Meantime. Of course, now we are a little bit unchanged, fluctuating between gains and losses. David but the nasdaq is holding up. Thisr i think big tech, is there opportunity. Ive spent so much time in san francisco. There was so Much Negative sentiment about big tech, but big tech is increasingly trying to become health care companies. We see that increasingly with the apple, for example. I think this is techs opportunity, if they can partner with healthcare, if they can really start to help out the public, this could perhaps be there moment to really shine and come through. David the violence hasnt just been equities this week. It has also been in bonds. Taylor that has been very volatile. I was making a note earlier that you have to get the liquidity in order in order to see any sort of small rally that we might be trying to get to within the equity market. The fed is trying to help that out, but you have to start to get to a point where we are not selling whatever we can instead of selling what we should be. Right now, youre just selling whatever you can. That lack of liquidity is causing that panic, and as you know, causes that negative feedback loop. If there is 1. I could make about the retail investor, my wonderful producer pete made this for me, i have this on my terminal if we are ready to show it. It is all about peak bearishness from the retail investor. Almost 50 of investors on the retail side last week pointing to bearishness. But then maybe you wonder if that is a peak where have seen this type of Bear Sentiment when you get a lift in the equity markets. For whatever thats worth. David tle bill a little more orderly is worth a lot right now. Neil bradley is spending a lot of his time in the middle of the stimulus plans. Hes the executive Vice President of the u. S. Chamber of commerce, and its chief policy officer. Thank you so much for joining us. What light can you bring to the process of this stimulus bill . Neil it is a work in progress, but time is of the essence. None of the thing we are communicating with the administration and leaders on capitol hill is that leaders from virtually every industrial sector are beginning to face a liquidity crisis. Revenue drives up, and if we want to avoid massive layoffs, we need to do some quick actions to help them be able to continue to support their employees. Neil we are david we are already seeing some of them. In new york, they laid off thousands of restaurant workers. Its got to be fast. Can you save some of these jobs . Action by next monday. To do that, we are going to have to keep it really simple. We are going to have to leverage the tools that weve known how to use in the past. That includes Credit Facilities out of the Federal Reserve to support lending by private institutions to businesses of all sizes, and it also means a Quick Program that employers can access so that they cannot some level keep paying the employees they have on the books that they was otherwise layoff. Whether that is using the unemployment system or another mechanism to do that, we have to utilize our existing networks of paying people to be able to help employers keep the employees they have. David you mentioned help from the fed, but also from the government in washington. Lets talk about both of those. With respect to the fed, the notion that they would really open the discount window and lend directly to businesses to keep them open, is that in the works . Neil it should be in the works. This is going to require legislative changes to what was enacted as part of doddfrank. But it also wont always have to be direct to. Supporting Financial Institutions in the Financial Market and giving them a sense that there is a backstop, for them to immediately lend to businesses is a better way of thinking about this. What we ought to be telling Financial Institutions is look at an applicant. If they had a good credit score in january, we shouldnt assume that they are a bad credit risk today because of this lockup in commerce. Give them the loan for the operating capital they need right now, and then have the backstop of the federal government for one week for when we come out of this on the other side. David get into the plumbing a little bit with me here. When you say by monday, i think the house bill is in session. Themnt want 435 of getting in a room together right now, do we . Neil thats right, which means what we need congress to do is something that has maximum flexibility, and that is Pretty Simple to enact, and allow treasury and the fed and other federal agencies to basically build it as we go. Is youice to congress are overthinking this. Youre trying to make it too complicated. The more complicated you make it, the longer it is going to take, and the more time will pass. The more time that passes, the more layoffs we have. So dont let perfect be the enemy of the good here. Lets get help to employers, all of whom are members of the u. S. Chamber that we talk to that want to do the right thing. They want to be able to keep their employees. But it is really hard to keep making payroll when you dont have any money coming in the door. David what do you see as the biggest hurdle right now to getting where we need to go as quickly as possible . Folksi think attempts by in washington to micromanage it. To