THAN 1.5 PERCENTAGE POINTS, S&P
UP CLOSER TO TWO, THE NASDAQ UP
TWO AND A FIFTH.
SUPPLY CHANGE AND OTHER TOPICS
WITH TRANSPORTATION SECRETARY
PETE BUTTIGIEG.
MR. SECRETARY THANKS FOR BEING
HERE.
>> THANKS FOR HAVING ME ON
>> Bret: HERE’S THE PRESIDENT
THIS WEEK TALKING ABOUT
ADDRESSING THIS ISSUE AND SOME
REACTION TO WHAT HE SAID.
TAKE A LISTEN.
>> BY STAYING OPEN SEVEN DAYS A
WEEK THROUGH THE NIGHT AND ON
THE WEEKENDS, THE PORT OF LOS
ANGELES WILL OPEN OVER 60 EXTRA
HOURS A WEEK.
TODAY’S ANNOUNCEMENT HAS
POTENTIAL TO BE A GAME CHANGER.
>> WITH ALL DUE RESPECT TO
PRESIDENT BIDEN, WHAT HE JUST
ORDERED IS TOO LITTLE TOO LATE.
WHETHER THE PORTS ARE OPEN 24
HOURS A DAY OR 48 HOURS A DAY,
YOU CANNOT GET LABOR.
IF YOU CANNOT GET LABOR, YOU
CANNOT GET TRUCKS, YOU CANNOT
GET THOSE MERCHANDISE OUT.
AND EVEN IF YOU GET THEM OUT,
IT’S GOING TO BE TOO LATE FOR
CHRISTMAS.
>> Bret: WHAT ABOUT IT
SECRETARY?
IS IT TOO LITTLE TOO LATE WHAT’S
BEEN GOING ON.
>> NO, BUT AS YOU HEARD THE
PRESIDENT SAID THIS HAS THE
POTENTIAL TO BE A GAME CHANGER.
IT’S GOING TO HAVE TO BE PART OF
A NUMBER OF STEPS, AS THE REPORT
JUST NOW SHOWED.
A LOT OF THIS IS NOT JUST ABOUT
THE ISSUE OF HOW LONG THE PORTS
ARE OPEN, WHICH IS A BIG DEAL.
BUT IT’S ALSO ABOUT THE
AVAILABILITY OF TRUCKS, OF
CHASSIS AND OF TRUCKERS TO DRIVE
THEM.
LOOK, TRUCKERS HAVE BEEN ON THE
FRONT LINES OF THIS ENTIRE
PANDEMIC.
THEY WANT TO BE PAID WELL.
THEY WANT TO BE RESPECTED.
AND WE DO HAVE AN ISSUE WITH A
SHORTAGE OF TRUCK DRIVERS IN
THIS COUNTRY.
WE HAVE ISSUES WITH WHETHER THE
DIFFERENT PLAYERS ON THE PORTS
ARE COORDINATING WITH EACH
OTHER, WHICH IS WHY WE’VE BEEN
PUSHING FOR MORE DATA
SHARINGMENT A LOT OF THINGS HAVE
TO GO RIGHT BUT THE ANNOUNCEMENT
THESE PORTS WOULD GO 24/7 THAT’S
A BIG PART OF IT
>> Bret: THE ANNOUNCEMENT CAME
THIS WEEK, JEN PSAKI FROM THE
WHITE HOUSE BRIEFING ROOM SAID
IT HAD BEEN WORKED ON FOR MONTHS
BUT YOU COULD SEE THIS COMING
DOWN THE ROAD FOR A WHILE,
COULDN’T YOU, MR. SECRETARY?
>> WELL, YEAH.
I MEAN, LET’S WORK BACKWARD FROM
THIS WEEK’S ANNOUNCEMENT.
LA ANNOUNCED THAT IT WAS GOING
24/7 BUT A FEW WEEKS EARLIER,
LONG BEACH HAD ANNOUNCED THEIR
PILOT TO DO THAT.
IF YOU CAN IMAGINE, A PORT THAT
MASSIVE FLIPPING TO 24/7 IS NOT
SOMETHING YOU CAN DO OVERNIGHT.
