senator wyden has also been very involved. our other senators have worked really to the point that we are at today. i want to point out, chairman wyden has done a lot to protect technology innovators. at this point he is not signed on to this amendment, but he does agree this is a big step in the right direction. to protect financial innovation. he would like us to go farther. i am certainly encouraged by the fact that he sees the importance of innovation in the space. and, is so uniquely positioned to help this going forward as senator toomey just said. this faces moving so fast, the innovation is occurring at such a rapid rate that we probably will have to revisit a lot of these subjects. within the next 12 months. we also want to point out some legislation definitions in this space. the fact that we got a jump in trying to define in this film has put us in a position where we are starting network now of defining terms that are used. in the space that have a significant impact on those who are innovating in the space. we can

robert andraz with chairman wyden. chairman wyden is chair of one of the most important committees in this congress and has been a leader in wanting the wealthy to pay their fair share and wants to make sure it's large corporations that share the taxpayer bill and -- the tax burden and pay their fair share and less burden on small business. aaron goldner formally -- formerly with senator whitehouse and leah hill. they all made the bridge legislation possible. in my office beth cooper provided technical assistance on the very complicated flood mitigation portion of this bill. megan cheney and chad bolton, elijah and cory fryer provided the analyses and guidance on matters related to the bill's pay for. care lina young new on my staff making her mark. and abigail worked on the buy america provisions. my staff has worked with others on buy america over the years but sam with senator portman's staff, brian with senator baldwin have been particularly helpful. i want to recognize my former aid nora todd who led our efforts f

wyden: i thank my colleague for that timely information. madam president as i was saying the better care, better jobs act led by senator casey really fulfills another dream that goes back to those gray panther days. we know that america's most vulnerable would always prefer to get quality care at home where they can be with loved ones. and yet this country really hasn't fulfilled that dream and our legislation for seniors for those with disabilities will give those individuals a long overdue opportunity to get good quality care at home and raise the work wages for the crucial workers who provide this frontline care. in this resolution democrats will also push to expand on the success of the affordable care act. already this year the congress expanded middle-class tax credits for health insurance on a temporary basis. we wish to make that permanent. finally, more than a decade after the affordable care act became law there are still holdout governors who've chosen to deprive vulnerable people in their states of access to medicaid. finance co

wyden: madam president? the presiding officer: the senior senator from oregon. mr. wyden: madam president, it's my understanding that after 15 hours or so, this is the last amendment of the night. and i recommend we do it by voice vote. the presiding officer: the question is on the amendment. all those in favor say aye. all opposed nay. the ayes appear to have it. the amendment is agreed to. mr. schumer: madam president? the presiding officer: the majority leader. mr. schumer: madam president, we're about to vote on the budget resolution. i remind my colleagues we will have a vote very shortly thereafter on voting rights. thank you, madam president. the presiding officer: the question occurs on s. con. res. 14 as amended. is there a sufficient second? there is. the clerk will call the roll. vote: vote: the presiding officer: on this vote, the yeas are 50, the nays are 49. and the concurrent resolution as amended is agreed to. the majority leader. mr. schumer: now senate democrats have just took a massive step towards restoring the middle class in the 21st century an

i find the combination intriguing but i read senator wyden said it is right thing to do to go after theart of it but suggests the net is too wide they are trying to cast s that the central question or the central problem here? >> that is the central problem. the definition of broker in the bill would include people in the cryptocurrency space that don't have information toe report to the irs about the ultimate customers or buyer of the digital assets. for example, the people who mine cryptocurrency, the people who validate it, the people who create software and hardware that enables individuals to have digital wallets. these are all people who don't know who the ultimate customer of the cryptocurrency is. so requiring them to report to the irs is nonsensical. i'm a little confused about why the department of treasury or the white house are pushing back on this. we think our amendment makes perfect sense and actually would smooth or pave the way to the integration of cryptocurrency into our economy. charles: senator, seems to me, i mean, that they're trying to deputize these folks? that

