1 00:00:00,440 --> 00:00:04,030 morning . Thank you for joining us 2 00:00:04,040 --> 00:00:06,750 today . Today we have under Secretary 3 00:00:06,750 --> 00:00:08,972 Lord and the chief information security 4 00:00:08,972 --> 00:00:11,290 officer for an S Katie Harrington . 5 00:00:11,300 --> 00:00:13,300 They're here to discuss the trusted 6 00:00:13,300 --> 00:00:15,078 capital program and the digital 7 00:00:15,078 --> 00:00:17,078 marketplace launch . Following some 8 00:00:17,078 --> 00:00:19,189 opening remarks from this Lord , they 9 00:00:19,189 --> 00:00:21,300 will take questions . We ask that you 10 00:00:21,300 --> 00:00:23,522 keep your questions within the scope of 11 00:00:23,522 --> 00:00:25,356 today's topic . We have about 30 12 00:00:25,356 --> 00:00:27,522 minutes for today's presser , and with 13 00:00:27,522 --> 00:00:29,744 that I will turn it over to Miss Lord . 14 00:00:29,744 --> 00:00:31,911 Thank you , Jessica . And I appreciate 15 00:00:31,911 --> 00:00:33,800 everyone joining us today , Katie 16 00:00:33,800 --> 00:00:35,689 Arrington and may . So we're very 17 00:00:35,689 --> 00:00:37,744 excited to be here talking about our 18 00:00:37,744 --> 00:00:40,170 trusted capital marketplace . It's 19 00:00:40,170 --> 00:00:42,226 actually our trusted capital digital 20 00:00:42,226 --> 00:00:45,330 marketplace . So the defense industrial 21 00:00:45,330 --> 00:00:47,550 base or the dip , as we call it , 22 00:00:47,630 --> 00:00:50,570 really represents the nexus off 23 00:00:50,580 --> 00:00:53,960 economic and national security in the U . 24 00:00:53,960 --> 00:00:56,670 S . In addition to supporting and 25 00:00:56,670 --> 00:00:59,060 encouraging small businesses , our 26 00:00:59,060 --> 00:01:01,820 responsibilities in A and S include 27 00:01:01,820 --> 00:01:04,710 establishing policies to maximize 28 00:01:04,710 --> 00:01:07,270 United States competitive advantage and 29 00:01:07,270 --> 00:01:10,720 ensuring robust , secure and resilient 30 00:01:10,730 --> 00:01:13,150 national industrial base capabilities . 31 00:01:13,840 --> 00:01:16,590 Many small and mid sized companies in 32 00:01:16,590 --> 00:01:19,350 the dib are vulnerable toe adversarial 33 00:01:19,350 --> 00:01:22,140 capital , so we need to make sure 34 00:01:22,140 --> 00:01:25,070 companies can stay in business without 35 00:01:25,080 --> 00:01:27,540 losing their intellectual property , 36 00:01:27,790 --> 00:01:30,450 the foundation of so many critical 37 00:01:30,450 --> 00:01:33,960 technologies . Economic security can be 38 00:01:33,970 --> 00:01:36,960 undermined by acquisition of companies 39 00:01:36,970 --> 00:01:39,840 in the defense and dual use sectors by 40 00:01:39,850 --> 00:01:43,450 entities that are you a U . S . Based 41 00:01:43,840 --> 00:01:46,910 but are actually owned or controlled by 42 00:01:46,920 --> 00:01:50,350 adversarial foreign entities . Although 43 00:01:50,350 --> 00:01:52,970 D O . D will always have a diverse 44 00:01:53,010 --> 00:01:56,170 domestic and international supply chain , 45 00:01:56,180 --> 00:01:58,570 we recognize that this supply chain 46 00:01:58,570 --> 00:02:02,120 diversity comes with some risk . One of 47 00:02:02,120 --> 00:02:05,240 the risk archetypes identified in the 48 00:02:05,240 --> 00:02:07,350 assessing and strengthening the 49 00:02:07,350 --> 00:02:09,800 manufacturing and defense industrial 50 00:02:09,800 --> 00:02:12,560 base and supply chain resiliency of the 51 00:02:12,560 --> 00:02:15,360 United States report written in 52 00:02:15,360 --> 00:02:18,660 response to the executive order 13 53 00:02:18,670 --> 00:02:22,420 806 was dependency on foreign 54 00:02:22,420 --> 00:02:25,660 capital and Supply chains . CO vid 55 00:02:25,660 --> 00:02:28,780 19 magnified that risk and the 56 00:02:28,780 --> 00:02:30,940 difficulties of identifying and 57 00:02:30,940 --> 00:02:33,550 appropriately addressing adversarial 58 00:02:33,560 --> 00:02:36,550 offshore sources off capital drawing 59 00:02:36,550 --> 00:02:39,260 times of global emergencies . For 60 00:02:39,260 --> 00:02:43,050 instance , from January to April 2020 61 00:02:43,350 --> 00:02:47,250 China announced 57 outbound mergers and 62 00:02:47,250 --> 00:02:50,260 acquisitions worth $9.9 63 00:02:50,260 --> 00:02:53,620 billion.145 64 00:02:53,630 --> 00:02:55,970 outbound investments worth 65 00:02:55,980 --> 00:02:59,900 $4.5 billion in the United States 66 00:02:59,940 --> 00:03:02,860 and other key allies , according to the 67 00:03:02,860 --> 00:03:06,550 Source global data dot com . The 68 00:03:06,550 --> 00:03:09,500 department has three main tools to 69 00:03:09,500 --> 00:03:12,710 combat this area of economic and 70 00:03:12,720 --> 00:03:15,970 national security . Concern Number one . 71 00:03:16,340 --> 00:03:18,490 Our Mergers and Acquisitions Team , 72 00:03:18,500 --> 00:03:20,722 which works closely with the Department 73 00:03:20,722 --> 00:03:23,130 of Justice and Federal Trade Commission 74 00:03:23,130 --> 00:03:25,890 counterparts . Number two , the 75 00:03:25,900 --> 00:03:28,040 Interagency Committee on Foreign 76 00:03:28,040 --> 00:03:30,650 Investment in the United States or 77 00:03:30,650 --> 00:03:34,130 Citius and now D . O . D s new 78 00:03:34,130 --> 00:03:36,810 trusted capital program , which is what 79 00:03:36,820 --> 00:03:40,340 we're here to discuss today . The 80 00:03:40,340 --> 00:03:43,500 trusted Capital Initiative is a d o d . 