National Security Law Today

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

A new wave of energy legislation is changing the incentives–and the direction–of U.S. energy policy. In Part 1 of this two-part episode, Elisa sits down with Tyler O’Connor, Partner at Crowell & Moring and former Energy Counsel to the House Energy & Commerce Committee, to unpack the recently passed “One Big Beautiful Bill.” They discuss how the legislation rolls back key clean energy tax credits, prioritizes traditional energy infrastructure, and could push the private sector to rethink its approach to energy planning, investment, and long-term sustainability. 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

This week, Elisa is joined by John A. Lauder—former CIA official, arms control negotiator, and current Senior Fellow at the Wisconsin Project on Nuclear Arms Control—to examine the tension between nuclear innovation and nonproliferation. From the postwar promise of Atoms for Peace to today’s AI-fueled energy demands, they unpack the rising interest in small reactors, mounting concerns within the nonproliferation community, and the difficult policy decisions facing U.S. leaders in the years ahead. John A. Lauder is a Senior Fellow at the Wisconsin Project on Nuclear Arms Control and is a cofounder of the James A. Garfield Center for Public Leadership at Hiram College. References: Atoms for Peace

In the race for critical minerals, legal frameworks are becoming as important as supply chains. This week, Elisa is joined by Brian Egan, Partner at Skadden and former Legal Adviser at the State Department and National Security Council, to unpack the legal complexities behind securing minerals from foreign—and often unfriendly—nations. From sanctions and treaty negotiations to private sector deals and foreign investment, they explore how lawyers across government and industry are navigating national security risks in today’s resource-driven economy. Brian Egan is Partner in National Security, CFIUS, and International Trade at Skadden References: H.R.1042 - Prohibiting Russian Uranium Imports Act Foreign Corrupt Practices Act of 1977 NSLT Ep. 205, "Seabed Mining as a National Security Threat: The Laws of the Sea with Matt Gianni (Part 1)

In Part 2 of their two-part discussion, Elisa and Dr. Koroush Shirvan of MIT’s Department of Nuclear Science and Engineering explore how small-scale reactors compare to other green alternatives, why the U.S. continues to trail global leaders, and what policy and infrastructure gaps must be addressed to move forward. They also discuss rising energy costs at home—and what it will take to keep nuclear power affordable as demand grows. Dr. Koroush Shirvan is the Atlantic Richfield Career Development Professor in Energy Studies References: VIDEO: “How Does Nuclear Energy Work? – Presentation by Professor Koroush Shirvan (MIT).” YouTube, uploaded by the Australian Nuclear Association, 2024. Project Pele Overview

As pressure mounts to modernize America’s energy systems, nuclear power is back on the table. In Part 1 of this two-part episode, Elisa is joined by Dr. Koroush Shirvan, nuclear expert and professor in MIT’s Department of Nuclear Science and Engineering, to break down the fundamentals of nuclear energy and its potential role in national security. Together, they explore what powers today’s nuclear plants, how they compare to coal, and the infrastructure, training, and regulation required to bring new facilities online. Dr. Koroush Shirvan is the Atlantic Richfield Career Development Professor in Energy Studies References: VIDEO: “How Does Nuclear Energy Work? – Presentation by Professor Koroush Shirvan (MIT).” YouTube, uploaded by the Australian Nuclear Association, 2024.

The recent dismissal of the Judge Advocates General of the Army and Air Force has raised new questions about the role of independent legal advice in the U.S. military. This week, we’re airing a special rebroadcast of our May 28th live program on the role of Judge Advocates General in advising military leadership and upholding the law of armed conflict. The discussion features Rear Admiral James E. McPherson, retired 39th Judge Advocate General of the Navy and former General Counsel and Under Secretary of the Army, and John B. Bellinger III, former Legal Adviser to both the State Department and the National Security Council. Together, they explore the function of the JAG Corps, the implications of recent firings, and the importance of preserving nonpartisan legal guidance in military decision-making. References: Event Video: American Bar Association Discussion on President Trump Firing Judge Advocates General. C-SPAN, 28 May 2024.

In Part 2 of their conversation, Elisa and Kieran Ramsey, Chief Investigative Officer at Global Reach and former FBI Special Agent, explore how companies can better prepare their people and operations for high-threat environments. From travel security to cultural blind spots, they discuss why planning, awareness, and proactive leadership are key to staying ahead of today’s evolving threat landscape. Kieran Ramsey is Chief Investigative Officer at Global Reach, a private company that deals with individuals wrongfully held or taken hostage around the world. References: The American Society for Industrial Security (ASIS) The Smart Traveler Enrollment Program Film:The Wages of Fear(1953)

As global demand for energy surges, so do the risks for those working to meet it. In Part 1 of this two-part episode, Elisa is joined by Kieran Ramsey, Chief Investigative Officer at Global Reach and former Director of the FBI’s Hostage Recovery Fusion Cell, to explore the dangers facing energy professionals operating abroad. Together, they examine the rise of hostage diplomacy, the targeting of Americans by state actors like Russia, China, and Iran, and the intelligence challenges facing companies operating in high-risk regions like Africa. Kieran Ramsey is Chief Investigative Officer at Global Reach, a private company that deals with individuals wrongfully held or taken hostage around the world. References: Alterman, Jon B., and Jason Rezaian. Combating State Hostage Taking and Wrongful Detention. Center for Strategic and International Studies, 4 June 2025

As energy demands surge, protecting the U.S. power grid has become a national security imperative. In Part 2 of their conversation, Elisa and Dr. Jonathan Snodgrass of Texas A&M examine the next layer of challenges facing America’s electric grid—from the need for trained personnel to the importance of critical load prioritization. They discuss how redundancy, workforce expertise, and smarter policy conversations can shape a more secure and scalable grid for the future. Jonathan Snodgrass is a Senior Research Engineer at Texas A&M University References: North American Electric Reliability Corporation (NERC) Federal Energy Regulatory Committee (FERC) NSLT, Ep. 362, Elemental Power: Rethinking Nuclear—The Rise of Microreactors with Dr. Jeff Waksman (Part 1)

Is our grid capable of supporting our energy needs? In Part 1 of this two-part episode, Elisa is joined by Dr. Jonathan Snodgrass of Texas A&M to break down what the electric grid is, who maintains it, and how its vulnerabilities could impact national security. From critical military systems to daily necessities like transportation and groceries, they explore how fragile our energy infrastructure may be—and what lessons the U.S. should draw from recent international blackouts. Jonathan Snodgrass is a Senior Research Engineer at Texas A&M University References: North American Electric Reliability Corporation (NERC) Federal Energy Regulatory Committee (FERC) NSLT, Ep. 362, Elemental Power: Rethinking Nuclear—The Rise of Microreactors with Dr. Jeff Waksman (Part 1)

China’s growing presence in African port development is shifting global power dynamics. This week, Elisa is joined by Paul Nantulya of the Africa Center for Strategic Studies to examine China’s growing influence across the continent’s maritime infrastructure. Drawing from his recent study, they discuss how port investments tie into China’s long-term economic and military ambitions, what it means for U.S. interests, and how African nations are navigating the pressure between opportunity and sovereignty. Paul Nantulya is a Research Associate with the Africa Center for Strategic Studies References: Nantulya, Paul. "Mapping China’s Strategic Port Development in Africa." Africa Center for Strategic Studies, 10 Mar. 2025 The Africa Center The Forum on China-Africa Cooperation