In a Santelli Extra interview exclusive to CNBC Pro subscribers, former Federal Reserve Board Governor Mark Olson contends that the central bank would be raising rates were it not for volatility in international markets.
Rick Santelli wonders why the Fed is even letting volatility overseas dictate what it does. Santelli calls the institution the "biggest private wealth fund" in the world.
Olson served on the Board of Governors of the Federal Reserve from 2001 to 2006.
You can watch the full interview by Rick Santelli below, but you must be a CNBC Pro subscriber.