wyden: i thank my colleague. and i will be brief. as senator toomey has indicated, he and senator lummis and i have an amendment to the infrastructure bill dealing with cryptocurrencis and taxes. and i'm going to go into some of the philosophical underpinnings of what we are doing. but i with aens -- but i want to note something at the outset. the presiding officer: the senate will be in order. mr. wyden: our amendment is bipartisan, ought to be accepted when the author of the underlying provision has said publicly he will vote for it, if the senate gets a chance to vote, as senator toomey and i have indicated. so let me just outline a couple of fundamental propositions about our proposal and start with one that ought to bring the united states senate together. people avoiding taxes they owe on money through cryptocurrencis is a serious issue. it's fundamentally unfair to every working person whose taxes come straight out of their paycheck. now, my view is the senate needs to make sure that new rules addressing this tax avoidance ens

like the championed by debbie ones stabenow and ron wyden in the senate.ch provide $7,500 basic credit, $2,005 credit for vehicles made in america and additional 2,500 credit for union made vehicles. that means spurring demand by converting the federal government's enormous fleet of vehicles -- we have over 600,000, a lot of vehicles, 60,000 of them, i should say -- into all-american-made clean vehicles. so that's what we're going to do, as we roll out and get rid of the existing fleet, we're going to support the electric transit system as well, and the electric school buses. and there is one other thing we have in our playbook that will help us out-compete other nations, the american worker. american worker. [applause] i really believe this, and i know you guys do to this. the american worker is our ace in the deck. now i know many of you watching at home are like the folks i grew up in scranton and claymont , delaware. they feel left out in an economy and industry that is rapidly changing. i get it and i understand, that we will leave no one behind. near

in a draft proposal released today senate chairman ron wyden outlines his vision for how to reform thetech system for multinational corporations. democrats say that for decades companies have been allowed to move profits and jobs outside of the u.s.. in vietnam vice president kamala harris stepped up criticism to apply more pressure to beijing. she says the u.s. wants to upgrade its relationship with vietnam to a strategic partnership. the u.s. is donating more coronavirus vaccines. the biden administration has told refugee aid groups to get ready to help reset all as many as 50,000 afghans. the refugees are being in minute under program known as humanitarian parole. the program will target afghans considered to be at risk under taliban red -- under a taliban that government. -- under a taliban led government. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: investors looking ahead to jackson hole for hints about the taper timeline. yields up in europe,

robert andraz with chairman wyden. chairman wyden is chair of one of the most important committees in this congress and has been a leader in wanting the wealthy to pay their fair share and wants to make sure it's large corporations that share the taxpayer bill and -- the tax burden and pay their fair share and less burden on small business. aaron goldner formally -- formerly with senator whitehouse and leah hill. they all made the bridge legislation possible. in my office beth cooper provided technical assistance on the very complicated flood mitigation portion of this bill. megan cheney and chad bolton, elijah and cory fryer provided the analyses and guidance on matters related to the bill's pay for. care lina young new on my staff making her mark. and abigail worked on the buy america provisions. my staff has worked with others on buy america over the years but sam with senator portman's staff, brian with senator baldwin have been particularly helpful. i want to recognize my former aid nora todd who led our efforts f

there was another amendment that was more of a middle ground amendment offered by senator ron wyden and senator pat toomey. this amendment would have kept that language in that would have paved the way for 1099 reporting for traditional cryptocurrency exchanges. the difference is that it w as clear on that definition of a broker. if you are a software developer contributing to the open source code on the network or building wallet applications for a validator doing mining work or validations of transactions on crypto networks that those types of things were excluded from the definition of a broker. we believe that if we had been given a vote on that amendment, there were a majority of u.s. senators who stood behind it. i think this was from my perspective working on these issues, to see this play out on the senate floor was remarkable. i don't think anyone would have predicted we would be having this type of debate on the senate floor. this is something that should go through the normal process that we should first have ideas introduced in legislation. you should have committee hearings

