Federal activity centered on fiscal execution and regulatory finalization under existing statutory authority.

Treasury Debt AuctionsThe Department of the Treasury conducted regularly scheduled bill auctions under its previously announced refunding framework. These operations execute Congress’s delegated borrowing authority and sustain short-term funding market liquidity without altering the current debt structure.

Final Rules Published
The Federal Register included final rules implementing statutory mandates enacted by Congress. Agencies converted prior proposals into binding regulatory text, narrowing administrative discretion and establishing enforceable compliance standards.

Monetary Policy ContinuityMonetary authority continued under the existing policy framework. Reserve conditions and the interest rate corridor remained governed by previously established decisions, preserving the current operational structure of monetary policy.

In this Special Analysis Edition of The Federal Daily, we examine the Supreme Court’s February 20, 2026 decision holding that the International Emergency Economic Powers Act does not authorize the President to impose tariffs.

This episode moves beyond the daily authority audit format to provide a structured review of the Court’s reasoning, including the role of the major questions doctrine, the constitutional allocation of taxing power, and the division between executive flexibility and legislative authority.

We also discuss the administrative and business implications of the ruling, including the mechanics and uncertainty surrounding potential tariff refunds, and assess alternative statutory pathways such as Sections 232, 301, and 122.

The decision narrows one asserted lane of executive trade authority while reinforcing the Court’s demand for clear congressional delegation in matters of major economic consequence.

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.