>> with that, let me add my thanks to the ambassador. thank you for attending this morning. [applause] >> in a few moments the press club speech by chairman and ceo dan akerson. i wish you a happy christmas and a bright and prosperous new year. >> we're delighted to have you, santa claus, and have you open the sales that began on thanksgiving day.

-- would you mind autographing some of the christmas -- as a special favor for santa claus? >> it is one of the things that i do best. it is a good thing you got, santa claus. >> yes, indeed. >> my father santa claus gave it to me. my, that has some of the dog's hair in it. roosevelt to edith grace coolidge, weeknights at 9:00 on c-span. >> the outgoing chairman of general motors told a national press club audience today that gm is investing more than $1 billion in u.s. plants. he will be replaced in january by the first woman to head a major automaker.

he calls this historic about but not surprising. this is an hour. good afternoon, and welcome to the national press club. my name is angela keane. i am a reporter for bloomberg news. we are the world's leading professional organization for journalists, committed to our future with programming such as phil, wire fostering a -- programming such as this, while fostering a free press worldwide. to donate to programs offered to the public, through our journalism institute, please s.org/institute. i would like to welcome our speaker today as well as those of you in our audience. we have working journalists who

are club members. i note that members of the public are also attending, so it evidencecessarily the of the lack of journalistic objectivity. i would like to welcome our c- span and public radio audiences. you can follow the auction today on -- the action today on twitter. we will have a question and answer period. now it is time to introduce our head table. williamr right, wilkins, executive director of trip, the road information program. forsenior business editor npr. washington correspondent for the salt lake tribune and the chairman of the national press club board of governors. gabe nelson, washington press

correspondent for automotive news. pure chief for the detroit news. general motors about vice president of global communications and public policy. fitzgerald, finance and investigative reporter at the center for public integrity and the chairwoman of the mass -- national press club's speakers group. vice president of business wire and a member of the speakers committee. washington bureau chief for the buffalo news. at mslvice president group. john hughes, treasurer of the national press club. washington correspondent for the dallas morning news. reporter covering

the business and international trade for "the washington times." [applause] our guest today rocked the auto world last week when he announced he would step down as chairman and ceo of general motors. racked up tributes. he came to gm in 2010 as the ceo to turn around the biggest of the big three from bankruptcy. that work ended last week when the u.s. treasury sold the last of its shares. one can imagine the champagne corks popping when that news was announced. general motors led global sales for 77 consecutive years from 1931 through 2007, longer than any automaker.

the global downturn beginning 2008 also turn into a crisis for the u.s. automotive industry. it was further weakened by increases in gasoline prices, discouraging sport utility vehicles, the bread-and-butter of the u.s. industry profit. gm filed chapter 11 bankruptcy in 2009 with $82 billion in assets and $170 billion in liabilities. they shed several brands. they were in general motors $30 billion in return for a 60% stake in the company. following an ipo, the treasury last week said it recouped $39 billion of the $50 billion in spent on the gm bailout. gm has turned around a bailout

and renovated dealerships. under his leadership, gm placed first in the initial quality study, putting an american automaker on top for the first time in 27 years. gm cars and trucks have won accolades from "consumer reports" and "motor trend." before joining gm, he was a managing director and head of global buyout for the carlisle group. he served as ceo or president of several telecommunications and technology companies including nextel communications and general instruments. please join me in giving a warm national press club welcome to dan akerson. [applause] >> thank you, angela. many thanks to the national press club for inviting me to

speak. this is an auspicious time to speak to an audience of reporters. as you may have heard, gm has been in the news a lot lately. last week the transformation of general motors passed two major milestones. first, the united states treasury sold its last share of general motors stock, closing a remarkable five-year chapter in american business history. that got some media attention. the next day we announced that mary borrow will become the next ceo. that did not go unnoticed either. on that day, for the first time in decades, all eyes at general motors turned toward the future .