ABOUT YOU THAT WORK BEGAN IN
JULY WHEN I CONVENED PRETTY MUCH
THE ENTIRE ECOSYSTEM OF SUPPLY
CHAIN ACTORS THAT WORK AROUND
THOSE WEST COAST PORTS MUCH
THOSE TWO PORTS REPRESENT 30% OF
THE CONTAINER TRAFFIC IN INTO
THIS COUNTRY AND SOMETHING THAT
EMERGED FROM THAT GATHERING THAT
WE WANT TO PURSUE IS TO EXPAND
THOSE HOURS.
YOU CAN WIND THE CLOCK BACK EVEN
FURTHER TO FEBRUARY, THE MONTH
THAT I GOT THIS JOB, AND THAT’S
WHEN THE PRESIDENT, LOOKING
AHEAD, SIGNED THAT EXECUTIVE
ORDER CALLING FOR THERE TO BE
NEW LEVELS OF URGENCY AROUND THE
SUPPLY CHAIN.
NOW, OBVIOUSLY THESE ISSUES
DIDN’T EMERGE OVERNIGHT WHICH IS
WHY NOT ONLY DO WE HAVE KNEES
NEAR TERM STEPS WE HAVE HE A
BEEN TAKING AND COORDINATING
WITH THE PRIVATE SECTOR ON BUT
THE NEED FOR A COMPREHENSIVE
INFRASTRUCTURE BILL, THE
PRESIDENT’S INFRASTRUCTURE
VISION WHICH INCLUDES
$17 BILLION FOR OUR PORTS
>> Bret: I’M GLAD YOU MENTIONED
THAT BECAUSE AS TRANSPORTATION
SECRETARY, YOU’RE CONCERNED
ABOUT PORTS AND BRIDGES AND ALL
KINDS OF AVENUES OF
TRANSPORTATION.
WHY NOT MOVE THE INFRASTRUCTURE
BILL THAT HAS THAT IN IT, THAT
THE HOUSE HASN’T VOTED ON?
BECAUSE THE OTHER BILL IS STILL
BEING NEGOTIATED AND DEBATED
BETWEEN DEMOCRATS.
>> WELL, BOTH OF THOSE BILLS,
I’M THE TRANSPORTATION SECRETARY
I’M ALSO A NEW FATHER, AND I
BELIEVE THAT THE PRESIDENT’S
OVERALL VISION OF MAKING SURE
THAT THIS IS A COUNTRY WHERE
IT’S AFFORDABLE TO RAISE A
FAMILY AND MAKING SURE THAT
WE’RE SUPPORTING AMERICANS WITH
HEALTHCARE AND MAKING SURE THAT
WE DELIVER ON THESE
INFRASTRUCTURE NEEDS, ALL OF
THESE THINGS FIT TOGETHER.
AND BY THE WAY, SINCE WE’RE
TALKING ABOUT INFLATION, I
REMEMBER FOR EXAMPLE WHEN RUDY’S
ANALYTICS ANALYZED THE EFFECTS
THAT THESE PIECES OF LEGISLATION
COULD HAVE ON EASING
INFLATIONARY PRECIOUS.
TALKING ABOUT THE ENTIRE
PACKAGE.
PART OF WHAT’S GOING ON IN OUR
ECONOMY, PART OF WHAT’S CREATING
A LOT OF PRESSURE RIGHT NOW IS
ISSUE OF LABOR SUPPLY.
THOSE GET BETTER IF, OF COURSE,
WE BEAT THE PANDEMIC AND IF WE
MAKE IT EASIER TO GET BY IN THIS
COUNTRY AND MAKE WORK PAY.
>> Bret: FIRST OF ALL
CONGRATULATIONS ON YOUR NEW
BABIES.
BUT LET ME -- I GUESS THERE ARE
SOME MODERATE DEMOCRATS UP ON
THE HILL WHO ARE SAYING, LISTEN,
WE HAVE THE BIRD IN THE HAND.
TAKE IT NOW.
THERE ARE GOOD THINGS IN HERE.
REPUBLICANS HAVE SIGNED ON TO
IT.
WHY DON’T YOU, AS AN
ADMINISTRATION, PUSH FOR THAT?
