The faang index down 1. 7 . If you can believe it, from the low in march to the recent high, the faang index up more than 100 . We are seeing healthy consolidation. The question is whether or not there is more to go. If yes, there could be big pressure on the indexes. David i can believe it because i read it in your note. Big tech is one thing. It has gone up a long way, but can it come down without taking the rest of the equities down with us down with it . Abigail very difficult. The reason100, and we have the underperformance toward that index down more than ing 40 of its weight goes to the big tech names. We have chinese stocks week for the third day in a row. Over last month that new york faang index and the big tech stayathome names tracking exactly with the shanghai composite, which you could call a mini bubble. It appears to be bursting. If that is the case, there could be more pain ahead, not just for u. S. Big tech but the overall indexes for the reason youre talking about. That is Abigail Doolittle on the markets. In the meantime there was a big change overnight in the Trump Campaign reelection for president as they replaced the Campaign Manager they demoted him down to Senior Advisor and put up a veteran who had been working with Chris Christie and then with President Trump. We welcome our bloomberg political contributor jeanne zaino. What should we read into this . Is President Trump concluding he is behind after all . Jeanne a big shakeup. Not unexpected. We saw this coming when the tulsa rally had a turnout of about 6000 with empty seats that frustrated the president , and in thatake of all these polls show joe biden with a doubledigit lead nationally and leading in the swing states. About 11 of the swing states have him with a they bleed. It is a realization on the part of donald trump and Jared Kushner. Demoted, he is the guy that came in with all of the andtal components in 2016, he is being replaced with marvin insider, somebody the trump , andmore of an insider somebody arguing the Campaign Needs to go negative on joe biden. We may see some of that coming down the pipe as he takes over. The real person in charge is the president and Jared Kushner. That has not changed at all. David that is what i was going to ask about. Who is calling the shots . Donald trump is ultimately calling the shots, but i have read a lot about Jared Kushner running the thing day tod day. Jeanne Jared Kushner was responsible for pascals ascendance in the campaign and he remains as the person in charge, right under the president if you will and that has not changed. I think we are starting to see signs the campaign recognizes early voting begins in six to eight weeks and the National Polls may not matter, but when you are that far behind in every poll nationally and you look at the swing states, and you look at has lost among certain constituencies like white uneducated voters. He is still ahead but he has lost dramatically from where he was in 2016, and that is a big red flag for the campaign. We are starting to hear whispers republicans are vulnerable in the senate. You will talk to nancy pelosi. If democrats take the house and senate and the white house, there are changes afoot for everything from the economy to infrastructure to education. That would be a big change in those numbers have to be frustrating for the campaign. David no question about it. It is all about the polls. We still have a long way to go. The polls can move around as you know. But reports the president is disturbed by the fox news pauls. Keep a attent the fox news polls. He pays attention to those. Poll were is a monmouth where if you asked pennsylvanians how it would turn out, they think fellow voters will vote for trump even if they are not saying so. Jeanne this was fascinating. Biden is up eight about what state you look at in the swing state of pennsylvania. Many registered voters say they were surprised when trump won in 2016 and they would not be a surprise this time, because there seem to be neighbors who are secret trump reporters. They will not admit it because it makes them sound racist or sexist, but lets keep in mind trump is pretty far ahead depending on which poll you look at. He is still doing well on the economy and there is a thought that perhaps for that alone you will still see people that support him when it comes time to vote in secret. That is something we are hearing about from pennsylvania, and it will be interesting to see if we hear similar concerns out of democrats in swing states and particularly independents. David in 2016 President Trump won in pennsylvania by a narrow margin. Then, look at the polls it was roughly the same where Hillary Clinton was in those days. Jeanne exactly. We remember the numbers starting to come in and this is not at all what we work promised by the polls. Democrats were shaken by what happened in 2016 there are democrats and republicans who say you cannot trust the polls. I do not believe this. There are a lot of people who say you cannot trust the polls because they do not capture what is going on. Nixon and others used to call these secret voters, the spiral of silence, people who will not admit how they feel, but when the time comes they will vote another way. This is hanging over the campaign of uncertainty. David always such a pleasure to talk to you. That is jeanne zaino, our political contributor at bloomberg. Next, managing a Major Company in an economic downturn. Dave cote has done it in written a book about it. He will tell us all about it next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Major Industrial Companies are facing challenges in this covid19, but dave cote, when he was ceo of honeywell faced his own set of challenges in the last economic downturn. He managed honeywell successfully through those challenges, something he has written about in his new book, winning now and winning later. I have read the book. It is full of pragmatic leadership issues that go well past your time