Good morning. Senate Democrats plan to press Fed chair nominee Kevin Warsh on Tuesday over perceived gaps in his financial disclosures, arguing he hasn’t met the transparency standard other Fed nominees have met and that the public can’t tell whether his investments include banks the Fed regulates.

• Partial compliance: In a preconfirmation filing last week, Warsh disclosed assets worth more than $100 million but declined to identify the underlying holdings of his largest individual investments, citing confidentiality agreements. The Office of Government Ethics conditionally certified the filing, noting it complies with federal ethics law for all but several dozen holdings. It said Warsh will be in compliance only after he divests those holdings, which Warsh has agreed to do if he is confirmed.
   
• Transparency complaints: That opacity is the central complaint in a staff memo circulated by Senate Banking Committee Democrats and reviewed by The Wall Street Journal. “Without the ability to review Mr. Warsh’s holdings in public and in detail, it is impossible to determine whether Mr. Warsh is holding an interest in institutions he would be responsible for regulating as Fed Chair,” the memo said.
   
• Alleged conflict of interest: Federal law prohibits Fed officials from owning stock in banks the central bank supervises. On this front, Democrats point to one fund in particular. Warsh’s largest reported investments are stakes in a fund run by investor Stanley Druckenmiller, for whom Warsh has worked. That fund, Juggernaut, has recently appeared to hold shares in Fed-regulated bank companies, Democratic Senate staffers wrote. 
   
• The companies: The memo notes that two publicly traded bank companies, Berkshire Hills Bancorp and Investar Holding, have disclosed in their own filings in the past two years that Juggernaut was a shareholder. (After a merger, Berkshire Hills is now part of Beacon Financial.) As a private fund, Juggernaut doesn’t publish its holdings. Warsh’s investments in the fund appear to total at least $100 million, his disclosure shows.

Also read: Warsh Embarks on High-Wire Act of Convincing Investors Without Angering Trump

Justice Department presses criminal antitrust probe of beef companies.

The Justice Department’s antitrust division is investigating whether large meatpackers that supply American consumers engaged in criminal anticompetitive conduct, after President Trump called for a probe of the companies last year, according to people familiar with the matter.

Trump in November accused beef companies of manipulating prices for cattle they buy from ranchers and driving up prices for consumers. Criminal antitrust cases are typically reserved for allegations of price fixing, market collusion or competitors rigging their bids to customers.

Republicans threaten FinCEN funding over beneficial ownership rule. 

U.S. House Republicans are threatening to withhold all funding for the Treasury Department’s financial intelligence unit over a regulation requiring companies to report ownership information, Risk Journal reports. (free link)

Treasury’s Financial Crimes Enforcement Network, which polices money laundering and issues warnings to banks describing how illicit actors move money, wouldn’t get any of its more than $185 million budget until the agency finalizes the so-called beneficial ownership rule, according to a proposed fiscal year 2027 budget bill approved Friday by a House appropriations subcommittee.

• With thousands of cases piling up in U.S. courts, Bayer’s Roundup settlement still faces cancer victims who could sink its relief plans. 
   
• Democratic and Republican senators are raising concerns that a merger between United Airlines and American Airlines could harm travelers.
   
• Businesses can now officially request refunds on tariffs paid to the U.S. government under President Trump’s administration.
   
• The Justice Department sued Washington, D.C.’s water utility on Monday over a massive sewage spill that sparked a political fight between federal and state authorities, and which President Trump called “a massive Ecological Disaster.”

FBI Director Kash Patel sues the Atlantic for defamation.

Federal Bureau of Investigation Director Kash Patel filed a defamation lawsuit against the Atlantic and one of its writers Monday, alleging an article about his drinking and overall conduct was malicious and factually inaccurate.

He is seeking $250 million in damages in the suit, which was filed in federal district court in Washington, D.C.

The Atlantic story, by staff writer Sarah Fitzpatrick and published Friday, said Patel’s drinking has become a source of concern among government officials and cited sources who worried that Patel’s behavior has become a threat to public safety. The piece included unnamed sources who described Patel as impulsive and absent from his post, and who claimed he was concerned about his job security.

• Labor Secretary Lori Chavez-DeRemer resigned from her cabinet role on Monday, capping off a tumultuous tenure marked by infighting and allegations of misusing agency resources.
   
• The Iranian cargo ship seized by U.S. forces in the Gulf of Oman this weekend is part of a fleet that often sails to China, one of Tehran’s most important backers—and includes vessels that have been accused of transporting chemicals for Iran’s ballistic-missile program.
   
• The Russian Federal Aviation Agency said Monday that it was lifting restrictions on Russian flights so they could resume flying through Iranian airspace. The agency also rescinded its suspension of ticket sales for flights bound for the United Arab Emirates, effectively reopening commercial operations in both directions.
   
• As its export model breaks down, Germany is pivoting from cars to cannons—and trying to turn industrial decline into a defense boom.
   
• The European Central Bank would have to raise its key interest rate more than would otherwise be the case if governments are too generous with their support for households facing higher energy costs, President Christine Lagarde said Monday.
   
• Adobe is releasing a set of AI agents that aim to help corporate customers automate digital marketing and other functions, the latest move by the software giant to stay ahead of AI-driven software disruption.
   
• An international backlash is growing over Tesla's self-driving promises. 
   
• The U.S. has fully rescinded a seven-year suspension of direct commercial passenger and cargo flights between the U.S. and Venezuela, the Department of Homeland Security said. (free link)
   
• A Brazilian gang founded in the country’s violent prisons is fast becoming one of the world’s biggest criminal organizations, reshaping global cocaine flows from South America to Europe’s busiest ports and edging into the U.S.

The Dow Jones Risk Journal Summit London on May 7 will convene senior business professionals for discussions on a range of corporate risks including supply chains, artificial intelligence, geopolitics and financial crime. Speakers include: Kathy Wengel, EVP, Chief Technical Operations and Risk Officer, Johnson & Johnson; Nish Imthiyaz, Global Privacy and Responsible AI Counsel, Vodafone; and Will Mayes, Chief Executive, Cyber Monitoring Centre.

Request a complimentary invitation here using the code COMPLIMENTARY. Attendance is limited, and all requests are subject to approval.

• U.K. Prime Minister Keir Starmer said Monday he unintentionally misled lawmakers by claiming that his pick for ambassador to Washington, Peter Mandelson, had full security clearance, as his government grapples with a new crisis tied to Jeffrey Epstein.
   
• North Korean leader Kim Jong Un and his young daughter oversaw the test of a cluster bomb, a controversial weapon that Pyongyang had once denounced but now considers vital to its strategic-missile arsenal.
   
• Florida’s migration patterns are changing dramatically. Residents in their prime working years are heading to other states, often citing affordability concerns. At the same time, the stream of people arriving from other states is shrinking.
   
• Tim Cook, the longtime leader of Apple, is stepping down after transforming the iPhone maker into a titan of the technology industry, handing the reins to a veteran engineer.
   
• Spirit Airlines and the Trump administration are in talks about government aid, including a potential U.S. government investment into the company, people familiar with the discussions said.
   
• Red Lobster is bringing back its famed Endless Shrimp promotion—with a few strings attached.

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