Good morning, CFOs. An interview with the PCAOB’s Erica Williams; why Elizabeth Warren wants more scrutiny of the private-credit market; plus, China threatens to block Panama ports deal.

Erica Williams, the departing leader of the Public Company Accounting Oversight Board, urged regulators to still provide adequate resources to the auditing watchdog after her resignation at the request of the Securities and Exchange Commission chairman.

“My biggest concern is that people pull back from the PCAOB’s mission and not provide the staff with the resources that they need to continue to deliver for investors,” Williams said in an interview Thursday with my colleague Mark Maurer. She added that is a particular concern now given that fraud risk is heightened when the economy tightens.

✏️ Share your thoughts: What changes might be next at the PCAOB after Erica Williams leaves? Join the conversation at the end of the story.

📆 Earnings

• 3M
• American Express
• Charles Schwab
• Huntington Bancshares
• Regions Financial
• SLB
• Truist Financial

📈 Economic Indicators

The Census Bureau reports new residential construction data for June.

The University of Michigan releases its Consumer Sentiment index for July.

Sen. Elizabeth Warren (D., Mass.) is calling for more scrutiny of the booming private-credit market, and she’s homing in on the agencies that rate the industry’s products.

The Democrat from Massachusetts sent letters Thursday to agencies including S&P Global Ratings, Moody’s Ratings and Fitch Ratings, asking for information about how they score the riskiness of private-credit products.

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🪑 Former Federal Reserve governor Kevin Warsh said he believes the next Fed chair will maintain the central bank's independence from political pressure, even under the Trump administration.

Warsh is among the candidates Trump has said he's considering to replace Jerome Powell when the Fed chair's term expires in May 2026.

• What History Tells Us About the Perils of Firing Jerome Powell
• The Global Risks That Come With the Loss of an Independent Fed

📰 Other headlines

• S&P Rises to New High With Earnings in Focus
• Economists’ Outlook: Lower Recession Risk, More Growth
• The Worst Performer in Billionaires’ Portfolios? Trophy Art.
• Netflix Raises Revenue, Margin Forecasts After Strong Second Quarter
• Exclusive: China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It
• Exclusive: U.S.-Based Wells Fargo Banker Blocked From Leaving China
• OpenAI Unveils Agent That Can Make Spreadsheets and PowerPoints
• Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge
• FDA Authorizes Juul’s E-Cigarettes After Ban Nearly Bankrupted Firm
• Chevron Moves Forward With Megadeal for Hess After Winning Exxon Arbitration

Nordstrom, the Seattle-based department-store chain, has named Kelly Dilts as CFO following her decision to resign from the same role at Dollar General. Dilts joins Nordstrom effective Aug. 29, the company said Thursday. Her resignation at Dollar General is effective Aug. 28, marking a more than two-year tenure as the discount retailer's finance chief. She joined the company in 2019.

—Kelly Cloonan contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.