Former US Treasury Secretary criticizes Trump's remarks, stating that presidential interference in monetary policy will have serious consequences. On Friday (August 9th), Lawrence Summers, former US Treasury Secretary and economics professor at Harvard University, warned not to let the US president influence the formulation of monetary policy, otherwise it will only cause long-term damage to the economy. Summers said in an interview program, "It's foolish to involve politicians in it. You'll only end up with higher inflation and a weaker economy