toomey's advice. we will take whatever action is necessary to protect the lives and livelihoods of all georgians. in light of this new executive order, live performance venues, bars and nightclubs must remain closed through may 31, 2020. i know this extension is difficult for many georgia business owners. and communities that have music venues. however, we believe that waiting a little bit longer will enhance health outcomes and give folks the opportunity to prepare for savory opening in the near future. all georgians must continue to follow social distancing and gatherings of more than 10 people remains band unless there is at least six feet between each person. the gathering ban applies to all non-critical infrastructure businesses, local governments, and organizations of all types, including social groups and formal get-togethers and recreational sports, just to name a few. we continue to strongly encourage people to wear face coverings when out in public, and we thank everyone for their willingnes

toomey come back up. we are watching the things we have always been, watching the curve go up and down, watching our bed capacity, cases of flulike symptoms, emergency room visits. a lot of times you can get more nrom those figures than you ca before the numbers you are seeing on testing. i have also been watching our number of positives to the amount of testing we are doing. right now we are doing more tests, but the percentage of those positive is going down. you have to keep all of this relative, right? if we start focusing slowly on nursing homes -- solely on nursing homes or if we have a situation like an albany that hotspot like, or a we are seeing in gainesville and we start doing a bunch of testing up there, most likely that will drive our numbers up. if it is an isolated area we can control and do contact tracing, which is going on now -- dr. toomey will be talking more about that next week -- we can stay on top of those issues. a great example is albany. i went down there yesterday. they have re

toomey, and she will make some remarks. dr. toomey? dr. toomey: thank, governor, and good afternoon. i want to briefly mention what the governor said. the integrity of our data is absolutely our number one priority. as this pandemic has evolved, data will continue to evolve as technology continues to evolve around testing to identify who has the virus. we have to have transparency. we are continuing to work to improve all of our reporting systems. that will give us the ability to respond adequately. i want to again say having multiple, actionable, accurate data is our top priority for public health, and to make that available to the public, to decision-makers, to the media. we will continue to do that as we move forward, hopefully with greater agility and greater ability to provide the information you need in a timely way. the department is also continuing to make great strides on our contact tracing program. we actually gave it a new name. it is called the healthy georgia collaborative, and i think that is reflective of the fact that this

toomey: thank you. i want to remind everybody that while we authorized something on the scale of $3 trillion to round things off, of direct spending and lending, and then authorized the fed to complement that with another roughly $3 trillion, that could be $6 trillion. that is 30% of our entire annual economic output. in fact, actually, more than half of it is not yet been spent or lent, so i think you can make a pretty strong case that before we rush out and do another we actually let some of this stuff go to work and understand the consequent as of what we have already done -- the consequences of what we have already done. i appreciate the chairman observing that his comment, while it was is characterized as calling on congress to pass a new bill, was actually more nuanced on the potential cost of new spending. the comment you made at the peterson institute, mr. chairman , do you still stand by that comment? chair powell: i do. would you like me to expand on that? sen. toomey: i think we covered it, s

senator toomey, thank you very much for talking with us. we heard you express concern today at the hearing about the effects of the economy -- on the economy long term if people end up staying out of work for such a long time. is that now a greater concern for you than covid-19 coming back later in the year, there being a resurgence of it? how do you weigh the two? >> you know, judy, it's a great question, but, you know, i'm reminded of the reason we took the extraordinary, draconian step of closing the economy for the first time in the history of the country the government made it, you know, just forbid economic activity, forbid people from earning a livelihood. there was a very specific and clearly articulated reason for doing that, and the reason was to prevent the spread of the virus from happening so quickly that so many people would get sick all at once that they would overwhelm our hospital capacity. it has been abundantly clear for weeks now that we're not going to overwhelm our hospitals. we have all kinds of excess capacity in hos