say that if we are going to provide some assistance, here are the 25 things we want you to agree to do first, or as a condition of that assistance. Every time you begin negotiating those or you begin implement thing those, youre just making this harder and dragging it out longer. Theres no perfect system here. Theres no perfect answer. But the lack of action is going do actione than if we and it is not perfect. David you do have the advantage of having so many members across the country. Do you have any idea of who has it the worse and who might not be suffering as much, or is it evenly distributed . Neil it is not evenly distributed, but it is very difficult to find sectors that arent hurting. You can certainly find individual Companies Based on the profile of the business , but who are not hurting you kind of go sector to sector. We are seeing shutdowns in commerce across the board, which is why, as we think about an aide system here and a relief system to get through this, that bridge has got to be open to all sizenies irrespective of and irrespective of industry. David one thing i have not heard you mention is itty partisanship is any partisanship. Is this as President Trump has said . Neil i think it will be at the end of the day, and especially if we can keep it simple. By keeping it simple, just providing the relief and avoiding the traditional republican versus democrat fights. The truth is we dont have time for republican versus democrat fights. Have to get some things implement it now, realizing they wont be perfect, so that we can get financial aid, some liquidity to employers, so that can so that they can keep folks on the payroll. David really appreciate your time today. That is neil bradley, the u. S. Timber of commerce chief policy officer and senior Vice President. Now we get to ritika gupta for bloomberg preferred news fast bloomberg first word news. Bloomberg first word news. Ritika applications for unemployment rose in the biggest increase since the aftermath of superstorm sandy. The British Government denies it is planning to confine residents of london to their homes. They also wont be prevented from leaving the city. Still, Prime MinisterBoris Johnson did threaten to impose tighter restrictions to contain the spread of the coronavirus. India is taking more steps to contain the spread of the coronavirus, banning all International Flights from landing in the country for a week starting sunday. Plus, the enduring government the Indian Government is asking to enforce work from home for all profit employees, the exception, people in essential sectors. Democratic president ial candidate Kelsey Gabbard is dropping her campaign. Iscandidate tulsa gabbard dropping her campaign. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. David thanks so much. Coming up, the chairman and ceo of ey joins us to tell us about what his business and doing and what his clients are doing in response to this crisis. What they need from washington. Plus, we are awaiting that brief on coronavirus from the white house. We will bring you that as soon as it begins. This is bloomberg. This is bloomberg. David this is balance of power. Im david westin. We are waiting for that briefing from President Trump on the coronavirus with his task force. We will bring you that as soon as begins. Ey is one of the largest professional Services Firms in the world, with over 280 5000 employees in over 400 offices. We want to welcome nelly chairman and ceo carmine di sibio. Thank you so much for joining us. I want to start with how your staff is stewing is doing. How do you go about taking care of those people in the face of a pandemic . Carmine thanks for having me on. Obviously for us, this started back in china with our people in china. We have over 25,000 people in china. The large cities, including 200 people in wuhan. Fortunately for us in china, we did a good job in terms of making sure our people were safe, and believe it or not, to date, only one of our people actually got the virus in china. Now our offices in china, people are going back to work, about 85 back in the offices. It is becoming a bit business as usual. Thenbviously, from their, with the spread, i think we have taken very proactive approach to protecting our people. We were one of the first firms to announce travel restrictions in particular to Different Countries, including japan, south korea, and china at the time, and terms of global travel. And then each one of our Different Countries and locations have put in now stricter travel restrictions. Now where we are at is, and many of our countries, we have really infused work from home policies. There are some countries where people have the option of working from home or not, but obviously, everything has shifted towards really using technology. So i would say that we look at this in four stages. Stage one was just to protect our people globally. Stage two is at the business shift, getting people to work from home, making sure we are ticking care of our clients. Stage three now is how are we going to really help our clients working virtually. It has truly been amazing because we actually have had a lot of client interaction virtually who need our help, in terms of planning, planning for supply chains, the disruptions they are having. And then