@bendinovelli.bsky.social
Academic Fellow, Vanderbilt Policy Accelerator (@vandylaw.bsky.social). Research networks, platforms, and utilities. Views are my own.
Reposted
A new paper from Gary Lawson & me:
"Presidential Removal as Article I, Not Article II"
Limits on congressional power to create independent agencies like the Fed & FTC don't come from Art II "Executive Power" absolutism.
See the Necessary and Proper Clause instead:
papers.ssrn.com/sol3/papers....
"Presidential Removal as Article I, Not Article II"
Limits on congressional power to create independent agencies like the Fed & FTC don't come from Art II "Executive Power" absolutism.
See the Necessary and Proper Clause instead:
papers.ssrn.com/sol3/papers....
Presidential Removal as Article I, Not Article II
As a matter of original public meaning, Article I's Necessary and Proper clause is the starting point for both Congress's power to create offices and the limits
papers.ssrn.com
November 11, 2025 at 9:53 PM
A new paper from Gary Lawson & me:
"Presidential Removal as Article I, Not Article II"
Limits on congressional power to create independent agencies like the Fed & FTC don't come from Art II "Executive Power" absolutism.
See the Necessary and Proper Clause instead:
papers.ssrn.com/sol3/papers....
"Presidential Removal as Article I, Not Article II"
Limits on congressional power to create independent agencies like the Fed & FTC don't come from Art II "Executive Power" absolutism.
See the Necessary and Proper Clause instead:
papers.ssrn.com/sol3/papers....
Reposted
A few trillion-dollar companies now comprise an AI oligopoly. Nvidia's announcement to invest $100B in OpenAI makes things worse. As I say in TIME, vertical integration is about money, control, and power. Policymakers should reject such combinations. time.com/7322418/chat...
We Need to Break Up Big AI Before It Breaks Us
When the same few companies own the entire tech stack, they stop competing and start colluding.
time.com
October 6, 2025 at 10:12 AM
A few trillion-dollar companies now comprise an AI oligopoly. Nvidia's announcement to invest $100B in OpenAI makes things worse. As I say in TIME, vertical integration is about money, control, and power. Policymakers should reject such combinations. time.com/7322418/chat...
Reposted
It just cannot be emphasized enough, as the differential treatment of Slaughter and Cook illustrate yet again, the Roberts Court’s vision of separation of powers is not the Founders’, nor the Constitution’s, but just their own. This isn’t necessarily bad; it’s just disingenuous. (1/2)
October 1, 2025 at 3:56 PM
It just cannot be emphasized enough, as the differential treatment of Slaughter and Cook illustrate yet again, the Roberts Court’s vision of separation of powers is not the Founders’, nor the Constitution’s, but just their own. This isn’t necessarily bad; it’s just disingenuous. (1/2)
Excited to share that my job talk paper, The Myth of Credit Card Competition, is forthcoming in Vanderbilt Law Review!
I explore the limits of competition (through antitrust, consumer law, or regulation) as a solution to high and regressive swipe fees in the credit card payments market. 1/8
I explore the limits of competition (through antitrust, consumer law, or regulation) as a solution to high and regressive swipe fees in the credit card payments market. 1/8
September 3, 2025 at 3:57 PM
Excited to share that my job talk paper, The Myth of Credit Card Competition, is forthcoming in Vanderbilt Law Review!
I explore the limits of competition (through antitrust, consumer law, or regulation) as a solution to high and regressive swipe fees in the credit card payments market. 1/8
I explore the limits of competition (through antitrust, consumer law, or regulation) as a solution to high and regressive swipe fees in the credit card payments market. 1/8
Reposted
Some were sanguine that the Fed’s structure meant the Fed system could remain independent even if Trump gained control of the Board.
But this excellent piece shows how far Trump and his allies could go.
These scenarios would have been unthinkable a few months ago.
www.nytimes.com/2025/08/31/b...
But this excellent piece shows how far Trump and his allies could go.
These scenarios would have been unthinkable a few months ago.
www.nytimes.com/2025/08/31/b...
Trump’s Plan to Pack the Fed With Loyalists
www.nytimes.com
September 1, 2025 at 4:27 PM
Some were sanguine that the Fed’s structure meant the Fed system could remain independent even if Trump gained control of the Board.
But this excellent piece shows how far Trump and his allies could go.
These scenarios would have been unthinkable a few months ago.
www.nytimes.com/2025/08/31/b...
But this excellent piece shows how far Trump and his allies could go.
