Former World Bank President David Malpass criticized the Federal Reserve during a Wednesday appearance on Newsmax’s “Rob Schmitt Tonight,” accusing the central bank of missteps in interest rate policy and lending practices.

“The problem is the Fed’s been wrong. They’ve been late on interest rates, and they’ve also made lots of mistakes as far as lending within the economy,” he said.

Malpass contended that the Fed’s decisions have been consistently out of step with economic growth and the needs of average Americans.

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