toomey: this is very disturbing. think this statute by design is intended to take away or beijing to continue to undermine and really trample the freedoms of the people hong kong have enjoyed for seve so many years. that the chinese communist party continu promise to continue. it is a very disturbing development. shery: the u.s. commerce department is starting to revoke the special trading status for hong kong. how far will the u.s. response go? sen. toomey: well, it is hard to say. part of it will depend on how china response to it. there is broad bipartisan concern about behavior of the government in beijing. we are seeing that manifested in a variety of legislation and reaction from the administration. so, it's a very serious matter. senator, there has been some criticism or analysis that the moves that were announced by wilbur ross yesterday were really more symbolic. that if you really wanted an impactful sanctions, you would have to be targeting exports to china, not just hong kong, affecting the import status

and salute him for his leadership on this, senator toomey. we worked together in the past on sanctions adopted in the law with respect to north korea, and i think it's important that we work on a bipartisan basis to take action that's meaningful near the united states senate. but the administration should act now on their existing authority. the senate and the house should pass this legislation, the hong kong accountability act, as amended, here today and send it to the white house. the president, we hope, would sign it and then we hope the president would impose the expanded sanctions that are provided for in the hong kong accountability act. so that is doing something that demonstrates to the government of china that consequences have action. and that's why it was discouraged last week when we proposed this and we had a senator come to the floor and block it. i agree with the senator from missouri. it would have been great to pass this last week, but a senator came to the floor to block it even though that senator was a cosponsor of this le

toomey: mr. president. the presiding officer: the senator from pennsylvania. mr. toomey: mr. president, i ask unanimous consent that the quorum call be vitiated. the presiding officer: without objection. mr. toomey: mr. president, i ask unanimous consent that the foreign relations committee be discharged from further consideration and the senate now proceed to s. res. 579. the presiding officer: the clerk will report. the clerk: senate resolution 579, encouraging the international community to remain committed to collaboration and coordination to mitigate and prevent the further spread of covid-19 and so forth and for other purposes. the presiding officer: is there objection to proceeding to the measure? without objection, it is discharged and the senate will proceed to the measure. mr. toomey: mr. president, i ask that the lee-durbin substitute amendment be agreed to, the amendment be agreed to,, the preamble be agreed to and the motion to reconsider be considered made and laid upon the table. t

toomey had mentioned a.p.i. coming from china throckmorton pointed out there doesn't seem to be much of a shortage. the . is different than chemicals that go within it. it's my understanding that a greater percentage of the to make a.p.i. are coming from china. is that correct? dr. throckmorton: this is dr. throckmorton. not familiar with those data. we know substantially less about sources of those products as iwe do about a.p.i. and think was mentioned earlier, we know less about a.p.i. and the and distribution than we do about finished dosage forms. i ask the y: can doctor involved with trade, are ou familiar with what percentage of starting materials or chemicals come from china? >> i'm not familiar with that data. into it and get back to you. seems to be that the critical thing here. but the one step, chemicals are another. actualner point of able unless we have a stockpile thereof. example, is the high percentage of production in china of starting materials, my understanding there is a higher percent of st

again, i want to thank the senator from pennsylvania, senator toomey, for his work on this -- bipartisan work on this, and hopefully we can get it to the president's desk as soon as possible and send a strong message to the government of china and send a message to the people of hong kong that we stand withnt. the presiding officer: the senator from virginia. mr. kaine: madam president, before i get to the motion that i'm going to make, i want to take a few minutes to discuss the importance of why the senate must pass the coronavirus relief flexibility for students and institutions act, which is s. 3947. this has to do with an action that we took as bipartisan colleagues, a most important action in march, passing the cares act. the cares act included $13.9 million for a higher education emergency relief for institutions to directly support students facing urgent needs related to this pandemic and also to support the institutions as they cope with the effects of covid-19. from this amount about $12.5 billion was provided to all institutions of higher education and they had to use half the

