort of make the bill to rank communities unfeasible going forward.
[19:43] Speaker 8: That was scary for some of the single named single
[19:45] Speaker 8: family home reads out there, like invitation homes at AMH.
[19:48] Speaker 8: But ultimately there's so many exemptions in this bill. You know,
[19:51] Speaker 8: that really scary headline isn't really all that much of
[19:54] Speaker 8: an impact for them.
[19:55] Speaker 2: Thirty seconds left, Nathan, anything that we should be looking
[19:58] Speaker 2: for going forward from this Congress really quickly.
[20:02] Speaker 8: Two things that you're going to see in July is
[20:03] Speaker 8: going to see Clarity Act. This is the Crypto Bill.
[20:06] Speaker 8: I'm still like a sixty percent chance that this thing
[20:08] Speaker 8: is going to pass, but time is all the essence,
[20:10] Speaker 8: and you're going to see a lot of negative headlines
[20:11] Speaker 8: about artificial intelligence and data centers coming out of the
[20:14] Speaker 8: Senate side, as well a lot of debates going to
[20:16] Speaker 8: take place in July on that.
[20:17] Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
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