there. Let me ask you as someone who has done this, how you manage a Big Industrial company with this economic downturn in the middle of a pandemic. What are your priorities . Dave i appreciate you reading the book and liking it. Thank you. Addressing your question. This recession is different than others in the past because of the health issue. First. S to come that being said, all recessions are the same and they are all painful and unpleasant. Said that isi just why they call it a recession and not a party. There are things i think are important to think about in any recession if you are a leader. The first one is not to panic. It is an easy thing to do. When everyone around you, the media, people you work with are all panicking, do not panic yourself. Try to keep a level head. The second one, be able to think independently. I am fond of saying the ability to think independently is a lot more rare than being smart. There are a lot of smart people who can tell you why things are the way they are, but focus on looking at it and making an independent decision. The third one, do not forget about your customer. When it comes to surviving the shortterm and the longterm, customers will remember. Make sure you stay focused on that. The fourth one would be even in the middle of a recession, be thinking about planning for recovery, including all of those longterm projects you had going that were going to support customers. It is easier said than done as i am fond of saying when you are up to your butt in alligators you have to remember the original goal is to drain the swamp. That said, the swamp is there and will still be there when you go to recovery. As a leader, if you have 120 hours of work and 80 hours to do it, you have to find an hour to get above the fray and make sure you are looking around and still doing the right things. David let me pick up on one of those. That is focus on your customer. Even as big Industrial Companies right now are having their own problems, their customers are having problems as well. You tell us story in your book about having been told you are on good terms with the customers, and then when you asked them you found out they were about to sue you. David c. [laughter] that was quite a shock. I was big on doing great job on customer service. We improved a lot and we still have a ways to go. It is one of those things you are never done with. Ive been assured we are redoing better and everything was fine. We were doing better and everything was fine. We were at the airshow and we went to visit a customer who was the business president and the Sales Manager and the product manager. The question i always ask with any customer, i always start with how are we doing with what you have given us . The customer looked at me and said im glad you stopped by because we are just about to finalize the lawsuit we are planning on filing against you and should be done in two weeks, we want you to know. I was incredulous. I looked at the business president , the product manager, the Sales Manager, none of them were aware of this. The thing with the customers and say please give me some time and figure this out so i make sure we reform. We were able to hold onto the customer and avoid a lawsuit, but it sure pointed out how important it is, whether it is good times were tough times, stay close to your customer and make sure they are happy. David when you have tough times like this, i understand the idea of not panicking and keeping an eye on the horizon. How do you make sure you have the cash to do that . You may be pushed pretty hard. How do you manage things like dividends and stock buybacks and make sure you have money to invest the same time your business is in downturn . David c. the First Priority has to be protection of the entity itself, the business. If you do not protect that and get hung up on i cannot lay off employees, i cannot furlough employees, i cannot cut dividends, you wind up in a horrible place where everyone is unhappy. Start with what is the right thing for the company longterm. You look at that and say i will cut the dividends and furlough people, i just do, because of i do not be entity will not be there. I start with what is important for the longterm protection of the business. That is what will benefit customers, employees, and investors longterm. Questions thathe is prevalent given what is going on, not just with the pandemic but with trade with china are supply lines. Supply lines are getting reconfigured. You had an awful lot of business in china you developed in china at honeywell. What you think of the situation with supply lines . Are we going to fundamentally change those and be less dependent on china Going Forward . David c. i think there is an important issue that needs to be addressed and we have to be careful this does not turn into a xenophobic impulse in every country everywhere. That would be extremely damaging. What we have learned about supply chains is they are more fragile than we ever expected. ,otally independent of china just overall more fragile. If you have a Single Source of supply, whether it is internal or external, there is only one country it comes out of, and that country has an issue, you have a fragile supply line. There is a revisit that will have to go for everybodys supply chain to say can i make it more robust, so in the event of any kind of disaster, i have an alternate source of supply and i can recover. The thing that worries me is that legitimate issue can be pushed into everything has to be done domestically, what every country you are in, you have to do it there. That would be a mistake, because we do not take advantage of each others countries strength and weaknesses and we need to be able to focus on those strengths in order to have a great supply chain that can be global. It just needs to be robust. David it is very much in fashion to talk about environmental, social, and governance issues. That is another thing you had to contend with at honeywell. You had a lot of liability to do with the environment. You really invested in that. You are great story in the book up in syracuse. David c. it is part of the untold story. People will look at honeywell and say it did well, the market cap went to 120 billion, overall return of 800 , 2. 