Peter Phelan joins the program to discuss his work as Deputy Assistant Secretary for Capital Markets at the Treasury Department under the Trump Administration. In particular, he discusses his teams investigation into whether leveraged loans and CLOs posed systemic risk to the financial system. He discusses why loans and CLOs were a target in the first place, his team's analysis and conclusions, the differences between systemic risk and macroeconomic risk, and much more. Toward the end, Phelan talks about what the early days of the pandemic were like at Treasury.