Bloomberg Businessweek Weekend: May 8th, 2026

23:57Carol Massar:That's John Hope Bryant of Operation Hope, an author of Capitalism for All. Staying with the capitalist theme, we're joined now by Suzanne Clark. She is the president and CEO of the U.S. 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. We were just with the L.A. 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.

24:33What 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 Neera Tanden. It was on the 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.

25:05You reached for the word uncertainty first. How do you speak with your members about this, the challenges they're facing and about to face? Well, you know, let me say first that Neera and I had violent agreement about the need for permitting reform. 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 U.S. Chamber, we really believe a lot of the root of the affordability problem is a supply constraint, right?

25:37We don't have enough housing. We don't have enough access to health care. We have labor shortages in key sectors. We don't have a resilient supply chain. So the question is, if we want long-term economic growth, 3 % growth that lifts up families and communities in the country and helps pay off debt, if we want all of that, we've got to take some of these structural issues really seriously.

25:57Carol Massar: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-changer? 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 a change of administrations, most likely. Right. 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 and what to build? And yet at the same time, as you've reported, we need all of the above.

26:22Carol Massar:Suzanne, 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 and to lawmakers. So how do they say, hey, folks, it's not just about four years, four years, four years. It's about a 10 year plan. China 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? We certainly do not want a government-planned 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.

26:53And 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. This Trump administration has embraced crypto in a way that we have not seen in a White House before.

27:24And of course, the timing has a lot to do with this, with this suddenly kind of going mainstream. And there's a clarity act that Republicans and some Democrats are hoping to see past 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? We just had our 114th birthday. How about that? I know. I don't look a day over 112. I really feel the weight of the fact that, you know, who was the guy in my office in the Depression or in World War II? And how did they think about emerging technologies, emerging financial instruments?

28:01how do 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? We actually do need institutions with historical memory and reach, and I think it's really important. You sound like an institutionalist, but the chamber not taking a position on crypto? 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.

28:37We want to be careful.

28:38Carol Massar:I mean, banks have been watching this so closely. That's right. 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 is there a lot of pushback that you guys are getting from the banks? At what point is that innovation good and is that disruption dangerous? And it's what you're always balancing with the new technology. And so I applaud these industries and these companies that are educating Congress and getting to a point where we can do something that makes sense and makes sense for business.

29:14Carol Massar:What a pleasure. Thank you so much. Thanks so much for having me. This is Anne Clark, President and CEO of the U.S. Chamber of Commerce. Coming up on this special Milken edition of Bloomberg Business Week, the business of sports. Always a lot of money there. We always make the connection here at Bloomberg. We hear from a NASCAR Hall of Famer and an Olympic gold medalist. This is Bloomberg.

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31:19Carol Massar:You need to make a huge presentation in an hour. Adobe Acrobat uses AI to take all your documents and generate a presentation with a single click. Build slides quickly and streamline the process. Need a last-minute pitch deck? Do that with Acrobat. Need to level up your presentation design? Do that with Acrobat. You have 30 plus documents that need to be simplified into a proposal. Do that. Do that. Do that with Acrobat. Learn more at adobe.com slash do that with Acrobat. This is Bloomberg Business Week Daily with Carol Masser and Tim Stenevek on Bloomberg Radio. We want to wrap up this special edition of Bloomberg Business Week at Milken this past week in Beverly Hills, California, with a gold medal guest, literally.

32:09Carol Massar:We're joined by U.S. Alpine skier Breezy Johnson and Tricia Worthington from the U.S. Ski and Snowboard Team. Where to begin? You come to Milken. Joe and I keep talking about sports. There's a ton of money in sports. A lot of pressure, though, on every sport to make sure that they are generating revenue. Tricia, let me start with you. Tell us what you guys are doing, how easy it is, how hard. You're all competing for dollars, I should say. Absolutely. Yeah, we have two main avenues of revenue at US Ski and Snowboard, and that is primarily private giving as well as corporate partnership. And both are really equally supporting these athletes.

32:50Carol Massar:Everything we raise through those two avenues support their training, their traveling, their coaching, everything they need to get to the level that Breezy did in Italy. Well, it's incredible to have you here and wonderful to meet you. You're a hero for a lot of folks who watched you in action. And I'm wondering what kind of a reception you're getting here today because you're a draw and you help. You're an ambassador for this message, right? What kind of reaction are you hearing from those who are holding the dollars at Milken? Yeah, I mean, it's really such an honor to be here. I think, you know, I would say I'm not one of the most well-known athletes right now.

33:28But, you know, once the gold starts shining around, then people are different. My name is like, you have to Johnson. But that starts the conversation in itself, doesn't it? Exactly. Exactly, yeah. I think, you know, winning an Olympic gold medal, I don't think I really even could comprehend the value of it to the American public. I think we as athletes, we work our whole lives for it. But I think, you know, there's a lot of pieces that need to come together. ski racing in particular is very much, you know, it's, I think, more similar to a Formula One operation than, like, what most people would expect from an Olympic operation.