81 00:03:43,500 --> 00:03:45,860 Lead whole of government system of 82 00:03:45,860 --> 00:03:48,080 systems that supports trusted 83 00:03:48,080 --> 00:03:50,480 partnerships between critical 84 00:03:50,720 --> 00:03:53,340 capability companies and capital 85 00:03:53,340 --> 00:03:56,710 providers . Trusted capital works by 86 00:03:56,710 --> 00:03:59,160 providing opportunities for trusted 87 00:03:59,160 --> 00:04:02,000 financial institutions and qualifying 88 00:04:02,000 --> 00:04:04,370 companies to explore mutually 89 00:04:04,370 --> 00:04:07,080 beneficial partnerships in support of 90 00:04:07,080 --> 00:04:10,050 national security goals . Aligned with 91 00:04:10,050 --> 00:04:12,100 the national defense strategy , the 92 00:04:12,100 --> 00:04:15,310 trusted capital program provides a MAWR 93 00:04:15,310 --> 00:04:17,820 lethal force by creating new 94 00:04:17,820 --> 00:04:20,790 partnerships in order to reform the way 95 00:04:20,790 --> 00:04:23,470 the government will provide opportunity 96 00:04:23,480 --> 00:04:26,320 for innovation . To make the trusted 97 00:04:26,320 --> 00:04:29,350 capital program and enduring capability , 98 00:04:29,360 --> 00:04:31,700 we created the trusted Capital 99 00:04:31,700 --> 00:04:34,770 Marketplace , or TCM , which is a 100 00:04:34,770 --> 00:04:37,730 digital market platform for both 101 00:04:37,730 --> 00:04:41,540 companies and capital providers . TCM 102 00:04:41,540 --> 00:04:44,250 launched in December 2020 and both 103 00:04:44,250 --> 00:04:46,840 companies and capital providers are 104 00:04:46,840 --> 00:04:49,580 beginning to sign up . Each will 105 00:04:49,590 --> 00:04:52,040 undergo a rigorous due diligence 106 00:04:52,040 --> 00:04:55,320 process before they are accepted into 107 00:04:55,320 --> 00:04:57,800 the marketplace to ensure foreign 108 00:04:57,810 --> 00:05:01,590 ownership control and influence is 109 00:05:01,590 --> 00:05:04,970 non existent . Specifically , trusted 110 00:05:04,970 --> 00:05:07,790 finance partners will be able to apply 111 00:05:07,800 --> 00:05:10,580 via the trusted capital landing page , 112 00:05:10,590 --> 00:05:13,070 and technology innovation providers 113 00:05:13,080 --> 00:05:15,630 will be required to receive a 114 00:05:15,630 --> 00:05:19,120 recommendation . Once going through our 115 00:05:19,120 --> 00:05:22,460 security screening processes , we need 116 00:05:22,460 --> 00:05:24,950 to collectively work to bring all the 117 00:05:24,950 --> 00:05:27,330 relevant resource is together at the 118 00:05:27,330 --> 00:05:30,230 right time . Congress has created some 119 00:05:30,230 --> 00:05:32,880 very effective tools to assist in this 120 00:05:32,880 --> 00:05:35,540 effort , such as the opportunity zones 121 00:05:35,550 --> 00:05:38,590 created in the Tax Code and Jobs Act of 122 00:05:38,590 --> 00:05:42,470 2017 . But we also need to doom or to 123 00:05:42,470 --> 00:05:45,350 maintain our national security . One 124 00:05:45,350 --> 00:05:47,790 such proposal would create national 125 00:05:47,790 --> 00:05:50,200 security , qualified companies and 126 00:05:50,200 --> 00:05:53,350 national security qualified funds . We 127 00:05:53,360 --> 00:05:55,027 abbreviate those as we always 128 00:05:55,027 --> 00:05:57,730 abbreviate things here . A d o d as s Q 129 00:05:57,730 --> 00:06:01,650 c and N s Q f . These new designations 130 00:06:01,650 --> 00:06:03,372 in the tax code for capability 131 00:06:03,372 --> 00:06:06,440 providers , N S , QC and capital 132 00:06:06,440 --> 00:06:09,380 providers , N S . Q . F would allow 133 00:06:09,380 --> 00:06:11,980 private investment in companies working 134 00:06:11,980 --> 00:06:14,210 on technology critical to national 135 00:06:14,210 --> 00:06:17,140 security under certain conditions to be 136 00:06:17,150 --> 00:06:20,160 eligible for preferential tax treatment . 137 00:06:20,740 --> 00:06:22,670 Both national security qualified 138 00:06:22,670 --> 00:06:25,450 companies and funds would be required 139 00:06:25,450 --> 00:06:27,450 to meet the trusted capital program 140 00:06:27,450 --> 00:06:29,540 requirements . This would include 141 00:06:29,560 --> 00:06:32,220 national security and supply chain due 142 00:06:32,220 --> 00:06:34,850 diligence checks performed at least 143 00:06:34,860 --> 00:06:37,750 annually on Capitol and capability 144 00:06:37,750 --> 00:06:41,200 providers that opt into the program via 145 00:06:41,200 --> 00:06:44,070 the trusted capital . Open enrollment 146 00:06:44,440 --> 00:06:47,930 in gov . Cloud I . L four online 147 00:06:47,930 --> 00:06:51,660 platforms . The intent of this 148 00:06:51,660 --> 00:06:54,770 proposal is to incentivize additional 149 00:06:54,770 --> 00:06:57,170 domestic investment from trusted 150 00:06:57,170 --> 00:06:59,470 sources of capital and diminish 151 00:06:59,470 --> 00:07:02,020 reliance on Capitol offered by 152 00:07:02,030 --> 00:07:04,050 adversaries within the national 153 00:07:04,050 --> 00:07:07,020 security Innovation Base . As you can 154 00:07:07,020 --> 00:07:09,590 tell , this system of systems is 155 00:07:09,590 --> 00:07:12,280 focused on using market incentives to 156 00:07:12,280 --> 00:07:14,970 build broader relationships within the 157 00:07:14,980 --> 00:07:18,850 innovation , ecosystem and dr behavior 158 00:07:18,850 --> 00:07:21,840 within that ecosystem to crowd out 159 00:07:21,850 --> 00:07:24,510 adversarial capital to defend both our 160 00:07:24,520 --> 00:07:27,370 economic and national security . 161 00:07:28,140 --> 00:07:30,680 Before taking your questions , I would 162 00:07:30,680 --> 00:07:32,820 like to take a moment to announce the 163 00:07:32,820 --> 00:07:36,390 release of the F Y . 