>> when people ask are you afraid of what might happen i say no because of the goodness of the american people, the strength of our democracy, we will prevail. my motto is the flag is still

there. francine: she has been the face of her party for a generation spending two decades as the top house democrat. nancy pelosi made history when she became the first female speaker in 2007. until recently the most powerful woman in u.s. politics, she has faced attacks from republicans, and escalation under donald trump. >> we have an aberration in our country right now but hopefully that will not last too much longer. nonetheless, we have to strive for unity. sometimes you achieve it, sometimes you don't but we have a responsibility to act in a unifying, transparent, accountable way. francine: in this episode of leaders with law quote -- lacqua i traveled to vegas where nancy was championing leaders. i ask her about the democrats

chances at the presidential election, geopolitical threats and what she has learned in more than 35 years in public office. francine: thank you so much for speaking to bloomberg. you are one of the most recognizable and admired politicians. what did you learn in 40 years about leadership in politics? nancy: i learned a lot about leadership observing it in others, recognizing what is needed to get the job done. and i always define it in this way, know your why, why you are doing this because you will be under attack. know what you're talking about. know how to get it done, think in a strategic way, and that is all up here and then also connect directly with people. if you can show them how important what you are advocating is so they trust your

judgment and you have a plan, you will have followers, you will be a leader. francine: is it harder in 2023 because of the divisions in america? nancy: our goal is not inch by inch, it is long-term and it is to bring p will together. we have an aberration in our country right now but hopefully that will not last much longer. nonetheless, we have to strive for unity. sometimes you achieve it, sometimes you do not, but we have a responsibility to act in a transparent and accountable way. francine: how do you think president biden is doing? nancy: i think he's doing great, one of the best presidents in recent history, for decades. nobody has accomplished more since lyndon are franklin roosevelt, whether it is the rescue package to rescue our country from covid and the rest,

whether it is our infrastructure bill with good paying jobs, whether it is the science and ch ips initiative to take us into the future. whether it is ira, which is just remarkable to recognize the challenge of the climate crisis and address it in a bigger way than we ever have but recognizing more needs to be done. at the same time recognizing men and women in uniform and our commitment to them. francine: is it frustrating that he has achieved a lot but does not seem to get recognition? nancy: it is hard to understand but we do not agonize, we organize. this is it, please understand what he has accomplished, what it means to you at your kitchen table. and most people i am realizing are not thinking about politics that much.

they are thinking about their own challenges and the rest and we have to relate to that. no one is better than joe biden at that. he cares deeply about people, he truly does. he is a great president, he will be reelected. elections are hard, they are called campaigns, that they will or term. but we will be ready and as i said we do not agonize over what is not, but organize for what will be. francine: what has it been like for democrats to be the minority? nancy: not a good thing, i don't recommend minority at all. we are going to win it back, we have every confidence in that. they said we would lose 40 seats, receipts at a minimum and we lost five. that was not good enough, i wanted the majority, but we can win five seats, more than five seats. francine: how to changed as a politician? nancy: i have mellowed out, become gentle.

i don't. no, i pretty much knew what i was getting into. i did not seek running for leadership, people encouraged me to do so and i knew why, i knew what was at stake in how to get the job done. i knew how to draw people together. and the same advice i give others, i tell myself women have intuition. people don't talk about it so much but when i was young that was what people talked about. intuition is a very valuable thing and leadership. when people say they want to run for president, governor, mayor or even leadership in the congress, i say understand, you're going from deductive reasoning, how do we get the legislation passed, too intuitive. there is a problem, you must act the more time you do not, the fewer your options are. so be ready, know your subject,

have good judgment, be wise. francine: you stood up against president donald trump many times and it has gotten you into spots of trouble. her people afraid of taking him on -- are people afraid of taking him a? nancy: i stood up to him once and it lasted very long time. yes, people are afraid of him now because as you see his desperation, in other words, it is one thing to say we have a disagreement on policy and we do. it's another thing to say that the truth is not prevailing. it is another thing to say there is recognition of all the violations of the rule of law that any person is above the law undermining the press, which is -- the freedom of the press is the guardian of the gate of freedom so he was clever.

