I’M TAKING A TAB.
MARIA: THANK YOU, CHERYL.
THE FED IS FACING SENATORS
YESTERDAY AS BANKING COMMITTEE
DIVES INTO THE RECENT BANK
FAILURES.
WATCH THIS.
>> THIS IS A TEXTBOOK CASE OF
BANK MISMANAGEMENT.
THE RISKS THE BANK FACE INTEREST
RATE RISKS AND LIQUIDITY RISKS
ARE BREAD AND BUTTER OF BANKING
ISSUES.
THE FIRM WAS QUITE AWARE OF
THOSE ISSUES, THEY’VE BEEN TOLD
BY REGULATORS INVESTORS WERE
TALKING ABOUT PROBLEMS WITH
INTEREST RATE AND LIQUIDITY
RISKS PUBLICLY.
AND THEY DIDN’T TAKE THE ACTION
NECESSARY --
MARIA: JOINING ME NOW NORTH
DAKOTA SENATOR KEVIN CRAMER,
VETERANS AFFAIRS AN ENVIRONMENT
AND PUBLIC WORKS COMMITTEE.
SENATOR, GOOD TO SEE YOU.
THANKS VERY MUCH.
I KNOW THAT YOU WERE AT THE
HEARING YESTERDAY.
WHAT DID YOU LEARN?
>> I THINK MY MAINTAINING AWAY,
MARIA, WAS THAT THE KNEE-JERK
REACTION OVER THAT WEEKEND WAS A
LITTLE GREATER THAN IT NEEDED TO
BE.
IT WAS SUCCESSFUL IN THE SENSE
THAT IT HELD CONTAGION, BUT MY
BIGGEST TAKEAWAY WAS PROBABLY,
IN FACT, IN THE CLIP THAT YOU
JUST PLAYED, SORT OF SAYS IT ALL
WHILE THE REGULATORS ARE CORRECT
AS FAR AS THEY GO, WHERE THEY
DON’T GO IS WHAT CULPABILITY DO
REGULATORS THEMSELVES HAVE.
IN OTHER WORDS, PUBLICLY WARNING
AS MR. BARR SAID THE BAD
MANAGEMENT OF THE BANK IS FINE
AS FAR AS IT GOES BUT, YOU KNOW,
I WAS A SOCCER REFEREE AND
UNLESS YOU PULL RED CARD NOW AND
THEN WITHOUT ENFORCEMENT ACTION
WARNINGS ARE JUST SORT OF
CASUALLY GIVEN AND SOMETIMES
CASUALLY RECEIVED.
SO I THINK THEY WENT -- AS FAR
AS THEY WENT, THEY WERE RIGHT
FOR THE MOST PART BUT THEY
SHOULD HAVE GONE FURTHER.
I THINK WE WILL ULTIMATELY.
MARIA: GREAT ANALOGY AND THAT’S
WHAT MY NEXT QUESTION IS, HOW
FAR WOULD YOU GO.
COMING OUT OF THAT HEARING, WHAT
DO YOU THINK HAPPENS IN TERMS OF
BILLS BROUGHT TO THE FLOOR,
POTENTIAL REGULATATION, STIFFER
RULES FOR THE MID-SIZE BANKS?
>> THERE’S CERTAINLY GOING TO BE
AN ATTEMPT TO DO THAT.
THERE’S ZEALOUS ON THE COMMITTEE
THAT THEY WOULD LIKE TO RESTORE
DAYS OF DODD-FRANK AND ENTIRETY.
I DON’T SEE THE SUPPORT FOR
THAT.
I DON’T SEE THE SUPPORT EVEN ON
THE COMMITTEE QUITE HONESTLY IN NARROWLY DIVIDED SENATE AND
NARROWLY DIVIDED SENATE AND
NARROWLY DIVIDED GOVERNMENT.
THERE WILL BE A A LOT OF SCREAMI
AND HOLLERING.
THE REGULATIONS ARE NOT THE
PROBLEM, THE REGULATOR IF
ANYBODY IS THE PROBLEM WAS THE
REGULATOR BECAUSE EVEN UNDER THE CURRENT RULES, THE LACK OF GOOD
CURRENT RULES, THE LACK OF GOOD
RISK MANAGEMENT WITH IDIO
IDIOSINCRATIC AND I DON’T KNOW
ADDING MORE RULES TO PEOPLE WHO
BREAK THE RULES REALLY HELPS.