2019 report on 164 00:07:36,390 --> 00:07:39,290 defense spending by state from the 165 00:07:39,290 --> 00:07:41,420 Office of Local Defense Community 166 00:07:41,420 --> 00:07:43,920 Cooperation , formerly known as the 167 00:07:43,920 --> 00:07:46,750 Office of Economic Adjustment . This 168 00:07:46,750 --> 00:07:49,370 report , which will be published today 169 00:07:49,740 --> 00:07:52,480 here , is the report presents the 170 00:07:52,480 --> 00:07:55,660 results of a state by state analysis of 171 00:07:55,660 --> 00:07:58,280 U . S Department of Defense or D O D . 172 00:07:58,290 --> 00:08:01,260 Contract and personnel spending during 173 00:08:01,260 --> 00:08:04,790 fiscal year 2019 . The 174 00:08:04,790 --> 00:08:07,800 reports , graphs , maps and tables 175 00:08:07,810 --> 00:08:10,180 present a range of findings such as 176 00:08:10,180 --> 00:08:12,740 total spending figures , categories of 177 00:08:12,740 --> 00:08:14,720 contract ID , goods and services , 178 00:08:14,900 --> 00:08:17,610 major defense vendors and numbers , and 179 00:08:17,610 --> 00:08:20,800 types of defense personnel . State and 180 00:08:20,800 --> 00:08:22,700 local officials may use this 181 00:08:22,700 --> 00:08:25,100 information to assess a regions 182 00:08:25,100 --> 00:08:27,720 dependence on defense spending and to 183 00:08:27,720 --> 00:08:29,950 target assistance to support more 184 00:08:29,950 --> 00:08:33,190 resilient communities and companies . I 185 00:08:33,200 --> 00:08:35,840 urge you to view the report once 186 00:08:35,840 --> 00:08:38,330 published by visiting the Office of 187 00:08:38,340 --> 00:08:41,710 Economic Adjustment to Office of Local 188 00:08:41,710 --> 00:08:44,170 Defense Community Cooperations website 189 00:08:44,170 --> 00:08:48,050 at e a dot gov . With that , I 190 00:08:48,050 --> 00:08:50,106 want to thank you for allowing me to 191 00:08:50,106 --> 00:08:52,170 take the time to discuss these 192 00:08:52,170 --> 00:08:55,070 important issues with you . And I will 193 00:08:55,080 --> 00:08:57,560 mention that we do have trifled on 194 00:08:57,560 --> 00:08:59,950 trusted capital that are a great ready 195 00:08:59,950 --> 00:09:02,590 reference . All right . Thank you very 196 00:09:02,590 --> 00:09:04,701 much . Back to you , Jessica . And if 197 00:09:04,701 --> 00:09:06,868 anybody is interested in the trifles , 198 00:09:06,868 --> 00:09:09,090 weaken certainly send you a coffee over 199 00:09:09,090 --> 00:09:11,090 email . Eso Let's go ahead and take 200 00:09:11,090 --> 00:09:13,090 some questions . We will start with 201 00:09:13,090 --> 00:09:15,312 Tony Apache . Oh , hi . I'm Miss Lord . 202 00:09:15,312 --> 00:09:17,034 Thanks for doing this . And we 203 00:09:17,034 --> 00:09:19,201 appreciate the the access you've given 204 00:09:19,201 --> 00:09:21,257 over the last few years and wish you 205 00:09:21,257 --> 00:09:23,368 well in your next endeavors . Can you 206 00:09:23,368 --> 00:09:25,423 give a sense of how many companies , 207 00:09:25,423 --> 00:09:27,850 both providers and cap and companies 208 00:09:27,860 --> 00:09:30,110 seeking financial assistance have been 209 00:09:30,110 --> 00:09:32,221 identified . And can you give us some 210 00:09:32,221 --> 00:09:34,277 names of some of the companies and a 211 00:09:34,277 --> 00:09:36,221 couple of success stories ? So I'm 212 00:09:36,221 --> 00:09:37,888 going to vector over to Katie 213 00:09:37,888 --> 00:09:40,250 Harrington to talk specifics , But I 214 00:09:40,250 --> 00:09:42,590 will tell you that her team is 215 00:09:42,590 --> 00:09:44,810 processing a number , and there are a 216 00:09:44,810 --> 00:09:47,230 number of both capacity or capability 217 00:09:47,230 --> 00:09:50,120 providers as well as capital providers 218 00:09:50,120 --> 00:09:52,310 in there . Katie . So Good morning , 219 00:09:52,310 --> 00:09:56,000 Tony . We have about Before I 220 00:09:56,000 --> 00:09:58,056 came up to the press conference this 221 00:09:58,056 --> 00:10:01,550 morning , we had about 128 capability 222 00:10:01,550 --> 00:10:03,610 providers logged into the system 223 00:10:03,610 --> 00:10:05,777 already , And we just launched it just 224 00:10:05,777 --> 00:10:07,950 before the holidays , So people are 225 00:10:07,950 --> 00:10:10,780 just getting into it . Um , we have , 226 00:10:10,780 --> 00:10:13,410 on average , 30 of the capital 227 00:10:13,410 --> 00:10:16,370 providers . We've the prior trusted 228 00:10:16,370 --> 00:10:18,592 capital program . We're actually taking 229 00:10:18,592 --> 00:10:20,600 those capital provide partners and 230 00:10:20,600 --> 00:10:23,760 bringing them on some of the names you 231 00:10:23,760 --> 00:10:25,927 know of the capital providers would be 232 00:10:25,927 --> 00:10:29,560 like , uh , acorn or Veritas . Um , 233 00:10:29,560 --> 00:10:32,330 companies that we're looking at that 234 00:10:32,330 --> 00:10:34,760 are entered into the program Blue sky 235 00:10:34,760 --> 00:10:36,982 being one of them . So they're varied . 236 00:10:36,982 --> 00:10:40,210 What ? They dio the capability 237 00:10:40,210 --> 00:10:42,880 providers in the trifled . You'll see . 