the end of government motors era has cleared the way for general motors to truly soar forward. we are building a gm that america can once again be proud debt. it has not been easy. the path forward for mary and the team will not be easy either. the enormity of the task became crystal clear when i became ceo. the new gm was fragile. we had emerged from bankruptcy that lasted only 39 days, and that was good because we did not do it reparable damage to our brands or dealer networks. but a 39-day bankruptcy only gave us time to repair the debt side of our balance sheet. truly transforming a business would take much, much more. we had to remedy decades of poor

decisions, indecisions, and no decisions that started to pile up in the 1970's and 1980's like so much running firewood. i categorized of the problems we face into three broad buckets. they were out-of-control costs, wasteful complexity, and diminished quality funded by ruinous debt. you can pick almost any point in time and find something to shake your head over. for example, in 1978, general motors paid almost as much in benefits as earned in net income. the next year, the company agreed to the largest pension increase in uaw history. eventually, general motor pensions, the largest in the

world, became chronically and dangerously underfunded. despite tens of billions of dollars in cash and stock infusions to make it whole. these actions actually weakened the company because they treated the symptoms and not the disease. robbing precious dollars for product development. more recently, u.s. hourly costs increase an average of 4% annually from 2003 to 2007 even though the company had total operating losses of $17.5 billion in 2005 to 2007. while management figuratively burning furniture to keep warm,

we were automatically increasing our fixed costs. complexity was everywhere. just a few short years ago general motors had more than 30 different vehicle architectures supporting sales of about 9 billion vehicles worldwide. then the ridiculous. the company had almost 70 different advertising agencies around the world just to support the chevrolet brand. it is staggering, but it also shows how we lost focus and our advantage. in another move, gm leaders outsourced nearly all of the company's information technology. we effectively dismissed data capture and proprietary analytics as a core competency just as the internet was about to transform all modern business models.

we also ended up with 23 leased or partially owned data centers which is not only costly but risky. we are in-sourcing our i.t. and growing it as a core competency. the 23 data centers will be reduced to two which will increase our performance, our reliability, and our cost. at one point i would barely close her own books in a timely manner because they were on different letters. for those who are financially trained that is finance 101. the list goes on. we all know what happened next. we know what happens next. the company that top to be fortune 500 when it was first

listed in 1955 and stayed there for 35 years fell into disgrace. something even more sobering, gm have lost sight of the customers and what the truly valued -- quality, compelling design, and reliability. in my heart of hearts, i knew gm was fixable if the new leadership team played team ball and systematically addressed the company's shortcomings. i made a promise to myself and the board to deliver on three important initiatives in my tenure. the first was the restoration of gm's good name. second, the transformation of the company's basic operations. my third goal was to put quality and the customer back at the center of every decision we made. as a result, every aspect of our business, every angle we took was to make every system and every operation best in class.

we did not set out to become competitive or average. we wanted to be best in class. for example, we have committed $3 billion of our precious fortress balance sheet to build our dealerships and create the best customer sales and service experiences in the industry. we have reduced the time it takes to resolve complex customer issues from 28 days to a week. it is our objective to get it down to one day. we are launching the industry's largest deployment of 4g lte broadband to bring the analog cars of today into the digital world. we are investing more than $500 million to build an information technology capability that would

make silicon valley proud. we have invested more than $4 billion to grow gm financial around the world. we have been the patent board's automobile innovation leader for decades. we were slow to commercialize our intellectual property. we are now innovating for the benefit of our customers. i will give you a good example. reducing the weight of our cars will improve our mileage fuel economy to meet the new demanding standards. that means we are going to have to use more aluminum. some may be engineers in this group. no one has ever figured out how to weld aluminum.

we have. we have patented it. we are able to use more aluminum, less steel in things such as car doors, where the industry used pop rivets. you see them in airplanes and cars. we no longer have to do that. it takes complexity out of our assembly lines. it reduces investment. it gives us competitive advantage. we have revamped financial systems. we are now able to figure out profit line profitability because we had different letters

around theedgers globe. on the product front, we will reduce the number of vehicle architectures by half within the decade. we have also -- $40 billion of our pension liabilities. we have doubled our revolving line of credit and have dramatically simplified our balance sheet. we have worked hard to earn the trust of our employees, both hourly and salaried, and get everyone aligned on straightforward profit and quality targets. today when a salaried employee gets a bonus, hourly workers get a profit share. we are aligned. we are not at odds with each other any longer. i could keep on going, but i think you get the picture. we have been trying to fix this airplane while in air.

we have done a credible job. the bottom-line result has been encouraging. we had a $21.3 billion ipo, the largest and i feel history at the time. we have generated over 600 $4 billion in global automotive revenue sent our reorganization in 2009. we have had 15 profitable quarters in a row and earned more than $30 billion in earnings before interest and tax. we have announced more than $9 billion in capital investments in u.s. facilities. we have returned to the s&p 100. all of this is good for our employees, our investors, our industry, and our country.