then what about senator toomey? well, we'll have mr. carper in person. >> we have senator menendez. >> senator menendez, go ahead, please. >> you had a meeting between president trump and chinese president xi in june in 2019 in japan -- >> you have to start over again, mr. menendez. we didn't get your voice at the beginning. >> we couldn't hear you. >> okay. can you hear me now? >> start your five minutes over again. >> tell them that i was on and they didn't -- this didn't work last time either. >> portman, you're ahead of menendez. i'm sorry for something not working right. you go ahead, senator portman, then menendez and then toomey. >> can you hear me? >> yes. okay. i'm sorry. there was some reason you couldn't hear me. i couldn't hear bob part of the time either. i want to tell you the clock is in front of us and we can see it. other members were using that as an excuse to go long. i'll try not to do that. thanks to bob lighthizer for being before us again and there's so many issues i want to talk to them about. one, i know how int

toomey: thinking. you.ank ofator: the deaths and others have galvanized people to stand up in march against injustice and inequality that has plagued our country since its founding. minority communities have suffered systemic racial, social and economic indignity, also being disproportionately impacted by the other crisis gripping our nation, which is the covid-19 pandemic. will there be a long-term, negative economic impact if 40% of black owned a businesses permanently shut their doors as a result of the pandemic? mr. powell: well, small businesses are under a lot of pressure. the answer would become a yes, certainly. those are important businesses. >> will there be a long-term economic impact if 44% of black households and 41% of latino households are unable to make their next rent payment and already evicted? mr. powell: evictions and foreclosures, things like that can be very bad, not just for the individuals involved, but they are very bad for the individuals, but also they can weigh on economic

pat toomey the republican, chris van hollen democrat.would compel the state department in the u.s. to come to congress every year and report on officials in china and whether they are undermining hong kong's autonomy and the one country, two systems plan being put in place, and they would president to do things like sanction certain officials, sees their assets, but also, the crucial part, it would allow the president to sanction financial institutions from doing business with those chinese officials. it has to be passed by the house, but it is expected to get bipartisan support and then would need to be signed into law by president himself. it follows other measures by congress in terms of challenging china. we have the hong kong human rights act that has been passed and the weaker rights act most recently. it does need to be signed off on by president trump, but it is another signal congress is not letting off in terms of its pressure on china. shery: any more clarity on when the security law will be enacted? tom: the national people's

the flipside of that it's also very subdued and it's the one area where mark warner agrees with pat toomeycause of that, you could make the argument and some do that because it's not dominating the national headline, it actually allows the united states to come at it from a position of strength because a remain somewhat hidden from the mainstream consciousness so to speak. francine: i've seen a number of columns saying donald trump is a big problem with senior voters. how much does he need them to win the election in november and how can he turn it around? >> it is absolutely crucial. the president -- if he wants to get reelected he needs to move his poll numbers with senior citizens. florida,, seniors are such a key in this battleground state. it's not just the sense of health care policy so to speak. but also from the vantage point of covid-19. the've really been forefront of that issue in the united states. beyond that though, look for the administration and the reelection campaign with this local issue on senior citizens. the state in new york for example, republicans of someone succes

and working in journalism is more filling toomey. >> host: i think my dad wanted me to be a salesman. what are the solutions to this? where do you begin with all this? >> an idea that is so unpopular if you like if i don't do it, who will. even if people get upset about that because they are always thinking about the talented kids and you need to think about broad social effects wouldn't cut be better for almost everybody if you finished high school, great, here's more that you have to do it by making it so successful we've created a world where we increase the number of stairs you have to climb a to get a job where they will give you some real training about it. >> host: i am open to all kinds of austerity. there is one such reducing the subsidy of student loans. the problem is tuition needs to be higher. how does this make it more affordable for the students? to discourage people from getting a degree that is fostering this race. i am self-aware and i know it is not a popular view. i couldn't find a single country on earth with more than 10% of the population in the cutting-edge spe