make this provision more clear, and i have been working with my colleagues, senator warner, senator wyden, senator toomey, senator lummis, senator ossoff, senator sinema, on a potential solution that i believe will help reassure stakeholders that these individuals will not be considered brokers while maintaining the information reporting in this bipartisan legislation. today we will continue these important discussions, and i'm hopeful we can come to a solution that will provide certainty for taxpayers and avoid any potential loopholes for bad actors. with that, madam president, i yield the floor. a senator: madam president. the presiding officer: the senator from alaska. mr. sullivan: madam president, i want to thank senator portman for his outstanding work, all the great work that he is doing on this bill. with senator sinema and others. i'm hopeful that we can get some of these amendments, bipartisan amendments on the infrastructure bill on to the floor. i know my colleague, senator hagerty, is going to work on that here in a minute. i support what he is trying to do. i have an amendme

have private jets, they can fly but if the people live in their own homes -- >> laura: but senator wyden you guys -- >> $3.5 trillion and she doesn't think she has the votes for that $3.5 trillion. >> laura: senator are you want to show cinque nancy pelosi hasn't gained out her votes? do you actually think -- hold on. speak with the rule of eviction. she has the votes and is hoping to pull these together to get it passed. and by the way, mike lee -- they are trying to help nancy pelosi. >> laura: so the tax increase that the bipartisan infrastructure bill makes possible that $3.5 trillion behemoth that you will not support, correct? >> so i reject your characterization. this bill makes that $3.5 trillion less likely to pass in the squad knows it. bernie knows it. they are the ones objecting to spill because they think it is lax likely to pass 3.5 trillion behemoth. >> why did you emma connell and company did not act or say we are happy to talk roads and bridges and have that completely separate. biden did guarantee that so why not do what pelosi did and sake show us your hand first and l

because the original bill has been seen by some, including democrat ron wyden for morgan, as t-- fromtoo broad. you have to ask these cryptocurrency players to report on information the don't even have. jack dorsey is saying they are overly broad. nevertheless, looks like it will go through. and what is next, chuck schumer and other democrats are saying next we will move on to the $350 trillion social infrastructure built which will complete joe biden's economic agenda. interestingly, the $550 billion bill will add $256 billion to the budget deficit over the next decade. how do you pay for it? that is more and more the big question. haidi: of course this comes as the debate over the debt ceiling heats up again. this feels a bit like groundhog day, or the boy who cried wolf every time we do this. kathleen: of course every time the situation is a little different. right now you're looking at the question of the debt ceiling. should it be increased at a time when we have a $550 billion infrastructure bill about ready to be passed and maybe $3.5 trillion more. what is happening now is the

alix: also democratic senators ron wyden and republican cynthia loomis have said there is a tax on cryptofinitely positive momentum. balance of power is up next. guy and i are headed to the cable on bloomberg dab digital radio. this is bloomberg. ♪ so...i know you and george were struggling with the possibility of having to move. how's that going? well we found a way to make bathing safer with a kohler walk-in bath. it has the lowest step-in of any bath. it has handrails, a wide door, and textured surfaces. so it gives you peace of mind. and you would love the heated backrest -and the whirlpool jets -and the bubblemassage. and it was installed quickly and conveniently by a kohler-certified installer. a kohler-authorized dealer walked us through every step in the process and made us feel completely comfortable in our home. and, yes, it's affordable. looking good, george! we just want to spend as much time as possible in our home, and with our grandkids. they're going to be here any minute for their weekly spa day. ooh, that bubblemassage! have fun! stay in the home and life you've built fo