but none of it will matter for but none of it will matter for much of we go back to business as usual. that is why it is critical to put the customer back in the center of every decision we make. i keep returning to this theme because it is what the world's strongest brands do -- they embrace the customer as foundational. this is the biggest cultural change that we have been able to infuse into the new dm. i think our products tell the story best. it was only a few years ago that president obama rhetorically asked, "why can't they not make a corolla?" please. [laughter] no one is asking that anymore. today we are taking on the best vehicles in the world and winning with products like the

cadillac, cts, and chevrolet impala. we are entering new segments like midsized truck that our domestic competitors have abandoned to the japanese. our trophy case is filling with quality awards. in fact, we became the first and only american automaker to top jd powers initial quality study, ever. consumer report ranks the chevrolet silverado and impala as the best sedan and truck you can buy. just last week, "auto week" magazine named the corvette and silverado as the best of the best. that is ok. it is the first time that one manufacturer ever won both categories in the same year.

this is a 2013 north american car of the year. its stable mate is up for best north american car for 2014. this will be named next month. i anxiously await the outcome. it is an embarrassment of riches that i am not there is about. as good as all of this sounds, the truth is we are still in the early chapters of our comeback story. we have a lot to prove. especially to those who left us from other brands. the only way to bring them back to keep making cars and crossovers with world class quality.

we will take another step forward by announcing new investments totaling $1.3 billion in five u.s. plants. this will take this to more than $10 billion. there is that $10 billion again. we are investing it. we will keep paying dividends to the american public who supported this company in the darkest hour. this will be spread from detroit to our birthplace city of flint, michigan, and two hard-working communities like romulus michigan, toledo, ohio, and bedford, indiana. about 7500 people work in the cities. today's announcement will create or retain another 1100 jobs in america. that brings our total of new and

retained jobs to more than 26,000. it is by two different administrations dared the entire u.s. industry is back. rather than allowing the industry to collapse and turned the great recession into another great depression, our nation stood by us. we come to work every day determined to restore gm as the american standardbearer in the global automotive industry. someone asked me recently if the "government motors" tag still hurts us.

to be honest, we do not hear it much anymore. it reminds me of a comment attributed to ronald reagan. he said he knew his economic plan was working when they stopped calling it reaganomics. gm is working again. we have put together the leadership team with experience, optimism, and a strong competitive streak. we're making vehicles that are the pride of the industry. when i became ceo, i wanted to help build a sound foundation for the next generation of leaders to build on. i cannot wait to see how far they can take it. i think it is going to be great. thank you. i will be glad to take any questions you might have. [applause]

the autopredicted bailout would make money. we know chrysler received money as well. you mentioned $10 million that gm gained and the taxpayers did not gain back. do you think gm should repay the taxpayers that money directly? >> first, let me contrast to something there. the center for automotive research estimates that between not having to pay for unemployment, social costs in the various communities in the midwest in particular in lost tax revenue that it was about a $38 billion gain. we had a $26 billion pension deficit that is ever been thrown

into the pgc account. that means that one of the advantages i have, i wasn't there. when you go through a bankruptcy coming out at private equity, everybody takes a haircut at the table. we have paid back all the debt. they could have cast the big group see differently. they were taken a ride just like you do when you buy stock. we have new shareholders. we went to the market. we sold tens of billions of dollars of equity. when you come in, you're buying that on how it is wrapped in stacked. to go back and pay that back. i can tell you there would be shareholder that would be difficult to defend. the die was cast in 2009.

it played out for the national good, an industry where for many years there were decisions, no decisions, bad decisions. all of it has been rectified in large measure. the automotive industry in this the automotive industry in this country is between 3.5% and 4% of the total gdp. the foreign competition would have been a serious mistake. i would not accept the premise of this is a bad deal. >> gm had applied for low interest loans from the government and then rescinded the application before a decision was made. how would gm be different if you had gone through and received those loans? >> that was one of my first actions. i figured we had taken enough from the government that we would stand on our own two legs or not. we turned those loans down and

decided to go. some of our competition are more indebted to the federal government in terms of almost $7 billion. maybe that is a question you ought to ask some of our competition -- ford. [laughter] >> the invitation stands. why does gm deserve the taxpayer money instead of hostess which got lot of attention for its bankruptcy? >> i think the automotive industry, in my opinion countries do several things well. they manufacturer and add value the manufacturer and add value and grow their food. they are traders. in an industry such as ours, i see it every day. the question is was it a good

