Good morning. A draft version of a highly anticipated new rule that would expand restrictions on who can receive sensitive U.S. exports has been under review since at least May, according to people familiar with the matter.

The so-called 50% rule would have broad implications for compliance professionals and many had expected details to be made available earlier this summer, Risk Journal’s Max Fillion and Richard Vanderford report.

• Under review: The Commerce Department’s Bureau of Industry and Security’s draft is now going through an interagency review, a spokesperson said. The spokesperson didn’t respond to a request for comment on whether or when the rule would be made public.
   
• What changed? Currently, the Commerce Department maintains a so-called entity list naming businesses and persons not allowed to receive exports of sensitive technology from U.S. companies. The rule under consideration would extend export restrictions to any business controlled 50% or more by a listed entity, closing what some critics regard as a loophole in U.S. export controls.
   
• Export control rules: The use of export controls, which encompass a range of technologies from semiconductors to machine tools, has dramatically increased under the Biden and Trump administrations. The drafted rule, if adopted, could make it more difficult for would-be recipients of advanced technology exports to evade the entity list by using non-listed subsidiaries. 

Trump considers firing Fed official after accusation of mortgage fraud.

President Trump told aides he is considering firing Lisa Cook, a Biden-appointed Federal Reserve governor, after one of his housing officials accused her of mortgage fraud, according to a senior White House official and another person familiar with the matter.

Bill Pulte, the leader of the Federal Housing Finance Agency, alleged on social media Wednesday morning that Cook submitted what he called fraudulent information on a pair of mortgage applications.

• What Is Mortgage Occupancy Fraud, the Claim Wielded by the Trump Administration?

• President Trump signaled support for a giant copper mine in Arizona following a meeting with the heads of two of the world’s biggest mining companies, a day after the project was delayed by a court injunction.
   
• A federal judge on Wednesday denied the Justice Department’s request to unseal grand jury materials from its case against disgraced sex offender Jeffrey Epstein, saying the government had failed to identify any special circumstances in favor of making the secret documents public.
   
• CME Group, the biggest futures exchange in the U.S., has teamed with the sports-wagering platform FanDuel to let users bet on the outcome of market-related events.

Israel to call up 60,000 reservists for Gaza city invasion. 

The Israeli military said on Wednesday that it would begin calling up around 60,000 reservists for duty as it proceeds with plans to take over Gaza City, a Hamas stronghold where hundreds of thousands of Palestinians are believed to be sheltering.

The decision comes as an overwhelming majority of Israelis want the government to strike a deal to end the war in exchange for the remaining hostages held by Hamas. Israel’s largely reservist army is exhausted after nearly two years of fighting.

• Russia warned on Wednesday that it should effectively hold veto power over any action to assist Ukraine after a peace deal is reached, rendering planned Western security guarantees for Kyiv moot and delivering a setback to negotiations championed by President Trump.
   
• North Korea has a heavily fortified, covert military base that could house its newest long-range ballistic missiles, which are potentially capable of striking the U.S. mainland, according to a new report.
   
• The Federal Reserve’s decision to hold interest rates steady last month was broadly supported despite two officials who dissented in favor of a cut, according to minutes of the policy meeting released Wednesday.

• Airbus employees in the U.K. plan to strike for 10 days next month over a wage dispute.
   
• Billionaire Bill Ackman has a new fascination: a fast-growing private school that eschews lessons on diversity, equity and inclusion and uses artificial intelligence to speed-teach children in two hours.
   
• Target thinks a lifelong employee can lift the company out of its funk. Investors aren’t buying it.

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