Good morning. Influential lawmakers want the National Basketball Association and its players’ union to cut ties with Chinese gear makers allegedly linked to forced labor in the country’s Xinjiang region, reports Risk & Compliance Journal's Richard Vanderford.

• NBA admonished: Chinese sportswear companies that make branded gear for NBA players “publicly embrace the use of supply chains linked to forced labor” in Xinjiang, the Congressional-Executive Commission on China said in a letter to NBA Commissioner Adam Silver.
   
• Letter also to players' association: The CECC, a group of bipartisan lawmakers and executive branch officials set up to monitor China’s human rights record, in a separate letter also accused the National Basketball Players Association of “potential complicity” in the use of forced labor in the region, which is home to China’s Uyghur people and other minority groups.
   
• What they are asking for: The CECC on Tuesday asked Silver to ban the use and sale of league-branded gear made with forced labor or by companies that endorse the use of materials from Xinjiang, a major cotton-growing region.The commission also asked the NBPA to bar the players from wearing or endorsing gear tied to forced labor, highlighting sportswear sellers Anta, Li-Ning and Peak, which have contracts with NBA players but also alleged links to the use of forced labor.
   
• Response so far: NBA spokesman Mike Bass said, “We received the letter and are reviewing it.” A representative for the NBPA didn’t respond to a request for comment.

The WSJ Pro Sustainable Business Forum on Oct. 12 will include a discussion about risk and resilience in corporate sustainability programs with Maryam Golnaraghi, director of climate change and environment at The Geneva Association and Torolf Hamm, head of physical catastrophe and climate risk management at Willis Towers Watson.

Other sessions will cover reporting to U.S. and European standards, the role of artificial intelligence and what corporate decarbonization measures are proving effective. Register here.

Supreme Court justices wary of argument against financial watchdog’s funding.

A lawsuit that could cripple the Consumer Financial Protection Bureau faced a skeptical Supreme Court, with justices across the spectrum pushing back on arguments that the agency’s funding mechanism was so anomalous as to be unconstitutional.

Where does the money come from? Setting up the CFPB in 2010, Congress authorized it to draw funding each year from the Federal Reserve up to an inflation-adjusted cap that is now $785.4 million, according to a bureau budget document. A group of payday lenders unhappy with some of the bureau’s regulations won lower court decisions finding that structure unconstitutional because, in contrast to most federal agencies, the CFPB could continue funding itself indefinitely rather than rely on annual congressional appropriations.

Crypto could be a mystery to jurors in Bankman-Fried case.

When jurors size up FTX founder Sam Bankman-Fried for the first time, they might not know much about the world of cryptocurrencies. The prosecution and defense each could try to use that to their advantage.

Jury selection began Tuesday in the criminal case against Bankman-Fried, 31, who is on trial for a series of actions that allegedly led to the abrupt meltdown of the FTX crypto exchange last year.

• Sam Bankman-Fried’s Courtroom Look Spells a Personal Vibe Shift

• U.S. officials on Tuesday announced a raft of indictments and sanctions against China-based companies and their employees related to the trafficking of chemicals used to manufacture large quantities of illicit fentanyl, the most deadly illegal drug the U.S. has ever experienced.
   
• John Can Unsalan, president of trading firm Metalhouse LLC, has pleaded guilty to money-laundering conspiracy in connection with transactions involving companies owned by sanctioned oligarch Sergey Kurchenko, the U.S. Justice Department said. Unsalan, of Orlando, Fla., agreed to forfeit $160.4 million in proceeds.
   
• Amazon.com used an algorithm code-named “Project Nessie” to test how much it could raise prices in a way that competitors would follow, according to redacted portions of the Federal Trade Commission’s monopoly lawsuit against the company.
   
• Sens. Marsha Blackburn and Richard Blumenthal are seeking information about TikTok’s executive transfers from ByteDance, its China-based parent company.
   
• Dish Network is the first U.S. company to pay an FCC fine for littering outer space.
   
• Hunter Biden pleaded not guilty Tuesday to felony gun charges, opening a fraught new chapter in his long legal saga.
   
• The New York judge presiding over Donald Trump’s civil-fraud trial on Tuesday scolded the former president for posting a baseless rumor about the judge’s law clerk and imposed a gag order that forbids the parties from making public comments about his staff.

Congressional U.S.-China commissioner warns of global tech supply chain risk.

Companies must prepare for the possible escalation of hostilities between the U.S. and China, partly by building more resilient global technology supply chains, said Jacob Helberg, a member of the U.S.-China Economic and Security Review Commission.

“National security people in Washington actually see a probably more than 50% chance of a hot conflict with China break out, potentially, in the next five years,” Helberg said Monday during an interview at The Wall Street Journal’s CIO Network Summit in New York.

Bond selloff threatens hopes for economy’s soft landing.

A sudden surge in long-term interest rates to 16-year highs is threatening hopes for an economic soft landing, all the more because the exact triggers for the move are unclear.

The Federal Reserve has been raising short-term rates for 1½ years. Those increases are designed to push up longer-term bond yields, combating inflation by slowing the economy. But the speed of the latest jump might be a case of “be careful what you wish for.” It comes as inflation has eased and the Fed has signaled it is nearly done lifting rates.

• The U.S. funding system for Ukrainian salaries and Kyiv government expenditures is expected to run out in the next month absent a fresh infusion of money from Congress, Ukrainian and American government officials said.
   
• The biggest U.S. airlines are searching for thousands of jet-engine parts with fake safety certificates that were installed on their planes, an unusual incident that highlights the complexity and risks in the aerospace global supply chain.
   
• As Egypt prepares for a presidential election, authorities have detained dozens of opposition figures. 
   
• Canada sought to dial down tensions with India in the wake of a diplomatic upheaval, calling on the government of Indian Prime Minister Narendra Modi to refrain from further expulsions of Canadian diplomats.

• The House removed Kevin McCarthy as speaker, after a small band of GOP dissidents moved to oust the Republican leader and Democrats didn’t come to his rescue, in a dramatic vote Tuesday with no precedent in American history.
   
• Office attendance in big cities is still barely half of what it was in 2019, and company get-tough measures are proving largely ineffective at boosting that rate much higher.
   
• Netflix plans to raise the price of its ad-free service a few months after the continuing Hollywood actors strike ends.
   
• Americans quit their jobs at a significantly slower pace this summer after a record flood of resignations earlier in the pandemic subsided, a trend that historically has been worrisome for the economy.
   
• Americans will soon be able to choose a third option in the updated Covid-19 booster-shot campaign.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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