however, i would note that when you've got senator pat toomey, a --, working with would make, this itore difficult for chinese officials to do business with .he communist party it is part of a broader escalation i am told will really come to her wish and one month before the election -- come to fruition one month before the election. regardless of whether biden or trump is elected, it will continue as a recalibration of sorts of u.s. policy. jonathan: the president starts on china as something that still pulls well -- still polls well. a little later today when chairman powell sits down with secretary mnuchin on capitol hill, how can they push the story forward to say that we are the safe pair of hands to control and develop the recovery be on november? foremost, thend timing of the stepped up recovery, whether it is at the end of q3 or at the beginning of q4, as around november 3, and that could have significant implications in the final debates leading up to the election, but also the framing of this. the economic indicators, the jobless claims, the unemployment rate, all of that wi

thanks for more on the economic recovery, let's bring in our guest, senator pat toomey.ecord thinking in your state, in pennsylvania, the governor is going a little bit too slowly so i think you want to get to the economy reopened asap. are you -- with what we're seeing though across the country, does that give you pause about how quickly we need to do it or not? >> no, it really doesn't, joe. i think finally pennsylvania is mostly reopened. it's taken longer than it should have that's true in some other states, i'm sure, but here's the thing i think we sometimes lose sight of there was a very specific reason we put the completely unprecedented draconian step of shutting down the economy and forbidding people from going to work and having a livelihood that's an extraordinarily extreme decision made only because we didn't know whether in the absence of that decision we might overwhelm our hospital capacity so many people getting so sick so quickly it's my impression there are very, very few places anywhere in the country where there is any real threat that that could happ

jonathan: to go back to the fiscal debate, senator pat toomey speaking to foxbusiness this morning, saying that perhaps another relief bill won't be needed if we can reopen this economy. this speaks to something i know mohamed el-erian is concerned about as well. i wonder if that is something we hear more about in the months to come. tom: i am really glad you brought that up. that really shows some of the disparities we see in washington. the backdrop for all of this is an extraordinary market. we talked to a technician earlier about the one-way move on small caps come of one-way move on equities. someone of great distinction, tobias levkovich of citigroup, joins us now. can you be a buyer of stocks on this beautiful wednesday morning? --tobias: it tom: is a little bit more troublesome this morning. the on stimulus from federal reserve, as well as from the c.a.r.e.s. act, but we have also seen the reopening of the economy starting. we have seen better news on the health care front in terms of less hospitalizations, less death, more and better treatments, hopes on vaccine. investors fear no

the legislation was sponsored by chris van hollen, the democrat, and pat toomey of pennsylvania as awith hong kong we don't like and we will lit you where it hurts financially. we'll see. after this. ♪ we could never do what they do. but what we can do it be a partner that never quits. verizon is the most reliable network in america. built for interoperability and puts first responders first, giving their calls priority, 24/7. we do what we do best so they can too. . >> i was such a stupid fool i didn't know it. please believe me. you must care. >> i loved you more than i loved anyone. i waited longer for you than i have waited for any woman. neil: all right. no longer "gone with the wind." at least not gone from hbo max which is bringing the celebrated film back. with a disclaimer though, saying that it will deny the horrors of slavery, that that was obvious in the film and that to reinforce that point, when hbo max does return this to viewing it will be accompanied by two videos discussing the historical context of slavery, what at that film was about. meantime we're also keeping t

secretary steven munition says we will have another round of stimulus, but again senator is like pat toomey, senator mitch mcconnell pushing back saying that over the long-term, what does that mean for our economy and although this was a self-inflicted shutdown and not a financial crisis, only time will tell. >> neil: thank you very much heather. and some of those abuses that have popped up since the george floyd tragic murder. it's all about escalating tensions. in a few minutes is going to give it a try from dallas. we are back after this. we customize your car insurance so you only pay for what you need! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ a lot of folks ask me why their dishwasher doesn't get everything clean. i tell them, it may be your detergent... that's why more dishwasher brands recommend cascade platinum... ...with the soaking, scrubbing and rinsing built right in. for sparkling-clean dishes, the first time. cascade platinum. >> neil: using the president's moment in dallas, texas, to try to bring the nation together since the tragic death of george