investment? was the automotive industry more central to the prosperity of this country then hostess twinkies or cupcakes? these are high-paying jobs in communities that the government had a compelling interest. i think this was a positive for the u.s. economy. >> will you have an easier time repairing now that government or sections are no longer in effect? >> i do not know. we have recruited a very good team. i will tell you it was not about money. it was about being part of the transformation of a one great

company and restoring it back to great. not everybody works just for money. i did not come to general motors for a paycheck. i came because it was an interesting business paradigm. probably the most challenging industry in my generation. more importantly, what this country represented to this economy and to this nation. i do not thing pay was the factor. that said, our competition has seen what we're doing. at higher a number of people from our european competitors. they thought we would come out of the gate and feel. they thought they were going to be the 2009 version of the health care program. it didn't. it was tough. there were many long nights and

hard work. it has been one of the best business experiences for our team. what i think they will remember for the rest of their life. we're going to have to pay better. we are viewed as attractive again. we have a lot of young, capable executives. >> how has the bailout effected the culture of the gm? >> the bailout allowed us to put the customer at the core of everything we do. to focus on what is important. the prior administrations and executive teams, it was a point of oddity. it was a health care plan. how to fund the retirement plans and take money from peter to pay paul. we were robbing from product development which kept us competitive to the point where the jews cannot lay any more golden eggs.

now that we have the structure of the company properly stated, we have a allen sheet. we are focused on profitability of the core business. at the same time focusing on brands and marketing. we are a hard-core business again. we're still one of the biggest private pension land in the world. >> one of the things that was agreed to in the restructuring

was a two-tiered wages system. tell us how that is working now with new hires working alongside veteran employees who are getting paid more than the new workers. >> let me cast it this way. i thought we needed to open up a new chapter in industrial rent relations -- in industrial regulations. this is nothing like a crisis to bring focus to a particular issue. what i asked, the washington post said i was either a neophyte or a visionary. they tended to gravitate toward neophytes. mike ought was that no increases for four years would never the accepted by the uaw. i went to dinner with the uaw leadership every month for almost a year and worked it and

worked it and try to sell my vision and said basically we will link management of bonuses. we will link management bonuses to uaw profit share. this is of arguing for a one or two percent cost-of-living. let really sure the profits. it will be tied to performance and quality. quality is a new center part of our initiatives. they have prospered under that. when you got $6,500. i also try to total transparency. there will be good years and there will be bad years. there will be years that there are not bonuses and there'll be years there are not profit share. you cannot have people going

like this. whether it is tier one or tier two, we had to get our labor costs on an hourly rate and nonunion states such that at the end of this four-year contract that our hourly cost were going to be equal to or less than our foreign competition. the uaw is a business partner in you can argue over a 2% or 3 are sent rays are you -- raise for you can get a job. it was tough. we had to rejigger our own retirement plan for management, too. we still have people on undefined management plans. that is very unpopular. we had to make a lot of unpopular decisions that people

in the company know we are making decisions for the long- term longevity of the company. you have buy-in, whether it is union or salary. i think the employee base is unified in the purpose here. >> you mentioned the news out of treasury got a little bit of attention. do you plan any advertising campaigns around that? >> i do not think people eating tacos in chile are going to pay attention to the american taxpayer. i might be wrong on that. we do not have anything planned right now. we may do something. it would not be within the super

bowl atmosphere. >> salaried retirees have been waging a very public campaign for years now in which they contend they were cheated out of a large share of their pensions. what is your take on that? do delphi salary retirees have a legitimate gripe? where should the blame lie? >> i'm going to address that question. that was done well before i arrived. this was a fully funded pension plan. the company ran their own pension plan. we ran our own pension plan.

the company spun off. that is where the courts decision was along that line. i know it is a very volatile subject. i was not there when the decision was made. i was not there when the delphi was spun out. i know it was spun out with a fully funded pension plan. >> what does the future hold for former delphi facilities that are now part of gm, such as the former facility and lock poor, new york. it will gm have to make further cuts in the operation? >> i have no idea on a specific basis. me make one comment here. -- let me make one comment. >> some successors have downplayed the significance of mary barra being the first female ceo of a major automobile maker.