These scenarios would have been unthinkable a few months ago.
www.nytimes.com/2025/08/31/b...
Reposted
📢More scholarship! @bendinovelli.bsky.social's timely paper revisits the Federal Reserve's ostensibly unique status among administrative agencies. It examines SCOTUS' attempt to except the Fed from case law limiting agency independence, with implications for Fed Governors' legal removal protections.
Current ScholarshipThe Federal Reserve Exception
Benjamin Dinovelli
justmoney.org
August 27, 2025 at 9:38 PM
📢More scholarship! @bendinovelli.bsky.social's timely paper revisits the Federal Reserve's ostensibly unique status among administrative agencies. It examines SCOTUS' attempt to except the Fed from case law limiting agency independence, with implications for Fed Governors' legal removal protections.
Reposted
1/2 Trump should absolutely not be able to fire Lisa Cook.
But this is because he should not be able to fire anyone with statutory tenure protections.
But this is because he should not be able to fire anyone with statutory tenure protections.
August 26, 2025 at 1:23 AM
1/2 Trump should absolutely not be able to fire Lisa Cook.
But this is because he should not be able to fire anyone with statutory tenure protections.
But this is because he should not be able to fire anyone with statutory tenure protections.
Reposted
I wrote about the Supreme Court's recent attempt to protect the Federal Reserve's independence from the Trump Administration. 1/8
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
The Federal Reserve Exception
<p>The Federal Reserve is arguably the most powerful administrative agency that has ever existed in the United States. Its administrative actions influenc
papers.ssrn.com
June 4, 2025 at 4:59 PM
I wrote about the Supreme Court's recent attempt to protect the Federal Reserve's independence from the Trump Administration. 1/8
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
Reposted
Similar to Alan, my parents adopted me from South Korea when I was a baby. I have no recollection of Seoul or my biological mother. I also do not know her name or have any details.
To echo: if birthright citizenship becomes a patchwork right, what’s someone like me to do?
To echo: if birthright citizenship becomes a patchwork right, what’s someone like me to do?
I was adopted via closed adoption, born in North Carolina.
It was closed so I have no knowledge of or access to my biological mother’s details. It also means my biological mother isn’t on my birth certificate.
So if birthright citizenship becomes a patchwork right, what’s someone like me to do?
It was closed so I have no knowledge of or access to my biological mother’s details. It also means my biological mother isn’t on my birth certificate.
So if birthright citizenship becomes a patchwork right, what’s someone like me to do?
June 28, 2025 at 4:05 AM
Similar to Alan, my parents adopted me from South Korea when I was a baby. I have no recollection of Seoul or my biological mother. I also do not know her name or have any details.
To echo: if birthright citizenship becomes a patchwork right, what’s someone like me to do?
To echo: if birthright citizenship becomes a patchwork right, what’s someone like me to do?
Reposted
🚨 Very excited to share that my note, Municipalities and the Banking Franchise, is officially out in the @stanlrev.bsky.social! The piece explores the role local governments can play in building a more democratic financial system. papers.ssrn.com/sol3/papers.... 1/10
June 23, 2025 at 11:50 PM
🚨 Very excited to share that my note, Municipalities and the Banking Franchise, is officially out in the @stanlrev.bsky.social! The piece explores the role local governments can play in building a more democratic financial system. papers.ssrn.com/sol3/papers.... 1/10
Reposted
The final version of my job market paper—about the strategies that have facilitated localized corporate domination at different points in our history—is now out. I'm so grateful to the SLR team and everyone else whose feedback has shaped this along the way! www.stanfordlawreview.org/print/articl...
June 16, 2025 at 2:35 PM
The final version of my job market paper—about the strategies that have facilitated localized corporate domination at different points in our history—is now out. I'm so grateful to the SLR team and everyone else whose feedback has shaped this along the way! www.stanfordlawreview.org/print/articl...
But I thought the Fed was “a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States”...?
Donald Trump says he may ‘have to force something’ on interest rates
https://www.ft.com/content/87a2c699-be5b-4a3b-9ae1-db3e997633af
https://www.ft.com/content/87a2c699-be5b-4a3b-9ae1-db3e997633af
Donald Trump says he may ‘have to force something’ on interest rates
President calls Federal Reserve chair Jay Powell a ‘numbskull’ for not reducing borrowing costs
www.ft.com
June 12, 2025 at 8:44 PM
But I thought the Fed was “a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States”...?
Thank you for reading / highly recommending my piece, @lsolum.bsky.social!