toomey, dr. bell, we had about dhic thatng people in could do the contact tracing, when someone is tested and found the disease,e with we had about 20 people to go out out whom their contacts were in order to check them out. now we have over 200. that number's growing. we hope to get more. changed.s have we are very well educated on populatione and our is educated, as well. reporter: how can people who are being contact tracers, people who have been in the medical field before, how get in touch with the department on that and are you that?g for people like dr. bell: we are. we're looking for healthcare help withwho can that, students in training, students, undergraduate students. there's an address found on our website and if people are interested in volunteering to help with contact investigations, off the top of my head, i would say submit that our dhec email address and someone will follow up. >> just wanted to add one additional part to that because had a lot of people reach out to us. we hav

thank you, senator toomey.preciate it >> thanks for having me. >> we'll be watching. >> you can catch today's testimony if you have been up and unable to -- no, kidding you can catch today's testimony from jay powell and secretary mnuchin starting at 10 a.m. eastern. it will be absolutely riveting i should not have started that like that. >>> when we come back, starwood capital founder barry sternlicht will join us to talk about the reopening of america and the economy. that's a few minutes away. >>> two big earnings reports home depot reporting 2.08 a share compared to a consensus of 2.27 they did beat the forecast though that stock is down by 2.1% as home depot suspended the 2020 outlook. then there was walmart earning 1.18 a share beating estimates by 6 cents revenue and same-store sales better than expected u.s. same-store sales up 10% that's propelling it by 4% "squawk box" will be right back. assisting millions of customerse across america through fee waivers and payment deferrals, helping people stay in

fema,thleen toomey, from from the national guard, colonel l, the department of public safety, commissionerark williams with the department of natural resources, and to wrap us up, the agriculture commissioner, gary black. for several months, our nation has been fighting an invisible enemy and uniting to ensure the health

toomey take our money and. leave. us. so it has the slightest bit of a speed all steer doesn't cut of arc of order and. power operations must come to an end. but our care and system ensures that corporations become more and more powerful i want to change. the train and i want to ask someone who's been studying this question for errors my as one of the greatest intellectuals in the world. i know our chomsky is a professor at the massachusetts institute of technology and chair and a prominent critic of to all but i say sure. you must be very busy i suppose. as you can say. ok that. was listening to something in the same minute is speaking of the seventy's. when the beginnings of concern was the environment began to be raised among the general population so of course our systems after it's on the triumph is they're going to maintain their control some but a lot is the power of corporates today bears on. power is based on their control of the capital on their control of investment decisions. there are massive influence on gov

part of an end, an effort, anyway, to end recent antibeijing protests senator pat toomey joins us.ad senator van hollen on earlier this week or late last week, senator. it's a bill that you sponsored with chris what's in the bill what would it do >> joe, the idea of the bill is to send a very clear message to beijing that we're not going to sit by idolly while they systematically destroy the autonomy that they promised to hong kong, that they continue to export their authoritarian system to other parts of the world, especially in hong kong so what it says is that the state department will be obligated to list those entities and individuals who are responsible for inflicting this crackdown on hong kong and they will be subject to sanctions themselves financial sanctions, including things like freezing their assets, but also secondary sanctions, which is to say restricting the activities of banks that finance those individuals and those entities i think that's a pretty big hammer to be wielding. >> the comments that you've seen from the secretary of state recently, where do you think

neil: you know, your measured and bipartisan approach with senator toomey might be the ticket.atch it very closely, senator. good health to you and your constituents, your family. be well. >> and to you, too, neil. thanks. neil: thank you. senator chris van hollen. we are learning that apple is indeed going to open up 100 stores in the u.s., many with curbside pickup. this continues a trend where apple has said we are open for business, maybe not exactly business as usual, but business. wall street likes it. the cstock is up. meet jim. for jim, comfort is king. which is why when it comes to his dentures only new poligrip cushion and comfort will do. the first and only formula with adaptagrip cushioning technology. choose new poligrip cushion and comfort. many of life's moments in thare being put on hold. are staying at home, at carvana, we understand that, for some, getting a car just can't wait. to help, we're giving our customers up to 90 days to make their first payment. shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. an

