In this March 30, 2020, file photo, Gov. Gavin Newsom speaks at the Governor's Office of Emergency Services in Rancho Cordova, Calif. (AP Photo/Rich Pedroncelli, File)
California Governor Gavin Newsom said the Golden State had managed to secure a monthly supply of 200 million N95 respiratory and surgical masks, opening up the possibility of helping other states struggling to secure protective supplies.
"We decided enough is enough. Let's use the power, the purchasing power of the state of California, as a nation-state," he told Rachel Maddow Tuesday night. "We did just that. And in the next few weeks, we're going to see supplies, at that level, into the state of California and potentially the opportunity to export some of those supplies to states in need."
Instead of competing for supplies against states, the federal government, or other nations, the fifth largest economy in the world decided to secure a supply of masks itself, he explained.
"We're not waiting around any longer and we're no longer interested in the progress that we were seeing in the past," the governor said. "We're not looking at competing against others. We're not looking at gouging, the fraud, and the abuse in this space, competing against other states."
Newsom said the state had inked deals with "a consortium of nonprofits" and a California manufacturer to supply the protective equipment and open the door to help other states as well. He said the masks, most of which will be of the more effective N95 type, will be produced overseas.
Up until now, the state had distributed 41.4 million N95 masks across the state, one million of which were from the federal government. "That's not an indictment. That's not a cheap shot. At the end of the day, they don't have the masks at the national stockpile," Newsom said.
Catching you up on the stories you need to know this morning, the U.S. could soon get its first major gun safety law in years, the House Select Committee investigating the January 6th attack on the U.S. capitol holds its second hearing, and today might just be the day the Supreme Court overturns Roe v. Wade, and decides on new gun laws.
U.S. stocks closed Thursday at their lowest levels of the trading day, as investors continue to eye inflation ahead of the May CPI report out Friday. Art Hogan, Chief Market Strategist for National Holdings, joins Cheddar News' Closing Bell to discuss.
The PGA has suspended 17 golfers, including Phil Mickelson and Dustin Johnson, who are competing in a Saudi-backed golf event outside of London. In a memo, commissioner Jay Monahan said "these players have made their choice for their own financial-based reasons", announcing they are ineligible to participate on the PGA tour or any other tours it sanctions. Hugh Kellenberger, Senior Managing Editor at the Athletic, breaks down the controversy, and what might happen next.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
