Eric Cantor (2:39)

You know, I think with this president and this administration, I think there is just sort of an acceptance that you're never really going to know for certain anything because of the way that, you know, the rapidity that things are about in Washington, the way that President Trump sort of approaches, you know, the power he's got and the position, very unique. But I think on the whole it's a much more constructive regulatory environment and you just don't have this overhang that you had in the prior Biden administration where, you know, there was really an anti business sentiment. And if you just remember like eons ago, but with the likes of Lina Khan and Jonathan Kanter, they were sitting in these spots in the head of the antitrust regulators and they really definitionally said, if you are bigger, that is bad and therefore we're not really inclined to allow you to do it. Whereas this administration, it's not like it was under the Bush administration, but it's certainly much more constructive than they like to do deals.

Interviewer (3:42)

As you've watched that parade of executives going through the Oval Office, some of whom are giving up equity stakes to the US Government, what are you thinking as a lifelong Republican, this kind of new, new breed of Trump Republicanism that involves, again, it's not dirigism, but it's sort of like the state is having a heavier hand in the way that these countries.

Eric Cantor (3:59)

Well, it was mine. You know, David, I still remain a lim the government free market, Republican and conservative. So it's obviously something very new to me to see that the government wants to take a stake in a business and or a toll if it's an export. That is something that is obviously, and I think for the majority of the members that are in the Congress now, it is something that's very new. But I do think it's much more in keeping with what President Trump is about and what his career has been about. It's all about deal making. And I think if you look at sort of the intel situation and what happened there, it was more of a response to the disdain that the White House had for the CHIPS act and just giving away monies and instead say, hey, we need to do something for the taxpayers. Now, where I have an issue is the governance rights, you know, that is, you know, it's not as if the federal government has not stepped in before. I mean you and I were down there when the great financial crisis happened and, and we're allowed a lot of bailouts. You look at the airline industry, you look at the GSEs, I mean there's a lot of history.

Narrator/Announcer (5:02)

History.

Eric Cantor (5:03)

But the, but the difference this before there was always sort of a path and a known path to an exit. And now not so clear.

David Westin (5:11)

Well, this is sort of the concern is that right now if you're putting an emphasis on dealmaking, deregulation and potentially jawboning the Fed to cut rates more aggressively at a time that the economy is still chugging along, at what point are you setting up the risk of that kind of scenario once again in 2027 or 2028?

Eric Cantor (5:28)

Well, listen, I think this President has been very consistent in his message of growth and he wants growth. And that is the way, and that is where sort of the, the, the, the more traditional sort of conservative Republican can come along with the agenda because it is, we've always been about real growth comes from the private sector. And if you look at where the, the administration has been taking stakes, it's really in these industries that are critical to the national security. It is about AI related, it is about the rare ear. It is all about how do we go and continue to take the lead in these critical sectors vis a vis China and other bad actors.

David Westin (6:07)

How do you think this administration has done with respect to messaging around affordability? This is something that has been dogging the administration quite a bit. Now we're talking about dolls and Christmas presents, but there is this issue of people aren't feeling great even though the economy is chugging around. What do you think, what do you think that Congress should be doing? How do you think the President should be messaging this?

Eric Cantor (6:25)

Well, you know, it's interesting after the off year elections, one of which was in my state of virgin and the party didn't fare well, the President was fairly nimble and 10 days later turning around and taking the steps he did in lifting the tariffs on 200 food items and which directly impact people when they go into the grocery store to look to prepare for the holiday meals, including not just the things that we don't grow here, but like beef, right. And Brazilian beef. And there's a real inflationary pressure in the beef industry in this country. And I think the administration took the steps necessary to provide the relief. So I think you're going to see a lot more accommodation in terms of that as we head into the new year. And look, the president's also, this is something also very novel. David, back to your original point about the kinds of things this administration is doing. He's talking about a dividend from the tariffs. I mean, but that is something directly related to, to the issue, Lisa, you bring up, and that is how is a presence supposed to bring down prices when we're in a free market, don't.

Interviewer (7:33)

Have a whole lot of time left. But I want to ask you about the prospect of the fiscal stimulus in the new year from the tax bill. I mean, the president talks about so much, maybe he hasn't been focused enough sort of on the potential benefits of that for ordinary Americans. How do you see that playing out in the year ahead?

Eric Cantor (7:46)

Look, the what's going on with AI and with CapEx now necessary to bring about this infrastructure, not just in the data center piece and all that, but on the power end of things. I mean, there, there is a tremendous tailwind we're going to experience from the ability to completely, you know, write off the expense up front. So, you know, I do think, and I think most economists will say there will be an uptick in terms of what that will do to increase people's willingness to go and put capital to work.

David Westin (8:18)

Vice Chair Erica Kanter of Mullis and Company, also the former House Majority Leader, thank you so much for being with us this morning.

Eric Cantor (8:24)

Happy holiday.

Narrator/Announcer (8:25)

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