cathleen toomey, a director from fema, from the national guard, colonel al, the department of publicafety, commissioner mark williams with the department of natural resources, and to wrap us up, the agriculture commissioner, gary black. for several months, our nation s

hollen: senator toomey and i have been working on this for a long time, but the events of today and the announcement that china intended to crackdown harder and, how -- in hong kong has crackdown with urgency. speaker pelosi: we will review it. has, orn the congress senate. francine: for more on all of this, bloomberg serena wang joins us. why is the hong kong security laws so controversial right now? selina: the last time they tried to pass a security law was in 2003, and the government actually ended up shelving it. now when the world is preoccupied with fighting the covid pandemic, china is signaling it will push forward with this law by bypassing the hong kong ledges. china says this will safeguard prosperity, but fundamental lawmakers say this will erode the judicial independence, freedom of speech, many freedoms people enjoy in hong kong, and you heard from a pro-democracy lawmaker that if this is enacted, it will be the end of hong kong as we know it. tensionsher increased between the u.s. and china. the u.s. introduced legislation that would punish chinese officials and entities

toomey and dr. bell and everyone else has said from this podium and the if we all follow those rules, follow the guidelines, doch that social distancing, all the things that we have been and mother's day's coming up. your momma told you to wash your hands and cover your nose and mouth if you cough, as long as we do those simple things and use common sense, we ought to be just fine because we're taking calibrated and protect theteps to safety and dr. bell has said health, that is, your physical health and economic health, public health, are all the same thing. samere all part of the package. thank you. >> first, let's start with some updates. we are at 15,280 four cases. as a reminder, that's the number of confirmed cases. it's likely to be several times that in terms of people who have had the virus or even might be .symptomatic tragically, we are at 777 deaths today, and our thoughts go out and our condolences to the families and loved ones of all those who this virus has taken from us in colorado,

senator toomey? senator toomey: thank you, mr. chairman. just want to follow up on a question from senator brown to mr. quarles. mr. quarles, are you aware of bank dividend payments that are preventing banks from making p.p.p. loans? >> no, the banks are very well capitalized and all of those p.p.b. originally appropriated p.p.p. money has been deployed. >> all right, thank you. let me just -- i want to briefly just put on your radar an idea that was prosed to me that struck me as having some matter and really all i'm asking of you is just to consider this. many small and medium sized businesses are -- to large businesses and in that role they will often have accounts receivable. sometimes they have to wait 30, 60, 90 days to get paid so the idea was proposed that maybe the bigger companies would have access to a liquidity facility on the condition that when they draw down on that, they would use it to immediately pay accounts that would be accounts payable from the perspective of the big company. it's a way to provide libertyy to small and

is one for our elected representatives who wield powers of taxation and spending >> so senator pat toomeyought that comment was so important that he went out of his way this morning on "squawk box" to comment on it. >> one of the things i'd like to clarify is the mischaracterization of the chairman's comments about the congress strapping another money bomb on the economy. he was not calling for that. there was a much more nuanced comment, in which he observed that there are costs to doing that, so it might be helpful to clarify that >> let's talk quickly about the programs the fed and the treasury put together. treasury committed $195 billion of $454 billion from congress in eight programs at the fed. those will be leveraged up into trillions of dollars of lending inprograms including main street, municipal and corporate bonds and also buying ppp loans. $259 billion not committed and david, that may be another subject of discussion this morning. what happens to that other $260 billion, round it up >> we'd ask secretary mnuchin about that i think it was last week, steve, him talking about

crapo: senator toomey? >> thank you very much, mr. chairman, and thank you for our witnesses today and thanks for your willingness to serve. i appreciate that. both of you bring a wealth of experience to your respective roles and i am pleased with that fact. mr. miller, let me start with you. first of all, i appreciate our conversation earlier where we discussed your role, should you be confirmed, but i'd like to go back to this issue. several of my colleagues now have questioned your willingness to be independent of the administration and seems to me that there's some history here that may be worth a little bit of elaboration. you made a passing reference to it, but in a prior role when you were the i.g. at the g.s.a., under a republican administration, i believe, you conducted what seems like a very thorough and ended up in a way being, i suppose, antagonistic in the sense that there was wrongdoing and you pursued it. so could you tell us a little bit about that? because i think a person's history speaks louder than anything else. m

