Nova Safo

I'm Novosafo for Marketplace.

The latest tariffs keep higher levies mostly in place for now, despite the Supreme Court's ruling.

The Yale budget lapse as the effective rate on the whole now averages 13.7 percent, down from 16 percent.

The new tariffs are under a statutory authority known as Section 122 that no president has previously invoked, and they must be temporary.

Treasury Secretary Scott Besson told CNN's State of the Union that the administration will likely impose other tariffs under more commonly used authorities.

but those take longer to implement.

I think it's highly likely that those tariffs will rise up and that the 122s could disappear after five months.

There's also the option of asking Congress to enact higher tariffs, but the administration has not signaled any willingness to do so.

I'm Nova Safa for Marketplace.

Well, David, this news comes from the Fed's Vice Chair for Supervision, Michelle Bauman.

She was speaking yesterday at a conference of the American Bankers Association, and she said regulation with regards to banks issuing and servicing mortgages has become too onerous after the financial crisis, causing banks to largely cede that business to specialty mortgage lenders and non-bank institutions.

So what Bauman is proposing is easing capital requirements, the mix of cash, stock, and other assets that banks have to hold in case of trouble, as well as changing how risk is calculated with regards to mortgages, David.

Well, what she argues is that a lot has changed since regulations were tightened in 2013.

She says now regulators better understand how banks handle mortgages, and they better understand the risks involved.

And that's why she said that some changes can be made safely while keeping the banking system as a whole stable, David.

Kevin Warsh served as Fed governor from 2006 until 2011, a time span that included the financial crisis and the Federal Reserve's efforts to stabilize Wall Street.

He's a visiting fellow in economics at Stanford's Hoover Institution, a conservative-leaning think tank.

Warsh has recently criticized the Federal Reserve, saying that it has not done enough in the past to fight inflation.

Here he is speaking at the Hoover Institution.

Warsh believes the Fed now should lower interest rates more, something President Trump has called for.