Bank of America Chairman and CEO Brian Moynihan spoke with "Face The Nation" moderator Margaret Brennan ahead of President Trump's move to replace Jerome Powell with a new chair of the Federal Reserve. CBS News contributor Javier David has more.

Washington

Bank of America CEO Brian Moynihan has stressed the critical need for the Federal Reserve to remain independent, cautioning that any political interference could destabilize financial markets. Moynihan's comments come as President Trump seeks a new Fed chair to replace Jerome Powell, whose term ends in May, and amid ongoing debates about the central bank's role in managing inflation and economic stability.

CBS News contributor Javier David further explained that markets and investors require confidence in a Fed chair who is not influenced by political interests. The segment also highlighted that over 300,000 requests for income-driven student loan repayment plans were denied in August, which is expected to worsen financial pressures on borrowers and reduce consumer spending.

Major bank CEO: market will punish Americans if Fed isn't independent

While President Trump is looking for a new chair of the Federal Reserve after Jerome Powell's term ends this coming May, Bank of America's CEO Brian Moynihan is stressing the importance of an independent banking system. He spoke on Face the Nation with our Margaret Brennan. The idea that we are like hanging on the thread by the Fed moving rates 25 basis points, it seems to me we've gotten out of whack. And so we've got to get, since the financial crisis, the Fed had a big role in stabilizing the economy. That's what they're supposed to do. The Fed went away a number of years ago. It came back a little bit in COVID. They're a lender of last resort. They're there to stabilize markets and price. But other than that, you shouldn't know they exist, quite frankly. You don't worry about all this, you know, hand wringing of political interference with the Fed once that new position is there. The market is a, will punish people if we don't have an independent Fed, and everybody knows that. For more, let's bring in CBS News contributor Javier David. He is also the business editor at the Dallas Morning News. So what exactly is Moynihan saying here, and what does that mean, the markets will punish people if we don't have an independent Fed? Well, look, the Fed recently has been fighting a battle on two fronts. It's one against inflation and the other sort of this rearguard action against its independence. And the crux of Mr. Moynihan's remarks is that markets need to have confidence in an independent Fed, and investors want a chairman that is not beholden to any president or party and can be trusted to make policy decisions based on data dependency. So any effort to sort of force policymakers out prematurely or influence the process in any way, shape, or form is bound to have negative spillover effects on market stability. And central bank independence really is the bedrock of the modern financial system. And if you have a monetary policy that's kind of being dictated by any sort of political party or any reason, the Fed chairman being seen as kind of a handmaiden of the commander in chief, it really undermines the credibility of the institution and the credibility bestowed by investors. So it's just not a good news story at all. Is there any idea, is there any sense of whether that will happen prior to May? We know that the president has flirted with the idea of removing Powell, although it's still unclear how that would happen, because he does not have the power to remove the head of the Fed. Well, right. At this stage, the chairman's term expires at the first part of next year. So there will be a replacement, but the Fed chairman will still be on the board. So the president has made it very clear he wants lower rates. Mr. Powell will not give it to him. This is one of these things in which the president, the chairman of the central bank, has to assert their independence, and they're making or forging consensus. And it doesn't necessarily mean that they have the ultimate vote in all of this. Basically, this is a consensus-driven policy, and it's not entirely clear that replacing the chairman will solve what the president wants, which is to have a very vocal or visible veto power over what the Fed decides in terms of policy. Also while we have you, requests for an income-driven repayment plan for more than 300,000 people with student loan debt were denied in August. This is according to a recent court filing. What does that mean for borrowers? Yeah, you know, that affordability crisis we hear so much about, it just means it's about to get that much worse for a certain segment of taxpayer, those with advanced degrees that we're still paying for. There's about nearly 6 million people that have about $140 billion worth of outstanding defaulted debt, and the president is kind of positioning himself as bill collector-in-chief. This is the exact opposite of the Biden era student debt policy. It was a loan forgiveness. It was a form of fiscal stimulus because it put more money in consumers' pockets, mainly white-collar college-educated workers that spend a lot. But these collection actions will be a form of fiscal tightening that some expect to drag on fiscal, on consumer spending, primarily because you just don't have that much disposable income. It's coming at the worst possible time. We've got a lot of anxiety about weak jobs, market affordability, inflation making everything costlier. So the economic impact means less disposable income. The government garnishes the wages, seizes tax refunds. It might impact your credit, influence your ability to get a rent or a loan. So a lot of bad news on that front. OK.

