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Uswetter says Iran will never have a nuglio WEP, and that's where it says it won't have one Dubai to develop. They will not have a nuclear WEP. And I would say that's about ninety nine point nine percent of what I wanted because we couldn't let that happen. You couldn't let that happen. And they won't have a new glue WEP. And now in addition to that, the straight is going to be open toll free Tonight.
Details details.
President Trump touting his agreement with Iran on day two of the g seventh Summit, but questions remain over what's actually in the memorandum of understanding and.
What still needs to be to go.
It is.
Also let's make a deal.
After months of back and forth over competing housing bills, congressional leaders say they have an agreement on a bicameral package. We will speak with one of its sponsors, Senator Elizabeth Warren coming up this hour. We'll cover it all in the View from the Hill. Senators Warren as well as Ron Johnson, joined Balance of Power on the IURON agreement, the housing fight. Kevin Wirsh has fed and a lot more from Bloomberg's Washington, DC studios to our TV and
radio audiences worldwide. Welcome to Balance of Power alongside Kaylee Lines, I'm Joe, Matthew and Joe.
We begin with new developments tonight from the G seven summit in France. As the US and Iran prepared to formally sign an interim peacedale this Friday, the rest of the world is pressing for details on what's actually in it. The framework agreement has yet to be published, but a near final draft seen by Bloomberg News indicates a Ron is set to receive some key financial incentives, including sanctions waivers to begin selling oil immediately.
For the very latest, Let's go.
Live now to Bloomberg's Tyler Kendall, who was covering the summit for US from Evian France.
Tyler Hey, Caylee Well New tonight, as you mentioned, Bloomberg News has obtained the latest draft agreement of this memorandum of understanding, which appears to show that Iran will get broad financial incentives, at least for now, as the US does maintain that those incentives will only accrue if Iran
maintains its end of the deal. But importantly, there's a few different threads that we've been following here, including that this does include that Iran would be able to tap a three hundred billion dollar development fund, which the MoU says will be financed through the US as.
Well as regional partners.
As you mentioned, we have been waiting for any signal when it comes to whether or not Iran will be able to sell its crude to market, and this draft MoU goes on to say that the US Treasury Department will, in part quote issue waivers for exports of Iranian crude oil, petrochemical products, and their derivatives, apparently immediately after this deal
is signed. Again, though it is our understanding that only sustained progress when it comes to maintaining to the deal will mean that those financial benefits will keep accruing.
We should say that our own reporting.
Does caution that both sides have indicated that they are still in these technical discussions, which means that ultimately the final draft language could change. But President Trump himself did indicate and confirm that we are expecting this signing ceremony to take place this Friday in Switzerland. Vice President Jade Vance is expected to represent the US side, and Joe and Keihley. We're expecting Aron's parliament speaker to be there to sign on behalf of the of their country.
It would be quite a moment, Tyler. You're of course surrounded by stakeholders.
What kind of optimism or concerns are you hearing specifically from European leaders about the nuances to the extent that we understand of this deal and the reopening of the Straight.
Well, Joe, at this point, we know that the first phase of this agreement is going to be to get the Strait of her Moves reopen. Yes, we're going to see the sixty day extension of the ceasefire, but the Strait needs to be reopened and the US will be lifting its naval blockade. But there are both short and long term concerns here when I'm talking to people on
the ground here at the G seven summit. In the immediate term, we know that the US is looking for allies to help ultimately deploy assets to reopen and.
Secure that waterway.
But I spoke earlier today with the spokesperson for France's Foreign Ministry that said that they need to get these concrete deals, details in the deal in front of them.
They need to see that.
Agreement ultimately signed in assurances that their own military assets wouldn't be put at risk, considering that we know that the Strait is still mined. And then of course Joe and Kayley, there are concerns here that even as Iran says that in this first sixty days there will not be tolls, there are serious concerns that Aron is looking to impose fees once those sixty days are over, but they are trying to reframe them as being tied for navigational or in turing services.
Well, fascinating, Tyler, thank you so much traveling with the President Bloomberg. Tyler Kendall in Evon, France, joining us now on this and a lot more. As Democratic Senator Elizabeth Warren of Massachusetts's ranking member on the Senate Banking Committee, of course sits as well on the Senate Armed Services Committee. Senator, welcome back to Bloomberg's TV and radio. I'd like to start with Ron if we can. Kaylee and I have
a lot of questions for you. As always, I'm just wondering if you have seen any details of this agreement beyond what we're already reporting in the media, And is there a likelihood that the president is correct, that he can in fact craft a better deal in the next sixty days. In the JCPOA, you.