joining me now is pennsylvania senator, pat toomey. it's good to have you this morning.hanks very much for being here. >> good morning, maria. maria: we did see significantly less violent as you just heard, protesters took to the streets petitionfuly last night with -- peacefully last night with fewer police confrontations. give us your assessment of where the situation is today. >> any men who saw the video -- any american who saw the video of george floyd's death was sickened by as i was. peopl.pampeople have every righo protest, provided the protests are peaceful. what we've had over the last few days is opportunistic thugs who decided this was a chance to loot and riot and engage in mayhem. too many elected officials in cities and governors around the country decided that maybe they needed a little bit of room and in fact what you need to do is nip that kind of violence in the bud. finally, it looks like more resources are being put to work, more of the manpower that we have is being deployed. and hopefully we've turned the corner on this violence. it's completely un

last night, they notified the selection committee to provide seo toomey the data than it had previously withheld. i'm pleased that they are finally finding some willingness to obey the law. in cooperate. but it is troubling that the administration withheld this information until this eve. for the congressional hearing exposing here. also serious concerns that the administration to effectively manage key programs. the recipients of federal funds accountable. for example, gao, failed to implement oversight mechanisms that were essential to note fraud and abuse the ppe programs. as result, is a significant risk that some vigilant applications were approved. gao also found reliability issues was disproved by the trump administration resulted in him quoting here, in significant delays. testing nationwide the critical early weeks. they also identified serious problems to procure and distribute critical protective equipment. and the medical supplies. the report that the administration learned even before pandemic, failed to act. the support also highlights problems the delivery of economic imp

websites that each agency was searchable and two weeks ago i mentioned in my response to senator toomey the president put forward any oh 2 ask all agency heads to go through the different regulatory initiatives, which of those is made permanent for the recovery. it wasn't a directive to do anything specific because he went agency heads to identify, what they have the authority to do. with statutory authority. it is not just the desire to remove red tape. for future administrations, american people have been one government to work from. >> thank you very much. mister chairman, thank you for joining us today. budget shows what a nation's values are in the job of the -- that fees are met and honored. unfortunately during your time as omb staffing director, and michigan's values have dropped in this process. michigan cares about our great lakes in time and again the trump administration has tried to defend the great lakes restoration initiative which works to keep our water protected and it is important to was in michigan in great lakes states. time and again the trump administration had fu

and then recently two weeks ago, as i mentioned in my response to senator toomey, the president put forward an effort o. to ask al-- all agency heads to go through the regulatory initiatives and identify which could be made permanent for the economy. it wasn't a directive to do anything specific because we wanted agency heads to look at their statutes and figure out what made sense and what they had too authority to do. one of the things about this president is not just the desire to lessen and remove red tame, he's also trying to get his arms wrapped around the administrative state so that for future administrations, the american people have a more transparent government from which to work from. nough?enator stabe >> let me make sure. all right. thank you very much, mr. chairman and if you -- thank you for joining us today, mr. vought. it's often been said that a budget shows what a nation's biggest values are. it's really about what we value and the job of the office of budgets to ensure that our nation needs our -- and our alues. unfortunately, during you're your time as the nation's act

. >> senator toomey by tv. >> thank you, mr. chairman. mr. secretary, thanks for joining us today. i just -- i just want to be clear about something. according to the university of chicago, about 68% of people who are unemployed today make more money being unemployed than they do being employed. is this your view that that's a disincentive to going back to work? >> thank you for the question, senator toomey, and i unfortunately wasn't able to complete my answer to senator menendez. that can function as a disincentive. i would point particularly to the study that the chairman received from the congressional budget office that looked at this question which projected that for the second half of the year if the $600 benefit were retained, five out of six people on unemployment would be receiving more than the wage they were likely to get from work and i don't think any people -- many people would design an unemployment system that operated in that way, and that's why this discussion makes sense now. >> and we've had unemployment before. there's always some level of unemployment. we hav