MARIA: WE HAVE BEEN TALKING
ABOUT THE HEARINGS AND ALSO
TALKING ABOUT CHINA AND YOU
QUESTIONED LLOYD AUSTIN
YESTERDAY ABOUT CHINA AND THE
COMPANIES THAT ARE OWNED BY THE
COMMUNIST PARTY AND THEY ARE
TRYING TO BUY FARMLAND IN THE
UNITED STATES NEAR OUR MILITARY
BASES.
LET’S TAKE A LISTEN, WATCH.
>> OUR ARE WE GIVING ADEQUATE
COVER AND INFORMATION AND
COACHING PERHAPS TO OTHER
COMMUNITIES AROUND THE COUNTRY?
>> WE HAVE TO BE VIGILANT OF
WHAT’S GOING ON OUTSIDE OF OUR
FENCES.
WE HAVE TO WORK WITH THE
COMMUNITIES TO MAKE SURE THAT WE
DO HAVE SOME KIND OF SITUATION
AND WE HAVE TO ADVOCATE FOR THE
PROTECTION OF OUR BASES AND
INSTALLATIONS.
MARIA: SENATOR, WHAT WAS HE
SAYING THERE?
I MEAN, THE GOVERNORS HAVE --
HAVE BEEN MUCH MORE ADAMANT, THE
GOVERNORS ARE SAYING OFF LIMITS,
LOOK AT KRISTI NOEM IN THE
DAKOTAS AND GALLON GLENN YOUNGKI
THEY WOULD NOT ALLOW CCP TO
ACQUIRE LAND.
IS THAT WHAT THE DEFENSE
SECRETARY WAS SAYING, I WASN’T
FOLLOWING WHAT HIS
RECOMMENDATION IS.
>> SO WHEN HE WAS SAYING WE,
HE’S TALKING ABOUT THE
DEPARTMENT OF DEFENSE, IN THE
SITUATION IN NORTH DAKOTA,
PURCHASING 12 MILES FROM UNITED
STATES AIR FORCE, THE DEPARTMENT
OF DEFENSE AND DEPARTMENT OF THE
AIR FORCE WAS VERY LATE TO -- TO
SOUND THE ALARM.
IN FACT, LOCAL CITIZENS SOUNDED
THE ALARM ORIGINALLY.
WHAT I WAS QUESTIONING HIM ABOUT
SHOULDN’T THE DEPARTMENT OF
DEFENSE SPEAK UP SOONER AND BE
BOLDER AND MY WHOLE POINT LET’S
NOT GET WHAT HAPPENED TO GRAND
FORKS IN THE OURS OF LAST YEAR
PLUS, LET’S NOT LET THAT HAPPEN
ANYWHERE ELSE.
SPEAK UP SOONER.
I THINK HE WAS ACKNOWLEDGING
THAT, MARIA, I WAS HOPING FOR
MORE --
MARIA: WE ALL KNOW THAT THE TONE
IS SET AT THE TOP AND THE BIDEN
ADMINISTRATION HAS HAS
INCREDIBLY SOFT APPROACH ON
CHINA, KALEY, JUMP IN HERE. >> SENATOR, VICE PRESIDENT
>> SENATOR, VICE PRESIDENT
KAMALA HARRIS TO INFLUENCE IN
THAT CONTINENT.
WHY ARE WE NOT SEEING THAT SAME
COORDINATION TOWARDS CHINA’S
EFFORTS TO BUY UP U.S. LAND?
WHY DOES THIS ADMINISTRATION
SEEM SO LESS CONCERNED ABOUT
WHAT’S HAPPENING ON OUR OWN
SOIL?