Dinovelli on the Federal Reserve and Removal, buff.ly/iort3UT - Benjamin Dinovelli (Vanderbilt Law School) has posted The Federal Reserve Exception on SSRN.
buff.ly
June 11, 2025 at 4:41 PM
Thank you for reading / highly recommending my piece, @lsolum.bsky.social!
Reposted
The failure to deploy rural broadband has become synonymous with excessive bureaucracy, Asad Ramzanali and Benjamin Dinovelli write. The real story is more complicated:
Red Tape Isn’t the Only Reason America Can’t Build
The failure to deploy rural broadband has become synonymous with excessive bureaucracy. The real story is more complicated.
bit.ly
June 10, 2025 at 1:30 PM
The failure to deploy rural broadband has become synonymous with excessive bureaucracy, Asad Ramzanali and Benjamin Dinovelli write. The real story is more complicated:
In @theatlantic.com, Asad Ramzanali and I argue why an “abundance agenda” approach hasn’t solved and won’t solve a long-held policy goal of providing affordable, high-speed internet to everyone in the United States. 1/7
Red Tape Isn’t the Only Reason America Can’t Build
The failure to deploy rural broadband has become synonymous with excessive bureaucracy. The real story is more complicated.
www.theatlantic.com
June 10, 2025 at 3:24 PM
In @theatlantic.com, Asad Ramzanali and I argue why an “abundance agenda” approach hasn’t solved and won’t solve a long-held policy goal of providing affordable, high-speed internet to everyone in the United States. 1/7
Reposted
In new drafts on SSRN, both Lev Menand and Benjamin Dinovelli criticize the Supreme Court’s carveout for the Federal Reserve in Trump v. Wilcox.
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
The Supreme Court's Fed Carveout: An Initial Assessment
<p><span>On May 22, the Supreme Court carved out the Federal Reserve from its ruling on an emergency application to stay two district court judgments in favor o
papers.ssrn.com
June 6, 2025 at 5:26 PM
In new drafts on SSRN, both Lev Menand and Benjamin Dinovelli criticize the Supreme Court’s carveout for the Federal Reserve in Trump v. Wilcox.
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
Reposted
The week in review: Sandeep Vaheesan and @brettchristophers.bsky.social kick off a symposium on *Democracy in Power,* while the Blog’s editorial staff share some of their favorite housing posts from over the years.
Plus, as always, the best of LPE from around the web in the thread 👇
Plus, as always, the best of LPE from around the web in the thread 👇
Weekly Roundup: June 6
Sandeep Vaheesan and Brett Christophers kick off a symposium on Democracy in Power, while the Blog's editorial staff shares some of our favorite housing posts from over the years. Plus…
lpeproject.org
June 6, 2025 at 5:26 PM
The week in review: Sandeep Vaheesan and @brettchristophers.bsky.social kick off a symposium on *Democracy in Power,* while the Blog’s editorial staff share some of their favorite housing posts from over the years.
Plus, as always, the best of LPE from around the web in the thread 👇
Plus, as always, the best of LPE from around the web in the thread 👇
Reposted
Thinking about SCOTUS' Fed Carveout in Wilcox? Here are the two best things I've read so. far:
1- The Federal Reserve Exception, by @bendinovelli.bsky.social: papers.ssrn.com/sol3/papers....
2- The Supreme Court's Fed Carveout: An Initial Assessment - by Lev Menand: papers.ssrn.com/sol3/papers....
1- The Federal Reserve Exception, by @bendinovelli.bsky.social: papers.ssrn.com/sol3/papers....
2- The Supreme Court's Fed Carveout: An Initial Assessment - by Lev Menand: papers.ssrn.com/sol3/papers....
The Federal Reserve Exception
<p>The Federal Reserve is arguably the most powerful administrative agency that has ever existed in the United States. Its administrative actions influenc
papers.ssrn.com
June 5, 2025 at 3:15 PM
Thinking about SCOTUS' Fed Carveout in Wilcox? Here are the two best things I've read so. far:
1- The Federal Reserve Exception, by @bendinovelli.bsky.social: papers.ssrn.com/sol3/papers....
2- The Supreme Court's Fed Carveout: An Initial Assessment - by Lev Menand: papers.ssrn.com/sol3/papers....
1- The Federal Reserve Exception, by @bendinovelli.bsky.social: papers.ssrn.com/sol3/papers....
2- The Supreme Court's Fed Carveout: An Initial Assessment - by Lev Menand: papers.ssrn.com/sol3/papers....
