Vanguard founder and former CEO Jack Bogle shared his views on the markets and President Donald Trump in an exclusive interview Monday on CNBC’s “Squawk on the Street.”

On Trump’s tax reform proposal: “I think it’s going be difficult to get the tax program through unless it gives some help to the people that really need help in our country,” he said.

On ETFs: “These ETFs are traded and their dollar value of their trading is something like 45 percent of all the trading that goes on every day,” Bogle said. “A lot of speculation, a lot of banks trading with each other. … When you trade ETFs or the SPY-der, both sides of the trade do not win.”

Bogle founded Vanguard Group in 1975. The investment management firm has approximately $4 trillion in assets under management, according to its website.

He also discussed:

  • The market’s valuation
  • Inflation
  • Active versus passive management
  • North Korea

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.