238 00:10:42,880 --> 00:10:45,830 We have sector areas . We have 27 239 00:10:45,830 --> 00:10:47,980 sector areas that were really focused 240 00:10:47,980 --> 00:10:50,580 on , um we're working across the 241 00:10:50,590 --> 00:10:54,200 department and the the co calms , but 242 00:10:54,200 --> 00:10:56,860 also looking outward , uh , to other 243 00:10:56,860 --> 00:10:59,310 federal agencies so that we can really 244 00:10:59,310 --> 00:11:01,880 bring together the best what NASA is 245 00:11:01,880 --> 00:11:04,570 looking for . DARPA is looking for and 246 00:11:04,570 --> 00:11:06,890 doing the best to bring the capital 247 00:11:06,890 --> 00:11:09,001 providers that are very interested in 248 00:11:09,001 --> 00:11:11,001 supporting our national defense and 249 00:11:11,001 --> 00:11:12,946 getting them directly in line with 250 00:11:12,946 --> 00:11:15,057 those people with the most innovative 251 00:11:15,057 --> 00:11:18,900 cutting edge technologies . Biden has a 252 00:11:18,900 --> 00:11:21,110 bite transition team in briefed on the 253 00:11:21,210 --> 00:11:24,860 program . We have had ah , whole 254 00:11:24,860 --> 00:11:28,480 Siri's very productive briefings to the 255 00:11:28,480 --> 00:11:30,960 Biden team , but I need to vector to 256 00:11:30,960 --> 00:11:34,070 them to share with you what we're 257 00:11:34,070 --> 00:11:36,181 working on with them as that's really 258 00:11:36,181 --> 00:11:38,370 their purview . I did want to make the 259 00:11:38,380 --> 00:11:40,436 point , Tony . Just building on what 260 00:11:40,436 --> 00:11:43,330 Katie said that obviously we know , 261 00:11:43,340 --> 00:11:46,690 especially small companies bring the 262 00:11:46,700 --> 00:11:49,690 most innovation to the department . So 263 00:11:49,690 --> 00:11:52,640 we are really hoping to 264 00:11:52,650 --> 00:11:55,610 diversify our defense industrial base 265 00:11:55,620 --> 00:11:58,490 to bring on a lot of non traditional 266 00:11:58,490 --> 00:12:01,500 companies , um , to work with us , and 267 00:12:01,500 --> 00:12:05,160 this is a fantastic way for those 268 00:12:05,160 --> 00:12:07,870 companies , not Onley Thio identify 269 00:12:07,870 --> 00:12:10,560 themselves to the Department of Defense . 270 00:12:10,590 --> 00:12:13,320 But really almost get into a speed 271 00:12:13,320 --> 00:12:15,376 dating app with all kinds of capital 272 00:12:15,376 --> 00:12:18,060 providers that are very interested in 273 00:12:18,060 --> 00:12:21,200 finding those innovation providers for 274 00:12:21,200 --> 00:12:23,478 the department's critical technologies . 275 00:12:24,040 --> 00:12:26,262 Thank you . And good luck . Thank you . 276 00:12:26,262 --> 00:12:28,270 Thank you . Mike Stone , Reuters . 277 00:12:31,640 --> 00:12:34,270 Hi . Thanks for doing this . Um , I 278 00:12:34,280 --> 00:12:36,440 just wanted Thio . Address the 279 00:12:36,440 --> 00:12:38,850 instruction from the other day . A zit 280 00:12:38,850 --> 00:12:41,630 pertains to some of the members of the 281 00:12:41,630 --> 00:12:45,050 House Armed Services Committee who work 282 00:12:45,060 --> 00:12:48,150 hand in hand with the Pentagon on , uh , 283 00:12:49,740 --> 00:12:51,870 allowing for the endia to go through 284 00:12:51,870 --> 00:12:55,850 and so forth . Does the voting by some 285 00:12:55,850 --> 00:12:57,739 of the members of the House Armed 286 00:12:57,739 --> 00:13:00,060 Services Committee not certified the 287 00:13:00,070 --> 00:13:03,670 2020 election ? Does that create a 288 00:13:03,670 --> 00:13:06,000 problem for the Pentagon ? Moving 289 00:13:06,010 --> 00:13:08,710 forward , A zit looks to procure new 290 00:13:08,710 --> 00:13:12,310 weapons systems . Uh , create a way 291 00:13:12,320 --> 00:13:14,320 that the Biden administration would 292 00:13:14,320 --> 00:13:17,040 potentially hinder the Pentagon's 293 00:13:17,040 --> 00:13:19,800 agenda . So , Mike , thank you for the 294 00:13:19,800 --> 00:13:22,580 question . However , I would not want 295 00:13:22,580 --> 00:13:24,300 to opine on what the Biden 296 00:13:24,300 --> 00:13:26,930 administration will dio . With all due 297 00:13:26,930 --> 00:13:29,208 respect to the incoming administration , 298 00:13:29,208 --> 00:13:31,430 I wanna let them speak for themselves . 299 00:13:31,640 --> 00:13:34,820 Thank you . All right , we'll go Thio 300 00:13:34,830 --> 00:13:38,330 Jared from Fed news . Hey , good 301 00:13:38,330 --> 00:13:40,441 morning . Thanks for doing that . One 302 00:13:40,441 --> 00:13:42,608 of the asked about the vetting process 303 00:13:42,608 --> 00:13:42,520 for both capital providers and 304 00:13:42,520 --> 00:13:44,853 capability providers . And specifically , 305 00:13:44,853 --> 00:13:46,964 I'm interested in how you're thinking 306 00:13:46,964 --> 00:13:48,909 about striking the balance between 307 00:13:48,909 --> 00:13:50,631 having a process that you feel 308 00:13:50,631 --> 00:13:52,910 confident in and not making it so 309 00:13:52,920 --> 00:13:55,087 onerous that nobody wants to take part 310 00:13:55,087 --> 00:13:56,920 in thing . Yeah , that's a great 311 00:13:56,920 --> 00:13:59,180 question . And I think supply chain 312 00:13:59,180 --> 00:14:01,520 illumination and understanding who were 313 00:14:01,520 --> 00:14:05,190 working with has become all the more 314 00:14:05,200 --> 00:14:07,960 important now that with our national 315 00:14:07,960 --> 00:14:10,640 defense strategy , we are focusing on 316 00:14:10,640 --> 00:14:13,470 near peer competition . And we know 317 00:14:13,470 --> 00:14:15,690 that there is some economic warfare , 318 00:14:15,690 --> 00:14:18,340 so to speak , going on . So we have 319 00:14:18,340 --> 00:14:20,930 thought about that , and we are very 320 00:14:20,930 --> 00:14:23,041 clear on the process . So I will hand 321 00:14:23,041 --> 00:14:24,986 over to Katie to talk a little bit 322 00:14:24,986 --> 00:14:27,390 about the tools we use and , frankly , 323 00:14:27,390 --> 00:14:31,040 the speed with which we do this because 324 00:14:31,040 --> 00:14:33,060 we need to do it at the speed of 325 00:14:33,060 --> 00:14:35,282 relevance . Katie . Thank you , ma'am . 326 00:14:35,282 --> 00:14:37,500 Eso at the start of the pandemic . 