34:01And we're trying to do that on a very small budget. So, you know, for everything to come together at the right time once every four years is definitely a challenge.

34:08Carol Massar:Mean and Mean can make you extreme. Like, I totally see it play out. Breezy, talk to us about after winning the medal. Like, what does that mean in terms of sponsorships? So all of a sudden, is the phone ringing like crazy? Give us an idea of how that changes things? Yeah, it definitely changes things, although it's slow, right? So as athletes, I would say most of our income comes from four main revenue sources. For Alpine athletes, you have your helmet sponsor, your title sponsor. We're lucky enough to work with Stiefel on the US ski team, and they work with me personally. They're a great company, and they're super invested in skiing and also expanding our appearance globally, which is super important for sponsorships.

34:46Then you have your sort of NIL deals, your Instagram deals, things like that. It's a small piece of the pie, and I feel like it's somewhat getting smaller as the market gets larger with NCAA athletes, et cetera. Then you have your endemic sponsors, your equipment sponsors, things like that. That's sort of holding pretty steady, I would say, but with inflation, I would say somewhat decreasing. And then you have your appearance fees, your conferences that you speak at, your keynote speeches that you do. So that obviously has grown a lot. Some of the deals that I've had are definitely growing. And then obviously you make more from your endemic sponsors through bonuses and things like that around the Olympics.

35:29But I would say, yeah, it's an ever-changing landscape for sure. And especially with NCAA and those pieces, it's definitely evolving. So, Tricia, how do you grow a sport that for many people is not accessible and is known, at least, for having a high barrier of entry? How do you make this accessible to more Americans?

35:50Carol Massar:Yeah, I think doing a good job on the corporate sponsorship side and having those corporate partners help us raise awareness for the athletes because we are such a small sport. So we work with big brands like Stiefel that Breezy mentioned, but also Visa, Toyota, J.Crew, all exposing us to audiences that aren't endemic necessarily to the sport. So that would be a key part of that. I feel like the last couple of years, you know, hallelujah, you know, women and sports are getting some recognition. They're getting the broadcast audience. I do feel like there is a shift going on in a big way. investors want to invest not just in men's teams they want to invest in women's teams tell me about let me start with you yeah you know what you are seeing specifically yeah i mean our women are killing it right now you know breezy lindsey in case anybody forgot women are but go ahead the strongest women's moguls team in the world and so because there's so much hype around women's sports, it is attracting corporate partners to the team.

36:59Carol Massar:And so, you know, it's definitely helping us grow that area of our support to a much bigger, you know, size than it has been traditionally. That's U.S. Alpine skier Breezy Johnson and Tricia Worthington from the U.S. Ski and Snowboard team. Now, from the slopes to the racetrack, we caught up with NASCAR EVP Ben Kennedy and Hall of Famer Jeff Gordon. First of all, when you guys come to Milken, what is it that you want to, who do you want to talk to? What do you want to do here? Well, we're excited. This is our first time. Oh, is it? We've never been here before. We've had a lot of first timers this year.

37:32Carol Massar:So how are you like so far? I mean, it's blowing our minds, you know, just the who's who of everybody and, you know, business and business leaders. So yeah, it's great to be here and be on a panel. Well, speaking of business, NASCAR is a huge business. Tell us about how things are going, and I'm just curious about how you think about the next phase of revenue growth for it. Yeah, it's great. We're, you know, in our season. So we're 78 years old this year. Blew out our candles on that a few months ago. 11 races into the season. Yeah, 11 races into the season, six different winners. Jeff was in victory lane this past weekend with Chase Elliott.

38:07So we have a good start to the season. And, you know, it's been a fun four or five years for us. Really, ever since COVID, we had a bit of a paradigm change. You know, as far as leadership goes, a lot of the initiatives that we've been pushing, whether it's a next-gen car, a lot of schedule innovations. And then we had our new media rights agreement that kicked off last year. So brought in new partners like TNT with Warner Brothers Discovery. Amazon Prime is covering five races during the summer. And it's been great from a distribution perspective and giving us an opportunity to get to some of those younger audiences.

38:39As one of the greatest drivers of all time, you helped to mainstream NASCAR. You made NASCAR a household event. We're seeing F1 experience a moment now. And I'm wondering if you see that as competition or if this is the rising tide that lifts all boats. I mean, obviously their presence in the U.S. has grown, so I've always looked at them as totally different. It is totally different, but does it actually help you to just have more race fans in this country? I think if motorsports is growing, I think everybody's growing along with it. So, yeah, absolutely. And, you know, I think that's what we're focused on, right, is we've got some great characters in storytelling and rivalries.