ron wyden of oregon said, as democrats unveiled a blueprint that will allow them to pass the legislationithout a republican vote, democrats have been pushing most of the measures for years, meeting with fierce opposition from the industry and republican leaders -- but donald j. trump broke with the republican orthodoxy in 2016 when he railed against the drug lobby and vowed to use medicare users negotiating power. so the proposal that president biden came out with on thursday is scheduled to be part of the $3.5 trillion budget blueprint democrats are trying to push through congress after the infrastructure bill. let's go back to our phone lines and talk to crystal, calling from wilkes-barre, pennsylvania. good morning. caller: good morning. when you asked the question this morning, i had to call immediately. i went to cvs to fill the prescription i have each month and it was $28 when i first got it filled. yesterday, it was $120. i told the pharmacist, i think you are making a mistake, so she checked the computer. she went under the discount card. it was $139, but under medicare, my medi

wyden: further. -- set to widen further.hen we look at jp morgan, we are looking at high-grade, high yield spreads to narrow further and our equity target at the end of the year is close to where we are right now. there is a sense that this is not going to have a major impact. francine: thanks so much. jay barry, jp morgan head of strategy joining us. chinese companies are extending their decline. there is a report that beijing plans to ban companies with large amounts of consumer data from going public in the u.s.. this is just another regulatory crackdown on something that china thinks. what is the ramification of this? >> it is clear that this is the direction things have been moving in recent weeks. heine is clamping down on a number -- china is clamping down on a number of things. they are ramping up regulation in a ton of areas that up until now have received relatively light regulation from the country. i think what investors are really worried about is we do not know what is going to come next. alix: exactly. do you

union made right here in america like the ones championed by debbie stabenow and ron wyden in the senatecredit for vehicles made in america and an additional $2,500 credit for union-made vehicles. that means spurring demand by converting the federal government's enormous fleet of vehicles, over 600,000. we've got a lot of vehicles -- 60,000 of them, i should say. into an all-american-made, clean vehicles. so that's what we're going to do as we wol proroll out and get rid of the existing fleet, we're going to support the electric transit system as well and the electric school bus system. look, and there's one other thing we have in our playbook that will help us outcompete other nations, the american worker. [applause] the american worker. i really believe this, and i know you guys do too. [applause] the american worker is our ace in the deck. now, i know many of you watching at home feel left out, left behind in an economy and an industry that's rapidly changing. i get it. i understand it. but we're going to leave no one behind. nearly 90% of the jobs created in our infrastructure plan d

fred: well, the -- pding in congress is also provisions of senator wyden's clean energy for america acts plenty of consumer incentives. and we're supportive of that, too. so other things have to happen. but the president's order saying epa should immediately begin work on those rules, i take that seriously. and the fact is that the three -- big three auto companies are going to invest. they have announced investments of $100 billion. why? because these are the cars consumers now want. they're just fun to drive. they perform better. my three-year-old electric car, i haven't had to have maintenance. i'm saving thousands of dollars on gasoline. americans are going to love not having to go to gas stations. electricity cost half as much to drive. on the ford f-150 lightning, there's 100,000 people on waiting lists to get it. the mustang electric car is outselling the internal combustion engine version. gm has announced electric school buses. why? because these are the cars consumers want. the real question is, are we going to make them here or be importing them from germany and china? there

attempts to change that by senator warner and senator wyden. the crypto industry has been mad about that because you cannot exempt one part of the industry without the other players. that is what elon musk says that the government is picking winners and losers they want clarification to the bill without amendments, they won't get it >> ylan, i have another one for you that may be more compli complicated. is there any disclosure? do we know how many senators or congress members own crypto currently that may have a vested interest >> reporter: i do not know i don't know, frankly, andrew. i can tell you lummis told me she does own bitcoin there are a lot of provisional confusion issues there is haggling from the lawmakers over the weekend >> thank you we will get the progress from one of the architects of it all. senator rob portman is going to join us in the 8:00 hour. >> melissa, what do you think? if you are in senate or congress, you should disclose? >> absolutely. all investments. >> and currencies generally? this is considered a currency of

