National Security Law Today

A handful of tech billionaires now wield outsized influence over the U.S. economy—and increasingly, over national security itself. This week, Elisa sits down with Justin Sherman, founder and CEO of Global Cyber Strategies and author of Navigating Technology and National Security, to unpack how advanced AI systems, high-powered chips, and global investment flows collide with U.S. security law. Using a provocative hypothetical, they explore the role of export controls, CFIUS, outbound investment screening, and bulk data regulations—and what happens when companies push right up against the boundaries of oversight. Justin Sherman is the founder and CEO of Global Cyber Strategies, a Washington, DC-based research and advisory firm. References: Sherman, Justin. Navigating Technology and National Security: The Intersection of CFIUS, Team Telecom, AI Controls, and Other Regulations. Wiley, 2025.McFaul, Cole, Sam Bresnick, and Daniel Chou. Pulling Back the Curtain on China’s Military-Civil Fusion: How the PLA Mobilizes Civilian AI for Strategic Advantage. Center for Security and Emerging Technology, September 2025. CSET

Artificial intelligence is reshaping the security landscape faster than policy can keep pace. This week, we bring you a special episode recorded live at the 35th Annual Review of the Field of National Security Law Conference: “The AI Arms Race and National Security Law.” Moderated by Margaret Hu, Professor of Law and Director of Digital Democracy Law at William & Mary Law School, the panel examines how AI is transforming military strategy, cyber operations, and global power competition. Featuring four leading experts in emerging technology, the discussion explores the legal and ethical guardrails needed for autonomous systems, the private sector’s growing role in national defense, and the geopolitical stakes of an AI-driven future. Moderated by Margaret Hu, the Davison M. Douglas Professor of Law Director, Digital Democracy Law, William & Mary Law SchoolFeatured Panelists: Aaron Cooper, Partner & Founding Co-Chair, Critical & Emerging Technologies Practice, Jenner & Block LLP Kat Duffy, Senior Fellow for Digital and Cyberspace Policy, Council on Foreign Relations Joshua Hodges, Partner, Ridgeline Advocacy Group Will Hudson, Associate General Counsel, Anthropic References: CLE Materials from the 35th Annual Review of the Field of National Security Law ConferenceAudio Recordings from the 35th Annual Review of the Field of National Security Law Conference

What happens when an innovation boom starts to look like a financial bubble? This week, Elisa sits down with Sarah Myers West of the AI Now Institute to examine the mounting evidence that America’s most influential AI firms may be overvalued, overleveraged, and quietly expecting government rescue if profits don’t materialize. Together, they trace the circular flow of investment between chipmakers, cloud providers, and AI developers, explore why growth projections outpace real-world demand, and unpack how national security narratives are being used to justify unchecked expansion. Sarah Meyers West is Co-Executive Director of the AI Now Institute References: The AI Now InstituteOp Ed: Sarah Meyers West and Amba Kak, You May Already Be Bailing Out the AI Business. The Wall Street Journal. Nov 12, 2025.EO on Accelerating Federal Permitting of Data Center InfrastructureEO on Promoting the Export of the American AI Technology StackNBC: "Trump administration drafts an executive order to challenge state AI laws." Jared Perlo. Nov. 19th 2025.WSJ: "Big Tech Is Spending More Than Ever on AI and It’s Still Not Enough." Megan Bobrowsky. Oct. 30th 2025.Bain & Company: "$2 trillion in new revenue needed to fund AI’s scaling trend." Sep 23rd, 2025.NYT: "Silicon Valley’s Man in the White House Is Benefiting Himself and His Friends." Nov. 30 2025The White House Archives: "Remarks by APNSA Jake Sullivan on AI and National Security." The National Defense University. Oct 24 2024.RISE ActNSLT Ep. 380, "Where Energy Policy Is Headed Next with Tyler O’Connor (Part 1)" July 23 2025.

Polarization isn’t just a political outcome—it’s an industry. This week, Elisa welcomes Aakaash Rao and Shakked Noy, economists from MIT and Harvard and co-authors of The Business of the Culture War, to explore how shifts in the media business model—from the collapse of local newspapers to the rise of cable news—created powerful incentives to divide audiences. Together, they unpack how networks learned to mobilize viewers through cultural identity issues, what survey data reveals about a dramatic realignment in voter priorities, and why these trends pose urgent questions for policymakers and the future of American democracy. Aakaash Rao is a Ph.D. candidate in Economics at Harvard University Shakked Noy is a Ph.D student in Economics at MIT References: Rao, Aakaash, and Shakked Noy. The Business of the Culture War. Job Market Paper, Harvard University, 2025.NSLT, Ep. 229, Broken News and the Media Rage Machine with Chris StirewaltThe Fairness Doctrine Overview

Washington’s influence economy is bigger—and murkier—than most Americans realize. This week, Elisa sits down with investigative reporter Kenneth P. Vogel to unpack the sprawling web of foreign lobbying revealed in his new book, Devil’s Advocate, tracing how powerful insiders—from Rudy Giuliani to Hunter Biden—became entangled with corrupt foreign interests and why these relationships blur partisan lines. Drawing on history behind the Foreign Agents Registration Act and modern examples of access-brokers operating in plain sight, Vogel exposes the incentives, vulnerabilities, and national-security risks that allow foreign money and influence to move through Washington, often away from public view but never without consequences. Kenneth P. Vogel is a reporter based in the Washington bureau of The New York Times, investigating the intersection of money, politics and influence. References: Vogel, Kenneth P. Devils’ Advocates: The Hidden Story of Rudy Giuliani, Hunter Biden, and the Washington Insiders on the Payrolls of Corrupt Foreign Interests. William Morrow, 2025.Foreign Agents Registration Act (FARA) Overview

