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Can a sanctions law be used to set trade policy? In this episode, Elisa sits down with Rachel Alpert, former OFAC Chief Counsel and now a Partner at Jenner & Block, to explore how the International Emergency Economic Powers Act (IEEPA) has evolved—and why its use to justify tariffs is drawing scrutiny. Together, they trace the law’s origins, examine the traditional role of OFAC, and discuss the case heading to the Supreme Court that could reshape how tariffs are imposed during national emergencies.
Rachel Alpert is a Partner at Jenner & Block, and former Chief Counsel at the US Treasury Department's Office of Foreign Assets Control (OFAC)
References:
IEEPA
The National Emergencies Act
Trading with the Enemy Act
Export Administration Regulations
Outbound Investment Security Program
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010
Section 232 of the Trade Expansion Act of 1962
The Major Questions Doctrine
From OPEC cartels to U.S. shale revolutions, energy markets have long stood at the center of global power struggles. This week, Elisa is joined by Elaine Levin, energy markets expert and president of Powerhouse, to unpack today’s oil and gas landscape—examining U.S. refining bottlenecks, political pressures on production, and how rising demand from AI, China, and India is reshaping the global energy map.
Elaine Levin is President of Powerhouse
References:
The One Big Beautiful Bill Act
California SB-237 NSLT Ep. 196, "News Roundup – Energy Crisis, Switching to Renewables, and Chinese Hypersonic Missiles"
NSLT Ep. 386, "Tariffs on Trial: IEEPA and the Limits of Executive Power"
Simmons, Matthew R. Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy. Wiley, 2006
Disclaimer:
This material has been prepared by a sales or trading employee or agent of Powerhouse Brokers LLC, and is, or is in the nature of, a solicitation. This material is not a research report prepared by Powerhouse Brokers, LLC. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions. DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION. The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that Powerhouse Brokers, LLC, believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.
With FISA Section 702 up for reauthorization in 6 months, we’re revisiting the basics of this contested surveillance authority. In this extended episode, Elisa first speaks with Josh Geltzer, former Deputy Assistant to President Biden and Deputy Homeland Security Advisor with the National Security Council, to break down what 702 is and why it’s so controversial. Afterwards, Elisa is joined by Glenn Gerstell, former General Counsel at the National Security Agency, to discuss 702’s value, past reform efforts, and what the future may hold. Note: these conversations were recorded in Fall 2023 and reflect the context of the prior administration.
Joshua Geltzer is Partner at WilmerHale, and former Deputy Assistant to President Biden and Deputy Homeland Security Advisor with the National Security Council
Glenn Gerstell is a Senior Advisor with The Center for Strategic and International Studies (CSIS), and former general counsel of the National Security Agency.
References:
FISA Section 702 Resource Page (ABA)
FISA Section 702 Overview (DNI)
Report on the Surveillance Program Pursuant to Section 702 of the Foreign Intelligence Surveillance Act, PCLOB 2023
HPSCI FISA Section 702 Report, November 2023
E.O. 12333
S.3351, FISA Reform and Reauthorization Act of 2023
S.1265, Fourth Amendment Is Not For Sale Act
H.R. 6570, Protect Liberty and End Warrantless Surveillance Act of 2023
The Supreme Court has agreed to hear the case challenging the use of emergency powers to impose sweeping tariffs—setting the stage for a ruling that could reshape U.S. trade policy. This week, Elisa is joined by David Ross and Kelly Dunbar of Wilmer Hale to break down the Federal Circuit’s recent decision in V.O.S. Selections, Inc. v. Trump. Together, they examine how the International Emergency Economic Powers Act (IEEPA) was invoked in defense of tariffs, the constitutional questions over Congress’s authority to tax and regulate commerce, and why the major questions doctrine may be pivotal as the case moves forward.
David J. Ross is Partner and Chair of International Trade, Investment and Market Access Practice Group at Wilmer Hale
Kelly P. Dunbar is Partner in Government & Regulatory Litigation and Appellate & Supreme Court Litigation Practice Groups at Wilmer Hale
References:
IEEPA Tariff Litigation: What You Need to Know About the Federal Court Decisions Threatening the Trump Administration's Tariff Agenda.
V.O.S. Selections, Inc. v. Trump
EO 14193
EO 14194
EO 14195
EO 13257
Tariff Act of 1930, 19 USC 1338(a)
Trade Act of 1974,19 USC 2132
The aftermath of President Trump’s meeting with Vladimir Putin continues to raise difficult questions. In Part 2 of this two-part episode, Elisa is joined again by Rob Dannenberg—former CIA officer and two-time Moscow Station Chief—to look beyond the summit table. Together, they explore Ukraine’s bold Operation Spiderweb, the controlled flow of information shaping what Russians know about the war, and how long Putin’s hold on power may endure. The conversation closes on a lighter note, as Rob draws from his new cocktail book, A Spy Walked into a Bar: A Practitioner’s Guide to Cocktail Tradecraft.