Know, the President's made a lot of promises. How many times has he told us this war is over and how many times have we come back again to see it all fall apart. No, we have not seen the details, and of course the devil is in the details. But here's the part we know for sure. We know that just before Donald Trump started bombing in Iran, that the Straight of Horror Moods was open and nobody was collecting any fees or tolls to be able to travel it.
We know that Iran's three hundred billion dollars that was located all around the world was locked up tight and Iran couldn't use it. And we know that there were heavy sanctions in place on the sale of Iranian oil. And we know that those things together were really putting a real vice on the country and that the economy was in real trouble and it was causing people to push back. Donald Trump then started bombing, claiming that his
intention was to have regime change. Obviously that hasn't happened. We don't know what's going to happen to the money put all around the world, but it sounds like Iran is going to come out of this with war money with they claim an opportunity to get fees through the strait of horror moos, which Donald Trump somehow says is not the same as tolls. And so there we are. America has spent literally tens of billions of dollars halfway
around the world. Fourteen American service members have died, uncounted numbers of people in the Middle East have died, and Donald Trump still can't explain how one family in America is any better off well.
Senator President Trump did say today that while he hadn't previously thought about it, he would like to see a final deal go before Congress. Would you be prepared to cast a vote for a deal that does bring an end to this war in the Middle East that you clearly thought we never should have gotten in, meshed in meshed with in the first.
Place, that we never should have gotten involved in, and that so far Republicans have voted consistently to let Donald Trump continue for as long as he wants. Like anything, it depends on what the details are here. Remember Congress voted back in twenty fifteen for a deal to keep it Run from developing a nuclear weapon, and then Donald Trump, all on his own, came in and tore that apart.
And there's one more piece. How is it that we are somehow better off after Donald Trump has spent billions of dollars killed American service members, bombed a foreign country or multiple foreign countries. Where where are we any better off? That's what Donald Trump cannot explain to the American people. But I'll tell you this, the folks I'm hearing from back home. We'll tell you where we're worse off. Where
the price of gasoline is through the roof. I hear from the farmers who say they can't afford to buy the fertilizer they need. I hear from truckers who say they can't afford to get out on the roads that are having to pass those costs along to everything that gets shipped in America. I see it in the rising interest rates. Now, So I get how Donald Trump has made this country a lot worse off by bombing in I run, but boy, he can point of where we're better off.
Well, you know you're hearing from Pete Hagseth as well as Senator about money, and of course he's there to make the case. And what was today in Congress for a massive budget request for the Pentagon?
Senator Cornyn says the Secretary.
Told him the Pentagon needs three hundred and fifty billion dollars immediately and then a one and a half trillion dollar budget for the Pentagon on an annual level. Is this money that the Pentagon needs now to replenish munitions?
And will they get it?
So?
Exactly? How does he describe need? The Pentagon has not passed an audit. Secretary of heg Seth comes out here, throws around a couple of numbers, but will not even give us the receipts for how much the war in Iran has cost. The numbers that they've put forward, you can just look at public records until they're not right. So he wants to come in here. He doesn't want to give us an honest accounting.
He does.
I want to show us how he plans to spend the money and what it's for, and he wants over a trillion and a half dollars and more. I don't think.
So, Senator.
I'd like to ask you about another issue that is now live in your chamber ahead of Jake Clayton's nomination hearing tomorrow to be Director of National Intelligence. Are you willing three unanimous content to expedite his confirmation process in the name of getting FIZA Section seven oh two powers reauthorized.
So, actually, I think there's some things you need to separate in that question. The question of going forward expeditiously on Jake Clayton is a question about making sure that mister Paulton never sets foot inside the DNS building and never gets a look at all of our national security secrets. And I think that is a worthy goal. Now understand this.