bill, i think in your response to senator wyden, i believe your point was that we have to be careful about the chinese, for example, acquiring certain information and if you get a covid test, the data goes to china, to be clear for the record. >> thank you, chairman. apologies, i want to yield a little time to senator king. >> i have a meeting i have to go to, but i will be submitting four questions for the record and i hope you will provide some of your good inking on it. these are thought questions based on today's testimony and thank you, mr. chairman. >> you bet. you co-authored a recent report called china's foreign technology wish list that looks at how their chinese and technology diplomats working out of embassies and consulates across the world act as brokers to acquire technology and it notes that machine learning and artificial intelligence are sort of near the top of the wish list. can you discuss the role that these science tech diplomats play and what else are you seeing in the areas of ai and machine learning and protect the? >> of course. so, i think that what the rol

there was another amendment that was more of a middle ground amendment offered by senator ron wyden andor pat toomey. this amendment would have kept that language in that would have paved the way for 1099 reporting for traditional cryptocurrency exchanges. the difference is that it w as clear on that definition of a broker. if you are a software developer contributing to the open source code on the network or building wallet applications for a validator doing mining work or validations of transactions on crypto networks that those types of things were excluded from the definition of a broker. we believe that if we had been given a vote on that amendment, there were a majority of u.s. senators who stood behind it. i think this was from my perspective working on these issues, to see this play out on the senate floor was remarkable. i don't think anyone would have predicted we would be having this type of debate on the senate floor. this is something that should go through the normal process that we should first have ideas introduced in legislation. you should have committee hearings and m

i want to really thank senator ron wyden, senator pat toomey, as well as the sponsors of the bill thatwe did reach language that treasury was comfortable with it was a compromise. but it was rejected, because, as you know, any senator can object and we've had a lot of back and forth going on between people who want to run out the clock and extend debate and those who want to shorten debate and because of all of the back and forth, this amendment fell on the cutting room floor yesterday. >> are you -- you know, you've been sort of at the forefront of crypto in your state because of what it kaunwants to be in the crypto industry. i'm curious if you think that your colleagues either in the senate or in the house, is everybody short of at that point in terms of education to be legislating on crypto in your view there is a perception in the industry amongst industry leaders, at least, that perhaps congress isn't informed enough about the blockchain, for instance, and about issues of crypto to actually be legislating on the issue >> i agree with the leaders in the industry. the senate is not

there was another amendment that was more of a middle ground amendment offered by senator ron wyden andor pat toomey. this amendment would have kept that language in that would have paved the way for 1099 reporting for traditional cryptocurrency exchanges. the difference is that it w as clear on that definition of a broker. if you are a software developer contributing to the open source code on the network or building wallet applications for a validator doing mining work or validations of transactions on crypto networks that those types of things were excluded from the definition of a broker. we believe that if we had been given a vote on that amendment, there were a majority of u.s. senators who stood behind it. i think this was from my perspective working on these issues, to see this play out on the senate floor was remarkable. i don't think anyone would have predicted we would be having this type of debate on the senate floor. this is something that should go through the normal process that we should first have ideas introduced in legislation. you should have committee hearings and m

ron wyden of oregon said, as democrats unveiled a blueprint that will allow them to pass the legislationithout a republican vote, democrats have been pushing most of the measures for years, meeting with fierce opposition from the industry and republican leaders -- but donald j. trump broke with the republican orthodoxy in 2016 when he railed against the drug lobby and vowed to use medicare users negotiating power. so the proposal that president biden came out with on thursday is scheduled to be part of the $3.5 trillion budget blueprint democrats are trying to push through congress after the infrastructure bill. let's go back to our phone lines and talk to crystal, calling from wilkes-barre, pennsylvania. good morning. caller: good morning. when you asked the question this morning, i had to call immediately. i went to cvs to fill the prescription i have each month and it was $28 when i first got it filled. yesterday, it was $120. i told the pharmacist, i think you are making a mistake, so she checked the computer. she went under the discount card. it was $139, but under medicare, my medi