39:18Chase Elliott, you know, one of the most popular women this past weekend. A new star in Carson Josevar. So we understand that we're always trying to link our TV partners to our fans as well as our partners within the business on our race teams to our drivers and to the storytelling. And I think we've got some great momentum right now, especially collaborating with NASCAR and what they're doing.

39:42Carol Massar:Well, I want to ask you guys, how do you expand the global footprint? Jeff, let me kick it off with you in terms of NASCAR. How do you see, how do you go about it? Yeah, I think a lot of it has to do with OEMs, right? Right now we're Chevrolet, Ford, and Toyota. Dodge has recently come into the truck series and could expand there. But I think it kind of starts with where are the OEMs and their footprint. And it's always been North America for us, and that's been their focus. But if we can bring in some OEMs that look at it outside of just North America, I think that could be a great start. Well, are those talks going on, Ben, at this point?

40:18Yes, Ben.

40:20Carol Massar:I told him I was going to give him all the tough questions. A little hint. We like headlines. Let's make some noise. No, we're excited about it. And to Jeff's point, we have always focused on New William. So Ram came into their sport this year with the truck series, which has been great. And then Jeff and I have been talking about what does the future of NASCAR look like? So primarily a domestic sport. All of our races this year are in the United States. We had a race in Mexico City for the first time in our sports history last year, which was great on so many different levels. levels, have a lot of interest north of the border, and then we have interest abroad as well.

40:52We worked with Jeff and the Hendrick team on a garage 56 car, so a car that went over to Le Mans a couple years ago, and I can tell you the fans there went nuts over it.

41:02Carol Massar:That's NASCAR EVP, Ben Kennedy, and Hall of Famer Jeff Gordon speaking with Joe Matthew and me at the Milken Institute Global Conference held this past week in Beverly Hills. Next up from the conference, our discussion on the state of higher education with Dartmouth University President Sian Beilock. I want to ask you first about the White House turning a big spotlight on academia here in the United States. How are you thinking about that? Because my feeling for colleges and universities, it's a place for kids to say stupid things and make mistakes and learn. And I feel like we can't do that anymore.

41:36Carol Massar:But tell me, you've had to deal with it firsthand. Yeah, I mean, first, I live by my values and the values of the institution, regardless of who is in office. And we've been very clear at Dartmouth about what we are. We're an educational institution. We're not a political institution and we're not an advocacy organization. And when you're clear about what you do, that you're teaching students how to think, not what to think, and that free expression is very important, but there are boundary conditions, it makes it easier to do your job. And we have been one of the few Ivy League universities not under federal investigation by either the Biden administration or the Trump administration.

42:13And I think it's because we're focused on our mission. Has there been a corrosive effect of the Biden or the Trump administration, forgive me, focus on academia, not to mention the greater Republican approach to anti-Semitism on campus that we saw during the Biden administration? Has there been a chilling effect for students? What I'm interested in is making sure that people can express their views regardless of their background, but that we're not spewing hate. Right. I think that's really important. And so we're very clear. You can protest outside my office, but you cannot disrupt others. That's robbing someone else of free expression.

42:55You can protest a speaker, but you can't set up an encampment, take over a shared part of space and declare it for one ideology. And so at Dartmouth, we have very expansive free expression policies, but we're willing to call balls and strikes. And what we're seeing on our campus is amazing dialogue. We started after October 7th something called Dartmouth Dialogues, where our faculty in Jewish studies and Middle Eastern studies actually were willing to get together and have open panels and dialogues. And they modeled what it was like for students. And I will say now that 85 % of our students on campus feel like they can speak their mind in a respectful way.

43:32Carol Massar:And I'm very proud of that. That's Dartmouth University President Sian Bylock speaking with Joe Matthew and me at the Milken Institute Global Conference held this past week in Beverly Hills. And that wraps up our special weekend edition of Bloomberg Business Week from the Milken Institute Global Conference. It was held this past week. It was the 29th time they've held this conference. Be sure to tune in to Bloomberg Business Week daily, Monday through Friday, starting at 2 p.m. Wall Street time on Bloomberg Radio, Bloomberg TV, and on Sirius XM Channel 121. You can also watch our daily broadcast on YouTube.

44:03Carol Massar:just search Bloomberg Podcasts. We're simulcast on Bloomberg Originals, available on Bloomberg.com slash originals, and streaming platforms including Roku, Amazon Fire TV, Samsung TV Plus, and more. And be sure to catch our Bloomberg Businessweek podcast at Bloomberg.com, Apple, or wherever you get your podcasts. The latest edition of the magazine, it is available on newsstands now at Bloomberg.com and always on the Bloomberg Terminal. I'm Carol Master, along with Bloomberg's Joe Matthew. Have a good and safe weekend, everyone. Do stay with us. Today's top stories and global business headlines are coming up right now.

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