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Bill Clinton: The Fed will do the right thing on interest rates

Former President Bill Clinton said Tuesday the Federal Reserve will do the right thing on interest rates.

"Janet Yellen, Lael Brainard whom I know, several others, these are really smart people and they'll do what they think is right," Clinton said in an exclusive interview with CNBC from the Clinton Global Initiative's annual meeting in New York.

He declined to say what he thinks the best monetary course should be. The central bank is due to announce its decision on interest rates Wednesday afternoon.

"[The Fed] has more data than I do. I trust them to make the decision," he said.

Clinton said that "it's been a perplexing time" for the American economy, but that Fed will make a decision that "will be manageable economically."

"There was a very long tail on this financial crash that explains most of the road rage in the American electorate and much around the world," he said.

Clinton also explained how the Bill, Hillary & Chelsea Clinton Foundation will reorganize itself if his wife, Hillary, is elected president. He said that if she wins, it would be "impossible" for the Clinton Global Initiative to keep running.

"The economics of it won't work unless there are corporate sponsorships, unless we can have people from all over the world here and I learned that already in this election that some people were subject to a presumption of guilt just because they were participating," he said.

Clinton said that the foundation has been operating for years and has "disclosed everything."

The foundation has come under scrutiny after leaked emails suggested its donors were given special access to Hillary Clinton when she was secretary of state. The Associated Press previously reported that many of the people she met with also gave money to her foundation, but there is little evidence of any special favors.

Last month, Bill Clinton announced that the foundation would make a number of changes if his wife defeats Republican nominee Donald Trump. He said the organization would only accept contributions from U.S. citizens, permanent residents and U.S.-based independent foundations. The entity will also report individual contributions on a regular basis, Clinton said.

The charity would also change its name from the Bill, Hillary & Chelsea Clinton Foundation to the Clinton Foundation. The former president said he would also step down from the board and stop raising funds for the organization.

The foundation says it works to "build partnerships between businesses, NGOs, governments, and individuals everywhere to work faster, leaner, and better; to find solutions that last; and to transform lives and communities from what they are today to what they can be, tomorrow."

Clinton said he's happy with the work the foundation has done and has changed the way that people do philanthrophy. He said people now think of philanthropy as really committing to a cause rather than just giving money.