Bloomberg Audio Studios, podcasts, radio news. All the conversations we've had lead up to this, whether we talked about energy, higher costs, inflation, supply, Chaine, geopolitics, politics in Washington. Susanne Clark is with us. She's President CEO of the US Chamber of Commerce, a great voice when it comes to what's going on in the business community. What is top of mind because the laundry list of things that is coming at American businesses right now is a lot.
Well, thank you so much, Thank you for having me. I was saying a minute ago that we were just with the LA Chamber yesterday and it's such an opportunity to get out and talk to local businesses big and small about what's happening in their community. And what we see is businesses really trying to deal with all of this uncertainty. What should they be doing about finding workers, what should they be doing about their supply chains, What
will happen with the economy, What does AI mean? So all the things that you've been tackling all morning, business leaders are live trying to figure out themselves.
What conversations are you having when it comes to affordability. I know you were on a panel today with Nearer Tangent. It was our broadcast a little bit earlier, both of you, I'm sure coming from different perspectives when you're trying to keep American business in mind, knowing price pressures from the gas pump to the grocery store are very real, you reached for the word uncertainty first, How do you speak with your members about this? So the challenges they're facing and about.
To face, well, you know, let me say first that Nira and I had violent agreement about the need for permitting reform, right, that we really need to build things faster, all of it. Right, it's housing, it's electricity, it's utility costs. So what could we do as a country to build things faster, more efficiently and cheaper. So that comes up with affordability. The US Chamber, we really believe a lot
of the root of the affordability problem is a supply constraint. Right, we don't have enough housing, we don have enough access to healthcare. We the labor shortages and key sectors. We don't have a resilient supply chain. So the question is if we want long term economic growth, three percent growth that lifts up families and communities in the country and helps pay off debt. If we want all of that, we have to take some of these structural issues really seriously.
Like which one if we could tackle one right now, in this given moment, what would it be that you think the American businesses could really get behind and say this is a game change.
I really think it would be permitting reform. Think about the fact that it takes five to seven years to get a permit. In that time, you'll have to change you administrations most likely, right, So, if you have one administration that prefers one type of energy and you have a different administration that prefers a different type of energy, how do you decide where to invest in, what to build? And yet, at the same time, as you've reported, we need all of the above.
Susan, how do we get there? Though? Because I think about you know, the American business community, they have a great line often to the White House into lawmakers. So how do they say, hey, folks, it's not just about four years, four years, four years, it's about a ten year plan. Chin it does it? It's a whole different country. And I know that, But how do we do that so that we really commit longer term to build some of these things that need that perspective.
Such a good point, Carol, because we certainly do not want a government plan and economy, right, none of us are for that, but you're right that we do need government to set the conditions so that we can grow, so business can solve these problems at scale that society really needs answers to. And I think maybe we have to do two things a little differently. One is talk to more people at the local level, local businesses, local chambers, and get them to drive community support for politicians who
are willing to do some hard things. And two, I think businesses are going to have to get more involved earlier in the process, in the primary process and really thinking about candidates who don't want to just admire the problems and say expedient things, but are willing to do hard work and take hard votes.
You know, I think about you sitting in your headquarters right right across from Lafia Square, looking out the window at that White House. You've been there a lot longer than this administration, and to your point, you're going to be there for administrations in the future. But this Trump administration has embraced crypto in a way that we have
not seen in a White House before. And of course the timing has a lot to do with this, with this suddenly kind of going mainstream, and there's clarity act that Republicans and some Democrats are hoping to see past this this year. In fact, it could be sooner than later. Are we managing the rules of the road when it comes to crypto in a way that the Chamber can support this approach?
I really like the question, and I really even more like the preamble, right, which is we just had our one hundred and fourteenth birthday that I know, I don't look at day of one hundred and twelve, I really feel look amazing, thank you. I really feel the weight of the fact that you know, who was the guy in my office and the depression or in World War two?
You know? And how did they think about emerging technologies, emerging financial instruments, how did they think about the impact on working families and communities and American security and competitiveness, and how do we do the long term right things while being empathetic to the real short term pain. So I think you're preamble was just so important. We actually do need institutions with historical memory and reach, and I think it's really import.
Sound like an institutionalist, but the Chamber not taking a position on cryptos.
Look, I think what we want to do is be supportive of new technologies at the same time that we don't lose sight of what really works in this country and the traditional capital markets and traditional financial services.
We want to be careful watching this so closely. And they've gone from pushing back completely not interested to embracing slowly, but I think moving carefully. But there is this concern we talk about disruption and innovation that how could something like the digital world or cryptocurrencies replace so much of what the banks do? So a is there a lot of perspective that you guys are getting in the banks.
But what point is that innovation good? And is what point is that disruption dangerous? Right? And it's what you're always balancing with a new technology. And so I applaud these industries, in these companies that are educating Congress and getting to a point where we can do something that makes sense, it makes sense for business.
It's of course not just crypto when we think of emerging technologies, there's another industrial revolution happening, right, now it take the words from Gens and Wong, that's what he calls it. How concerned is the chamber about? To your point, there are wonderful things that AI is bringing to us, but there could also be a negative disruption when it comes to the job market. Is that a worry of yours?
Do you want to hear something cool? The fastest the people having the fastest uptake of AI small business? Okay, the first technology in the United States that small business embraced first, which is really a leveling out right, a great equalizer. Last year, the United States had five point six million new business starts. That's optimism for you. Some of that is that they can do more with AI, which is really fascinating. So the answer to questions, of course,
everyone can see there's a disruption coming. We don't have revolutions without some kind of disruption. So how do we help people through that? Because we're long term optimistic about job growth, about health impact, about the innovation, about what it does for our country, we want to compete with our adversaries, right, So I think this is a really important topic and we're going to have to do reskilling
and education. But the short term disruption, I think is going to lead to a nice hockey stick.
You know, we need a little bit of optimism. I feel like there's a lot of serious stuff we've talked about today.
Yeah, thank you for the optimism.
What a pleasure. Thank you so much, Thanks so much for having me Zan Clark, President cy of the US Chamber of Commerce,