undermined the press, undermine the rule, i'm above the law read seeing the lengths to which he will go frightening. he is a threat to democracy but we intend to win. he is so popular. francine: popular among his group. are you surprised at how popular? nancy: friends is not a word i use. it is interesting to see how there is a certain element of the population who will just go for him. they are people we would probably never get. they don't share respect for the dignity and worth of every person and the rest, but there are some who are just afraid. and that is to be respected, so i respect all the people of america and when people ask me are you afraid of what might happen i say no because of the goodness of the american people, the strength of democracy, we will fail. my motto is the flag is still

there as we say in our national anthem. francine: is there a republican candidate that you could live with? nancy: i'm not into the republicans, i'm into the democrats and hope we the republican already can find a candidate -- i say to the republicans, take back your party. it's a great party, you've done great things for the country. you are not a colt to a fellow, you are a grand old party and recapture that because america needs a strong republican party. a strong democratic party, but a strong republican already, so hopefully as soon as we get to this shall we say cancer is situation that we are in, the malignancy of donald trump, they will emerge in a strong way with the leadership that i know is there. francine: up next, nancy's

harshest estimate on china and why she things the world's two biggest economies must cooperate on climate change. nancy: we don't have shared values, but we have a shared planet and we have to work with the chinese to save the planet, because they are now the biggest emitter if not us, second. and they are part of the solution in all of this. ♪

francine: from human rights concerns to covid china's relationship with the u.s. has been rocky. washington has sent high-profile officials to beijing to improve ties. will anything change? i continue the conversation with nancy pelosi, a longtime critic of the chinese government. when you look at geopolitics

what scares you? nancy: security, security, security. so important. secondly is economics, how do we relate economically because that is the strength of all of our countries. and governance. governance. what is the strength of the democracy in your country. what is the integrity of your economic system? so those are how we relate as americans. on security what is happening with ukraine is a challenge. not just in nato countries but to the world. when a tribute that the courage of the ukrainian people have. vladimir putin does not share any values of justice and

respect for the lives of people, concern for children or any. and he is frightening but what is frightening is a person like the former president thinks that is ok. isn't that sad? it is so sad and so extreme that it is everything to me that is not frightening but is an opportunity. francine: when you look at what the u.s. has been doing with china and how they should treat china going forward? nancy: china is a big country and so are we. we have to find an accommodation on how we treat each other but in terms of the three things i named, china has been a violator of transferring technology, weapons of mass destruction to rogue countries and in terms of economics, they have violated almost every trade standard of access of piracy, wta rules and

the rest. in terms of government, the threat to taiwan and the rest, so we don't have shared values. but we have assured planet and we have to work with the chinese to save the planet. they are considered the biggest emitter. they are part of the solution in all of this. i have been to china as much as i have, 30 four years, of been a strong critic of china in so many respects. security, economics and governance. still we have to work together on certain areas and we have to find those. i'll pick we find those by rewarding them. i think we find them by a mutual discussion about how we can go forward.

francine: is that bringing them closer in relationship with the u.s. so it becomes a better working relationship? nancy: our deficit with china is immorality. when you see the fuss made about japan, it was to the 1, 3 to one sometimes, there in its into our country versus exports to theirs. with china it is more than double that and when i first started criticizing china about the three areas i said, the trade deficit was $5 billion per year. people said you cannot make a fuss over that because the peaceful evolution will lead to this, that and the other thing. now the deficit is five billion dollars a week read and we gave it to them.

they use that money for their foreign exchange to go into other countries, by support and the rest of that and we were accomplices. i've always criticized our policy in that regard. francine: how often do you get asked about your trip to taiwan? nancy: not enough. francine: do you think you change something in the way the u.s. and china speak to each other? nancy: well, president xi jinping has always criticized my criticizing him. my colleagues, senators in the rest, had been to taiwan right before me. did you know that? did you know that? he never said a word read but i have been sort of outspoken about china, u.s. china relations. and with a love for china, a love for the chinese people. when i was a little girl they said if you dig a hole deep enough in the sand at the beach you will reach china. so we felt that we were all

connected. so it is not with any dislike for things chinese or people chinese, it is about what? a genocide, a suppression of democracy in hong kong, while promising one country to systems. taking down the culture, the language, the religion, the threat to taiwan, the threat to democracy. the threat to freedom of speech. francine: what do you think happens with taiwan? nancy: we recognize china. our visit did nothing about that. we have laws that govern our relationship with china and relationship with taiwan, which are very specific treat we are committed to helping taiwan defend itself, should they be attacked. we don't want any change in

