White House's Hassett Says Fed Needs to be Fully Independent from Trump

A top aide to U.S. President Donald Trump who is on his short list to be the next chair of the Federal Reserve said on Sunday the central bank should be "fully independent of political influence," including from Trump.

"I would say 100% that monetary policy, Federal Reserve, monetary policy, needs to be fully independent of political influence, including from President Trump," White House National Economic Council Director Kevin Hassett told CBS News' "Face The Nation" show.

"The fact is that we've looked at countries that have allowed the leaders to take over the central banks, and what tends to happen is that it's a recipe for inflation and misery for consumers."