I joined Schwab Network’s “Market on Close” to give my perspective on the Federal Reserve’s announcement yesterday that it would keep its key interest rate unchanged heading into 2024. President Carter appointed me to the FDIC board of directors in 1978 and President Regan named me Chairman two years later, where I remained until the end of 1985 during one of the worst banking crises in U.S. history – some 3,000 banks and thrifts failed during that period including many of the largest in the nation. I worked very closely with the late Paul Volcker, who was Chairman of the Federal Reserve and would become a very dear friend. I hope my life experience can be heard and used to move our country forward at this particularly challenging time.
Watch the clip on Schwab Network here.