Good morning. Ten Democratic Senators are calling for a congressional hearing about JPMorgan Chase’s decision to keep Jeffrey Epstein as a bank client for about 15 years.

Sen. Elizabeth Warren (D., Mass.), the ranking Democrat on the Senate Banking Committee, said JPMorgan Chief Executive Jamie Dimon and other executives should testify under oath about what they knew about Epstein’s crimes and if they ignored red flags about his activities.

• Private-bank client: Epstein had dozens of accounts at JPMorgan’s private bank and communicated often with bank executives, connecting them to his wealthy contacts. Epstein was a JPMorgan client before and after he was convicted of soliciting a minor for prostitution in 2008 and forced to register as a sex offender.
   
• ‘Deserve to know’: “The American people deserve to know what happened at JPMorgan and other banks that financed Mr. Epstein,” the senators wrote to Sen. Tim Scott (R., S.C.), chair of the Senate Banking Committee.
   
• Fired: A spokeswoman for JPMorgan said that it was a mistake to have any association with Epstein and that it regrets its association with him. “We fired him as a client in 2013, six years before he was arrested on federal sex trafficking charges—and six years after the federal government had damning information on him that they did not publicly share,” the spokeswoman said in a statement.

Hyundai raid will delay Georgia battery plant construction by months.

The U.S. government’s immigration raid on Hyundai Motor’s Georgia battery plant site will set back construction by two or three months, according to Chief Executive José Muñoz.

The detained workers largely held temporary visas and U.S. authorities alleged they had violated the terms of those. Hyundai’s Executive Chairman, Euisun Chung, said Thursday that he hoped the U.S. and South Korea could work on immigration reforms.

• South Koreans Fly Home After Hyundai Raid, Without Being Handcuffed

Trump and his allies are taking on climate regulations at home and abroad.

A government-backed proposal to no longer classify greenhouse gas as a danger; a multistate investigation to take down an organization calling on companies to report their climate emissions; the threat of tariffs to stop unwanted regulations being implemented.

The Trump administration and fellow Republicans are slashing climate regulations and attacking environmental advocates the world over in an effort to wipe net-zero from the agenda and keep oil and gas flowing.

Risk Journal has delved into some particulars on the impacted regulations.

• The Trump administration is cracking down on pharmaceutical advertising—but stopped short of the worst-case scenario some drug and ad executives feared.
   
• Kirk Perry, the interim CEO of Tylenol maker Kenvue, had a private meeting with Robert F. Kennedy Jr. this week to deliver a message: There is no clear link between the drug and autism.
   
• A bipartisan group of senators criticized private equity’s role in the continuing shortages of firetrucks and firefighting equipment, and called for federal antitrust authorities to investigate the matter.
   
• Canada says it will throw its weight behind five projects under way—covering mining, energy and infrastructure—to ensure their completion as part of an economic revamp aimed at reducing the country’s reliance on a protectionist U.S. Prime Minister Mark Carney said he’s asked the newly created Major Projects Office to make sure five initial projects resolve any remaining regulatory and permitting approvals.
   
• AbbVie has struck a deal with generic drugmakers aimed at extending patent protection for its blockbuster autoimmune drug Rinvoq well into the next decade.
   
• The attorneys general of California, Colorado and Connecticut are conducting what they call an “investigative sweep” to determine whether companies are honoring consumer requests to opt out of the sale of their data.
   
• The Federal Trade Commission has asked major tech companies with consumer-facing AI-powered chatbots to detail how they test and monitor for potential negative impacts on children and teenagers.

Could the U.S. dollar lose its dominance? It did once before.

Is the U.S. dollar’s position as the world’s reserve currency on shaky ground?

Some people think so, pointing to President Trump’s tariffs, America’s growing debt and its use of financial sanctions as a foreign-policy tool. Russia, barred from using the dollar in 2022, has shifted to using the Chinese renminbi for its international transactions. Other countries are exploring alternatives, as well, amid concerns that America’s outsize engagement in the global economy could end and debt will force the Federal Reserve to keep policy rates low, fueling inflation and dollar depreciation.

Firm inflation, soft jobs data pull Fed in opposing directions.

Inflation firmed last month, with price increases picking up for goods such as cars and clothes and essentials like food and housing.

At the same time, signs of weakness in the labor market are accumulating, illustrating the tightrope that the Federal Reserve now walks as officials consider cutting interest rates next week.

• President Nicolás Maduro and his circle of ministers and military are constructing an alternate reality since the U.S. began a military buildup in the Caribbean and threatened to target narcotics traffickers in Venezuela and its waters.
   
• Brazil’s Supreme Court found former President Jair Bolsonaro guilty of plotting a coup to overturn the 2022 election, raising the prospect of decades in prison for the right-wing politician and inflaming a dispute between President Trump and the country’s current leftist leader.

• Here’s what we know about how the shooting of conservative activist Charlie Kirk unfolded, based on videos, photos and police dispatches from the scene.

• It’s e-bike mayhem in London as a strike has shut down the Tube.

• The wife of former New Jersey Sen. Bob Menendez was sentenced Thursday to 4½ years in prison for conspiring with him to peddle his office’s influence in exchange for gold bars, cash and a Mercedes-Benz convertible.

• Peter Mandelson, the U.K. ambassador to Washington, was removed from his post Thursday after a trove of emails showed he continued to offer support to Jeffrey Epstein long after the disgraced financier was jailed for sex offenses.

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