AI is learning from us—but what happens when the data it’s fed carries our deepest biases? This week, Elisa Poteat sits down with Roy Austin, inaugural director of Howard Law School’s Artificial Intelligence Initiative and former Deputy Assistant to the President for Urban Affairs, Justice and Opportunity in the Obama White House, to discuss how law and ethics can keep pace with accelerating innovation. Together, they examine AI’s influence on justice, bias, and national security, the responsibility of major tech companies, and what it will take to prepare the next generation of lawyers for an AI-driven world. Roy Austin is the inaugural director of the Howard Law Artificial Intelligence Initiative, a groundbreaking initiative focused on ethical AI innovation and civil rights law. References: White House Legal Aid Interagency Roundtable. Expanding Access to Justice, Strengthening Federal Programs: First Annual Report of the White House Legal Aid Interagency Roundtable. November 2016.Horwitz, Jeff. “Meta’s AI Rules Have Let Bots Hold ‘Sensual’ Chats with Kids, Offer False Medical Info.” Reuters, 14 Aug. 2025FISA Section 230Doe v. Meta Platforms, Inc. U.S. District Court, N.D. Cal., No. 23-cv-420095, Opinion filed Oct. 17, 2025.

As artificial intelligence accelerates, questions about power, privacy, and accountability are more urgent than ever. This week, we revisit our conversation with bestselling author and award-winning AI reporter Karen Hao, whose book Empire of AI reveals how ambition and competition transformed OpenAI from a mission-driven nonprofit into one of the world’s most powerful—and controversial—tech companies. This re-air comes ahead of the 35th Annual Review of the Field of National Security Law CLE Conference, taking place November 13–14 at the Omni Shoreham Hotel in Washington, DC. With the theme “Technology, National Security, and the Law: Keeping Pace with Innovation,” the conference will feature two days of expert discussions on how emerging technologies are reshaping national security. Karen Hao is a bestselling author and award-winning reporter covering artificial intelligence. References: Register Now! The 35th Annual Review of the Field of National Security Law CLE Conference, November 13–14, 2025, with an opening reception on November 12. Agenda: The 35th Annual Review of the Field of National Security Law CLE ConferenceHao, Karen. Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI. Penguin Press, 2025Section 230 Overview

This week, Elisa breaks down the latest headlines in national security law as the government shutdown stretches into its fourth week. From Russia’s attacks on eastern Ukraine to the growing energy needs of artificial intelligence, she connects how today’s developments are shaping policy and security. Elisa also covers the recent U.S. military plane crashes in the South China Sea, the evolving conversation around tariffs, and how economic challenges are shaping the outlook for younger Americans. She wraps up with a preview of the 35th Annual Review of the Field of National Security Law CLE Conference—where top experts will unpack the intersection of technology, innovation, and national security law. References: Register Now! The 35th Annual Review of the Field of National Security Law CLE Conference, November 13–14, 2025, with an opening reception on November 12. Register before November 1 for early bird rates.

The Standing Committee’s 35th Annual Review of the Field of National Security Law is almost here. This week, Elisa sits down with Standing Committee Chair Stephen Preston to highlight what’s ahead at this year’s conference—taking place November 13–14 in Washington, DC. From keynotes on artificial intelligence and defense innovation to panels exploring ethics, cybersecurity, and private sector engagement, Stephen shares how this year’s program captures the challenges and opportunities of a rapidly changing technological era. Afterwards, Elisa recaps the latest national security headlines—from hostage exchanges and AI investments to international jewelry heists and more. Stephen W. Preston is Partner and Co-Chair of Defense, National Security and Government Contracts Practice at WilmerHale, and chair of the American Bar Association’s Standing Committee on Law and National Security. References: Register Now: 35th Annual Review of the Field of National Security Law CLE Conference, November 13–14, 2025, with an opening reception on November 12. Register before November 1 for early bird rates.Ep. 373, From Pipelines to Prisoners: Security in the Energy Sector with Kieran Ramsey (Part 1)Ep. 392, Empire AI: OpenAI’s Rise and the Race for Global Power with Karen Hao

Once envisioned as a nonprofit dedicated to advancing AI for the benefit of humanity, OpenAI has since become one of the most powerful—and controversial—companies in the world. This week, Elisa Poteat sits down with Karen Hao, author of Empire AI, to examine how ambition, secrecy, and competition reshaped the organization’s mission. From the erosion of trust and safety standards to the looming energy costs of AI’s expansion, they explore what OpenAI’s story reveals about the future of artificial intelligence and the global race for dominance. Karen Hao is a bestselling author and award-winning reporter covering artificial intelligence. References: Hao, Karen. Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI. Penguin Press, 2025REGISTER NOW:35th Annual Review of the Field of National Security Law CLE ConferenceSection 230 Overview

With hundreds of thousands of federal employees furloughed, the consequences of another government shutdown are hitting home. This week, Elisa is joined by Max Stier, President and CEO of the Partnership for Public Service, to break down how shutdowns became a political tool—and what they cost the American people. Alongside guest host Harvey Rishikof, they discuss the essential vs. nonessential workforce divide, the legal roots of shutdowns, and how this cycle threatens the long-term strength of U.S. institutions. Harvey Rishikof is Senior Counselor of the ABA Standing Committee on Law and National Security Max Stier is the founding president and CEO of the Partnership for Public Service References: The Partnership for Public Service EVENT: Register for the 35th Annual Review of National Security Law CLE Conference, this Nov. 13-14 in Washington, DC The Hatch Act Overview Balanced Budget Act of 1997

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,