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Watch the full interview with Fed's Fischer; Says we've already forgotten about the financial crisis

Federal Reserve's Stanley Fischer discussed his views on the market and deregulation in an exclusive wide-ranging interview Friday on CNBC's "Squawk on the Street."

When asked about the White House's financial deregulation plans: "I want to say something about Dodd-Frank and about the financial crisis. This is serious business," Fischer said. "We seem to have forgotten that we've had a financial crisis, which was caused by behavior in the banking and other parts of the financial system. And it did enormous damage to this economy. Millions of people lost their jobs … We should not forget that … Taking actions which remove the changes that were made to strengthen the structure of the financial system is very dangerous."

On the Dodd-Frank: "There are aspects of Dodd-Frank which if they were taken away would have very serious potential consequences for the economy. Not immediately, but when times get tough," he said.

Fischer is the vice chairman of the Federal Reserve Board of Governors. Previously, Fischer was governor of the Bank of Israel from 2005 to 2013.

He also discussed:

  • Global economy
  • Rate hikes
  • Market volatility
  • French election
  • US dollar