chairman jay clayton, also a cnbc contributor jay, it's great to have you with us here. i'm sure you were just tuning into josh's comments in the last segment here with regard to the current environment, distress and everything else. the regional banks have become the biggest component of this global banking narrative, at least for right now. they are arguably, some say, trigger what happened with credit suisse. is more regulation the way we have to go >> dom, thanks look, josh, as always, was terrific the question of more regulation, let's divide this into two time periods. there's -- there are the issues of the moment, and i think what we're seeing is stress and continued questioning around the viability of at least the long-term viability of the regional banking model whether we'll have deposits moving to treasuries and outside the banking system i for one, and my coauthor, harry koehn, we think that's not a result if we want to drive right now. our regional banking system is very important to our diversified economy. geographically diverse and diverse in industry. wh

chairman jay clayton penning an op-ed with

chairman jay clayton, he's now a non-executive chair of apollo american express, board member, seniorsory and cnbc contributor. for the purposes of this conversation, an actor, if you will, during 2008's financial crisis involved in so many of the transactions that happened during that weekend. so let's start there, jay. are the comparisons apt, and do you look at this and say it's over, it's finished, or there's more to come >> look, i think like always there are valid comparisons and there are differences. i think the difference that we should talk about is that in 2008, we were talking about individual institutions as systemically important i think what we're talking about here is the regional banking system writ large as systemically important and what happened was you had what i would say is an isolated incident at a fairly idiosyncratic bank big to the fo fore an issue which was what do we do about excess deposits because it's above 250,000 in the event of a failure, and that caused -- that caused people to question whether their excess deposits at very solvent institutions were

acknowledge, and that was president trump's chairman of the sec, securities and exchange commission, jay clayton, who i had a very good working relationship with. he said that human capital dispoe sures can and should and form investment decisions. our current requirements date back to when companies relied on plants for capital. today human capital is essential for many companies albeit in different ways. under mr. trump's sec, there was a rule making process started to make sure that human capital components can be an appropriate focus of reviews particularly for companies and entities that want to invest for the long term. i'm concerned that this approach that we're taking today might indirectly preclude those fiduciaries who represent pension funds, long-term investors, are no longer going to be able to actually look at this critical criteria around human capital. now the other thing is the department of labor rule, and i know a lot of my colleagues have spoken to this, talk about, well, what about the environment. i think we all would recognize, or most of us recognize the fact that climate