Russia accused Ukraine on Monday (December 29) of trying to attack President Vladimir Putin's residence in northern Russia, although it provided no evidence to back up an assertion that Kyiv dismissed as baseless and designed to undermine peace negotiations.

Moscow

Ukraine Invasion

Russia claims Ukraine tried to attack Putin residence

Two helicopters collided above Hammonton, New Jersey, and one person has died, officials say. CBS News' Elaine Quijano reports.

Hammonton

Helicopters collide in New Jersey

U.S. President Donald Trump is meeting with Israeli Prime Minister Benjamin Netanyahu in Florida on Monday (December 29) as questions linger about the future of the U.S.-backed ceasefire in Gaza.

Palm Beach

Middle East Conflict

Trump and Netanyahu to meet in Florida to discuss Gaza ceasefire

In a new show of force, China has mobilized its navy, air force, and ground troops to simulate a blockade of the self-ruled island's key ports. The military drill comes on the heels of an $11bn US arms sale to Taipei.

Taipei City

China stages new military exercises around Taiwan

U.S. President Donald Trump said he believes both Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin truly want peace as he and Zelenskyy met in Florida. Some experts say Trump is 'delusional' if he truly thinks Putin wants peace.

Trump-Zelenskyy meeting ends with optimism but no deal

Although the U.S. security guarantees for Ukraine have been "100% agreed," they have a short expiration date, the Ukrainian president explained after revealing more details following his meeting with Trump on Sunday.

Florida

U.S. security guarantees for Ukraine set for 15 years, Zelenskyy says

China's military moved army, naval, air force and artillery units around Taiwan on December 29 for its "Justice Mission 2025" drills, as the island vowed to defend democracy and mobilized troops to rehearse repelling a potential Chinese attack.

China launches 'Justice Mission 2025' war games around Taiwan

President Trump spoke with Russian President Vladimir Putin by phone before meeting with Ukrainian President Volodymyr Zelenskyy in Florida on Sunday. Trump said he thinks both men are ready for peace.

Trump meets with Zelenskyy, insists Putin is ready for peace

Far-right politics have pushed further into the mainstream across much of Europe. Populist parties, even in opposition, are shaping national debates on migration and the economy. The trend reflects growing voter frustration over living costs, borders and political trust.

Berlin

Far-right politics gaining influence across Europe

Ukrainian President Zelenskyy is set to discuss a new peace plan draft with U.S. President Trump in Florida on Sunday (December 28). However, fresh Russian attacks on Kyiv have left a third of the city without power, undermining local confidence.

Kyiv

Kyiv residents fear escalation amid Zelenskyy-Trump peace talks

A report has sought to catalogue some of the most significant extreme weather events of the year. UK charity Christian Aid found that heatwaves are pushing the limits of human adaptation, hurricanes and typhoons are breaking records, and droughts are devastating lives across the globe. It's all coming at a heavy financial cost.

Top 10 natural disasters cost over $120 billion in 2025, report says

Russia attacked Kyiv and other parts of Ukraine with hundreds of missiles and drones on Saturday, ahead of what President Volodymyr Zelenskiy said would be a crucial meeting with U.S. President Donald Trump to work out a plan to end nearly four years of war.

Russian drones, missiles pound Kyiv ahead of Zelenskiy-Trump meeting

French actor Brigitte Bardot has died aged 91, her foundation said on Sunday (December 28). She shot to international fame dancing the mambo barefoot in "And God Created Woman," her tousled hair and fierce energy radiating a sexual magnetism rarely before seen in mainstream cinema.

Saint-Tropez

Brigitte Bardot, France's 'legend of the century', has died

A ceasefire is now in place between Cambodia and Thailand after weeks of cross-border fighting. But with nearly a million civilians displaced and trust in short supply, the focus now is on whether the guns will stay silent.