stage iv, coming out of this, china and hong kong are coming out of this, so now we are going back into business as usual. Beenis kind of how we have planning this along the way. Our teams have done a terrific job in terms of working from home, taking care of our people as we go along. Carmine because you are so nice if david because youre so massive and you have so many people around the world, you have a unique access to the window on where the most stress is in the economy. Where are people seeing the most stress among your clients . Carmine probably one of the most serious areas in terms of stress, obviously each sector is different, and some are going through major stress, but right now, and terms of really getting and this is true across europe and the u. S. , is supply chains. I can sure that supply chains that are needed to make essential goods are operating and operating well. Was in ourt conversation on the Business Roundtable. We did speak to President Trump u. S. ,day, and even in the as localities, whether they are towns or states, put in certain restrictions. Chain for a product that is extremely necessary now, those are some of the consultations we had. Weve got to make sure that supply chain for making product that are needed now are in gear and operating, and there is nothing in their way. I would say that is the same scenario in europe as well. David im glad you brought up that business round table discussion. I am curious to see, in general, what were the messages given . You said supply chains are a real priority. What where the other things communicated to the white house in terms of what is needed . Carmine actually, the Business Roundtable put out a letter to the white house in terms of what is needed, including providing Financial Support to individuals. Some of these, protecting american jobs, preserving business liquidity and viability , especially for small and ofiumsized businesses, and course, measures to support supply chains and creek infrastructure, these are all elaborated on in a letter that was sent from the Business Roundtable to President Trump, but i would say the call itself was a very good call. I would say all of the ceos want to help, and they really went to get their companies in place to help, whether that is manufacturing something they dont typically manufacture, but could be helpful in this situation, converting certain plants to be able to make products that are more helpful here versus what they typically make, it was a very good call from that perspective. President trump did a very good job in terms of he wants ideas. He wants the ceos to come up with ideas in terms of the economy, but also what is needed for the Companies Continue to operate. David talk to us a bit about ey as a business. I suspect your clients need you more than ever. At the same time, a lot of them are going to be in financial stress. They may have trouble paying their bills. Some may even go bankrupt. That . You plan for how do you address a larger need, but also, are you predicting a downturn for ey in your revenues . Carmine we are going to be susceptible to the overall economy. We have some businesss overall that are more stationary, that are more annuity type businesses , and some that are very dependent on Companies Spending money on projects and so forth. But in the short term, we actually have spent a lot of time with our clients, helping them get through this. That is analyzing and looking at their supply chains, making projections on cash and where they will be, to helping them operate using technology. This is something we do very well in our business, and something that we have been prepared for, and something that we have invested in over the years, and terms of making sure we have the right technology. We are really passing that on and those learnings onto our clients. That has been very good. Like every other business, we also have projections in terms of worstcase scenario to most probable scenario and so forth. Moree hopeful that this is of a three to six months exercise versus anything longer, and that is going to be important to our business as well. But our business will slow over from Discretionary Spending from our clients. We are really just focused on helping our clients. David of course, and that is the priority. I wonder if you would just spend a minute with me thinking about the future a bit. How will your business change cifically with request specifically with regards to audits . Will that be different Going Forward having had this experience, and for example, cybersecurity working from home . Carmine that is an excellent question. Standards our audit have been changed where they must be changed, but actually, until we do better aquatic better quality audits, we have a Global Platform called campus that we do our audits on. We are the only ones to really have that kind of platform. We continue to invest, but you bring up a good point in terms of cybersecurity. This is something that we all worry about, and in these times, i do think our client and everyone out there needs to be careful because the bad actors come out during these times. Weve been really advising clients to make sure that they continue to alert their employees around phishing, around malware, because this is the time when we see