wyden: mr. president. this amendment strikes the finance committee's entire reconciliation instruction from the budget resolution. colleagues this would prevent the senate from lowering the cost of prescription medicine for all americans. it would prevent fighting the climate crisis with clean energy tax cuts, providing home and community-based services for the elderly and the disabled, prevent us from creating a national paid leave program, and cutting taxes for working families. it would also make it impossible for the subsequent reconciliation bill to be paid for. i will just wrap up. i urge strongly that we oppose this measure because it would stop cold the effort to support policies crucial to the american family and i urge its rejection. mr. romney: i ask for the yeas and nays. the presiding officer: is there a sufficient second? there is. the clerk will call the roll. vote: the presiding officer: the yeas are 49, the nays are 50. the amendment is not agreed to. the senator from kansas. mr. moran: i

wyden: mr. president, and colleagues, our tax bill will rb progressive even though my friend from iowa told you just the opposite. now, the 2017 trump tax law specifically targeted families in the middle for tax hikes to pay for some of the handouts that republican colleagues wanted to give corporations and the mega wealthy. over here on our side we want to fix that mistake. but my friend from iowa is offering an amendment to lock in those tax hikes on families in the middle. democrats are proposing very substantial tax cuts for working class folks, for the middle class, and what we're going to be doing in our tax bill is working to make the tax code more progressive by ensuring that the mega wealthy pay their fair share. i mean, we've all seen, and this has been documented for quite some time, and my colleague from iowa knows that we expose these mega i.r.a.'s that billionaires have. i hope my colleagues will reject the grassley amendment and when we do, i will offer what is truly a progressive

wyden proposes amendment number 3365. mr. wyden: mr. president? the presiding officer: the senator from oregon. mr. wyden: the i.r.s. commissioner told the senate finance committee that in his judgment the tax gap, the difference between taxes paid and taxes owed is as much as a trillion dollars a year. current tax gap estimates likely miss a large number of the high flyers who clearly are driving this tax gap up and up. taxpayers acting to conceal this income from tax authorities are going to have a much tougher time. if the congress requires that financial institutions take practical and reasonable steps to require that financial institutions report on financial accounts. our interest on our side is to go after the big guys who generate significant in-flows and outflows of cash and other assets. and we do it in a way that protects privacy and sensitive taxpayer and small business tax information. and this privacy issue has been one of the most important issues in my time in public service. and we're going to make sure that you can get the high f

the wyden-lummis-toomey amendment is very simple. it clarifies in law what most of us already believe -- that validaters of distributed ledger data like miners and stakers, hardware wallet providers and software developers, should be required to report transactional data to the internal revenue service. this is common sense. the most important thing this amendment does is say in plain english what the law means. this is so important to start-ups, small business owners and ordinary americans who want to take a risk on their ideas. in many cases, these americans can't hire a fancy lawyer to tell them what applicated -- what a complicated law means. the amendment makes clear that congress is about to have a real important debate on the legal status of digital assets as securities or commodities and the appropriate regulatory framework in which to house digital assets. we must make sure that the validaters of distributed ledger assets, like miners and stakers and software developers are not in a position to report transaction data to the

president obama, senator carper, secretary of state clinton, senator feinstein, senator schumer, senator wyden, senator stabenow. this is a bipartisan effort to secure our border. but somewhere between 2006 and 2021, this has become a partisan issue. now, what's absurd is in the last administration, again, pretty well solved the problem. had allocated about $10 billion to build the fence. it's all been contracted. it's all been paid for. we build about 453 miles of the 738 miles that was contracted for. 285 miles remain unbuilt. in a report by senator lankford shows we spent about $2 billion getting out of those contracts. $2 billion to not build the wall. it's costing us $3 million a day just to guard the steel fencing that's laying there not being used. so my amendment is very simple. it's very common sense. it says please, let's recognize fences work. certainly, congress recognized it when we put a double layer around the people's house for a number of months. spent hundreds of millions of dollars on that security effort. so let's not waste the taxpayers' money. let's recognize walls work.