This article reviews the expansion of federal telecommunications interception powers, focusing on the watershed reforms enacted in 2006. The new statutory frameworks governing interception of ‘live’ and ‘stored communications’ are compared and contrasted, with a particular focus on their impact on human rights such as privacy and the fair trial. The article identifies significant regulatory loopholes and deficiencies in this new system, casting doubt on the usefulness of adopting a ‘balancing’ model to guide either macro‐level policy development or micro‐level decision‐making relating to individual warrants.