we spoke to pat toomey earlier on cnbc. here's what he had to say. >> there is a real debate as to whether there should be any federal funding going directly to states and municipalities to replace lost revenue why is it that the federal government should be the source of this money? states and municipalities have taxing authority of their own. >> how would you respond to that >> i mean, it's a fundamental central purpose the federal govern am, what is, we should ask, the purpose of federal government if not to protect its citizens and to address the issue of social responsibility at a time of great need? let me just underscore the great need if it's not obvious, it should be obvious to everybody, but we have depression-era unemployment the numbers we've seen made public significantly understate the severity of the economic crisis in the united states of america. it's well north of 20% unemployment, and the reality is as we toggle back, as we reopen the economy, california roughly 90% of the economy now is conditionally reo

senator toomey and senator warner indicated that very few of us expect the treasury not to have to take losses, there needs to be some risk-taking. i want some kind of assurance facilities,he b4 that these kind of companies that are hugely important to the economy can receive some assistance with the facilities at treasury and the fed. secretary mnuchin, is there some level of comfort i can have? sec. mnuchin: you have my assurance we will look at that specific company and see what we can do and get back to you. sen. moran: i hope it is more than that because it is not just that company. there are number of companies across the country that this is hugely important . sec. mnuchin: companies like that, we want to make sure there are facilities where companies do not fall through the cracks. we are trying to do as much as we can within our powers. sen. moran: let me suggest you that timing is of the essence. the circumstances companies face today in layoff and furloughing employees are present and around the corner. i encourage the thoughtful action in addressing the circumstances. let me

toomey, our health -- leader of our health department in georgia today.. so if i test negative today and then i go out and get exposed to tomorrow, it means what? and so we know that testing's just one part of this. there needs to be contact tracing. there needs to be isolation and quarantine. and there's still so much more to be done. and even when you have funeral directors saying, i've never seen anything like this before, and you couple that with the cdc along with health professionals and even the president of the united states saying, it's too soon, then i think all of those are signs that this is -- it's not the appropriate thing for us to do at this time. >> i will say looking at this from outside the state and having been sort of half in love with atlanta my whole life, i think you're the mayor of one of the world's great cities and certainly one of the cultural hubs in america that we all have to be both thankful of and often in awe of, from outside of the state looking in, one of the things that is just remarkable and inexplicable is that the g

will tell you i learned something on today's call that i didn't know, that nearly half, by senator toomey, of the dollars we've allocated, the $3 trillion has neither been spent or lent. can you guys -- we need more transparency on these programs and i think you would agree with that when can we see full information about who is getting the dollars? >> well, let me just comment when we negotiated this bipartisan deal, we agreed to unprecedented transparency so we agreed to release things that are not required by 13.3 so i don't know why you haven't seen that. everything is posted on our website or the fed's website we take great pride in the transparency that we've provided and we've agreed to it. >> mr. secretary, you're saying that the information about who's getting the dollars and money is already posted on your website >> again, what i've said is every single commitment we've made is listed on the website, every single term sheet, and yes, to the extent -- >>er dollar that's gone out has been listed on your website, that's what i heard? >> again, within the c.a.r.e.s. -- within the c

. >> i think i would disagree with that characterization as well, but let's move on to senator toomeyairman. thanks for joining us this way. i just want to follow up on this discussion about additional spending and remind everybody, while we authorize something on the scale of $3 trillion to round things off of direct spending and lending and then authorize the fed to complement that with another roughly $3 trillion, that could be $6 trillion. that's like 30% of our entire annual economic output. and, in fact, actually more than half of it has not yet been spent or lent. so i think you can make a pretty strong case that before we rush out and do another spending bill, we actually let some of this stuff go to work and understand the consequences of what we've already done. i appreciate the chairman observing that his comment, while i think it was often mischaracterized, is falling on congress to pass a new bill. in fact, there's much more nuance of that and it acknowledged, among other things, the potential cost of new spending. the comment that you made at the peterson institute, mr.

