Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, July 14. In today's briefing, Jamie Dimon says Wall Street’s hottest trend is a recipe for a financial crisis, but he is investing billions to get in on it anyway. An executive order from President Trump created fresh uncertainties for renewable-energy investors, and a look at the growing popularity of continuation funds for private equity.

Jamie Dimon puts $50 billion toward lending to riskier companies. The most successful banker in generations, the JPMorgan Chase CEO has earned respect on Wall Street and beyond for steering away from financial fads that toppled other firms. But even though Dimon says he’s seeing history rhyme with private credit, he’s taking a big leap into the market.

The rise of private credit has disrupted banks’ fee-rich business of lending to corporate America, and JPMorgan and some of its peers have lost out as their new, unregulated competitors have expanded.

Dimon is racing to claim a stake before JPMorgan, the nation’s biggest and most profitable bank, is left behind, people familiar with his thinking said. Even if there is a crisis, Dimon has said he can position JPMorgan to profit. He has a proven track record of swooping in when houses of cards fall—as he did after 2008—to buy busted firms and take the best parts from them.

Trump’s executive order forms new clouds over renewable energy. Concerns about the Trump administration’s clean-energy policies, particularly on tax credits, since his November election has made it more difficult for wind and solar developers to finance new projects, leading to delays and cancellations, according to industry analysts.

Trump’s One Big Beautiful Bill, which he signed July 4, brought some long-awaited clarity that would enable project developers to make decisions, even if the law fell short of what most in the clean-energy industry had hoped to see. The measure accelerates the phase out of wind and solar tax credits, but lets projects that begin construction within a year qualify for the incentives, a deadline some developers said they could manage.

However, on Monday the president ordered a harder look at so-called safe harbor rules that enable developers to lock in tax credits once their projects reach certain milestones. The move fostered fresh uncertainty in the industry.

The private-equity maneuver allowing more investors to cash out. A growing number of private companies are being sold to a continuation fund, a vehicle that lets sponsor firms hold on to a business while giving investors in the original fund a chance to cash out.

Higher interest rates and uncertainty over tariffs have made many firms reluctant to sell companies or take them public, even after the typical five-year holding period. That has led their cash-starved investors to turn in droves to the secondary market to sell their private-markets holdings, typically at a discount.

But an uptick in sales by investors like pension funds and endowments isn’t the only reason the secondary market is booming. Private-equity firms themselves are also increasingly turning to continuation funds to give investors a way to cash out in a tough market.

• How private equity avoided major tax hits from Trump’s big bill. The Republicans’ huge tax-and-policy bill mostly left private equity alone, and the industry is just fine with that.

The federal government is retreating from student lending. President Trump’s big tax-and-spending law includes new restrictions on how much students can borrow and how they repay. The provisions begin to reverse the government’s near takeover of the $1.7 trillion student lending market over the past six decades.

As a result, families are reassessing the costs and risks of college. Many are likely to turn to private lenders, which typically charge higher interest rates and require creditworthy cosigners. Those lenders recently accounted for some 8% of outstanding loans, according to data from Enterval Analytics. In particular, as many as half of graduate-student borrowers may take private loans to cover funding gaps.

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