February 20, 2026 | IEEPA Tariff Authority Limits • Treasury Economic Policy Remarks
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The day’s federal activity centered on a Supreme Court ruling redefining executive trade authority and the Treasury’s articulation of economic policy priorities.
The United States Supreme Court held that the International Emergency Economic Powers Act does not authorize the President to impose tariff duties. In a majority opinion, the Court clarified the statutory limits of executive authority under IEEPA, vacated one lower court proceeding for lack of jurisdiction, and upheld another related ruling. The decision constrains presidential discretion over tariff measures and shifts structural leverage over trade policy back toward Congress.
The Treasury Secretary delivered remarks before the Economic Club of Dallas outlining departmental priorities related to economic security, illicit finance, market resilience, and emerging technologies. While not a binding regulatory action, the speech signals Treasury’s supervisory and enforcement posture, shaping interagency coordination and compliance expectations within the financial sector.