but that being said, any of the moves we make, i hear senator toomey calling for things that could involvehe banking system, again, these are kind of short-term/long-term traufs, but how much is the u.s. willing to risk, because the last time we kind of went through the tariff and trade wars, we remember how volatile the market was and how it slowed the economy coming out of the jobs act. what happens if just as we're coming out of the pandemic, the u.s. slrve china thing pulls the brake on this all over again >> well, i must say that china's behavior regarding the pandemic, as i said, their concealment, their lack of transparency, their lack of information, possible conspiracy with the world health organization, that cannot be ignored. and they will be held accountable for that it's not about the stock market. it's about this pandemic impact around the world second point, with respect to hong kong, you know, we've seen these battles before and china pulled back. hong kong is clearly losing its freedom. china is now breaking long-standing rules and laws and treaties that means hong kong wi

and so forth design machinery industrialize killing then the pentagon, the context for machinery toomey made. industrial complex includes all of the basis, spread around the united states and around the world. there are more than 800 u.s. bases around the world. the only military around the world but there is no cemetery that had a wide representation on the surface of the planet in the u.s. military. the military industrial complex also includes all of the people who are residents of towns and boosters want to have more jobs for civilians that come with the bases. the people who want factories that make the ordinance and bombs and so on and so forth. all of the is the my c. all that is the military-industrial complex, the people who make the laws, the people design the policies, the people who have the weapons and people who work uniforms and civilian personnel, and lysing the whole thing. by extension, the prison industrial complex has to same complexity that is not to muddy the water but rather to clarify that there are all these different places to fight that we wrote america, where

but let's move on to senator toomey. >> mr. chairman, thanks for joining us this way. i just want to follow up on this discussion about additional spending and remind everybody while we authorize something on the scale of $3 trillion to round things off of direct spending and lending and then authorized the fed to complement that with another roughly $3 trillion, that could be $6 trillion. that's like 30% of our entire annual economic output, and in fact, actually, more than half of it is not yet been spent or lent. so i think you can make a pretty strong case that before we rush out and do another spending bill, we actually let some of this stuff go to work and understand the consequences of what we've already done. i appreciate the chairman observing that his comment, while i think it was often mischaracterized on call on congress to pass a new bill, and it was more nuanced than that and it acknowledged the potential cost of new spending. the comment that you made at the peterson institute, mr. chairman, you still stand by that comment? >> i do. i do. would you like

senator pat toomey of pennsylvania.et's take a real quick peak at the corner of wallin broad tod today. it was looking just fine until he had the examination of this moderna vaccine study that may be indicated that we got ahead of our sort of i don't know, medical skus on this one, and then it sold off. that and some disappointing sales report. home depot setting record gains. we saw amazon and walmart. not enough. we ended up down about 400 points. stay with us. it's best we stay apart for a bit, but that doesn't mean you're in this alone. we're automatically refunding our customers a portion of their personal auto premiums. we're also offering flexible payment options for those who've been financially affected by the crisis. we look forward to returning to something that feels a little closer to life as we knew it, but until then you can see how we're here to help at libertymutual.com/covid-19. [ piano playing ] ♪ we could never do what they do. but what we can do it be a partner that never quits. verizon is the most

even pat toomey, who is somebody that doesn't like to spend a lot of money, believes that steve mnuchin's too conservative with this -- with control of this half a trillion dollars you're talking about. and that he has said that treasury might make money off of this and there's a concern that that's why he's being so careful and he only wants to try to make investments that make money. is that a mistake? >> yes. that is a mistake. the congress voted and the president signed a bill that said go lose half a trillion dollars. and when the congressional budget office looked at this, it said they're not going to lose any money, they're going to charge so much for the loans they'll get the money back. and that's not the right strategy. the whole idea was to get the money out the door to broad swathsz of the economy. we've asked the larger businesses to take loans, not get grants as other places did. we're essentially asking states and localities to do that because when the revenue went away for the businesses the sales taxes went away for the states. so that's what this was supposed to do. and

