Bank of America CEO Brian Moynihan urges fed to cut interest rates in September

In a week with high turbulence in in the U.S. economy and jitters in the markets, Bank of America CEO Brian Moynihan urged the Federal Reserve to cut interest rates to ease pressure on American consumers. "They've got to be more careful than the downside of not starting to move down rates to restore a feeling that, you know, there's light at the end of the tunnel," he said in an interview on "Face the Nation with Margaret Brennan." "They've told people rates probably aren't going to go up, but if they don't start taking them down relatively soon, you could dispirit the American consumer."