Shark Tank investor Kevin O’Leary has issued a strong warning to President Donald Trump about the dangers of interfering with Federal Reserve independence. The businessman made his comments on Fox Business after Trump threatened to replace Fed Chairman Jerome Powell and attempted to fire Fed board member Lisa Cook. O’Leary said such moves could lead to economic disaster similar to what Venezuela has experienced.
Trump has been putting pressure on the Federal Reserve to lower interest rates faster than the central bank believes is safe. The president has called Powell a “stubborn MORON” and has demanded immediate rate cuts. This week, Trump tried to fire Fed Governor Lisa Cook over mortgage fraud allegations, though Cook is fighting back with a lawsuit that claims the president has no legal authority to remove her.
