Donald Trump wants a role in setting interest rates. Why some economists say it’s a bad idea [Video]

Former President Donald Trump recently said the president should have a role in setting interest rates that determine costs for everything from mortgages to credit card loans.

The proposal would mark a major shift from the longstanding norm of political independence at the Federal Reserve, which currently retains control over interest rate policy. The nation’s central bank is in the midst of a yearslong fight to dial back inflation.

“I feel the president should have at least [a] say in there,” Trump said during a press conference at his Mar-a-Lago resort in Florida last week. “I feel that strongly. I think that in my case, I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman.”

The policy idea elicited opposition from both liberal and conservative economists who spoke to ABC News.

They warned …