Robert Dannenberg worked in the Central Intelligence Agency for 24 years, including as Chief of Operations for the Counter Terrorism Center, Chief of the Central Eurasia Division and Chief of the CIA’s Information Operations Center. He then served as the head of the Office of Global Security for Goldman Sachs.
References:
Dannenberg, Rob. “It’s Time to Show Putin that the U.S. Is Serious.” The Cipher Brief, 24 August 2025. The Cipher Brief.
Dannenberg, Rob. A Spy Walked into a Bar: A Practitioner’s Guide to Cocktail Tradecraft. Ci4 Publishing, 21 June 2025
Sanctioning Russia Act of 2025
Days after President Trump’s meeting with Vladimir Putin, questions remain: what was gained, what was conceded, and what does it mean for Ukraine? In Part 1 of this two-part episode, Elisa is joined by Rob Dannenberg—former CIA officer and two-time Moscow Station Chief—to examine the dynamics of the Alaska summit. They discuss Putin’s shifting demands, Trump’s rejection of a ceasefire in favor of a permanent peace, and the risks of negotiating with one of the world’s most seasoned strongmen.
Robert Dannenberg worked in the Central Intelligence Agency for 24 years, including as Chief of Operations for the Counter Terrorism Center, Chief of the Central Eurasia Division and Chief of the CIA’s Information Operations Center. He then served as the head of the Office of Global Security for Goldman Sachs.
References:
Dannenberg, Rob. “It’s Time to Show Putin that the U.S. Is Serious.” The Cipher Brief, 24 August 2025. The Cipher Brief.
Dannenberg, Rob.A Spy Walked into a Bar: A Practitioner’s Guide to Cocktail Tradecraft.Ci4 Publishing, 21 June 2025
Sanctioning Russia Act of 2025
In the wake of President Trump and Vladimir Putin’s summit in Alaska, we turn our focus back to the nation that remains central to their agenda—Ukraine. Since the sixth century, Ukraine has been the site of many incursions from the east and west, from Ghengis Khan, to the Ottomans, Swedes, Poles, and more. This week, host Elisa is joined by Russia and Eurasia expert Eugene Rumer to review Ukraine's history of upheaval, what Ukraine's future may hold, and how Putin is shaping its present.
Eugene Rumer is Director and Senior Fellow of the Russia and Eurasia Program at the Carnegie Endowment for International Peace
References:
Senate Hearing: "Disinformation: A Primer in Russian Active Measures and Influence Campaigns, Panel 1" March 30, 2017
Eugene Rumer on Active Measures, Senate Testimony. C-SPAN. May 9, 2020
In Myanmar’s remote Kachin State, a rebel militia now controls one of the world’s most strategic mineral frontiers. In Part 2 of this two-part episode, Elisa and journalist Timothy McLaughlin explore the realities of rare earth mining in the region—from environmental damage and unsafe labor conditions to the steady flow of minerals into China. Together, they unpack how this supply chain is shaping regional power dynamics—and what it reveals about the global race for critical resources.
Timothy McLaughlin is a contributing writer at The Atlantic
References:
McLaughlin, Timothy. “A Rebel Army Is Building a Rare-Earth Empire on China’s Doorstep: Myanmar Rebels Gain Control of Mines as U.S. and China Feud over Rare Earths.” Bloomberg, 18 July 2025
In Myanmar’s remote Kachin State, a rebel militia now controls one of the world’s most strategic mineral frontiers. In Part 1 of this two-part episode, Elisa speaks with journalist Timothy McLaughlin about the Kachin Independence Army’s takeover of the Pangwa region—rich in rare earth minerals vital to wind turbines, electric vehicles, and advanced military systems. Bordering China, this contested territory sits at the intersection of global demand, regional politics, and the fight for control over critical resources.
Timothy McLaughlin is a contributing writer at The Atlantic
References:
McLaughlin, Timothy. “A Rebel Army Is Building a Rare-Earth Empire on China’s Doorstep: Myanmar Rebels Gain Control of Mines as U.S. and China Feud over Rare Earths.” Bloomberg, 18 July 2025,
In Part 2 of this two-part episode, Elisa continues her conversation with Tyler O’Connor, Partner at Crowell & Moring and former Energy Counsel to the House Energy & Commerce Committee, to explore the evolving role of the National Defense Authorization Act. Together, they break down how the NDAA is expanding the Department of Energy’s reach, creating new incentives for industrial decarbonization, and strengthening the ties between federal policy and America’s industrial base.
Tyler O’Connor is an energy litigator and public policy leader in Crowell & Moring’s Washington, D.C. office
References:
The One Big Beautiful Bill Act The National Defense Authorization Act for Fiscal Year 2026 (Introduced)
The Inflation Reduction Act of 2022
IRA: Section 45X Advanced Manufacturing Production Credit
Clean Energy Investment Tax Credit Clean Electricity Production Credit
Zero-Emission Nuclear Power Production Credit
CHIPS and Science Act The American Recovery and Reinvestment Act of 2009 The Federal Power Act, Section 202c
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