Penny Pritzker on Biden Admin: They’ll get the virus ‘under control and economy rolling’

Penny Pritzker, Chairman of PSP Partners and U.S. Secretary of Commerce in the Obama Administration joins Yahoo Finance Live to discuss what the American people should expect from Joe Biden in his first few days in office.

Video Transcript

ANDY SERWER: Welcome back to Yahoo Finance's coverage of the presidential inauguration. I'm Andy Serwer, and we're joined by Penny Pritzker, former US Commerce Secretary. Secretary Pritzker, so nice of you to join us.

PENNY PRITZKER: Thanks for having me, Andy.

ANDY SERWER: So let me start off by asking you, what will you be looking for at today's inauguration?

PENNY PRITZKER: Well, today's a great day for our country. It's really exciting. You know, this is a return to integrity and decency. And you know, I think what we'll hear from the president-elect, and once he's sworn in and giving his speech as president, is a discussion about bringing the country together.

Joe Biden is very-- and Kamala Harris both are very focused on that as their responsibility. And then, of course, I think we'll hear about the terrible devastation of the virus and the need and the work that this administration will do to get the virus under control and get our economy rolling so that people get back to work.

ANDY SERWER: Well, let me ask you about that trying to bring America back together, Secretary Pritzker, because that's a tall order given the divisions that we're facing in this country right now. How do you think he'll go about trying to do that?

PENNY PRITZKER: Well, I think let's start with this morning. You've got Mitch McConnell and members of both parties at a church service with the president-elect and the vice president-elect. I think it'll begin with-- you know, Joe Biden is an affable individual who has long relationships with many members of Congress. And I think he will work with those folks from both sides of the aisle to the benefit of the American public.

ANDY SERWER: Obviously President-elect Biden, and he still is president-elect at this point, has a lot of work to do, as you suggest. And I'm wondering if you think this is somewhat like 2008, where he came in as vice president and the country was in pretty rough shape. What's your thinking there?

PENNY PRITZKER: Well, I think that, you know, we're facing a multitude of crises. We have a health care crisis. We have an economic crisis. We have a climate crisis. And frankly, we have a racial inequity crisis.

And so the president-elect's plate is very full and requires efforts in order to bring the country together. And as you point out, we have a very divided Congress. But I think we also have a Congress that recognizes, particularly after the events of the last weeks, that they need to come together, and they need to begin to solve problems and to show the American people that government can work for everyone.

ANDY SERWER: The transition from President Trump to President-elect Biden was-- has been unprecedented. And some people have said that this is no way for President Trump to leave the office. He never conceded the election, never mentioned Joe Biden by name. Do you think this is going to hinder President-elect Biden in any way?

PENNY PRITZKER: No. I think that-- I think those types of antics are just childish and inappropriate, and they will be forgotten very quickly. I think the toughest part of the transition was actually the technical part, which is not getting access early. Having said that, the Biden team has done an extraordinary job, and I feel that the cabinet and the members of government that are being put in place and the paper-- and the materials and briefings that were necessary to get people up to speed have all occurred.

And that's thanks to the work of hundreds and hundreds of people who both worked on the transition, were employed by the transition, but also volunteers. And so I think that we're going to have a peaceful transition of government. It's been rocky, but we're going to accomplish that, and the Biden administration is going to move forward ready on day one. There's lots to be done right-- right from the get-go, and I think you'll see that with the executive orders and other actions that occur just this afternoon.

ANDY SERWER: Speaking of lots to be done, Secretary Pritzker, there is the $1.9 trillion stimulus plan. President-elect Biden's soon to be releasing a comprehensive immigration reform package, and he's vowed to address climate change. What do you think should be prioritized?

PENNY PRITZKER: Well, look, the number one thing we have to do is deal with the virus, and President-elect Biden recognizes that. He's-- there'll be an executive order that basically requires us all to wear a mask, which we should have been doing. But also, though, in the stimulus plan you referred to, the American rescue plan, basically is funding to implement vaccine administration and production.

I think production is going to ultimately be-- the rate of supply, I think, is going to be the challenge to get enough vaccines as quickly as possible. But I have a lot of confidence that this team will get that done. That's job one.

Job two is getting our economy going again, getting us all back to work. Not all-- you know, some of us will continue to work remotely, but making it possible for people to go back to their places of work, which will be absolutely essential, particularly for small and medium-sized businesses, that have been devastated by this virus. Getting kids back in school, there needs to-- in the rescue package is funding to get kids back in school. All the studies are showing that that is essential and absolutely important for our children.

And then, of course, there's to help the Americans who are suffering, whether it's through protecting them from foreclosure, or rent forbearance, or helping them with stimulus checks, to help them bridge between now and when those jobs are back and available. So I think that, you know, number one, let's get the virus under control. Number two, let's get the economy rolling.

Then there are big long-term issues that the administration is focused on that you mentioned, climate change being number one. I mean, today, I gather that the president-elect will put us back in the Climate Accords, the Paris Climate Accords, absolutely important for American leadership and positioning. And then, of course, the serious issues that we're facing around racial injustice and racial inequity, and those are things that need to be addressed as well.

So lots of work to do. And President-elect Biden and Vice President-elect Harris have been really clear, those are their top four priorities, and that's where they want their entire administration to focus. And I think that those are the right priorities.

ANDY SERWER: Senator Mitch McConnell on Tuesday said the Capitol mob was provoked by Trump. Do you expect the Senate to vote to convict Donald Trump? Or will they ultimately [AUDIO OUT] time around? And do you think the president should be impeached by the Senate?

PENNY PRITZKER: You know, what the Senate does in terms of conviction is something I can't predict. I don't really know how that will go. I think it's important that for the future of our country that we make sure that the people who have broken the law are brought to justice. And we cannot allow insurrection to stand without being addressed.

And I have the utmost confidence in our criminal justice system and in Congress to figure out what the right outcomes are there. But I also-- and we can't just blow past this. We must address it. It's absolutely essential for the future of our democracy.

Simultaneously, we need to get the government in place. We need to have the cabinet confirmed. We need leadership in place in each of the departments. I know that personally from my own experience when I took over a department that hadn't had a confirmed secretary for over a year, the departments need leadership, and particularly at a time when we're facing all kinds of very complex both domestic economic and national security issues and foreign challenges. So we need to get leadership in place.

And then, as you point out, we need to address the stimulus and the infrastructure needs of the country. And frankly, we also need to invest in R&D and skilling of our population given the massive changes in technology that are going on in our country. So there's a lot of work to be done. And I-- as the leadership has said, they can walk and chew gum at the same time, so I have confidence that-- that certainly the administration is prepared day one to address these issues simultaneously.

ANDY SERWER: Former Commerce Secretary Penny Pritzker, thank you so much for joining us.

PENNY PRITZKER: Thanks for having me, Andy.