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Ev Ehrlich on How Presidential Election Will Impact Tech(Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York, Bloomberg eleventh LEO to Washington,
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  Speaker 1: This is Taking Stock. Coming up on Taking Stock research,
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  Speaker 1: science and technology and politics. How will a new occupant
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  Speaker 1: of the White House influence US technology policy, for example
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  Speaker 1: been as big of a headwind as we might have expected.
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  Speaker 1: Also reporting today, Wells Fargo IT said second quarter profit
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  Speaker 1: Wells Fargo down two point nine percent. A US Bankorp,
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  Speaker 1: which is the nation's largest regional lender, posted records second
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  Speaker 1: percent to thirty two on Wall Street Now will look
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  Speaker 1: at other stories making news. Thank you Charlie from the
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  Speaker 1: Bloomberg News Room. I'm June Grosso. At least eighty four
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  Speaker 1: people are dead on a French riviera in Nice after
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  Speaker 1: an attack or in a truck drove into crowd celebrating
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  Speaker 1: Terrorism Center, says it's not clear if the attack or
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  Speaker 1: had help from accomplices. We can expect perhaps that the
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  Speaker 1: pace of these types of attacks, whether they're lone wolf
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  Speaker 1: attacks or or small numbers of people carrying off these
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  Speaker 1: attacks in the West, may well increase, and they're very
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  Speaker 1: difficult to defend against. Secretary of State John Kerry met
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  Speaker 1: rest of the world and reacting to the devastating truck massacre.
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  Speaker 1: Last night. Speaking to Russian foreign ministers, Sergei Lavrov carry
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  Speaker 1: addresses the recent responses to terrorism. The problem is that
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  Speaker 1: if you and I and other foreign ministers and leaders
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  Speaker 1: of countries are now doing this almost on a weekly basis.
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  Speaker 1: The White House predicted today that the government's budget deficit
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  Speaker 1: for the soon to end fiscal year will hit six
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  Speaker 1: hundred billion dollars. That's an increase of one hundred sixty
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  Speaker 1: two billion dollars over last year's tally. It reverses a
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  Speaker 1: steady trend of large but improving deficits on President Barack
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  Speaker 1: Global News twenty four hours a day, powered by more
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  Speaker 1: and we thank you what again recapping equities lower SMP
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  Speaker 1: down four to nine, a drop of two tenths of
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  Speaker 1: one percent. I'm Charlie Pellet and dance a Bloomberg business flash.
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  Speaker 1: This is taking stock with Kathleen Hayes and Pim Fox
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  Speaker 1: on Bloomberg Radio. It used to be a chicken in
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  Speaker 1: every pot and a car in every garage. Now it
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  Speaker 1: is high speed internet in every home. Technology policy courtesy
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  Speaker 1: of the candidates running for president of the United States.
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  Speaker 1: Ev Erlick is the former under Secretary of Commerce and
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  Speaker 1: the Clinton administration. Is currently the president of E s
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  Speaker 1: C Company, and he joins us from Washington, d C.
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  Speaker 1: Home to Bloomberg one and one oh five point seven
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  Speaker 1: h D two. Thank you very much for being with us.
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  Speaker 1: Tell us about the policies that are being put forth
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  Speaker 1: by the candidates. Let's begin with the Hillary Clinton and
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  Speaker 1: how important it is to put together a technology policy
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  Speaker 1: for the United States. Well, first, that's the zero's order
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  Speaker 1: point that there has to be a technology policy. That
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  Speaker 1: this isn't something that just happens and springs out of
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  Speaker 1: the brow of zeus. Uh. The high tech sector is
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  Speaker 1: one in which the public and private sectors have played
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  Speaker 1: defined roles that have inter related throughout their history, and
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  Speaker 1: I think that the sector is entitled to a vision
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  Speaker 1: from any leading candidate as to how they imagine that.
