Jack Welch: 'Impeachment proceeding would blow the market away'

The former head of General Electric on Wednesday said Wednesday that any impeachment proceeding against President TrumpDonald John TrumpTrump denies telling Bolton Ukraine aid was tied to investigations Former senior Senate GOP aide says Republicans should call witnesses Title, release date revealed for Bolton memoir MORE would have a drastic effect on the stock market.

“An impeachment proceeding would blow the market away,” Jack Welch told CNBC’s “Squawk Box.”

Democratic lawmakers have increased their mentions of the word “impeachment” following the latest controversy coming out of the White House in the wake of FBI Director James ComeyJames Brien ComeyCNN's Axelrod says impeachment didn't come up until 80 minutes into focus group NYT: Justice investigating alleged Comey leak of years-old classified info Bernie-Hillary echoes seen in Biden-Sanders primary fight MORE’s firing last week. The New York Times on Tuesday reported that Trump asked Comey to end the FBI's investigation into former national security adviser Mike Flynn.

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Comey had been leading the bureau’s investigation into Russia’s meddling in the United States election and any potential ties between Trump’s campaign staff members and Russia. 

“I think, without question, we got a guy that’s on the right agenda with crappy management practices,” Welch, who the network noted has Trump's ear, added.

Welch told the business network that he gives Trump a “D” grade for his management style, but an “A” for his approach to policy.

Welch last September announced that he would vote for Trump, citing the then-GOP nominee’s plan to slash the corporate tax rate and roll back government regulations.