status unless it would be done peacefully but no aggression from either side. francine: you're seeing a downturn in terms of the economy in china, which could impact the rest of the world. do you think the president is losing control of it? nancy: you decided to ride this tiger, we bought everything they had to sell, we increased it. and then when their economy is in trouble we were like oh it has an impact on us, surprise surprise, surprise surprise but it is not -- we don't want any country to suffer because people suffer economically. i understand that it is a centralized economy into a one-man show, it is not anything about values, governance,

integrity, certainly nothing to do with democratic freedom, so i talking about a democracy, i'm -- what were talking about is pretty complete in terms of xi jinping. he is a step backwards from the previous president. francine: at the same time, the economy is falling, so how do we read that? nancy: we don't wish a failing economy on anyone but some people have a healing attitude. profited for it then and now i am not, but it was worth it to me to just go along with the whole china thing. money has been a sad factor because corporate america just said we don't care about human rights. i don't think they mostly ever have.

they don't care about human rights. the security pieces of it they should have but on the trade stuff most small businesses that would want to trade work cut out because the chinese said if you want to sell, you must manufacture here. and if you manufacture, we want to see your designs. and if we have your designs, we don't need you anymore. and by the way, you are not selling here, you can compete thus in the global market. francine: up next, nancy on why artificial intelligence cannot be a free-for-all. nancy: we need guard rails, standards and the rest, so that this double edge sword does not do harm but instead does good. ♪

francine: artificial intelligence, the buzzword creating a frenzy in the tech world. the dangers of misinformation and fears of threats to privacy, security and livelihoods have forced governments to regulate it. it is a task lawmakers in the u.s. are grappling with. i continue the conversation with nancy pelosi. how much time you spend thinking about elon musk? he is a force. nancy: i do say he is a force in terms of technology relating to

ukraine but i don't spend too much. we have a lot of strong leaders that come from an area that is very shallow we say technologically on the move. and every year since i have been in office for before they said to me you haven't seen anything yet, so we don't know what is next but i don't spend too much time thinking about him. ai is a double-edged sword and that is in my district. the people i know who care about our country care about our country and know that it is a double-edged sword that we need guardrails, we need standards and the rest so that the double-edged sword does not do harm, but instead does good and can do some good read right now we have a strike in the creativity industry with writers

and actors and the rest and there has to be respect for the creativity that they have. and ai has an impact, could have an impact on that. and we have to recognize that. we have to write laws to respect that in our constitution. we have respect for copyright. francine: do we need to regulate ai and social media? nancy: we need to regulate. it's been a double-edged sword doing tremendous damage and good. who would want to reverse the ability to have health, technology and education and commerce and family communication and all the good things that sprang from it. while at the same time seeing filthy, dirty stuff being presented to our children and

the rest of that. so there has to be a way for families to know how to protect their children. i myself think that there is regulation in the law that could be changed protect children. that is an ongoing fight that we have with the technology industry. francine: we talk about leadership it is also about the next generation. is there anyone you would support in the democratic field or president? for president or senator? nancy: adam schiff or senator from california. we have 40 million people in our state. our senator who is very revered, senator feinstein, has been a champion in california in the country, whether you're talking about assault weapons bands, she has been the leader in passing legislation or that, whether you're talking about protecting natural resources, whether it is water, forest, again, it's a big state. the fourth economy in the world.

and we need full strength in the senate. francine: there have been younger democrats criticizing her. nancy: welcome to my world, people criticize everyone. francine: should they not criticize? nancy: they can do whatever they want and i can criticize them for criticizing her the fact is she has been really so much a champion. to tell you truth over the years, there have been many men who have had concerns in their service, some of them young. but you never even heard about them and i'm not going to tell you who they are. francine: the big elephant in the room, there are rumors that you will end up as ambassador. will you serve your full as congresswoman? nancy: absolutely positively no

question about that. the question is what do i do beyond that. francine: you're not going anywhere for now? nancy: i'm here. francine: thank you for joining us today. nancy: my pleasure, thank you. thank you so much. ♪ p inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. it's an amazing thing

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