5 the s p 500 over 60 years, that part is obviously good. The part that does not get told is that at the same time we annt 10 billion to have overfunded pension plan to maintain fidelity with all of our retirees. We addressed all of our asbestos claims, and even tougher, we fixed all of the issues associated with a 100yearold chemical company, for which the untilgy has been fight you lose and then pay. Im a big believer that if you have legacy issues, you have to address them. You have license to operate from society. It is not how employees want to think about themselves or the company. You have to be able to address them. That being said, i am a little worried when i see all of the stakeholder discussions. I remember when the prt issued their statement, it is no big deal, Anyone Running their company right did Pay Attention to other constituents. It seems to have gotten carried away to the point where the share owner is now the bottom of the list. I always viewed it as if you are doing the right thing for the share owner, you are also looking at all of these other issues and constituencies in order to have a Great Company longterm. That is where i think we need to be focused, because Companies Need to be driving productivity. If you drive productivity, improve standards of living, you improve the economy, which creates more resources to address the issues we talk about. That productivity will also generate share owner return. It is a good phenomenon. He did not want to throw the baby out with the bathwater. Sense finally, give us a of the book the title says winning now, winning later. Throughout the book, there are two things that appear to be contradictory and you insist you have to pursue both of them at the same time. David c. it is a fundamental concept. I wish i had a better name for two seemingly it conflicting things at the same time that i first came across about 30 years ago when i was confronted with an inventory reduction effort. And i knew it nothing about it, but i knew every effort i had ever seen has failed. I pulled together a team and we decided the reason it always failed is because inventory would come down, customer delivery would disintegrate. As i started thinking about it i realized everything was like that. Do you want high margins and prices or you want great logic . You want people empowered to make great decisions or do you want them in control . Do you want good shortterm results are good longterm results . The trick is to figure out how to do both and the leaders mindset. That is why the title of the first chapter is managing intellectual laziness. Whenever a leader or people are focused on that is where the mistake begins. It is always two things. David i can tell you theres is no intellectual laziness in this book. , thank you very much. Former successful ceo of honeywell analysis as author of a new book. Coming up, our exclusive pelosi. W with nancy that is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on bluebird television and radio. Time for the stock of the hour. It is twitter. Twitter had a big problem with their security system. Scarlet fu is here to tell us about that. Scarlet it did a lot of damage to the stock overnight. It is called the worst Security Breach in twitter history. We saw shares pause much a 7 this morning. It cap lower at the open, but not to the extent seen in the premarket. The stock has been steadily paring its losses since then. Twitter users including the former Vice President joe biden and former president barack obama posted messages requesting followers send them money to cryptocurrency accounts with the promise double the money would be returned to them. 120,000 collected in bitcoin accounts promoted in those tweets. We are still not clear what happened and how it happened. By hackers may have targeted employees who have internal access to tools and systems. In 2017 a disaffected worker briefly deactivated President Trumps account. Does not clear whether direct messages or other data were compromised. It is clear who is not affected, not david westin or scarlet fu, we have blue checkmarks next to her name but we do not have millions of followers. Like apple were affected. Analysts worried this attack was too big to be just a bitcoin scam. It mightve been a cover for something more disruptive we might only found out they are on, especially with four months to go before the president ial election. David it raises questions about the information we are getting as we go to the election. Thanks to scarlet fu that report on twitter. Now is my pleasure to welcome nancy pelosi. Thank you so much for joining us. One of the biggest issues is how can we restart the economy and be safe at the same time as we see the uptick in coronavirus cases in florida, in arizona, in texas. Can we do both . Rep. Pelosi we have to. You cannot do one without the other. You have to address the coronavirus issue, as we have been saying all along. Open our economy. Do so by testing, testing. If you test and you trait and you treat and you isolate, you can contain the virus and open the economy. The same holds true for our children going to school. They want to go to school. We want them to go to school. Teachers want to teach, but you cannot risk their health in doing so. In order to open these schools and the economy, there is a simple solution testing. It has worked in other countries. Until we have a vaccine or a cure, testing. I am calling upon the president to use his authority to execute the defense production act. People are not getting tested enough because there is not enough equipment. Those tests are not analyzed to find out if they are positive or negative because there is not enough equipment. The