what are your thoughts? >> i have not read any putdowns personally. nor do i think it should be. it is a story. i think mary barra was picked purely on her talent, hard work and success. nothing else. we do this because of stem, science, technology, engineering and math. graduates coming out of colleges. about 25% of our plants are owned by women. a young woman that runs our manufacturing engineering. folks in the plans. a complex woman runs our supply chain global purchasing. our quality initiatives and customer experience, woman. they serve on the executive committee. we are proud of that.

i'm not surprised that mary rose to the top. she has been with the company for i believe 30 plus years. she graduated from gmi, think of that like you would west point or annapolis. they had their own service academy. she went to stanford. she came back and has performed exemplary. it is noteworthy. it should be. i think she was well deserving of the appointment. >> your announcement today is about the 1.3 billion dollars invested around the u.s. a questioner asks about plans to increase investment globally. >> between product development and capital expenditures, you would spend $15 billion a year. when we spend a billion three sound like a big number. we are doing this around the globe. you see business opportunities and the likelihood of success.

we are going to continue to invest at this rate. one of the things we came into this we are so burdened with the debt and we are underfunded. now what we do is we have a fortress balance sheet. we went into bankruptcy at think we have 40 plus billion dollars in debt. now we have a liquid position about $37 billion in cash. shareholders are saying that is too much. we will balance that about what we need.

we used to have the start and stop. coming out of the recession, we would be short on new quality product. we want to be able to invest economics up and downs. we will have a strong portfolio. we are in a capital intensive, cyclical industry that is determined by long-range planning. we have to think out 10, 20, 30 years to make sure we are competitive. >> gm has invested half a billion in the arlington texas facility. why such a big bid in texas and on suvs in particular? >> why do you rob banks? that is where the money is. why do we invest in this particular plant? we make suvs there in their highly profitable. we want to invest in all segments of the market.

arlington is one of five truck plants that we have. this is the last one to get the capital upgrade to produce the new k2xx platform. >> how long will it take chinese cars to become like the japanese market and start capturing a share? is this taking longer than you might expect it to? >> that is a difficult question. the chinese market is the largest market. i do not think they feel the need, think it was a different time and different place in a different set of circumstances back in the 60s and early 70s when the japanese came in this

market. there is no question in my mind that there'll be one or two global chinese champions that will come out of the domestic markets. it is only a matter of time. our partner there is shanghai auto. it is robust. it is strong. we have the lead market share jointly in china. we hope to hold that, it. it has been a very robust partnership and one that we value and cherish. >> speaking of japan, transpacific ardor should negotiations are ongoing. there are hangups including safety and other regulatory issues.

what kind of provisions do you expect to see if an agreement isn't reached in those bilateral talk? is a currency position necessary to close the deal? >> i was on the japanese board for three years. i could count the number of american cars i saw in three years on two hands. there's not an american manufacturer in japan. throughout asia the japanese yen has weakened to the point where they have a 20% advantage not only versus the united states and the dollar but other major currencies to include the korean won and euro. the united states has been called a fiscal manipulator. this is an important part of the tpp and one that needs to be watched very carefully.

>> david strickland announced last week that he is stepping down. what is your assessment of his tenure? >> i think our cars have got nothing but safer. i think that transcends political parties. he has done a good job. i think he has done a great job. >> any ideas where he will land next? >> i do not think you will come to general motors to work. >> i think he has a career. i do not know him personally. i think public service is unappreciated in this country. there are public servant that do

great work that are highly unappreciated. i feel like he is whether that have done a good job. >> what about the future of electric vehicles in the market? sales have not been what gm wants. we're d.c. see electric vehicles going both for gm in the u.s. market more broadly? >> we will sell more votes in this market then audi markets. we are right knee mill. not that this is a sore subject. this car is a step forward. a thing about other cars that have had fires and things of that nature. [laughter]

we never had a fire with a volkswagen. never. we were able to start when in a test cents. we tivo did. we do not conduct it or drain the gas out of it. we do not drain the electric battery. never had an accident. we have something like hundred 50 million car miles. we tivo and them. we have been total. they are safe. you do not have range anxiety. you have an onboard generator. he can take that car and drive it from washington to l.a. and

back and not worry about it. you say, 80% of americans and drive 40 miles or less per day. that car will run 40 miles without a charge. pretty dam good. i have one. i have put less than $75 of gas in the in 2.5 years. it provides utility i want but he keeps the air clean. if i want to drive it for long distances i can without worrying about range anxiety. this is the future. say we could develop a car that could go 200 miles on a charge. i have an onboard gas generator. yet to get the nomenclature light. it is electrical. under there are not a lot of electrical engineers in the crowd, but engines produce alternating current. you have to convert it to d.c. to charge that battery. emissions, co2. this is a great car. we're going to come out with a new one this month called the elr which is a cadillac not unlike the volks. i do think it has a future. battery technologies have gotten

better. it is going to get better. they're going to be breakthroughs. you have to be there early and often. the interloper that shows up 10 years and says where were you when the party started? >> as you alluded to, after the post crash test fire on the gm was subject to a congressional hearing, etc. you did not name names but i will. tesla has not been called before congress. do you think there's more attention paying attention? >> company should be judged and how they handle crises. there is a good safety percent of the car.

