the house right now that is speaker pelosi they are i believe about to take a ten-minute break kayla tausche has the latest on where things stand kayla? >> reporter: kelly, we're in the final moments of debate on the house floor. house speaker nancy pelosi talking about this bill, talking about the need to pass it. after this, as you mentioned, members will be taking a ten-minute recess where they will figure out exactly what shape this vote is going to take, whether it will be a shorter voice vote or a longer recorded vote depending on how much opposition there is will you see the house members socially distanced spaced out in their seats and during the vote they will be filing on to the floor 30 members at a time so it will take a little bit longer than usual in any case i mentioned that objection there was a late-night scramble after kentucky lawmakerthomas massie raised some of his own objections to the bill forcing lawmakers to scramble back to d.c. there's also been some concern raised by fiscal conservatives in the house they put out a statement, the freedom caucus did, about how they

with more on this developing story kayla tausche? >> reporter: late-day snags in the stimulus bill that was supposed to sail through with bipartisan support after days of negotiations progressive alexandria ocasio-cortez and bernie sanders are vowing to gum up the works and delay a vote in either chamber if senate republicans succeed in getting changes that they have sought earlier today aoc tweeting, there is absolutely no good reason why senate republicans are tying a historic corporate give-away to getting relief money in the hands of families. sanders says if republicans get their way, he'll move to add more conditions to the $500 billion loan program that he is calling a corporate welfare fund earlier today three senate republicans objected to the fact that for some states workers who are laid off and get unemployment benefits would be making more than they would have made had they been employed. they say that is a perverse incentive. here's senator lindsey graham. >> this bill pays you more not to work than if you were working.

take a 25-point hit and it is likely that that room of heavy weights, brian, is who they are >> kayla tauschewashington, kayla, thank you very much >> all right now let's bring in guy adami and tim seymour. guys, i want to listen to this to highlight how volatile the markets have been, the 11 largest point gains and drops and four of the largest pesa percentage moves of all time have now come in just the last three weeks. we are literally re-writing the record books in many ways. do you believe, guy adami that a stimulus plan will calm these markets at all or is kind of the expectation already priced in? >> it will help, and it's great to be back with you. >> it clearly will help and yesterday on a day where obviously the market had a difficult day, i tried to point out some of the grain chutes i saw and we mentioned the fact that the indiscriminate selling was gone and you saw recovery in some of the chip names and there was some reason for optimism now today on a day when the market is up historic amounts and i hope it gets pushed through and they do it in a thoughtful way, but it concerns

that's just with the package that the treasury secretary is talking about on capitol hill. >> kayla tausche, i know you'll be following this the rest of the afternoon and probably long into the evening thank you very much. >>> kelly, this is an amazing time never seen anything like it. none of us have. very interesting approach here there might be a payroll tax holiday, which helps people who have payroll tax withdrawn from their paychecks, but many don't have that. so there may be payments to individuals and a tax holiday if you owe tax. >> that's a major economy, like you said, the bay area already doing it. >> it absolutely s where would the exceptions be? the mayor of hoboken saying you can go out and walk your dog, take a job but beyond that, you are pretty much sheltering in place. >>> our breaking news coverage as we head into the final hour of trading stay with us >>> it does, indeed. thank you, tyler thank you, kelly welcome to "the closing bell." i'm wilfred frost sara eisen will join us after the bell as we do our part to social distance here on cnbc while bring you the most impo

the dow, as you saw there, is up nearly a thousand points let's get down to kayla tausche now who hase breaking details of that stimulus package that we're waiting for a vote on kayla, the market is ramping up. in its wait, what can you tell us >> scott, there was a copy of the legislative text that was circulated among lawmakers before a call with the treasury secretary this morning, which i was able to obtain and i've been combing through it for the last couple of hours and in it, there are some notable restrictions on what companies who received these government loans can do with their cash flow. notably, there are restrictions on both buybacks and dividends for a company that takes out a government loan, they cannot buy back their stock for 12 months after the loan is repaid and while that loan is outstanding, the company cannot issue a dividend on common stock. there are also, scott, some restrictions on compensation for companies whose executive officers at these companies, who take this government aid it's fairly complicated legal language i want to make sure that we understand

prepared kayla tausche kick this is off. >> i'll jump right in.ederal records show up to $3 million in stock sales in the weeks after a private coronavirus briefing, both you and your husband who runs the new york stock exchange said these were conducted by third party advisers without your involvement but who were the advisers and what regular communication do you have with them >> kayla, thank you for having me on. i want to tell you that the third party advisers are same one that is many americans rely on for their investment advice i have no involvement in these decisions. i don't have conversations with them about any of this and so, this is a very third party relationship that many people are familiar with >> were these part of pre-planned scheduled stock sales? or were these individual investment decisions that were made by these advisers given what was facing each of the 29 companies where you or your husband trance acted in recent weeks? >> these were completely discretionary trades that the decision of our investment managers we had no i