those escalating, and it is something we are doing for ourselves as well. David really appreciate you spending time with us today. That is the ey ceo and chairman carmine di sibio. Still ahead, we are still waiting for that press conference from President Trump and his task force. We will bring that to you as soon as it begins. This is bloomberg. David this is balance of power. Im david westin. We are still waiting for that News Conference from President Trump and his Coronavirus Task force from the white house. We will bring you that as soon as it begins. In the meantime, we are going to check in on the markets. Im happy to see you kayleigh. All of they are going up. Kailey while we are up only dear. 9 , that is the smallest move we will have seen in the entire month of march. These are really unremarkable moves, considering we are used to swings of about 5 at the moment, but i think you are seeing a market that knows it is getting a lot of stimulus, but also the bias is still kind of lower as we continue to get data this morning, like jobless claims rising more than expected. The philly fed index dropping the most on record. Theres still a lot of uncertainty and concerns about the economy. David you make a very powerful point, may be important maybe more important than whether it is up or down, is it is not as much. Kailey and because it is on higher volume. The fact that volume is up, but we are not seeing gains of any large magnitude and arent finding really any direction, just tells me that investors arent sure if they want their money in or out of this equity market. David thank you to kailey leinz. Coming up here, we are going to head to washington for the latest on negotiations over fiscal stimulus. We are also waiting for President Trump to get his daily update with the Coronavirus Task force, with reports he may indicate a widening range of treatments to be approved by the fda for the coronavirus. We will find out shortly and bring it to you. This is bloomberg. David from new york, this is balance of power. Secretary Steve Mnuchin wants direct payments of 1000 per adult and 500 per child in a stimulus plan. He said President Trump is committed to giving support. The white house is seeking 1. 3 trillion. Struggling businesses would also get assistance. Mnuchin said it is a good time to take advantage of the collapse in oil prices, to build up but petroleum reserve. Global news 24 hours a day, on air and quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. The. I am ritika gupta. Away we are just moments from the president ial briefing on the coronavirus. Lets turn to Kevin Cirilli in washington. This has turned into a daily occurrence. , and i am toldy we have a two minute warning for the president to begin addressing, at a time they are trying to rally support for the 1. 3 trillion stimulus bill and at a time when he signed the second round of the free coronavirus testing as well as two weeks of paid leave. Bothtold by sources republican and democrat that they are told to be on standby as it relates to the 1. 3 trillion deal that would immediately provide liquidity, direct financing for americans as early as april 6. David what is holding it up, it is that much money and it is a lot of work to write the words or what is holding it up . Kevin that is a fair question. I think it is the latter. They are dotting their eyes and they aretheir teas speaking from the same political playbook and i do not predict any significant hurdles. David the president is coming on with his Coronavirus Task orders from the white house. This will be a very Important Press conference. I have a few things to report and i want to thank you for being here. With social distancing, the media has been much nicer. I dont know what it is, all of these empties in between chairs. You probably should not have anybody behind you. I love it, because it is so much nicer. Thank you all for being here. We continue our relentless effort to defeat the chinese virus. Before i begin, i want to start announcing today we are bringing home another american citizen, a very big thing. He is on his way back to the United States after being imprisoned in lebanon since september 2019. He is battling late stage cancer. He will now be able to receive the much needed care and states. T of the united we have been working hard to get him freed and he is able to have his family at his side, so i am grateful to the lebanese government that worked with us. We are proud of his family. They stood by him so strongly, and they are thrilled. The United States has no higher priority than the safety and wellbeing of our students. We have gotten a tremendous amount of hostages out. I believe we are 420 and Robert Obrien was a chief negotiator, so good that now we have him in a different position. I want to congratulate robert and his team and let everyone know that americans held captive abroad tends to continues to be a priority for my industry should. We have one gentleman, austin tice, we are working with syria to get him out and we hope the Syrian Government will do that. We are counting on them to do that. We have written a letter just recently, because he has been there for a long time, captured long ago. Watchingr is probably and she is a great lady, and we are doing the best we can so