Good morning. The bill that ended the longest government shutdown to date includes a provision that would effectively ban most hemp-derived products currently on the market. Risk Journal’s Mengqi Sun reports that many in the industry are now asking what this means for their livelihoods and for access to banking services.

• What’s the change? The provision rewrites the federal definition of hemp and makes many hemp-derived THC drinks, gummies and other products federally illegal. The updated definition, which takes effect one year after the bill’s enactment, threatens a roughly $28-billion market that grew out of a provision in the 2018 Farm Bill.
   
• What this means for producers: Farms that grow hemp and companies that produce hemp-derived THC products are now questioning what the changes mean for their businesses and are worried whether they can keep their bank accounts, obtain insurance or maintain access to credit card networks going forward.
   
• Banking impact: “It would be interesting to see how the financial institutions catch up, now that there is a change of law that not just makes the business risky, but significantly riskier, than before,” said Dan Roda, founder of a financial-technology startup that provided banking for the cannabis industry and now a chief strategy officer at cannabis producer Natural State Medicinals. “There is sure to be some whiplash,” he added.

Fed’s Bowman defends changes to bank supervision.

The Federal Reserve’s head of bank supervision defended a “significant shift” in oversight practices announced by the central bank Tuesday.

Risk Journal’s Max Fillion reports the Fed would direct its examiners to focus on material financial risks rather than devote “excessive attention to processes, procedures and documentation that do not pose a material risk to a firm’s safety and soundness,” according to a memo made public.

Response: The changes drew a rebuke from Federal Reserve Governor Michael Barr, Bowman’s predecessor. He said the changes won’t be implemented in the central bank’s consumer compliance function, which he oversees.

Europe aimed to set standards for tech rules, now it wants to roll them back.

Europe is moving to relax some of the world’s tightest digital regulations in a bid to boost growth and reduce its reliance on U.S. tech.

The plan: Germany and France on Tuesday backed an effort by the European Union, long seen as a global rulesetter for technology, artificial intelligence and digital services, to loosen regulatory strictures on the fast-growing, U.S.-dominated sectors. 

The proposed changes could include measures that would make it easier for companies to use data to train AI models and other tweaks to the EU’s digital rules, according to people familiar with the plan.

• A federal judge on Tuesday dismissed the Federal Trade Commission’s claims that Facebook parent Meta Platforms has an illegal monopoly in social media, rejecting one of the government’s marquee antitrust lawsuits against big technology companies.
   
• The U.S. reiterated its willingness to take “further action” against Russia to kneecap its energy economy, Risk Journal reports, but said recent sanctions targeting the country’s two largest oil companies appear to be working.
   
• Risk Journal reports that the U.S. will ban imports from Firemount Group, saying it found evidence the clothing maker uses forced labor.
   
• A top European Union court dismissed Amazon’s legal challenge against its online marketplace being classed as a service that needs to obey stricter rules for large digital platforms.
   
• The European Commission plans to restrict exports of aluminum scrap amid concerns that rising outflows of the resource could leave Europe short of a critical input for its decarbonization efforts.
   
• Nexstar Media Group has more than 200 television stations across the country. But when Chief Executive Perry Sook makes his argument for government approval of Nexstar’s $6.2 billion deal to acquire rival broadcaster Tegna, he plans to focus on his company’s scale relative to tech companies, rather than other traditional broadcasters.
   
• The Securities and Exchange Commission’s 2026 exam priorities, under Chairman Paul Atkins, omit digital assets, a shift from the previous administration’s focus.

Dragonfly’s annual geopolitical assessment explores the key trends and risks businesses should expect to face in 2026, including major flashpoints for armed conflict, the outlook for rivalry and competition among the great world powers, and the effect elections could have on regional and global security alliances.

To attend the Nov. 27 event at the News Building in London, click here.

U.S. supply chains deemed vulnerable to Chinese exploitation.

China could exploit the U.S.’s dependence on Chinese supply chains for products such as pharmaceuticals and electrical equipment, according to a new report to Congress that urged lawmakers to force industries to disclose such risks.

The issue: Earlier this year, China choked off the supply of rare earths to the U.S. that are crucial in making everything from cars to jet engines. The move caused manufacturing disruptions and gave Beijing critical leverage with the Trump administration in its fight to roll back some tariffs on Chinese imports earlier this autumn.

What the U.S. could face: The U.S.-China Economic and Security Review Commission warned in its annual report Tuesday that Beijing’s huge industrial base affords it similar leverage over other U.S. supply chains as well. For instance, China dominates the production of lithium-ion batteries that go into electric vehicles.

Higher tariffs take toll on global growth, and impact is set to linger.

The rise in U.S. taxes on imports has had a lighter impact on the global economy than many policymakers and businesses had feared, but it nonetheless is having an impact that will likely persist through next year and beyond.

Figures released Monday showed the economies of Japan and Switzerland both contracted in the three months through September, in part because of the higher taxes U.S. businesses must pay if they buy goods made in either country.

• An outage that knocked swaths of the internet offline was resolved Tuesday, after downing social-media sites, disrupting retail sales and stalling transportation networks.
   
• President Trump said Saudi Crown Prince Mohammed bin Salman “knew nothing about” the 2018 murder of Washington Post journalist Jamal Khashoggi, though the CIA at the time assessed that the royal orchestrated the killing.
   
• Polish officials accused Russia of being behind an explosion on its rail network on Saturday, saying two Ukrainian men had collaborated with Russian security services to carry out the attack, almost causing a packed commuter train to careen off the tracks.
   
• A corruption probe in Ukraine led to raids on 70 residences and five detentions, with a former business partner of President Zelensky, Tymur Mindich, at large.
   
• The emerging recovery in the U.S. office market is strikingly uneven, leaving many buildings, neighborhoods and entire cities behind.

• Congress overwhelmingly approved legislation Tuesday mandating the disclosure of a trove of government files related to sex offender Jeffrey Epstein, a milestone in a long-running fight that divided President Trump’s MAGA movement.
   
• A divided three-judge panel has blocked the use of a new Texas congressional map that was designed at the request of President Trump to add as many as five Republican House seats ahead of next year’s midterm elections.
   
• Alphabet’s Google has been playing catch-up in artificial intelligence ever since OpenAI introduced ChatGPT in 2022. The Tuesday launch of Gemini 3, an updated version of its own large language model, offers a chance to narrow that gap—and perhaps bring its considerable advantages to bear in the race for AI supremacy.
   
• Groucho Marx quipped that he wouldn’t want to belong to any club that would accept him as a member. On Wall Street, bank bosses have often declined to borrow money from a facility that would be happy to lend to them.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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