John Crowley, the CEO of industry lobbying group BIO, joins us to discuss the layoffs at the Food and Drug Administration, RFK Jr.'s comments on Novavax's Covid-19 vaccine, and how the trade group is communicating with the Trump administration. Then we discuss the latest news on the stock market and a congressional advisory group's recommendation that $15 billion be invested in U.S. biotechnology to ward off encroaching competition from China.