syria, please work with us, and we will appreciate you letting him out. Think about what we have done. We have gotten rid of the isis caliphate in syria. We will have to see if they will do this. It will be much appreciated if they let austin tice out immediately. The administration works every day to protect the American People from the virus. Yesterday i signed into law critical support for american workers, families, and small businesses, a big thing. We are providing sick leave and family medical leave to those infected by the virus, and more help is on the way as we speak. Headed by Team Secretary mnuchin on the hill, and we are working with democrats and republicans, and there is a lot of goodwill going on. This is something that happened that was, some people would say it was an act of god. Dont view it as an act of god. I view it as something that would have surprised that that had surprised the whole world. If we had known about it, it could have been stopped in china. But now the whole world almost is inflicted with this horrible virus. Bad, too bad it is too economywe never had an as good as the economy we had a few weeks ago, and i think we will be back stronger because we learned a lot in this time. I have just invoked the defense production act for the production of essential supplies if necessary. We are working with congress to provide major relief to workers and businesses in the major in the hardest hit industries. We want to make sure when we recover all of these companies and great businesses from very small to very large will not be broken up and have to be put back together. I believe in the v curve. I believe when this is defeated, this hidden scourge is defeated, i think we will go up very rapidly, our economy, and get back to where it was and beyond. Exciting excited in sharing the progress of the fda and slashing red tape. There has never been a president to doingbeen close what i have done in slashing all of the red tape and getting important things to the market, medical. Tape to develop therapies as fast as it can possibly done, long before anyone was thinking about doing this. Earlier this week, we began a Clinical Trial of a vaccine indidate and it was launched record time, just a few weeks. That would have taken years to do not long ago. As we raise student develop a vaccine race to develop a develop thel vaccine, by its nature, you have to have long test to make sure what is going into somebodys destruction, do bad things, so you need long tests. They are doing great with the vaccines but there is still a long process. The vaccines are something we farther on much potentially. Make People Better, essentially looking at angst to make people things to make People Better or at the very earlier stages they would not know they had it, and that is where i believe it will work best. Us. Fda commissioner is with he is fantastic. He has been working 24 hours a day. Worked probably as hard or harder than anybody in the group other than maybe mike pence or me, and what the fda is doing is incredible. They have done things in times that were not even thinkable. I have directed the fda to eliminate outdated rules and bureaucracy so this work can be mean last. Y, i fast. We had to remove every barrier. There were a lot of barriers that were unnecessary, and we have done that to get the Rapid Deployment of safe and effective treatments, and we think we have some good answers. We will find out soon. Clinical trials are underway for new therapies and we are working to scale these to allow more americans to access different drugs that have shown good promise. We have had some really good promise. We will do so in a way that lets data tonue to get good know which medicines are safe and which ones are working the best. We have a couple we are in really good shape on. That is for immediate delivery, immediate, like as fast as we can get it. The fda has also approved compassionate use for a significant number of patients. You know what that means. Thate also reviewing drugs are approved abroad or approved here for other uses. One of the things i am most ,roud of i got is right to try somebody who is ill, terminally ill usually, and past administrations we signed this a yearandahalf ago you wouldnt be able to think about getting the drugs that may show great promise, and they have been trying for decades to get this approved. There is liability involved and other things, and i was able to get it approved in congress, right to dry. What we are talking about is beyond right to try. It has been a success. People are living now that would never have been living, when we take things that would have had to go through years of a process and if someone was terminally ill, why wouldnt they be able to try this . They go to asia or europe or all over the world to find something , or some with no money go home to die with no hope. Right to try has been great success. This goes beyond right to try. Nothing will stand in our way as we pursue any avenue to find what best works against this horrible virus. Fluoro quinn in or hydroxychloro for strongrug used arthritis, also uses this in a somewhat different form. Drug known as a malaria and has been around a long time and is very powerful. The nice part is it has been around for a long time, so we know