this is our tylenol moment. we offered to buy back any car. we offered to get a replacement while we tested it. we crashed eight other cars, the same circumstance. they did. we did. we cannot replicate it. to get nine experiments and have eight over here and nine over here, you did that. we stuck with it. we took the battery out of the car. we are still with a one inch sphere. we put it on a spit. we broke the seal. we broke the seal. we continued to spill: onto the battery. rotated. the fact that we handled it so differently than other car companies. we offered it back.

we offered replacements. we put additional buttressing to shed the load if we were to take a hit if we were to get t-boned. i think 150 million miles an assist on the road today. not one fatality. not one fire. we are proud of the safety wrecker. i have no comment about what tesla should do. i do think it is interesting in

a politically charged environment. this is not president obama's car. this was conceived back in 2007. it was not my car. i am proud of it. i do inc. this car is a huge step forward. a lot of other companies are interested in this. we will develop this portfolio further. >> what do you think of elon musk's strategy. it is different from the gm strategy you just told us. >> there were many things i wanted to change when it came to general motors. one of them was the safety issue climate. we were going to be part of the solution and not part of the problem. you cannot just fold your hands

and arms and say that is not the way i see it. engage in the dialogue. try to come up with a sensible solution. that is the general motors approach to the problem. others will have other approaches to it. >> what about help driving cars? jim is developing along with your competitors. are they over height -- over- hyped or would they be part of our future car market here in the u.s. and the world? >> you can get active cruise control, which puts you off. he come up on a car and think you should be 100 feedback and your settings will slow you down or stop the car. in my grudge things i little too close to the side and it stops

me which is a little bit unnerving. that being said, i think you will see self driving cars in the right circumstances. i cannot imagine quite frankly, and maybe i am just old and don't understand, in a crowded urban environment where a child chasing a ball could dart in front of you. i can give a hundred examples that i would want to have some positive controlled by a human. if you're on the road going 70 miles an hour, 65, whatever the speed limit is, you ought to have that. [laughter] we have that. we can talk to you and the car will pretty much take care of itself. it will speed you up and slow you down. in a confined urban environment, i can think of the weather, light spreading out of an

intersection, a dog, a puppy. i can see all sorts, maybe the plaintiff's bar with love that. the software. it is a ways off. i think it will have to be another generation before it comes. >> let's squeeze in a wetjen since we are in washington. what do you think the automobile industry should be at the midterm review. is it an opportunity to weaken the 54.5 standard? i was involved in the new café standards. i thought senior executives were not actively engaged enough. little things came up. for example, we produced trucks. hyundai didn't. i driven a rural area in

minnesota were dual axle trucks he grew up in a rural area in minnesota where he dual axle trucks, you needed heavy duty trucks where you haul in heavy equipment and livestock. we were serving a market that some of our competitors did not. we wanted to bifurcate trucks and cars. level the playing field. some do not want to play in the market across the board. the second thing was if you produced 2499 and these pacific the and of you, do not have to pay the guzzler tax if you have that mileage. what is mercedes and bmw need in the home markets? we have the clinical scientist versus physical sciences determining what this can do. this is some high-end

thermodynamics and engineering. we asked for a mid-term review to cs the physical science kept up with the political science the senate just mandating this and waking up in 2022 and saying we are part of the problem. we wanted to be part of the solution. it is not an opportunity to renegotiate. i think this is a responsible industry to take and one that i

was glad to see that our regulators agreed with. >> we're almost out of time. before asking one last western, i have a couple of housekeeping matters. i would like to remind you about chief of the national guard oh stop secondly, i would like to present our guest with the national press club coffee mug. >> i do not treat coffee. >> it can serve for other beverages. now when you are in the private sector, what is the first car you are going to buy? i think i am in the private sector. [laughter] pp