327 00:14:37,500 --> 00:14:39,444 Actually , we in the Department of 328 00:14:39,444 --> 00:14:42,420 Defense thank you to the honorable Miss 329 00:14:42,420 --> 00:14:44,642 Lord because we were able to change the 330 00:14:44,642 --> 00:14:47,800 game on supply chain with using 331 00:14:47,800 --> 00:14:49,980 commercially available tools . So one 332 00:14:49,980 --> 00:14:51,960 of them , for the trusted capital 333 00:14:51,960 --> 00:14:54,460 program , is Ah , company called Exeter 334 00:14:54,460 --> 00:14:57,580 D D I Q . We go through , we run the 335 00:14:57,580 --> 00:14:59,524 companies through . We can look at 336 00:14:59,524 --> 00:15:03,070 their financial for anything on the 337 00:15:03,070 --> 00:15:05,620 company from who is working on the 338 00:15:05,620 --> 00:15:07,564 board to the company where they're 339 00:15:07,564 --> 00:15:09,731 financing has come from legal issues , 340 00:15:09,731 --> 00:15:11,750 etcetera . We generally run those 341 00:15:11,750 --> 00:15:13,917 reports . They take about a day to get 342 00:15:13,917 --> 00:15:16,280 through . I have AH team inside the 343 00:15:16,280 --> 00:15:19,100 Pentagon here of very qualified , 344 00:15:19,100 --> 00:15:21,500 experienced professionals that range 345 00:15:21,500 --> 00:15:23,680 from lawyers , two accountants . We go 346 00:15:23,680 --> 00:15:26,150 through insecurity analysis people , 347 00:15:26,840 --> 00:15:29,340 and we vet the companies for 348 00:15:29,350 --> 00:15:32,610 adversarial impact . Um , it takes 349 00:15:32,620 --> 00:15:35,460 about a week to get through the process 350 00:15:35,460 --> 00:15:37,627 we're trying to make that is expedited 351 00:15:37,627 --> 00:15:40,570 as possible . Anyone entering into the 352 00:15:40,570 --> 00:15:42,626 program does fill out an application 353 00:15:42,626 --> 00:15:44,737 and give us permissions to do these , 354 00:15:44,737 --> 00:15:46,848 uh , these verifications on them both 355 00:15:46,848 --> 00:15:48,514 the capital providers and the 356 00:15:48,514 --> 00:15:51,640 capability providers And just again , 357 00:15:51,640 --> 00:15:54,410 building on what Katie said . One of 358 00:15:54,410 --> 00:15:56,810 the areas of focus in acquisition and 359 00:15:56,810 --> 00:15:59,500 sustainment is understanding all of the 360 00:15:59,500 --> 00:16:02,340 tools out there . In fact , I just had 361 00:16:02,340 --> 00:16:05,140 a very productive conversation with Bob 362 00:16:05,140 --> 00:16:07,860 work over the last couple days about 363 00:16:07,870 --> 00:16:10,230 all of the different capability to 364 00:16:10,230 --> 00:16:13,180 illuminate beneficial ownership of 365 00:16:13,180 --> 00:16:16,850 companies and the Genesis off capital . 366 00:16:16,860 --> 00:16:19,082 He had actually started on a little bit 367 00:16:19,082 --> 00:16:21,082 of that work . Um , during the last 368 00:16:21,082 --> 00:16:23,249 administration . So this is an ongoing 369 00:16:23,249 --> 00:16:25,710 effort , and we really are building on 370 00:16:25,710 --> 00:16:27,880 what's come before us . One of the 371 00:16:27,880 --> 00:16:31,820 silver linings off co vid waas as D 372 00:16:31,820 --> 00:16:34,700 o . D supported HHS with the medical 373 00:16:34,700 --> 00:16:37,550 supply chain . We had an enormous 374 00:16:37,560 --> 00:16:40,980 volume of contracting we needed to do 375 00:16:41,040 --> 00:16:43,730 in a relatively short period of time . 376 00:16:43,740 --> 00:16:46,560 And that really was the catalyst for us 377 00:16:46,560 --> 00:16:48,640 beginning to use these tools on a 378 00:16:48,640 --> 00:16:50,862 routine basis . And now we've obviously 379 00:16:50,862 --> 00:16:52,740 brought that back to our defense 380 00:16:52,740 --> 00:16:54,770 industrial base . Jessica . Okay . 381 00:16:55,440 --> 00:16:56,970 Aaron Meta defense news . 382 00:17:00,040 --> 00:17:02,151 Yes , Thanks . I appreciate you doing 383 00:17:02,151 --> 00:17:04,096 this and echoing others . Comments 384 00:17:04,096 --> 00:17:06,151 appreciate . Over the last couple of 385 00:17:06,151 --> 00:17:08,096 years , your openness , um , quick 386 00:17:08,096 --> 00:17:10,318 question for Mr Harrington . Is there a 387 00:17:10,318 --> 00:17:12,207 number you can put on adversarial 388 00:17:12,207 --> 00:17:14,550 capital now ? You actually know , like 389 00:17:14,940 --> 00:17:17,162 other countries are investing X billion 390 00:17:17,162 --> 00:17:19,560 dollars in U . S . Defense firms . And 391 00:17:19,560 --> 00:17:22,680 for Miss Lord , um , just looking ahead , 392 00:17:23,240 --> 00:17:25,500 Uh , what are the key ? Milestone 393 00:17:25,500 --> 00:17:28,450 decisions or key choices that your 394 00:17:28,450 --> 00:17:30,672 successors we're gonna have to focus on 395 00:17:30,672 --> 00:17:33,460 in the coming 12 to 18 months ? I know 396 00:17:33,470 --> 00:17:35,637 you don't want to say what they should 397 00:17:35,637 --> 00:17:37,803 do . But what are just the things that 398 00:17:37,803 --> 00:17:39,748 need to get done that they need to 399 00:17:39,748 --> 00:17:41,748 prioritize in the first part of the 400 00:17:41,748 --> 00:17:43,914 term ? Katie over to you to answer the 401 00:17:43,914 --> 00:17:46,081 first . So , Miss Lord , actually , in 402 00:17:46,081 --> 00:17:48,570 her opening statement between January 403 00:17:48,570 --> 00:17:51,630 and April , we saw at least $4.5 404 00:17:51,630 --> 00:17:53,852 billion . We're still going through all 405 00:17:53,852 --> 00:17:56,460 that . Things were happening so quickly . 