that if things do not go as planned, it will not kill anybody. When you go with a brandnew drug, you dont know if that will happen. This has been used in different forms, very powerful drug in different forms, and it has shown very encouraging early results. And we are going to be able to make that drug available almost immediately, and that is where the fda has been so great. They have gone through the approval process, it has been approved, and they took it down from many months to immediate. We are going to be able to make that drug available by prescription or states, i spoke with Governor Cuomo about it at length last night. He wants to be first online. Is there is tremendous promise based on the results and other tests, there is tremendous promise. Normally the fda would take a long time to approve Something Like that and it was approved very quickly and now it is approved by prescription. Individual states will handle it. They can handle it, the doctors will handle it, and i think it is going to be great. Thise quickly studying drug and while we are continuing to study it, studying will also be done as it is given out to large groups of people perhaps in new york and other places. They are promising therapies , remdesevoir,lead a drug that has been out for other purposes and seems to have a good result this virus. Been approvedalso or very close to approved in that case, by the fda. These people are incredible patriots. The job that stephen hahn is most, dr. Hahn, one of the respected doctors in the country , are you sure you want to do this . We did not know this was going to be in the playlist, but he has stepped up to the plate. You really have. I would shake his hand but i am not supposed to do that. I would get in a lot of trouble, but he has been fantastic. Regeneron is a company that has done fantastically well with ebola and other things, great company, looking at some very promising events. Havechloroquin and uin. Oxychloroq those are two out prescribed for use, and it is very exciting. Andould be a game changer, maybe not, but i think it could be based on what i see, a game changer. They are very powerful, so i want every american to know we are doing everything we can, and these actions are important next steps. Quickly to act as you can have it in a year or two years is the way it normally, years and years and they had it immediately, based on the fact that the that it has been used for other things. Other therapeutics under evaluation right now will provide relief to americans. This could be a tremendous rate through. Breakthrough. We will work toward a muchneeded vaccine in the future. What we are doing with the fda is so exciting, and so many other field, so many things are happening. It is a very exciting time for medicine, and we appreciate that the American Public has pulled together. They are staying home, and there is tremendous. In this country right now, tremendous spirit in this country right now. People have not seen anything like it for a long time. Republican,emocrat, they are pulling together. I hope everything is going good on the hill. I should check it out before i say it, but there is a good spirit where the democrats and republicans are getting together and trying to get things done. The American Public is incredible. We took the best economy we had and said stop, you have to stay home. Pay a lot of money to get things going and here we are paying a lot of money to stop things because we dont want people to get together so this virus does not continue onward. There has never been anything like this in history. Nobody has ever seen anything like this, but we are doing the right thing. Our big war is not a financial or, it is a medical war. We have to win that war. I would like to introduce dr. Stephen hahn and again, i would like to send back stephen our thanks to everyone working at the fda, talented people. You gotly the speed these two very important drugs passed, thank you. Hahn thank you, mr. President. Thank you for your leadership and the kind words. We have 10,000 scientists, doctors, and others working aroundtheclock to aid the American People in this fight against the coronavirus, and those words are much appreciated. Before the president nominated me, i was a cancer doctor and i sat across from countless number of patients and had to talk to them about their diagnosis and treatment. One thing that was really important is to provide hope. Hope for how we will come out of the situation. It is also important not to provide falsehood, but hope, and that is how i come to america, as commissioner of food and drugs. Look at how the American People ofe responded to our calls mitigating was social distancing. I am so proud of how the American People have responded. The president has asked us to the fda is continuing to provide regulatory guidance. The fdas responsibility to the American People is to make sure that products are safe and effective, and we are continuing to do that. Our folks and their tremendous professionals are working day and night to do this. You cannot even imagine how much they are working to provide the support for the American People, and i thank them. Long before the first domestic workinga been began this isation with in addition to all of government and all america