I'm not voting for Jay Clayton, and the reason I'm not is I both worked with him on banking and saw his views about deregulation generally and the role of government. But I am particularly alarmed about what he has done in terms of election denihialism and conspiracy theories. We don't need somebody like that who can look into every part of America's secrets best domestic and internationally. I don't know what it is that now guides him. He is certainly
not just the Wall Street person. He now seems to have a very different view when he's talking about national security. And remember, he's someone who has zero experience in intelligence and national security, and the statute itself requires that the person in that role have that experience. So there's the question about expediting so that Poulty stays out of the building. There's this separate question about confirming Jake Clayton, and then there's the third question about FIZA, and that one is
a separate one. Yet as it stands right now, I do not support the bill you mentioned.
Kevin Worsh at the beginning of our conversation got his first FED meeting as chair tomorrow. Senator, you of course put a lot of weight on financial disclosures in his confirmation hearing as he prepares to meet the President, looks like he is widely expected to not cut rates as the President has urged.
Did you get the information that you need?
Are you comfortable with Kevin Worsh as the share of the FED?
No, I am not comfortable, and I'm not comfortable because we have never gotten enough disclosure to know for certain that there are not conflicts of interest. I am not comfortable with anyone who is not straight up and honest and transparent with the American people.
I still think he's a sock puppet. If he doesn't cut rates tomorrow, well.
We will say, look right now, Donald Trump has actually put Kevin Warsh in a pretty terrible box, and that is that Trump's policies on tariffs, on energy, on healthcare, and on wars around the world mean that prices are shooting through the roof for American families. And as you know, inflation is at its highest rate in about three and a half years, and we see what's coming down the line.
Looks like prices may be going up even faster. And that means that the place ordinarily the FED would go with its tool is to raise interest rate, but that increases costs for American families. And American families don't need to pay more on their credit cards, on mortgages and on car loans. They're already slammed against the wall trying to pay for groceries and for health care and for housing. So Donald Trump's policies outside the Fed monetary policy are
really creating havoc in this economy. And what the Fed can do about it is pretty limited.
Well, Senator, you raise housing, and I know you're about to go to the floor yourself to advance a housing bill that now apparently has buy.
Camerale buy it.
We have seen a lot of volleying back and forth between your Chamber and the House of Representatives. What is it that unlocked this deal now? And when do you expect it can be on President Trump's desk for signature.
Oh?
So, look, as you know, we are in a housing crisis all over this country. We need more housing, and this bill has about forty five provisions in it, each one of which moves us toward an increase in total housing supply. Plus, this is the first bill ever in American history to put some constraints on private equity and say that they can't come into your neighborhood buy up every house on the block and try to turn America into a nation of renters instead of owners. So it's
a pretty historic bill. We've got great buy artisan buy in, and we've got the house in the right place on it now too. So I think we're going to get this done and get it over to the President's desk.
I'd like to ask you about SpaceX before you leave us, Senator, you fought to delay the IPO, which was the biggest in the world, and the stock continues to rise since the debut.
I wonder if, since it.
Is obviously now part of the market, if you plan to follow up as ranking member, will there be an investigation and any of the exemptions that were made, specifically the seasoning exemption at the NASDAQ?
What's next for you in this saga?
So look, let me just remind you what my concerns are. The first one was with the IPO. It is the job of the SEC to check the homework to make sure that the financials make sense. And remember the financial experts out there a lot of we're calling the numbers that Elon must put forward nonsensical. Those were the words from the experts. The SEC clearly did not play its watchdog function that it is required to play. Then the
index providers turned around change their rules. And remember these index providers, there's usually a delay from an IPO so that a need frauth can die down and before the index starts buying in, we know we're kind of at
the right price on this stock. The index providers haven't done that and that means for just ordinary four oh one k investors, people who just want a calm retirement and just a little piece of whatever's going on in the market, they're forced to take on AI, even if they see to take on SpaceX, even if they see this as a giant bubble or a lot of fraud, or even fraud, because of the way the index providers
have done this. And then the third concern I have is that in the IPO, Elon Musk has pulled back on shareholder protections so that in effect he has locked himself in as king for life in SpaceX. And my concern on every one of these is partly about SpaceX, but it's partly about our markets. Generally, our market is the envy of the world, and the reason for that is for years now, nearly a century, we've had a tough watchdog who make sure that everybody's numbers add up.
You can make your own decision about where you think this company is going, but that what they're telling you is pretty straight up. And if we start to lose that in a case like this, and lose it for the future, then that chills investors all over the United States, puts them at risk and makes people around the world say, you know, that may not be the safest market to go to. Maybe I ought a trade somewhere else where. The watch dog is still awake.