406 00:17:56,470 --> 00:18:00,180 Uh , companies were concerned about the 407 00:18:00,180 --> 00:18:02,402 capability of staying in business , and 408 00:18:02,402 --> 00:18:04,513 we're taking loans from , uh , places 409 00:18:04,513 --> 00:18:07,840 they weren't 100% certain the origins 410 00:18:07,850 --> 00:18:10,330 were working through that , but it 411 00:18:10,330 --> 00:18:13,420 definitely has happened on , Do you 412 00:18:13,420 --> 00:18:15,420 know , 4.5 billion would be an easy 413 00:18:15,420 --> 00:18:19,420 start . So to 414 00:18:19,420 --> 00:18:21,920 answer your question , Erin , there are 415 00:18:21,920 --> 00:18:25,660 a number of key M DAP decisions 416 00:18:25,660 --> 00:18:29,330 coming up . Obviously , um , the Army 417 00:18:29,330 --> 00:18:31,520 has integrated air and missile defense 418 00:18:31,520 --> 00:18:33,980 very , very important . Coming up a 419 00:18:33,980 --> 00:18:36,350 swell as their future vertical lift 420 00:18:36,630 --> 00:18:40,440 from the Air Force and Navy . We 421 00:18:40,440 --> 00:18:43,390 continue toe look at F 35 422 00:18:44,020 --> 00:18:46,460 finishing up in the joint simulation 423 00:18:46,460 --> 00:18:49,430 environment . Um , those are a few of 424 00:18:49,430 --> 00:18:51,970 the keys . I'd say Missile Defense 425 00:18:51,980 --> 00:18:55,060 Agency , looking at next generation 426 00:18:55,070 --> 00:18:58,560 interceptor trades that we need to make . 427 00:18:58,560 --> 00:19:02,230 We know that our budgets are flat or 428 00:19:02,230 --> 00:19:05,030 going down . So our purchasing , um 429 00:19:05,030 --> 00:19:07,610 power is coming down . The world hasn't 430 00:19:07,610 --> 00:19:09,721 gotten any safer . So we need to make 431 00:19:09,721 --> 00:19:12,200 smart decisions . And it is my 432 00:19:12,200 --> 00:19:15,870 objective and Vanessa's objective to 433 00:19:15,880 --> 00:19:18,230 allow the next administration to make 434 00:19:18,240 --> 00:19:21,430 extremely data driven decisions . I'm 435 00:19:21,430 --> 00:19:24,670 very proud of the work we've done from 436 00:19:24,680 --> 00:19:27,780 pulling from authoritative data sources 437 00:19:27,940 --> 00:19:31,630 into Advanta so that now we no 438 00:19:31,630 --> 00:19:33,530 longer fat finger all kinds of 439 00:19:33,540 --> 00:19:36,630 information into monthly scorecards . 440 00:19:36,640 --> 00:19:39,660 But we actually can go into systems . 441 00:19:39,660 --> 00:19:41,990 We don't develop power points . We go 442 00:19:41,990 --> 00:19:44,620 into the advanced system and actually 443 00:19:44,630 --> 00:19:48,090 look at , you know , cost schedule 444 00:19:48,090 --> 00:19:50,880 performance , Any cybersecurity issues . 445 00:19:50,940 --> 00:19:54,040 So I hope toe lead leave our 446 00:19:54,050 --> 00:19:56,640 successors with a very , very data 447 00:19:56,640 --> 00:19:59,390 driven process that allows them to make 448 00:19:59,390 --> 00:20:01,550 the best decisions given the resource 449 00:20:01,550 --> 00:20:04,600 is , they have . Thank you . Uh , Paul 450 00:20:04,600 --> 00:20:08,220 McLeary breaking defense . Hi . Good 451 00:20:08,220 --> 00:20:10,276 morning . Thanks for doing this on . 452 00:20:10,276 --> 00:20:12,498 Like , as others have said , Thanks for 453 00:20:12,498 --> 00:20:14,776 doing this over the last several years . 454 00:20:14,776 --> 00:20:16,720 Um , also , I wanna look forward a 455 00:20:16,720 --> 00:20:18,942 little bit here . Um , you know , given 456 00:20:18,942 --> 00:20:21,220 the insurrection and the domestic , um , 457 00:20:21,640 --> 00:20:23,807 the potential for domestic terrorism , 458 00:20:23,807 --> 00:20:27,790 how can you deal with that , um from a 459 00:20:27,800 --> 00:20:29,910 security perspective from U . S . 460 00:20:29,920 --> 00:20:33,600 Contractors potential for sabotage or 461 00:20:33,610 --> 00:20:37,120 or or you know , uh , perverse 462 00:20:37,120 --> 00:20:39,570 actors inside the industrial base . 463 00:20:40,340 --> 00:20:43,950 Well , I think the one area that 464 00:20:43,950 --> 00:20:47,830 has evolved the most in my time here at 465 00:20:47,840 --> 00:20:51,360 D . O . D has been the whole realm of 466 00:20:51,370 --> 00:20:54,870 cyber warfare cyber security . And 467 00:20:54,870 --> 00:20:58,670 we have made it a focus of a N s 468 00:20:58,740 --> 00:21:02,310 to make sure we put systems into 469 00:21:02,310 --> 00:21:06,090 place that again can quantify what 470 00:21:06,100 --> 00:21:08,990 actions and reactions are . So I think 471 00:21:09,000 --> 00:21:12,560 our C MMC , which I always say is like 472 00:21:12,570 --> 00:21:15,880 ISO is ISO standards are for quality . 473 00:21:15,890 --> 00:21:19,810 See , MMC is due cyber security the 474 00:21:19,810 --> 00:21:23,110 same way we have really developed a 475 00:21:23,110 --> 00:21:25,700 framework and an implementation 476 00:21:25,700 --> 00:21:27,800 schedule over five years , which we 477 00:21:27,800 --> 00:21:31,400 think is very reasonable to give our 478 00:21:31,400 --> 00:21:34,690 defense industrial base the tools to 479 00:21:34,690 --> 00:21:37,140 ensure that they are secure . On the 480 00:21:37,150 --> 00:21:39,500 other hand , we work very , very 481 00:21:39,500 --> 00:21:42,790 closely with joint staff and 482 00:21:42,800 --> 00:21:46,210 ESA looking at our fielded weapon 483 00:21:46,210 --> 00:21:49,470 systems and making sure that we cyber 484 00:21:49,470 --> 00:21:52,300 harden them from a proactive point of 485 00:21:52,300 --> 00:21:55,960 view . As we've rewritten 5000 , we now 486 00:21:55,960 --> 00:21:58,690 have many mawr requirements and 487 00:21:58,690 --> 00:22:01,860 policies around cyber secure systems . 