. >> thank you, senator toomey >> thank you, mr. chairman good morning, chairman powell.ing us. i do want to stress how encouraging the recent economic data has been. actually for a little while now, we had tremendous increase in personal income in the month of april, which is not terribly surprising but the may employment number was very surprising and encouraging retail sales today really good news so i'm not for a minute suggesting that we're out of the woods, but the anecdotal evidence has been very, very encouraging. i would just remind my colleagues there's no such thing as a free lunch, and we have authorized several trillion dollars of government spending in a variety of ways, and much of it has not yet even been spent, so i think we should be very, very careful in evaluating what's necessary, before we go forward. mr. chairman, i want to talk about corporate bond buying, because when we put together the c.a.r.e.s. act, the concept of funding spb ss so they could bu corporate bonds through etfs or a fed created imdendex or direcy there are always two reasons for h

. >> now we go to senator toomey. >> thank you. good to see you again, welcome. i will start with something in which you and i i think agree that is prior to the arrival of the covid virus for several years, our economy was remarkably strong, across-the-board setting strong performance records for the last several years or we might not agree based on the testimony i would argue the strength of our economy is not because of tariffs. in fact, the strength was because, for the most part, we've had a trading environment in 100 years and under that global free trade, certainly much more in recent decades. it's enabled us to prosper. in fact, it was the steel and aluminum tariffs and trade work with china which began the deceleration of what had been extremely strong. the unintended consequences of these tariffs, in pennsylvania, we have fewer manufacturing jobs today than three years ago. we've lost manufacturing jobs and we've lost a number of them in steel and aluminum industries because more people are in the business of using steel and aluminum to produce things t

senator toomey introduced the bill. i'm proud to join him as a cosponsor. we have other democratic and republican cosponsors in the bill. i'm pleased to see the senator from north dakota on the floor. he's a cosponsor of that bill. it's called the hong kong autonomy act. and in addition to expressing the sentiments that the senator from missouri lays out in his senate resolution, it proposes that we take action as a government of the united states, and while we have heard statements from secretary pompeo, the reality is that this administration has not exercised any of its existing sanctions authority that it could take to express our strong disapproval of the actions the government of china is proposing to take with respect to hong kong, which is why we introduced a bipartisan bill again outlining all the transgressions that the senator from missouri talked about, but actually doing something about them, by requiring that the administration impose sanctions on individuals in the government of china who are undermining the rights of people in common and req

manchin/toomey.o many things in the senate i know from conversations with those on the other side that we can get done, but mitch mcconnell himself calls himself the grim reaper. that's pretty dark. he brags about the fact that he kills momentum and bipartisan desires for change. >> yeah, that's pretty dark. joshua johnson has the next question. >> good morning, senator booker. it's good to talk to you again. with regards to what is going to happen from here, i have to say that i'm not quite as optimistic that congress will get anything done. congress' approval rating right now is 25%, according to latest gallup poll, and if one man, mitch mcconnell, can prevent 634 other members of the united states congress from getting something done, it looks grim. what i'm curious about is your experience as a mayor. i do believe that something's going to happen with police reform. i'm just not convinced it's going to come out of congress. could you speak to us from your experience about the things that a mayor

hour,ur guest in the last senator pat toomey, his first take away was that the financial security laws very disturbing. boris johnson says he's deeply concerned. we are also getting news that there's a new bill on capitol hill being introduced by republican senator marco rubio called the hong kong save harbor act. it would designate potential those who feel they are being persecuted in hong potentially seek refugee status in the united states. >> stephen engle in hong kong, our chief north asia correspondent. withon the city's future michael 10. >> more tension between the u.s. and china. says the tech companies are a threat to national security. the best quarter for world stocks and stu thousand nine. of view on what's ahead. this is bloomberg. ♪ ♪ >> you're watching daybreak asia. let's get a big check of the headlines. anthony fauci has told lawmakers on capitol hill that the country is going in the wrong direction over the coronavirus. adding that infections could more than double to 100,000 per day. cases are surging in the southwest with several states putting reopening on hold