Speaker Nancy Pelosi speaks to the media during her weekly briefing March 12, 2020 on Capitol Hill in Washington, DC. (Photo by NICHOLAS KAMM/AFP via Getty Images)
House Speaker Nancy Pelosi repeated a phrase throughout her update this morning on the latest federal response to the coronavirus: "Testing, testing, testing."
The speaker said testing is "so very important, to take inventory, to understand the epidemiological spread of the virus, and also to meet the needs of the people affected."
She confirmed that Democrats and Republicans are working closely to pass a bill today that would provide additional protections, and free testing, following an $8.3 billion aid package last week. "No one will say I can't afford it," she said.
The Families First Coronavirus Response Act would ensure free coronavirus testing, paid emergency sick leave, expanded unemployment insurance, increased protections for health care workers on the frontline, and food security initiative for children while schools are closed.
The bill is currently being debated in the House, but the clock is ticking as lawmakers consider whether they should leave the capital out of an abundance of caution.
When asked if House Democrats would stick around if a deal was not made within the next two days, Pelosi insisted lawmakers would get it done.
"We don't need 48 hours. We need to make a decision to help families now," she said.
"If people have to stay home, we have to stay home, but we don't want people to panic," Pelosi added but held off from outlining further plans to address the virus.
"We're here to pass a bill. When we pass a bill, we'll make a judgment about what comes next," she said.
As an addendum to her update on the coronavirus response, the speaker chimed in on the Democratic primary race.
"In case you were going to ask, no, I don't think Bernie Sanders should get out of the race. I'm a grassroots person. I'm chair of the California Democratic Party. I know the enthusiasm of supporters of candidates, and they want to see it play out."
Rebecca Walser, President of Walser Wealth Management, joins Cheddar News' Closing Bell, where she discusses the factors behind Monday's surge on Wall Street and explains why investors will likely experience volatility in the market throughout the month of December.
Cheddar's Chloe Aiello joined "Closing Bell" to break down the progress of the SAFE Banking Act in Congress as cannabis businesses operators struggle to find financial institutions that will service them. Banks face steep federal penalties, including the risk of losing a bank charter, if found to be servicing marijuana businesses even if their state has legalized operations. Aiello reported that while there was some bipartisan support for the measure in the Senate, the bill faces some opposition from conservatives with "longstanding concerns" about cannabis and progressives who prefer a more comprehensive approach to reform.
Head of Instagram Adam Mosseri is slated to testify this week in front of the Senate Commerce Subcommittee after a Wall Street Journal report that found the Meta-owned social media platform is negatively impacting the mental wellness of teen girls.
Chinese regulators are reportedly behind China-based ride-hailing company DiDi exiting from the New York Stock Exchange, just days after listing earlier this year. The regulators stated prior that DiDi had not received the necessary clearances to list in the states. Gordon Chang, Asian affairs expert, joined Cheddar to break down what the delisting says about the relationship between nations. "This really strikes me as an attempt to really to force a decoupling of China and the U.S. in the financial markets," Chang said.
U.S. Futures were pointing to a higher open to round out the week despite a miss on the November Jobs Report, which showed slower job growth than expected-- and as the omicron variant continues to spread across the country. Patrick Healey, Founder & President at Caliber Financial Partners joined Cheddar's Opening Bell to discuss.
Just days after the detection of the Omicron variant, the World Health Organization has agreed to start the process of establishing a global pandemic treaty or accord. Amy Maxmen, senior reporter for Nature, and Dr. Samuel Scarpino, managing director for the Rockefeller Foundation's Pandemic Prevention Institute, joined Cheddar to discuss this effort and what lessons can be learned from the many COVID-19 failures as the world prepares for future pandemics.
It's a mixed bag for the November jobs report. Hiring slowed last month as employers only added 210,000 jobs, massively missing the estimate of 550,000. But there was one bright spot: the unemployment rate fell to 4.2%, with the number of unemployed people dropping to 6.9 million. Both of those numbers are considerably down from their highs at the end of the 2020 recession. Heather Boushey, a member of President Biden's Council of Economic Advisers, joined Cheddar to discuss the report and the state of the country's ongoing economic recovery.
