All articles tagged with #emergency authority
After a Supreme Court ruling on tariffs, President Trump pivots to Section 122 of the Trade Act of 1974 to temporarily impose 10% tariffs on all foreign goods for up to 150 days, a fast-acting emergency authority that must be extended by Congress to endure; the tool is designed for short-term shocks and sits alongside other levers like Section 232, 301, and 338.
The Biden administration has used emergency authority to allow the sale of 14,000 tank shells worth $106.5m to Israel without congressional review. This comes as part of a larger package worth over $500m, including 45,000 shells for Israel's Merkava tanks. The sale has raised concerns among rights advocates, who argue that it contradicts Washington's efforts to minimize civilian casualties. The US has stated that Israel must comply with international humanitarian law and take steps to avoid harm to civilians. The sale is seen as a commitment to Israel's security and will enhance its defensive capabilities.
US Treasury officials are exploring ways to temporarily expand FDIC coverage to all deposits, using emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress. The Exchange Stabilization Fund is being considered as a legal framework for expanding FDIC insurance. While authorities do not see such a move as a necessity yet, they are still developing a strategy out of due diligence in case the situation worsens.