schools are not prepared to open up because they do not have enough personal protective equipment. His face theaying facts. I said this morning the president is like a man who refuses to ask directions. There are directions. Scientists are giving it to us. We cannot safely open up unless we address the coronavirus, and it is doable. We are america and we can get anything done we set our minds to do, but we have to follow the science and do Good Governance as we follow the science. David all of the experts, as you say, say we have to have testing and the Contact Tracing that follows on. Places bases in some like florida experts say it is so far out of control you have to shut it down before you can test. What can the federal government, what can congress, what can the president do to get people to stay home and some of these places where they need to stay home. You and i both know that. Rep. Pelosi it has worked in other countries. The shelterinplace, the lockdown makes a big difference. Hard to gett, it is him to wear a mask, that is a good example. It would make all of the difference in the world and in not a long time if the president would suggest, and not stand in the way of sheltering in place. The lockdown is very important. Down,ifornia we locked had great improvement from everything good, and then some of the regions of the state were objecting, saying we do not have so much, let us open up, there was some local discretion which now has demonstrated that discretion has led to more cases, unfortunately. David you raise the question of schools, which is on so Many Americans minds across the country as we approach september, how we can get our kids back to school in some form, maybe a hybrid form, safely. At the same time that will take a lot of money. We will have to reconfigure a lot of schools. Mitch mcconnell says he might be willing to put up on it or that. Can you come to terms on that at least . Speaker pelosi in the heroes act we have a 100 billion Education Stabilization Fund specifically for the coronavirus, much of it for elementary, k12, some for higher education. Again, we want all of the testing and tracing, etc. , but you have to have the distancing. If you are going to be six feet apart, which you must, you need more space, and more teachers, you need to Pay Attention to the ventilation system in the schools. Testing teachers, custodians, and others. Instead of the president threatening to withhold money from schools that dont open, he should be granting money to schools so they can open. Our share of education is small, less than 10 . Most of the money is funded by state and local governments. That is why we have in the heroes act the state and local governments act giving almost actually in dollars so that state and local governments can recover from the outlays may have made from the coronavirus, as well as the revenue lost because of the coronavirus. , over 90 ofals our education fund. Money butis a lot of it is a small price to pay for the lives and livelihoods of our children, the need for them to go back to school in a very safe way. There is a path. The scientists can give you good science in this regard. In the heroes act, we anticipated this two months ago yesterday, we passed the heroes act with all of those positions in it about testing, supporting state and local government, the Education Stabilization Fund, and other provisions as well. Peopleat time, 50,000 have died, many more have become infected, so many have become unemployed. This morning we had the 17th straight week of over one Million People applying for Unemployment Insurance claims. David as you say, two months since the house passed the heroes bill, the fourth wave of the stimulus. We have not had any response from the senate. Mitch mcconnell says he will come forward with something next week. What will it take to get the two sides to come together . You have the schools coming up soon, and the Unemployment Insurance, which is coming up in a couple of weeks. I have no doubt they will come around. In the beginning they said no, we have spent enough money. Know, but that has spent a good deal of money making sure the stock market is ok. One way or another. Trillions of dollars actually. We think that if we can bolster the stock market that way and it is a good thing we should be able to bolster the middle class, our working families. Especially when it comes to spending money on education. Education brings more money to the treasury than any other dollar you can spend. A great deal of what we have in the heroes act is essential, direct payments, unemployment if wence, rent, because dont do that, the recession will only get worse, the virus will spread further. And the suffering of the American People will intensify. We can get this done, the science has shown us the way. We need the equipment to do it. The president can, with the stroke of a pen, call upon the defense production at, call on businesses to produce the equipment for those tests, equipment for personal protection. David you say the republicans will come around, Mitch Mcconnell, the senate side. Will they get it done to get this done in the next two weeks . What is your level of confidence that we will have legislation in the next two weeks . Speaker pelosi let me say this, we cannot go home without it. Because of the Unemployment Insurance expiring, the rest of it, we have to have legislation. It has been two months. More people have died, more unemployed. Gone more people have been infected. What is the value of waiting . I know some people say it is too much money, but as ive said to you before, what we are doing for state and local government is half of what the republicans added to the National Debt in order to pass their tax scam which gave 83 of the benefits to the top 1 . We are not a caste system. We have to make sure that we have come to recognize a consumer economy. People need to have money in order to inject demand into the economy, create jobs. That is what