>> YEAH, GREAT POINT, KALEY,
BECAUSE WHILE I APPLAUD THE VICE
PRESIDENT’S ATTEMPT AND WE WILL
SEE COMES OF IT AND I THINK WE
ALL HAVE TO HAVE A GREATER
AWARENESS OF CHINA’S MALIGN
INFLUENCE NOT JUST IN THE UNITED
STATES BUT AROUND THE WORLD, BUT
WE SHOULD START IN THE UNITED
STATES WHERE THEIR INFLUENCE IS
DRAMATIC AND CERTAINLY THE HOUSE
COMMITTEE THAT REPRESENTED
GALLAGHER HEADS UP ON CHINA IS A
VERY GOOD STEP AND KUDOS TO
KEVIN MCCARTHY AND THE
LEADERSHIP AND THE TERM I USE
LIBERALLY IN SOME SENSES BUT
IT’S GOING TO BE HARD TO INWIND
A LOT OF THINGS BUT WE OUGHT TO
START WHERE WE ARE AND THEN SEE
WHERE WE CAN GO FROM THERE SO WE
ARE NOT SO RELIANT FOR A LOT OF
THINGS INCLUDING CRITICAL
MINERALS AND PHARMACEUTICALS AND
FOOD AND NOT RELYING ON -- WITH
REGARD TO AFRICA, HOWEVER, I DO
THINK WE -- AGAIN, EVEN SOME OF
US MORE CONSERVATIVE PEOPLE NEED
TO LOOK AT THE WORLD AND HOW
CHINA SWOOPS IN WITH LOW
STANDARDS AND POOR VALUES AND --
AND INFLUENCE THOSE AREAS.
SO I THINK IT’S IN ALL OF THE
ABOVE.
LET’S START AT HOME FIRST.
MARIA: THAT’S ABSOLUTELY RIGHT.
AND WE HAVE SEEN THE CCP USE
THAT APPROACH IN A NUMBER OF
COUNTRIES.
THAT’S WHAT THEY ARE DOING IN
AFRICA RIGHT NOW BUT, LOOK, YOU
JUST MENTIONED REAL ESTATE AND
WHAT’S GOING ON IN TERMS OF THE
WORK.
THERE’S DISTRESS IN OFFICE
MARKET AND THE JOURNAL THIS
MORNING IS WRITING THAT IT’S
GOING TO SPREAD TO HIGH-END
BUILDINGS.
WE ARE WAITING TO SEE HOW THIS
ECONOMY SLOWS DUNE -- DOWN AND
WHETHER OR NOT THE FED WILL HAVE
SOFT LANDING BUT THERE’S THE
QUESTION ON OIL, SAUDIS ARE OKAY
PAYING AND TRANSACTING WITH
CHINA IN THE CHINESE YUAN, A
JUDGE ORDERED THE BIDEN
ADMINISTRATION TO RESUME OIL AND
GAS LEASE SALES ON PUBLIC LANDS
IN NORTH DAKOTA, SENATOR, YOUR
STATE, TELL US ABOUT THE IMPACT. >> NORTH DAKOTA IS NOT A BIG
>> NORTH DAKOTA IS NOT A BIG
FEDERAL LAND STATE BUT THE HEART
IS ON FEDERAL LAND AND NATIVE
AMERICAN LANDS.
GOING BACK TO JOE BIDEN HIMSELF
DOING THAT MORATORIUM ON FEDERAL
LEASES, SINCE THAT TIME, THERE’S
ONLY BEEN ONE QUARTERLY REQUIRED
QUARTERLY LEASE OVER THE COURSE
OF OVER TWO YEARS IN NORTH
DAKOTA ON THE FEDERAL LANDS AND
JUDGE TRAINER MADE IT CLEAR TO
BLM NOT ONLY ARE THEY IN
VIOLATION OF THE LAW BUT THEY
HAVE TO RESUME THE LEASES ON A
REGULAR BASIS AND THAT THIS IS
NOT A SUGGESTION.
THIS LAW IS MANDATORY, SOMEHOW
THIS ADMINISTRATION JUST, YOU
KNOW, DOES WHAT THEY WANT TO DO
AND DOESN’T DO WHO WHAT’S THEY
ARE SUPPOSED TO DO.
HE SLAPPED THEM DOWN PRETTY
HARD.
MARIA: WE HAVE SEEN THIS OVER
AND OVER AGAIN WHERE HE COME OUT
WHERE THINGS ARE
UNCONSTITUTIONALLY.
>> HE HAS DONE IT MANY TIMES AND
ENERGY DEVELOPMENT, MARIA, ONE
OF THOSE GEOPOLITICAL TOOLS
WHERE WE CAN USE WHERE WE DON’T
NEED WEAPONS OF WAR INSTEAD OF WEAKENING OUR COUNTRY, LET’S
WEAKENING OUR COUNTRY, LET’S
EMPOWER PRODUCERS.