we have breaking news right now out of the virtual g20 let's go to kayla tausche for that >> g20 leaderslier today and the result of that which president trump is talking about now at the briefing at the white house is a pledge of $5 trillion by these countries to help shore up businesses that are affected by the global pandemic. much of this will go through the imf and the world bank a press release that was put out by the g20 just a few moments ago says that this money will go to protect workers and businesses, specially micro, small and medium-sized notes and the sectors most affected and to shield them through social protection and it's part of targeted fiscal policy to counteract the social, economic and financial impacts of the pandemic so no small figure coming out of the g20 countries while we're right in the middle of this pandemic and putting the financial power of these companies through the various international organizations trying to get more money, brian, just into the hands of businesses worldwide >> all right kayla tausche with breaking news there on the g20 thank you ve

let's get to kayla tausche with what was live with the white house response. >> an unprecedented stimuluskage the white house is proposing, $1.3 trillion in relief for businesses and workers whose revenues and wages are grinding to a halt the treasury secretary steven mnuchin putting forth this proposal on capitol hill today to senate republicans. it includes, according to a senior administration official $550 billion in direct payments to americans or tax relief up to $300 billion in small business aid and up to $100 billion in targeted industry relief and add to that an estimated $300 billion in deferred tax payments. the treasury secretary said the benefit to the american economy is greater than of the cost. >> in different times we'll fix the deficit. this is not the time to worry about it this is the time that hardworking americans are impacted by government decisions. that's when the government has to step up >> this proposal is a third package that follows an $8 billion funding package that helps agencies, and a house bill that passed last week that provides an estimated $105 billi

feverishly to come up with an aid package to rescue the economy and the workers as the pandemic spreads kayla tauschelive in washington with the latest and where that stands at this hour kayla? >> brian, senate majority leader mitch mcconnell has moved forward with the technical process to get the ball rolling before a potential vote on the stimulus package on monday this is even as what exists now as just a skeleton outline of what they expect the different buckets of this aid to comprise. remember, negotiations between republicans and democrats are still ongoing. the fine print of this still needs to be worked out, but the senate majority leader wants to make clear that this is going to get done and it's going to get done quickly here he is on the floor just moments ago. >> discussion is going on as we speak. the goal is to reach agreements on each of the four components of the legislation by the end of the day. senators here are working and we're going to deliver >> there are still a few parts of the package they're waiting to fill in. >> the treasury department had outlined a 30 million plus pack

may be some good news coming from italy and china and we will explain it but first, let's go to kayla tauscheith the latest out of d.c., as congress tries to put the finishing touches on the details of this massive stimulus deal hi, kayla. >> reporter: hi, tyler and we are expecting a vote at some point today, but now three republican senators are calling for some edits to be made to the nearly final draft legislative language that was circulated early this morning senators tim scott from south carolina, ben sasse from nebraska, and lindsey graham, also from south carolina, saying that there is a massive drafting error that incentivizes people to seek unemployment bonuses rather than working in jobs where they would work up to 40 hours a week a spokesperson for senator sasse says that they are working on an amendment to fix this by making sure that the maximum unemployment benefit is 100% of someone's salary, so that people get the benefits they need and supply chains in industries that rely on some of these hourly workers like the hospital industry can keep running. so we are going to stay t

kayla tausche has that for us. kayla? >> kelly, our eyes turn now to capitol hill, where we are going to watch a socially distanced senate take up an elongated vote on the second coronavirus relief bill this is the one that provides roughly $105 billion worth of paid sick leave to an estimated 40 million americans mitch mcconnell has doubled the allotted time for this vote, because hep doesn't want lawmakers to be congregating in this chamber now, not all lawmakers have liked this bill. senator marco rubio, the republican from florida, whose state is heavily exposed to tourism and the cruise industry thinks that it unfairly incentivizes companies to lay workers off instead of providing this benefit but he said that the treasury secretary urged lawmakers yesterday to go ahead and pass this and then make any changes that they feed to, in any follow up legislation because the big deal is what comes next and that is this 1.1 trillion stimulus bill that the treasury is putting together and could send to the hill as soon as the