chance or are there more opportunities ahead, brian belski is chief investment strategist and chris toomey with morgan stanley private wealth management great to have you both here. brian, i don't know how passionate you are about investing by sectors, but are there places right now that still have a lot of value or would you stick with the places that have been outperforming >> a great question. thanks for having us on, evans i think the thing you have to think about is we have a huge weighting in amazon. the amazon machine has clearly dominated the performance of consumer discretionary but i'll remind everyone, back in 2008 when i was at another firm, i came out with a strong overweight recommendation of consumer discretionary you always want to buy consumer discretionary when the economy is heading into recession. typically and historically, consumer discretionary is the number one coming out of recession. the components of consumer discretionary clearly are different, kelly, with amazon dominating like they are but also, too, think about this. you have situations like hotels and restau

allie mccartney from ubs, go ahead. >> senator toomey, i thank you for your clients.estatement of why we're in this position. my concern is that people have conflated the flattening of the curve which was intended as you said to protect life by protecting medical resources, getting rid of the disease. so now that we've gone from what i would call that triage face to what is the transition phase that leads to transformation, you talked about a number of things and i think that that transition stage we do have to have a different relationship between health and medical resources and the economy. so when you think about that in your state and some other things that are going forward, what do you hope to see in the next couple of weeks or months? >> well, my state's moving way too slowly, in my view. i had this conversation with my governor. he knows my opinion and that hasn't changed his mind apparently. more than half of our state is still basically in a lockdown, hide under your kitchen table mode, where you can't go to work, you're not supposed to go outside. and that

i havetor toomey and been working on this for some time.ment that china intended to crackdown further in hong kong has added i think new urgency to passing this legislation. in the house, i have asked my committee to take a look at that. i take second place to no one in the congress, house, or senate. matt: joining us from the forbidden city in beijing is tom mackenzie. why is the hong kong security law so controversial? wasn't it already on the books? law ise security consequential because it is something that the hong kong government has tried to push through for a number of years and they have a failed every single time. push03, they tried hard to this through and it triggered demonstrations and street protests. beijing says this is about giving law enforcement in hong kong the tools to tackle what they describe as moves for sedition, secession, terrorism even, foreign intervention in hong kong. they say this is needed to shore up the legal system in hong kong. opponents are deeply concerned, as you heard from some of those comments abou

i think senator toomey and senator warren earlier indicated that very few of us expect the treasury to not have to take losses, that there needs to be some risk-taking here, and i want some kind of assurance that , thatthe b-4 facilities these kinds of companies that are hugely important of the economy can receive some assistance with the facilities of treasury and the fed. secretary mnuchin, is there some have?of comfort i can mr. mnuchin: you have my assurance that we will look back at that specific company and see what we can do and get back to you. senator: i hope that it is more than that because it is not just that company, there is a number of companies across the country, not just in kansas. mr. mnuchin: to be clear, companies like that, and i said before, we want to make sure there are facilities that companies don't -- that in our facilities, that companies don't fall through the cracks. senator: let me suggest to you that timing is of the essence, just as it was in p.p.e. the circumstances companies face today in laying off employees are present and around the corner, so i e

miller, in response to some of senator toomey's questions were senator kennedy's questions, on the one hand we have people questioning your independence under the weight and pressure of an administration, but you investigate it to someone who is appointed by president bush, you yourself were appointed by president bush. that investigation didn't change one bit regardless of the pressure that you got on capitol hill and others. what is the ultimate disposition of the person? >> she was asked to resign, senator. >> earlier ranking member brown characterized one of the writings as something that seemed to question your commitment and the response you said was a mischaracterization of what you wrote. would you mind going back to that very briefly? >> my concern was inspectors generals are independent of both of the executive branch and the congressional branch. my concern with the article is they need to understand that they are also independent of undue pressure from the congress. and that is the just of the article. in fact i said in the article but it is fundamental for an inspector gen