>> WELL, AGAIN, WE VERY MUCH
PUSH FOR THIS INFRASTRUCTURE
BILL.
OBVIOUSLY I’VE WORKED HARD ON
IT, THE PRESIDENT’S WORKED HARD
ON IT AND THE SAME IS TRUE FOR
THE BUILD BACK BETTER AGENDA.
THINGS THAT MOST AMERICANS AGREE
ON.
NOW WE GET THAT THERE WILL BE A
LOT OF REPUBLICANS WHO VOTED
WITH US ON THE INFRASTRUCTURE
BILL WHO ARE PREPARED TO VOTE
AGAINST US ON THINGS LIKE
SUPPORTING CHILD CARE AND FAMILY
LEAVE AND WHATEVER ELSE MAKES IT
INTO THAT PACKAGE ON THE FAMILY
SIDE.
WHO ARE GOING TO BE AGAINST
TAKING ACTION ON CLIMATE CHANGE
ABOUT YOU WE REALLY BELIEVE WE
HAVE TO DO BOTH AND REPUBLICANS
WILL BE FREE TO VOTE FOR THE ONE
HALF AND AGAINST THE OTHER
>> Bret: I’M NOT GOING TO
BELABOR THIS BUT YOU DON’T THINK
IT’S A MISTAKE FOR SPEAKER
PELOSI NOT TO JUST PUT THAT ON
THE FLOOR AND SEE WHAT HAPPENS?
>> I DEFINITELY WOULD BE HUMBLED
BY THE IDEA OF GIVING
LEGISLATIVE STRATEGY ADVICE TO
SPEAKER PELOSI.
WHAT I KNOW IS THESE ARE
IMPORTANT PIECES OF LEGISLATION,
PART OF A SHARED BIG PICTURE
THAT THE PRESIDENT HAS FOR HOW
TO BRING OUR ECONOMY BACK AND
NOT JUST REWIND TO 2019, BUT, AS
HE ALWAYS SAYS, BUILD BACK
BETTER MAKE IT A BETTER SAFER
MORE SECURE COUNTRY TO LIVE IN
FOR OUR LIFETIME AND OUR KIDS
TOO
>> Bret: THERE ARE SOME CRITICS
OF THIS ADMINISTRATION THAT SAY
THE INABILITY TO GET TRUCKERS IS
THE DIRECT RESULT, THE INABILITY
TO GET LABOR OF UNEMPLOYMENT
LASTING FOR TOO LONG, OF THIS
ADMINISTRATION NOT ACTING
DIFFERENTLY TO INSPIRE THOSE
WORKERS TO GET BACK ON THE JOB.
HOW DO YOU RESPOND TO THAT?
>> IT’S A VERY INTERESTING IDEA
THAT IN MANY WAYS IS FRESHLY
DISPROVEN BECAUSE A LOT OF THOSE
BENEFITS RAN OUT AND WE DID NOT
SEE THE KIND OF EFFECTS OF
PEOPLE RUSHING TO RETURN TO WORK
THAT YOU HAD A LOT OF THOSE
COMMENTATORS CONSTANTLY
PREDICTING.
JUST A FEW WEEKS OR MONTHS AGO.
SO I THINK WHAT THIS SHOWS IS
THERE ARE DEEPER ISSUES.
EVEN IF YOU VERY MUCH WANT TO
WORK, IF YOU CAN’T GET CHILD
CARE, OR IF YOU’RE WORRIED ABOUT
YOUR PHYSICAL SAFETY BECAUSE WE
HAVE INDEED A PANDEMIC, THOSE
ARE GOING TO BE DRAGS ON
LEADERSHIP SUPPLY, WHICH IS
EXACTLY WHAT THE PRESIDENT HAS
BEEN FOCUSED ON THOSE KINDS OF
ISSUES
>> Bret: BUT IF THESE BILLS
DON’T GET THROUGH BECAUSE OF
THIS BACK AND FORTH BETWEEN
PROGRESSIVES AND MODERATES,
WHAT’S THE NEXT STEP FOR THIS
ADMINISTRATION?
WHAT ARE YOU GOING TO DO
ACTION-WISE BEYOND WHAT YOU’RE
DOING RIGHT NOW?