Reposted
That this claim of principle was a sham has long been obvious to people in the weeds on this stuff. But this is the Supreme Court admitting it!! The radical activism of these cases doesn’t rest on principle. It never did. It rests on policy preference. That’s really, really bad.
“We don’t strike all these structures down because we oppose calibrated efforts to create a measure of independent expert decisionmaking as a **policy** matter. Heavens no. We do it because <deep sigh> the constitution requires us to. It says ‘all the executive power’, and we must follow the law.”
June 5, 2025 at 2:16 PM
That this claim of principle was a sham has long been obvious to people in the weeds on this stuff. But this is the Supreme Court admitting it!! The radical activism of these cases doesn’t rest on principle. It never did. It rests on policy preference. That’s really, really bad.
I wrote about the Supreme Court's recent attempt to protect the Federal Reserve's independence from the Trump Administration. 1/8
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
The Federal Reserve Exception
<p>The Federal Reserve is arguably the most powerful administrative agency that has ever existed in the United States. Its administrative actions influenc
papers.ssrn.com
June 4, 2025 at 4:59 PM
I wrote about the Supreme Court's recent attempt to protect the Federal Reserve's independence from the Trump Administration. 1/8
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
Reposted
Turning a promising program for bridging the digital divide into an Elon Musk giveaway.
Infuriating.
Infuriating.
Lutnick confirms that there will be a new NOFO and a required rebid to ensure "technological neutrality." Claims will have comments in 90 days and Commerce reply in 90 days. So a minimum of 180 days delay. From when new NOFO actually released.
June 4, 2025 at 3:54 PM
Turning a promising program for bridging the digital divide into an Elon Musk giveaway.
Infuriating.
Infuriating.
Reposted
New JustMoney Online Workshop coming your way! Join us on June 12 at 11:00 am EST for a discussion on Professor @morganricks1.bsky.social's upcoming book chapter on "Financial Market Infrastructure." Professor Ricks will discuss his current draft followed by a group discussion. RSVP here! 👇
Current ScholarshipJustMoney Online Workshop: Financial Market Infrastructure (Morgan Ricks)
June 12 (Thursday), 2025 at 11:00 am ESTRegistration
justmoney.org
June 2, 2025 at 9:10 PM
New JustMoney Online Workshop coming your way! Join us on June 12 at 11:00 am EST for a discussion on Professor @morganricks1.bsky.social's upcoming book chapter on "Financial Market Infrastructure." Professor Ricks will discuss his current draft followed by a group discussion. RSVP here! 👇
Reposted
📢Current Scholarship! Is the Fed's legal mandate being misinterpreted? Challenging the conventional wisdom, @bendinovelli.bsky.social argues that the Fed's sole mandate is to regulate excessive credit. This reading of the FRA has important implications for the Fed's toolkit and policy framework. ➕👇
Current ScholarshipThe Federal Reserve’s Forgotten Credit Mandate
Benjamin Dinovelli
justmoney.org
May 20, 2025 at 6:49 PM
📢Current Scholarship! Is the Fed's legal mandate being misinterpreted? Challenging the conventional wisdom, @bendinovelli.bsky.social argues that the Fed's sole mandate is to regulate excessive credit. This reading of the FRA has important implications for the Fed's toolkit and policy framework. ➕👇
Reposted
In the Harvard Law Review, @bendinovelli.bsky.social has a hot new note: The Federal Reserve’s Forgotten Credit Mandate.
The Federal Reserve's Forgotten Credit Mandate - Harvard Law Review
In 2021, prices in the United States and across the globe rose rapidly, reintroducing a concern that had lain mostly dormant in U.S. politics...
harvardlawreview.org
May 16, 2025 at 7:29 PM
In the Harvard Law Review, @bendinovelli.bsky.social has a hot new note: The Federal Reserve’s Forgotten Credit Mandate.
Reposted
is the Fed’s business properly to regulate credit, with maximum employment, stable prices, moderate long term rates guidance about the goals of credit regulation, without asserting that credit regulation or the Fed can or should on their own deliver or be responsible for those goods?
This is incredible. Cannot overstate how good it is to see this in the HLR.
harvardlawreview.org/wp-content/u...
H/t Bruce bartlett
harvardlawreview.org/wp-content/u...
H/t Bruce bartlett
harvardlawreview.org
May 14, 2025 at 8:09 PM
is the Fed’s business properly to regulate credit, with maximum employment, stable prices, moderate long term rates guidance about the goals of credit regulation, without asserting that credit regulation or the Fed can or should on their own deliver or be responsible for those goods?