. >>> steve liesman has the latest from the fed kayla tausche is tracking the fed response from washington much more from her as you just heard. let's start with you, mike, on the key market levels. >> we just bounced off a key market level, wilf s&p 500. we closed yesterday about 1% above that december 2018 closing low about 2351 we spent very little time under the 2500 level now what this is, i would call it a very modest bounce, given the destruction that we saw in recent days. i think you can make the can case between thursday to monday you had a multi-stage capitulation process we should be bouncing on a tuesday after a washout monday right now looks okay but not so decisive we're down 30% from the highs. this is the 2000 to 2002, if you want to call it 2003, bear market when did we get to a 30% loss? right here, right after 9/11 rally attempts, retest, further low and then a decline from that point on, you were kind of even in a little over a year if you bought the down 30% number look at 2008 actually a littlemore than a year 2008, you were even at not too long roughly down 30% area

lets get to kayla tausche out west with more kayla. >> brian, a game changing day in the most populous state california isn't tallied still too early to 54% of the kroet in and sanders leading in. but biden closing the distance with sanders, biden with 513 total delegates according to nbc news bernie at 461 the next stretch of primaries including a slough of swing states where moderate voters feature prominently. in the exit polls we learned that only a quarter of voters said they were liberal appear in most viewed socialism unfavorably. mike bloomberg was unsuccessfully in the bid for those voters and this afternoon he gave public remarks after ending the 100-day half a billion-dollar campaign and got a little emotional >> our campaign for a better america, a stronger america, a more just america, more equal america, and a more united america continues. and together we will get it done thank you. >> part of the way he is going to do that is by endorsing former vice president joe biden and pledging resources toward the effort now legally he can't give bidden the money outright he said

for that let's get to kayla tausche. >> brian, house, senate and treasury trying to turn that $1 trillion economic stimulus proposal into legislation that could see a vote as soon as friday according to aides on capitol hill earlier today senate majority leader mitch mcconnell said this is time sensitive and urgent issue. >> i would recommend senators stay around, close, just how long it will take to get through these steps is unclear, but as everyone knows, we are moving rapidly because the situation demands it >> after a paid leave package passed today this would be the third and biggest wave of money unlocked to combat the coronavirus. as it stands now it would include $500 billion in direct cash payments to americans beginning april 6th. about $100 billion in injections for hard-hit industries and about $300 billion in loan programs for small business. the size and the urgency of this is evocative of the bank rescue package from the financial crisis when the first vote on that t.a.r.p. package fail, the markets fell 7% and that is a move that pales in comparison to the moves that we'v

in the last couple days where credit is concerned, where the banks specifically are concerned, kayla tausche is reporting that the regulators are looking to loosen some of the rules, governing the bank industry to basically free up liquidity right now, are these the right steps? do they go far enough in the meantime >> well, let's talk about what aren't the right steps you know, the monetary bazooka has been triggered it will have no impact in my opinion on improving the economy and doesn't do anything about the health issues and has a negative psychology that happened in the financial crisis, quite frankly. you know, they decreased by -- the fed funds by 50 basis points, the market went down a thousand points. they said let's do double that the market went down 3,000 points they also said like they said in the other crisis that we'll keep interest rates low forever well, that doesn't build any confidence every six weeks the fed came out during the crisis saying things aren't very good, we're going to keep rates at zero, how does that help the confidence of people and the investors? they als

kayla tausche in d.c do you believe that a, boeing deserves some kind of aid package and b, if it doesould the u.s. government bein come a stake holder, basically a seat at the table. >> if you think the u.s. airlines is want of their doing. it's not at boeing's doing the stock was trading at $340 and if the market is a weighing machine and a voting machine, boeing wasn't seemingly going out of business in what is still a very difficult 737 max story for the company and boeing's problems right now are leverage that is coming from not selling any to companies and airlines collecting fleets and no longer revenue. it's more important than its commercial aircraft business and i think absolutely boeing is not only going to be saved, but i don't think boeing in the context of not planning the pizza parlor and not planning the corner deli, boeing shouldn't be blamed for what's going on in airlines in terms of buying planes in a traditional format >> we know they have a lot of work to do and even in the best place market scenario, they were hoping to get back in call it late second quarter and

kayla, thank you we appreciate it kayla tausche is in washington >>> let's turn to oil, which is looking to rebound after plunging to its lowest level yesterday since 2002 in fact, yesterday's 24% plunge was the third worst day on record today, a rebound with oil spiking more than 20% in the session, now, which would be its best day ever. but still, it's down 44% in march. you guessed it that's its worst month for more on where the price of oil could go next, i'm joined by paul sanke, and our own brian sullivan is here with us as well brian, was it you or did someone else out there say that oil could go negative? i was focused on negative bond yields, now negative oil prices, too. >> it's possible, yeah listen, it's the high risk, you know, for a low probability outcome, kelly, but it's not out of the question. here's why you've got a store at summer we talked about this yesterday on your show and again, if all the storage tanks get full, it's possible, it's not probable, nobody is saying this is the outcome, but if you've got oil and there's nowhere to put it, it's conceivable you might