488 00:22:01,870 --> 00:22:04,140 So the way to deal with this is to 489 00:22:04,140 --> 00:22:07,620 really , um , design it in design , 490 00:22:07,620 --> 00:22:10,260 cybersecurity And all of that being 491 00:22:10,260 --> 00:22:12,720 said , we also worked very closely with 492 00:22:12,720 --> 00:22:15,590 our colleagues at I N s to make sure 493 00:22:15,590 --> 00:22:18,460 that they have oversight in terms of 494 00:22:18,460 --> 00:22:20,460 what the defense industrial base is 495 00:22:20,460 --> 00:22:22,730 doing . And there is an ongoing 496 00:22:22,730 --> 00:22:25,250 dialogue . I will say , on Christmas 497 00:22:25,250 --> 00:22:27,370 Eve , I was on the telephone about 498 00:22:27,370 --> 00:22:31,110 ransomware eso We understand there 499 00:22:31,120 --> 00:22:33,590 are a lot of attacks . In that case , 500 00:22:33,640 --> 00:22:36,650 we had a really incredibly 501 00:22:36,650 --> 00:22:38,770 collaborative discussion in the 502 00:22:38,770 --> 00:22:40,881 interagency working with our Treasury 503 00:22:40,881 --> 00:22:43,940 colleagues and others , and we're 504 00:22:43,940 --> 00:22:46,110 helping our defense industrial base 505 00:22:46,120 --> 00:22:48,540 harden their systems , but were there 506 00:22:48,540 --> 00:22:50,920 shoulder to shoulder with them when 507 00:22:50,930 --> 00:22:53,740 adversaries make a move and we will be 508 00:22:53,740 --> 00:22:56,060 with them all the way . Thank you . 509 00:22:56,540 --> 00:22:58,651 Let's go to Marcus from defense one . 510 00:23:00,740 --> 00:23:02,790 Hey , and , uh , echo my colleagues 511 00:23:02,790 --> 00:23:05,012 again . Thank you for continuing . Thio 512 00:23:05,012 --> 00:23:07,870 do these briefing . Um , since every 513 00:23:07,870 --> 00:23:09,981 question I had about trusting capital 514 00:23:09,981 --> 00:23:12,148 marketplace has been asked , um , I'll 515 00:23:12,148 --> 00:23:14,259 just ask you maybe for a reflection . 516 00:23:14,259 --> 00:23:16,880 Question on M and a , uh , we've seen a 517 00:23:16,880 --> 00:23:19,158 lot of it . Everything from , you know , 518 00:23:19,158 --> 00:23:21,140 right down UTC l three , Harris , 519 00:23:21,140 --> 00:23:23,251 etcetera . We've seen a lot of middle 520 00:23:23,251 --> 00:23:25,890 tier m and A lately , Uh , and I was 521 00:23:25,900 --> 00:23:28,170 wondering if any of this middle tier M 522 00:23:28,170 --> 00:23:30,920 and A is , uh , causing any type of 523 00:23:30,920 --> 00:23:32,820 concerns about creating less 524 00:23:32,960 --> 00:23:36,860 competition within the that tear 525 00:23:37,030 --> 00:23:39,030 within the Pentagon . Thanks . So , 526 00:23:39,030 --> 00:23:41,750 Erin , it was just This is Marcus . I'm 527 00:23:41,750 --> 00:23:43,880 sorry , Marcus . I'll tell you , I 528 00:23:43,880 --> 00:23:46,050 always say competition is our friend . 529 00:23:46,050 --> 00:23:48,630 Competition typically brings out the 530 00:23:48,630 --> 00:23:51,900 best in everyone . Um , that being said , 531 00:23:51,910 --> 00:23:54,570 I feel very strongly about not 532 00:23:54,580 --> 00:23:57,480 interfering in capital markets . And I 533 00:23:57,480 --> 00:23:59,930 believe you know , we need a free 534 00:23:59,930 --> 00:24:03,400 market place where , um , companies 535 00:24:03,410 --> 00:24:06,230 decide themselves what they want to dio . 536 00:24:06,240 --> 00:24:09,480 So I am particularly focused on those 537 00:24:09,480 --> 00:24:12,300 small , innovative companies and 538 00:24:12,300 --> 00:24:15,350 bringing mawr and mawr of them up so 539 00:24:15,350 --> 00:24:17,628 that we grow them into the middle tier . 540 00:24:17,628 --> 00:24:20,860 And I think quite often there is 541 00:24:20,860 --> 00:24:23,050 cutting edge technology , their 542 00:24:23,050 --> 00:24:26,010 creative ideas . There are actually 543 00:24:26,010 --> 00:24:28,910 solutions to our warfighting gaps . 544 00:24:28,950 --> 00:24:31,190 There are features that can be added to 545 00:24:31,190 --> 00:24:35,130 our current platforms and systems . Yet 546 00:24:35,140 --> 00:24:37,196 the companies , the individuals that 547 00:24:37,196 --> 00:24:39,630 actually have that don't know how to 548 00:24:39,630 --> 00:24:43,520 translate it into d o d . So , one of 549 00:24:43,520 --> 00:24:45,950 the things we're trying to do through 550 00:24:45,950 --> 00:24:48,870 this trusted capital marketplace is 551 00:24:48,880 --> 00:24:52,630 make it easy for those companies to 552 00:24:52,640 --> 00:24:55,650 meet up with capital providers That 553 00:24:55,650 --> 00:24:58,350 perhaps can give them the structure , 554 00:24:58,490 --> 00:25:01,650 the funding and the direction to guide 555 00:25:01,650 --> 00:25:05,070 them , um , into d o d . So that we can 556 00:25:05,070 --> 00:25:07,980 quickly incorporate what they have to 557 00:25:07,990 --> 00:25:11,950 offer . And I'm extremely excited 558 00:25:11,960 --> 00:25:14,990 on DVI very , very optimistic about our 559 00:25:14,990 --> 00:25:17,550 rewrite of 5000 , the whole adaptive 560 00:25:17,550 --> 00:25:20,740 acquisition framework . We are finding 561 00:25:20,740 --> 00:25:23,780 ways to speed up transactions to make 562 00:25:23,790 --> 00:25:26,000 these things happen faster . And I'm 563 00:25:26,000 --> 00:25:29,280 hoping , um , that we can really vector 564 00:25:29,280 --> 00:25:32,120 towards theme offense of bringing this 565 00:25:32,120 --> 00:25:34,530 capability down range to growing 566 00:25:34,530 --> 00:25:37,280 companies . I have spent so much of my 567 00:25:37,280 --> 00:25:40,810 time here on CIF , ius and working kind 568 00:25:40,810 --> 00:25:43,250 of on the defensive side of things . I 569 00:25:43,250 --> 00:25:45,560 want the Department of Defense to go on 570 00:25:45,560 --> 00:25:48,170 the offense in terms of working with 571 00:25:48,170 --> 00:25:50,380 our defense industrial base , not on 572 00:25:50,380 --> 00:25:52,436 Lee . Those , um , that work with us 573 00:25:52,436 --> 00:25:54,213 today , but those that have the 574 00:25:54,213 --> 00:25:57,120 potential to join in our national 575 00:25:57,120 --> 00:26:00,730 defense because truly , unless we have 576 00:26:00,730 --> 00:26:04,100 that healthy , growing , very resilient , 577 00:26:04,110 --> 00:26:07,940 very secure industrial base , we cannot 578 00:26:07,950 --> 00:26:11,740 Onley . We can't achieve both national 579 00:26:11,740 --> 00:26:13,780 security , but we can't achieve 580 00:26:13,780 --> 00:26:16,680 economic security either , and economic 581 00:26:16,680 --> 00:26:19,350 security and national security are so 582 00:26:19,350 --> 00:26:21,920 very , very intertwined so I'm actually 583 00:26:21,920 --> 00:26:24,390 very bullish about what we've done in 584 00:26:24,390 --> 00:26:26,620 the department toe . Identify critical 585 00:26:26,620 --> 00:26:30,330 technologies Thio couple very , very 586 00:26:30,330 --> 00:26:33,760 tightly between Arnie and A and S so 587 00:26:33,760 --> 00:26:36,630 that we can translate that technical 588 00:26:36,630 --> 00:26:39,900 capability toe warfighting advantage , 589 00:26:39,910 --> 00:26:43,080 bringing all of those new developments 590 00:26:43,090 --> 00:26:45,450 across the Valley of death into 591 00:26:45,450 --> 00:26:48,150 programs , getting them into the hands 592 00:26:48,160 --> 00:26:50,740 of the warfighter very , very quickly . 593 00:26:50,750 --> 00:26:54,180 I'm hoping that we are doing less and 594 00:26:54,180 --> 00:26:56,470 less and less off talking around 595 00:26:56,470 --> 00:26:58,581 conference room tables and generating 596 00:26:58,581 --> 00:27:01,150 power point decks and that what we're 597 00:27:01,150 --> 00:27:04,200 really doing is very quickly getting 598 00:27:04,200 --> 00:27:06,780 prototypes into the hands off the 599 00:27:06,780 --> 00:27:08,780 warfighter so that we can get those 600 00:27:08,780 --> 00:27:11,150 cycles of learning down range very 601 00:27:11,150 --> 00:27:15,060 quickly . Um , it's exciting doing that , 602 00:27:15,070 --> 00:27:19,070 coupled with , um , really a 603 00:27:19,140 --> 00:27:21,580 digital environment with what we're 604 00:27:21,580 --> 00:27:23,900 doing in terms of software development 605 00:27:23,900 --> 00:27:26,560 with our new software , um , pathways . 606 00:27:26,570 --> 00:27:30,070 If we truly embrace um , digital 607 00:27:30,080 --> 00:27:32,880 engineering , we can close that cycle 608 00:27:32,880 --> 00:27:35,370 so quickly and get that capability out 609 00:27:35,370 --> 00:27:37,592 there . And these new small companies , 610 00:27:37,592 --> 00:27:39,814 most of them understand developing in a 611 00:27:39,814 --> 00:27:42,040 cloud environment . They understand not 612 00:27:42,050 --> 00:27:44,400 building models . They understand going 613 00:27:44,400 --> 00:27:47,780 right to CNC machines with , um , their 614 00:27:47,780 --> 00:27:51,470 digital designs . So enormous enormous 615 00:27:51,480 --> 00:27:54,270 ability in the future to take all of 616 00:27:54,270 --> 00:27:57,060 this and really move it forward . All 617 00:27:57,060 --> 00:27:59,116 right . I think we have time for one 618 00:27:59,116 --> 00:28:01,171 more question . So I will ask Justin 619 00:28:01,171 --> 00:28:02,949 Doubleday from inside defense . 620 00:28:05,440 --> 00:28:07,551 Hey , thanks for taking my question . 621 00:28:07,551 --> 00:28:11,210 Um , and as Marcus mentioned , I think 622 00:28:11,210 --> 00:28:13,940 all the questions about trusted capital 623 00:28:13,950 --> 00:28:16,172 of mine has taken , So I just wanted to 624 00:28:16,172 --> 00:28:19,230 ask really quickly for both of you . Um , 625 00:28:19,240 --> 00:28:21,640 have a rather of you expect to stay on 626 00:28:21,640 --> 00:28:23,584 past January 20th that you've been 627 00:28:23,584 --> 00:28:26,180 asked to . Um I will answer for both of 628 00:28:26,180 --> 00:28:29,370 us in saying that we are working with 629 00:28:29,370 --> 00:28:32,330 the transition teams and we leave it to 630 00:28:32,330 --> 00:28:35,120 the incoming administration to make any 631 00:28:35,120 --> 00:28:37,470 announcement about how they plan to 632 00:28:37,470 --> 00:28:41,240 move forward with politicals on 633 00:28:41,240 --> 00:28:44,400 dso fourth . Although I can say that 634 00:28:44,410 --> 00:28:47,080 Katie is a career employees , so she 635 00:28:47,080 --> 00:28:49,980 will definitely be here . All right 636 00:28:49,990 --> 00:28:52,157 with that , I wanted Thio turn it over 637 00:28:52,157 --> 00:28:54,268 to Miss Lord , if you had any closing 638 00:28:54,268 --> 00:28:57,310 comments , I just want to say this will 639 00:28:57,320 --> 00:29:00,320 most likely be my last presser here in 640 00:29:00,320 --> 00:29:03,910 the briefing room . And I so appreciate 641 00:29:03,920 --> 00:29:07,340 how all of you have taken the time toe . 642 00:29:07,340 --> 00:29:09,830 Listen to what we have had to say over 643 00:29:09,830 --> 00:29:13,230 the last few years here ask very , very 644 00:29:13,230 --> 00:29:16,960 good questions and really help echo and 645 00:29:16,970 --> 00:29:19,700 amplify the messages we have . 646 00:29:19,710 --> 00:29:23,440 Because acquisition and sustainment are 647 00:29:23,440 --> 00:29:26,330 so very , very critical in terms of 648 00:29:26,330 --> 00:29:28,670 making the warfighters successful on 649 00:29:28,670 --> 00:29:31,210 when we talk about engagement with 650 00:29:31,210 --> 00:29:33,680 partners and allies . Really , 651 00:29:33,690 --> 00:29:36,290 technology and acquisition are the 652 00:29:36,290 --> 00:29:39,600 tools of diplomacy that we have . So I 653 00:29:39,600 --> 00:29:42,620 appreciate you covering the issues that 654 00:29:42,620 --> 00:29:45,100 we think are so important to us . All 655 00:29:45,100 --> 00:29:47,100 right . Thank you , everybody . And 656 00:29:47,100 --> 00:29:49,322 please do follow up with me if you have 657 00:29:49,322 --> 00:29:50,760 any other questions . Thank you .