Bangkok

Thailand and Cambodia agree on ceasefire to end weeks of deadly fighting

The storm that hit the Northeast this weekend dropped up to a foot of snow in some areas. New York City saw its highest level of snowfall in nearly four years, and the region's three major airports experienced significant delays and disruptions.

New York

Powerful winter storm brings heavy snow to Northeast

For approximately 10 hours Saturday, Russia attacked the Ukrainian capital city of Kyiv with about 500 drones and 40 missiles. The attack comes one day before before Ukrainian President Volodymyr Zelenskyy meets with President Trump in Mar-a-Lago. Elizabeth Palmer has the latest.

Russia launches massive attack on Ukraine ahead of Trump-Zelenskyy meeting

Prime Minister Mark Carney and Ukrainian President Volodymyr Zelenskyy met today in Halifax to discuss economic aid amid the Russia-Ukraine war. This comes ahead of Zelenskyy’s plans to meet with U.S. President Donald Trump to discuss a peace deal.

Halifax Regional Municipality

Canada announces $2.5B in aid for Ukraine

President Trump said Thursday's strikes on Nigeria targeting ISIS were set for Wednesday but were delayed to Christmas Day for symbolic reasons. Mr. Trump claimed the Nigerian government is failing to protect Christians.

Washington D.C.

Trump says timing of Christmas Day strikes in Nigeria was intentional

The latest attack comes as presidents Zelenskyy and Trump prepare to meet in Florida on Sunday amid ongoing efforts to end the war.

One dead many injured after Russia launches massive attack on Kyiv

According to the Chinese foreign ministry, the sanctions entail freezing the companies’ assets in China and banning individuals and organisations from accessing them.

Beijing

China sanctions 20 American companies over arms sales to Taiwan

Somalia reacted angrily Friday (December 26) after Israel formally recognised the northern region of Somaliland as an "independent and sovereign state" -- the first country to do so. U.S. President Donald Trump said he opposed U.S. recognition of Somaliland in an interview with the New York Post.

Somaliland

Somalia denounces Israeli recognition of Somaliland

Thailand and Cambodia agreed to an "immediate" ceasefire on Saturday (December 26), the two countries said in a joint statement, pledging to end border clashes that killed dozens of people.

Buri Ram

Thailand and Cambodia agree to ceasefire

Somaliland, a territory of more than 3 million people in the Horn of Africa, seceded from Somalia more than three decades ago, but it hadn't internationally been recognized as an independent state by any country.

Israel becomes first country to recognize Somaliland

Some of the stabbed victims remain in serious condition. A 38-year-old man was arrested for alleged attempted murder at the factory, authorities said.

Mishima

At least 15 injured in chemical attack, stabbing at Japan factory

Israeli President Isaac Herzog said he was shocked by the "horrific killing spree" and pledged Israel would reinforce its security.

Jerusalem

Palestinian man kills two in car, knife attack in northern Israel

Munitions factories are expected to expand capacity and build new plants as the regime in Pyongyang intensifies weapons development and furthers its ties with Russia.

Pyongyang

Kim Jong-un orders North Korea to boost missile production in 2026

The United States launched airstrikes on Islamic State targets in Nigeria's Sokoto State on Thursday. Nigerian authorities denied Trump's claim of mass killings of Christians amid mixed reactions to the U.S. intervention.

Abuja

Nigeria confirms cooperation with U.S. strikes on IS targets

Ukraine's President Volodymyr Zelenskiy said on Friday (December 26) he planned to meet with U.S. President Donald Trump soon and that a lot could be decided before the New Year as Washington pushes diplomatic efforts to end the war with Russia.

Zelenskiy: 'A lot' can be decided before New Year ahead of Trump talk

The United States carried out airstrikes against ISIS militants in northwest Nigeria at the request of Nigeria's government, U.S. President Donald Trump and the U.S. military said on Thursday, claiming the group had been targeting Christians in the region.

U.S. launches 'deadly' airstrikes in Nigeria targeting ISIS: Trump

Official results show Asfura edged out his main rival Salvador Nasralla by less than one percentage point. Marred by delays and fraud claims, the Honduran election continues Latin America's shift to the right.

Breakdown