Dimon Defends Fed Independence as Process to Pick New Fed Chair Begins

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• 00:03

  Jamie Dimon defends the Fed's independence as Treasury Secretary Scott Besant says the process to pick a new Fed chair is underway.

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  Starting the search now is far earlier than usual and that could be something you do

• 00:15

  if you want to make him more of a lame duck.

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  Announce who his successor will be sooner than you otherwise would and try to get people to stop focusing on the lame duck Powell and on whoever the new guy is.

• 00:27

  Plus, tokenized stocks have just become available on crypto platforms,

• 00:31

  but problems are already emerging.

• 00:34

  And Apple strikes a multi-million dollar deal with America's biggest rare earth producer as the U.S. seeks to bring an end to China's dominance.

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  It's Tuesday, July 15th.

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  I'm Alex Osula for The Wall Street Journal.

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  the top headlines and business stories that move the world today.

• 00:54

  We begin this evening with news that the process to choose the next head of the Federal Reserve is getting underway.

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  That's what Treasury Secretary Scott Besant said today in an interview with Bloomberg Television and suggested that when current chair Jerome Powell is replaced,

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  he should also step down from the board.

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  When asked,

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  Besant said President Trump is not looking to remove Powell before his term ends next year.

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  Meanwhile,

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  JPMorgan Chase CEO Jamie Dimon sounded Wall Street's clearest warning against the Trump administration's attacks on Powell.

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  Speaking to the media in a call after the bank's earnings announcement,

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  Dimon said that the independence of the Fed is absolutely critical and that,

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  quote, playing around with the Fed could have adverse consequences.

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