we have to thrive on, not just depend on some possible trickle down. If it happens, good. If not, so be it. We feel pretty confident about it. There is a lot of enthusiasm. Much of the injustice of it all, whether health, education, coronavirus, it impacts low income people and people of color in a very disproportionate way. We know that we must address that, especially now when there is a threat to peoples lives, their livelihood, and in fact, the life of our democracy. David in conclusion, as you point out, some of the least fortunate in the country have been hit hardest by the pandemic and the economic aftermath of that. What can you do to make sure the money gets to those people . There are reports that while some of it has, a lot of it has not. Speaker pelosi the direct payments go directly to them, Unemployment Insurance does. For smallhe ppp businesses did reach a lot of people, but it had collateral benefit to those who should not have benefited from it, so that was unfortunate. We have to be very specific and how legislation is written, not just assume that people will do the right or fair thing. I think what has happened with george floyd, the hundreds of thousands of people who came out every day, week in, week out, thatng for justice, in case in policing, but also the art ofvirus was a p that enthusiasm. People expect to see justice done. Including environmental justice. That is why we have our moving forward legislation, including green technology. Communities of color suffered disproportionately from injustice, clean air, clean water, the list goes on. I am fond of quoting Saint Augustine us, 1700 years ago 17 centuries ago, he said any government that does not promote to exist justice is considered a bunch of thieves. We want to promote justice. The long run, that makes it for everyone, in the short run as well. It isegislation is lean, a lot of money, but it is very specific as to where it goes to, our heroes, opening the economy by testing, and putting money directly into the pockets of the American People. So much for you spending time with us, madam speaker. That is the speaker of the house of representatives, nancy pelosi. Now it is time for first word news with Mark Crumpton. The coronavirus probably plays a bigger role in hurting the Financial System that any government policy. That is the key finding in a series of studies. They cast doubt on the effectiveness of attempts to open the economy while the pandemic is still raging. Visits to businesses fell 60 and legal restrictions explained only 1 10 of them. As coronavirus cases spike in serbia, the nation is building hospitals to deal with a 50 increase in cases ins countries parliamentary elections. Introducednt briefly a week and curfew to slow down the virus spread which triggered violent protests. Backing away from that, new measures include mandatory face masks. For the second time this week, the u. S. Carried out a federal execution after nearly a two decade hiatus. 54supreme court voted clearing the way for wesley perky to be executed earlier today at an indiana federal prison. Four liberals on the bench dissented, citing questions about his mental health. As david was talking about, the twitter accounts of some of the most prominent American Business and political leaders were hacked. Was an apparent attempt to promote a bitcoin scan. The account sent out tweets promising to double the money of anyone sending funds via bitcoin within 30 minutes. Twitter says access was restored for most counts and is investigating. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David coming up, we will talk with the dean of u. S. Banking law and regulation, rodgin cohen of sullivan cromwell, about how the banks are very in this time of the coronavirus. That is coming up on balance of power on Bloomberg Television and radio. On and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. All six major u. S. Banks have reported their earnings for the last quarter. Giving us some sense of how they are doing in the course of this coronavirus. We welcome the dean of the u. S. Banking and laura regulation, rodgin cohen, senior chairman of sullivan cromwell. Welcome to have you welcome. Great to have you. Now two 2008, 2009. How are they doing . Contrastis a definite as opposed to a comparison. Banks have come into this economic turmoil with far stronger capital ratios, far , and they are not a part of the problem in terms of having caused the problem. It is obviously a Health Crisis which is enveloping the economy. Nd the banks this is not a problem that is attributable to the banks. The banks are in much better shape than in 2008, but at the same time their stock price may not reflect that. Mine is in the market giving them full credit for the shape they are in . Rodgin that is a fascinating question, one that a number of ceos, importantly, bank are struggling with. I think its a combination of three factors. The inevitable that economy suffers, banks suffer. They are lending to the economy. That is a key factor. A second factor which may be as in horton but perhaps has not , banks are the sense, in viewal of the Federal Reserves Monetary Policy. Low Interest Rates are clearly a major drag on anchor earnings. Particularly with banks being asked to hold substantial liquidity, treasuries, other shortterm interest. They are affected even more. I think the third is uncertainty about dividends. Maintainedks have their dividends. The fed has announced it will do you supervisory stress tests with new scenarios which will undoubtedly be more severe. Wouldd announced it impose a new rule on maximum dividends that could be paid based on trailing 12 month earnings. Uncertaine market is as to whether the Federal Reserve will continue to enable , evento pay dividends though dividends have represented, over the last two years, a very small proportion of a banks total return of capital. Most has been repurchases. Middle of ae in the true crisis prompted by the coronavirus, the