>> LOOK, WE’RE GOING TO GET
THESE BILLS THROUGH BECAUSE IT’S
TOO IMPORTANT FOR THE AMERICAN
PEOPLE.
AND AGAIN, YOU KNOW, REPUBLICANS
ARE WELCOMED TO JOIN MODERATE
AND PROGRESSIVE DEMOCRATS ON
MAKING SURE THAT HAPPENS.
ALTHOUGH I KNOW THAT’S PERHAPS
NOT LIKELY
>> Bret: WELL THERE ARE
REPUBLICANS ON THE
INFRASTRUCTURE BILL.
MR. SECRETARY.
THERE ARE REPUBLICANS ON THAT
BILL.
IF YOU PUT IT ON THE FLOOR, IT
MIGHT PASS.
>> I WOULD BE DELIGHTED TO SEE
REPUBLICANS VOTE FOR ACTING ON
CLIMATE CHANGE, FOR SUPPORTING
FAMILY POLICIES.
FOR TAX FAIRNESS.
I DON’T THINK YOU HAVE TO BE A
DEMOCRAT TO THINK THAT IT MAKES
NO SENSE, AND YOU’VE GOT MULTI
BILLION DOLLARS PROFITABLE
CORPORATIONS THAT IN SOME CASES
HAVE PAID ZERO IN, TAKES.
I THINK THIS CAN BE A UNIFYING
AGENDA.
JUST LIKE THE PRESIDENT’S IDEA
THAT WE HAVE TO BUY AMERICA MORE
WHICH BY THE WAY IS SOMETHING
ELSE THAT WOULD REALLY HELP WITH
SOME OF THESE ISSUES WE HAVE
WITH KEEPING UP WITH IMPORTS.
THESE ARE THINGS THAT MOST
AMERICANS AGREE ON.
THAT I WOULD LIKE TO THINK THERE
CAN BE SUPPORT FOR ACROSS THE
AISLE.
JUST LIKE THE PRESIDENT’S
SUCCESSFULLY SECURED SUPPORT
ACROSS THE AISLE FOR THIS
AMBITIOUS VISION TO IMPROVE
EVERYTHING FROM THE PORTS ROADS
INTERNET HIGHWAYS AND MORE
>> Bret: SO NEW PARENTS AND ANY
PARENT GOING TO GET THE TOYS
THEY WANT TO GET FOR CHRISTMAS?
>> I KNOW I’LL BE VERY EXCITED
TO SHOP FOR THE FIRST CHRISTMAS
FOR MY NEW KIDS, AND, LOOK, ONE
OF THE THINGS THAT REALLY
IMPRESSED ME WHEN WE BROUGHT
TOGETHER BUSINESS LEADERS AND WE
HAD A CONVENING EARLIER THIS
WEEK WITH THE LEADERS OF
WAL-MART, TARGET, THE HOME DEPOT
AS WELL AS FED-EX, UPS, WAS HOW
COMMITTED THEY ARE TO TAKING
STEPS OVER AND ABOVE WHAT
THEY’VE ALREADY BEEN DOING AT A
TIME WHEN RETAIL SALES ARE
THROUGH THE ROOF.
REMEMBER, YOU CAN’T TALK ABOUT
SUPPLY WITHOUT TALKING ABOUT
DEMAND.
PART OF THE REASON WE ARE WHERE
WE ARE IS THAT THE PRESIDENT
SUCCESSFULLY BROUGHT THIS
ECONOMY OUT OF THE TEETH OF THE
RECESSION AND PEOPLE ARE BUYING
MORE THAN EVER BEFORE.
WE’RE SEEING RECORD GOODS COMING
THROUGH OUR PORTS, THE DEMAND IS
THERE WHICH IS GREAT NEWS,
REPRESENTS THE POLICY’S SUCCESS
NOW WE HAVE THE MAKE SURE THE
SUPPLY CHAIN IS THERE
>> Bret: SO YOU’RE SAYING IT’S A
HIGH CLASS PROBLEM.
>> WHAT I’M SAYING IS WE ARE
BETTER OFF BECAUSE THE ECONOMY
IS GROWING, AND THE ECONOMY IS
GROWING THANKS TO THE LEADERSHIP