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  Speaker 1: Proceeding from from Hillary Clinton, we've seen a fairly detailed one,
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  Speaker 1: uh and UH that's admirable in the sense that it
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  Speaker 1: understands what all the inter relationships are that it covers,
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  Speaker 1: not just incentives for expanding internet and internet infrastructure, such
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  Speaker 1: support for R and D, support for STEM and other
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  Speaker 1: types of education, action against patent trolls. It understands these
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  Speaker 1: inter relationships. On the other side of the fence, we
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  Speaker 1: really haven't heard anything, uh from Donald Trump, and I
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  Speaker 1: think that speaks to basic worldviews about how the economy
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  Speaker 1: works that are also of great concern to the tech sector.
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  Speaker 1: Let's focus on some of the details of Hillary Clinton's plan,
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  Speaker 1: for example, expansion of five G mobile data and also
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  Speaker 1: making inexpensive WiFi available at airports and train stations. That's
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  Speaker 1: that's so important. Uh. Consumers have demonstrated at every turn
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  Speaker 1: in modern economic history that they value mobility and flexibility,
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  Speaker 1: and the future of broadband Internet is going to be
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  Speaker 1: mobile and not just the Internet of Things. But much
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  Speaker 1: much as people were willing to accept some modest sacrifice
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  Speaker 1: of quality to get a mobile as supposed to a
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  Speaker 1: landline phone. Uh, they're going to do that for connectivity
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  Speaker 1: without the need to accept in the long term any
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  Speaker 1: diminished capabilities. Uh. So America is the global leader, unrivaled
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  Speaker 1: in mobile telephony and in mobile signal carriage. UH. And
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  Speaker 1: the five V program that's just come out of the FCC,
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  Speaker 1: and that Mrs Clinton appears to endorse and be on
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  Speaker 1: the same page with, is very important. Now have you
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  Speaker 1: You mentioned just a moment ago the issues related to education,
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  Speaker 1: and one of the Hillary Clinton's proposals is to attach
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  Speaker 1: a green card to the diplomas of foreign born students
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  Speaker 1: who earn STEM degrees. Tell us about that. Uh, that's
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  Speaker 1: a very interesting piece of thinking. Uh. And I think
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  Speaker 1: it speaks to two things. One is the importance of
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  Speaker 1: STEM education and the other is the recognition that the
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  Speaker 1: US is a magnet for the world's finest minds. I
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  Speaker 1: read in a letter published by tech secutar executives yesterday
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  Speaker 1: that of the startups that occur in the United States
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  Speaker 1: are either first or second generation immigrant families. And if
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  Speaker 1: you can continue that slow of talent to the US,
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  Speaker 1: then you're taking very important steps to sustain the innovation
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  Speaker 1: at the American economy is known for now. Based on
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  Speaker 1: your experience in Washington as a former under secretary for
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  Speaker 1: the Commerce at the Clinton administration, can you speak to
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  Speaker 1: whether Congress will support any of these proposals would actually
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  Speaker 1: other legislation and money. Uh. The situation in tech has
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  Speaker 1: historically been less partisan than in many other areas. The
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  Speaker 1: the big banks of the modern Internet was Telecom Act,
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  Speaker 1: which was really a bipartisan piece of legislation. UH. And
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  Speaker 1: in some ways uh one uh, one side of the
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  Speaker 1: debate or the other might make headway, like for example,
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  Speaker 1: Title Too. But the world is going to try to
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  Speaker 1: move on past that so long as it's not implemented
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  Speaker 1: in a brutally heavy handed way. So I think there
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  Speaker 1: is the prospect there is some partisan divide about whether
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  Speaker 1: or not we should have anchor institutions and lifeline and
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  Speaker 1: e erate UH. And what strikes me as remarkable is
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  Speaker 1: that the members of Congress who opposed those programs have
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  Speaker 1: districts that were probably electrified by t V A and
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  Speaker 1: that received telephony because of efforts to promote rural telephones.
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  Speaker 1: I want to thank you very much for spending time
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  Speaker 1: with us and illuminating this issue. Ev Erlick is a
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  Speaker 1: former Undersecretary of Commerce for the Clinton administration, currently the
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  Speaker 1: president of E s C. Company there based in Washington,
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  Speaker 1: d C. Of course, home to Bloomberg and one oh
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