aftermath, the shutting down of the economy. Not the banks fault, regulators, nobodys fault. Should regulators be taking that into account as they impose regulation . Are we making adjustments already . Rodgin i personally think we should. Regulation should never be static and absolute. Some of the adjustments that have been made include either already, or under consideration, dealing with the supplementary leverage ratio. Leverage has turned out in this environment to be the binding capital restraint for a number of institutions. Thatoncept is to recognize Monetary Policy and the economy to Major Holdings of what our riskfree assets, such as treasury. There are actions that the , but it isare taking a difficult road to hoe, because you want to be sure that takes are not dissipating capital. At the same time, you dont want to discourage them from lending. Overly aggressive regulatory actions will actually prove to be procyclical in that sense of creating further economic problems. David thank you so much for being with us, always a treat to have you with us. That is rodgin cohen, senior chair of sullivan cromwell. Coming up, we will speak with senator of south dakota mike rounds about his state. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Can safely reopen our economy without bringing back the coronavirus. That is the pressing question for every state, including south dakota. We welcome the senator from south dakota, senator mike rounds. You have substantial Energy Business there, substantial Food Processing business there. How can you reopen safely . Not only that, here in south dakota, we have a lot of tourism. Not rushmore is in the western part of the state. President trump was here visiting recently. It is not just an ag state. We do have energy here, ethanol. We are not necessarily associated with oil. That is in north dakota. But when they come to processing, we have smithfield in sioux falls, and it is one of the major pork processing plants in the united states. What we have found is, when we talk with individuals, discuss how serious this pandemic could be, they take a serious. They listen to what we have to say. I am in rapid city, south dakota right now. Out here, tourism activity is going on. But i have noticed a lot more masks than the last time i was out here. In the eastern part of south dakota, it is a different kind of climate, a lot of masks being warned there. When we talk about opening of schools, i spoke with the superintendents association, and they say they plan to reopen but will use common sense in doing so. They will have masks, they will have dividers, trying to split the class is up. In the rural parts of the country, it is different than some of your more urban areas. Here in south dakota, we have some towns with 200,000 people, but we also have huge open space as well. And they are different. Earlier this year, our seasons were heavy ag. You had to get the seed in the ground, which meant that when you are planting crops, you need petroleum delivered. Not only that, but you need pesticides, herbicides, chemicals, fertilizers. That part of our industry continued on. Our farmers needed to get stuff in the ground. They continued on with their work but try to use common sense. That is part of my message every place i go. It is common sense, do what you can. It doesnt hurt to wear a mask. If you are going out and you are going to be in a walmart or in a market in south dakota, or in rapid city, it doesnt matter, you certainly want to wear a mask. There is nothing wrong with it. David i want to followup up on the question of the schools. You say common sense. That will cost money. If you have half as many kids in the classroom, that will cost money. Partitions will cost money. Testing will cost money. We heard from Mitch Mcconnell who said that should be part of a package, may be coming tomorrow. Where are we on that package, and how much money do we need for our skins across the country to keep our kids safe . Sen. Rounds i spoke to the representatives yesterday and they told me, number one, they are working with the state. Educationhas an aid formula, but in addition to that, south dakota will receive about 625 million out of the cares package. They willount, distribute some of that. Shegovernor indicated that will be sharing that with the state and local units of government, including schools. They can make those direct requests because this is related to the covid outbreak. That is a significant help. That money has been allocated to the state but it has not been utilized yet, at least not fully. One thing i put in as my request, i think up to 25 of what has been allocated to the states should be used come if they want to, for revenue replacement, or to go to other areas that have been shorted. A lot of states are short on revenue. All use help,uld thank you so much, senator mike rounds. Coming up, our second hour on radio. Fiorina. Peak to carly this is bloomberg. Mark im Mark Crumpton with bloomberg first word news. The united states, united kingdom, and canada accuse russian intelligence of trying to steal Coronavirus Vaccine research. According to the British NationalCyber Security center, Therapeutic Centers in multiple countries have been targeted. They say the Group Responsible is known as cozy there and is almost certainly a part of russian state intelligence. Trump Administration May ban members of the Chinese Communist party and their families from traveling to the u. S. Global the president ial order is still in draft form global. The move would almost certainly lead to beijing retaliating against american travelers. The vatican issued a longawaited manual instructing shuts and Church Leaders globally to report cases of clergy sex crimes to police come even when not legally bound to do so. The move is the latest attempt to merge Church Leaders to protect minors from predator ofests while canonical norms been in place for two decades, some bishops continue to ignore the laws in favor of