approach. Workportant part of that is expanding the Therapeutic Options associated with coronavirus and we have learned from colleagues across the globe. I was a cancer researcher before this, and one thing i know about this rate country is we have on great country is we have unbelievable innovators who every day it is their job to develop treatments for all sorts of diseases. Andre blessed to have this these Great American innovators have engaged us about best possible treatment options. We are looking at everything that comes across our desk as treatments for coronavirus, and we are pleased. We need to look at it, need the data and information to make the best decisions for people, but we have over 17,000 people at fda doing this every day. We need to make sure the sea of new treatments will get the right drug to the right patient at the right dosage at the right time. We may have the right drug but it may not be in the appropriate dosage and may do more harm than good. And is our job to look at that is why we have experts looking at these aspects of therapeutic development. We are looking at methods to get drugs in the hands of providers and patients. One is compassionate use. If there is an experimental drug potentially available, a doctor could ask for that used in a patient. The important thing about compassionate use that is beyond right to try is we get to collect the information. I promise thengs American People as we would collect the data. And make the best decisions based on the data. We are working to make sure these treatments are is safe as they could possibly be. This plan was developed with many people at this table, Infectious Disease experts. We are looking at drugs approved for other indications, already approved for other diseases. Many americans have read studies and heard media studies about this antimalarial drug. For theready approved treatment of malaria and arthritis. That is a drug the president has directed us to take a closer look at to whether an expanded use approach could be done to see if it benefits patients, and we want to do that in the setting of a Clinical Trial to gather that information and answer the question that needs to be answered. Let me give you another example. There is across Agency Effort about convalescent plasma. This is something we have given assistance to other countries with as the crisis has developed. If you have been exposed to coronavirus and are better, you do not have the virus in your blood, we could collect the blood this is a possible treatment, not a proven treatment collect the blood, givece it is virus free that to other patients and the immune response could provide a benefit to patient. At,her thing we are looking we will have more information that we are trying to accelerate that. That is in the more shortterm and will be a bridge to other therapies that take us three to six months to develop. This is a continuous process. There is no beginning or end. We are pushing this through. America, innovators of some have taken years and they are pushing that to the month timeframe. The scientific oversight to make sure that gets done in the best way for the American People. The president mentioned a vaccine trial, phase one trial currently performed. Monthsct that to take 12 to a time where we could approve a vaccine, but these are all the things to bridge. It is exciting work and this is record time for the development of a vaccine, and impressive Publicprivate Partnerships. Focused on ensuring timely axis while meeting the world access while mediating meeting the gold standard. A drug used for Something Else can safely treat patients. At fda, it is all hands on deck. We remain steadfast in helping foster the development of safe and effective therapies for covid19. Thank you. Mike . Coronavirus House Task Force met this morning, and on this first day of spring. We continue to make steady progress to President Trumps promised to marshal the sources and harness the power of the American Private sector. Activities over the last day reflect all those priorities. Yesterday, the president spoke with top practitioners and garnered insight on how we can best serve those that are serving americans dealing with the coronavirus. We also had a productive call with over 5000 state and local officials describing our Seamless Partnership with states and territories. The president signed the family first coronavirus act which provides free testing, paid leave, and Food Assistance for the needy, among a broad array of benefits. We expect the senate will begin work on an Economic Relief package. Later today, the president and i will meet again in a teleconference with the nations governors at the National ResponseCoordination Center at fema and ally President Trumps decision to have fema take the lead in the coronavirus response. Our response through fema will be state managed and federally supported. Testing is available in all 50 states and is becoming increasingly available literally every hour of the day. Because of the Publicprivate Partnership with major commercial labs, and im pleased to receive a report that tens of thousands of tests are being performed every day, and with the passage of last nights legislation, state and private labsed to report all are required to report all coronavirus testing