states are voting and investor are watching closely who will it be sanders or biden kayla tausche has more >> sara, it's a watershed moment it seems so many dramatic developments over just the last week more than 1300 delegates, and however they shake out is going to determine thefuture o this race. right now senator bernie sanders has just a seven-delegate lead on the former vice president joe biden. elizabeth warren has eight delegates total. bloomberg has none, but he's making his first bid for them today. he said earlier today in florida, he does not believe it would be winner takes all. >> you don't have to win states. you have to win delegates. what happens here is nobody gets a majority, at best somebody will have a plurality, and then you go to a convention and you see what happens at the convention. >> here in california, sanders has maintained a sizable lead, even with biden surging in recent days and closing in on that lead. even despite the anti-corruption rhetoric that bernie sanders has become infamous for, here in california, he is getting the most money of any candidat

we want to go to kayla tausche with some news out of washington, which may be behind this fall we're n the market kayla? >> reporter: sara, we're seeing only late-day snags in support for stimulus bill. last hour we told you about three republican senators who are pushing for some language changes in the bill because some workers would stand to earn more through these unemployment funds than they would in their median incomes in their current jobs. now senator bernie sanders has tweeted unless republican senators drop their objections to the coronavirus legislation, i am prepared to put a hold on this bill until stronger conditions are imposed on the $500 billion of what he is calling a corporate welfare fund that is the money that is earmarked to go to aircraft carriers -- or air carriers, to national security companies, and to these $450 billion of eligible miscellaneous businesses that will receive this money so he's pushing for more restrictions on that to pass, you just need 60 votes. if the senate goes down a more arcane path or a simple majority if it's more straightforward but

for those in ohio and we'll see how this affects turnout and the results from the election >> kayla tausche, thank you. >>> let's get more on the coronavirus pandemic, sue herera with some updates for us. >> thank you so much sara. the number of new cases reaching 179,000 worldwide today with more than 4,100 here in the u.s. for the first time since the outbreak began, cases outside of china outnumber those inside of china. san francisco ordering its residents to stay inside effective midnight tonight necessary government functions and essential stores will remain open in new york, new jersey and connecticut all gyms theaters and casinos will close at 8:00 p.m. tonight bars and restaurants will operate as takeout or delivery only >>> and the first human trials for a covid-19 vaccine beginning today. biotech company moderna and national institutes of health working together the phase one testing is under way in seattle it will include 45 men and women. >>> for live updates on the coronavirus outbreak, you can check out cnbc.com sara >> sue, thank you. >>> let's get a closer look at the feder

east coast time guys >> just about in an hour eamon, talk to you maybe before then eamon javers kayla tausche, we see multiple pots cooking this morning in washington, d.c. hey, kayla >> reporter: hey, carl i've been talking to my sources. regulators here in washington are likely to pursue more regulatory changes to free up liquidity for banks to be investing to keep the markets functioning more seamlessly than they are right now one change that is under consideration right now is the occ, the office of the comptroller of the currency is considering relaxing its 2013 rules over leveraged lending this is essentially a way to take some of these barriers or guardrails off of the banks that would prohibit them from making loans to companies that are being perceived as risky companies, as some of these energy companies, for instance, slide down the credit scale and their capital or their balance sheet becomes less healthy in this case, if this were to happen, banks would be able to continue extending credit to them i am told, though, that there is a significant amount of resistance to making this

yesterday as voters went to the polls to cast their boll lots in the democratic presidential race kayla tausche us now with the results and what that might mean from here >> democratic voters overwhelmingly favored joe biden in four of those six state contests last night. vice president joe biden winning mississippi, missouri, michigan, a key battleground there, and extending his delegate lead to 150 delegates over vermont senator bernie sanders thanks in large part to the lion's share of african-american voters in those states as well as many anecdotal stories of voters who did not want to vote for hillary clinton in 2016 so backed sanders then instead but were voting for biden this time around so, 150 delegates is the lead that biden currently have over sanders. but nbc news is not ready to project the results of north dakota and washington. north dakota too early to call washington too close to call now, both candidates cancelled rallies in ohio which is one of the state contests that were scheduled for last night, biden holding a speech in philadelphia instead where he south ght to ry the t