Todd Phillips
@tphillips.bsky.social
Banking and administrative law. Independent policy consultant. Future Robinson College. Fellow Roosevelt Institute. Fmr CAP, FDIC, ACUS.
Reposted by Todd Phillips
I just filed an amicus brief in Kalshi's lawsuit against Maryland, arguing that the sports-related contracts Kalshi lists are unlikely to be commodity derivatives, such that the CFTC does not have "exclusive jurisdiction" over them and Maryland's gaming laws are not preempted. 1/
December 22, 2025 at 1:40 PM
I just filed an amicus brief in Kalshi's lawsuit against Maryland, arguing that the sports-related contracts Kalshi lists are unlikely to be commodity derivatives, such that the CFTC does not have "exclusive jurisdiction" over them and Maryland's gaming laws are not preempted. 1/
Reposted by Todd Phillips
Shout out to @tphillips.bsky.social for this one
December 22, 2025 at 1:52 PM
Shout out to @tphillips.bsky.social for this one
I just filed an amicus brief in Kalshi's lawsuit against Maryland, arguing that the sports-related contracts Kalshi lists are unlikely to be commodity derivatives, such that the CFTC does not have "exclusive jurisdiction" over them and Maryland's gaming laws are not preempted. 1/
December 22, 2025 at 1:40 PM
I just filed an amicus brief in Kalshi's lawsuit against Maryland, arguing that the sports-related contracts Kalshi lists are unlikely to be commodity derivatives, such that the CFTC does not have "exclusive jurisdiction" over them and Maryland's gaming laws are not preempted. 1/
In my new article, "Restraining Acts," I examine the laws restricting banking in all 50 states. These laws generally prohibit nonbanks from receiving deposits and show a legislative preference that banks offer safekeeping of customer funds.
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
December 12, 2025 at 4:57 PM
In my new article, "Restraining Acts," I examine the laws restricting banking in all 50 states. These laws generally prohibit nonbanks from receiving deposits and show a legislative preference that banks offer safekeeping of customer funds.
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
Gorsuch reads the clause requiring POTUS to "take care that the laws be faithfully executed" as requiring POTUS to execute the laws.
Which is just not what the plain text of the Constitution says.
Which is just not what the plain text of the Constitution says.
December 8, 2025 at 5:11 PM
Gorsuch reads the clause requiring POTUS to "take care that the laws be faithfully executed" as requiring POTUS to execute the laws.
Which is just not what the plain text of the Constitution says.
Which is just not what the plain text of the Constitution says.
KJB coming in to clean up the mess. Oy.
December 8, 2025 at 4:33 PM
KJB coming in to clean up the mess. Oy.
Why are we talking about Congress "taking over" departments? Congress created them in the first place!
December 8, 2025 at 4:19 PM
Why are we talking about Congress "taking over" departments? Congress created them in the first place!
Gorsuch: Is the solution the ineligible principle doctrine?
I'm very confused here. Does Gorsuch want to strike down the FTC Act?
I'm very confused here. Does Gorsuch want to strike down the FTC Act?
December 8, 2025 at 3:45 PM
Gorsuch: Is the solution the ineligible principle doctrine?
I'm very confused here. Does Gorsuch want to strike down the FTC Act?
I'm very confused here. Does Gorsuch want to strike down the FTC Act?
Kagan: If we sever removal protections, you're left with a POTUS that has largely unchecked power over everything, and Congress can't get it back.
December 8, 2025 at 3:43 PM
Kagan: If we sever removal protections, you're left with a POTUS that has largely unchecked power over everything, and Congress can't get it back.
KJB: Structuring agencies in certain ways is democratic accountability.
KBJ is in support of Article I power to structure agencies.
December 8, 2025 at 3:29 PM
KJB: Structuring agencies in certain ways is democratic accountability.
KBJ is in support of Article I power to structure agencies.
December 8, 2025 at 3:28 PM
KBJ is in support of Article I power to structure agencies.
Sotomeyer asking a good question about why sever removal restrictions and not powers that run afoul of Article II.
December 8, 2025 at 3:11 PM
Sotomeyer asking a good question about why sever removal restrictions and not powers that run afoul of Article II.
Hear me out: What if we renamed the NCUA as the National Credit Union Administration of Congress?
(The President fired 2/3 of the NCUA's board members, and the Supreme Court on Monday allowed the removals to remain in place.)
(The President fired 2/3 of the NCUA's board members, and the Supreme Court on Monday allowed the removals to remain in place.)
NEWS: Supreme Court defers decision on Trump emergency appeal to boot top copyright official until after Slaughter (FTC firing) and Cook (fed firing) arguments @courthousenews.bsky.social
November 26, 2025 at 5:20 PM
Hear me out: What if we renamed the NCUA as the National Credit Union Administration of Congress?
(The President fired 2/3 of the NCUA's board members, and the Supreme Court on Monday allowed the removals to remain in place.)
(The President fired 2/3 of the NCUA's board members, and the Supreme Court on Monday allowed the removals to remain in place.)
Reposted by Todd Phillips
New Paper: Presidential Control of the Civil Service.
Conventional wisdom holds that the civil service sits safely beyond the president's reach. Does it? (1) Not nearly as much as legal scholars think. (2) That's a problem for the execution of the law. 1/12
papers.ssrn.com/sol3/papers....
Conventional wisdom holds that the civil service sits safely beyond the president's reach. Does it? (1) Not nearly as much as legal scholars think. (2) That's a problem for the execution of the law. 1/12
papers.ssrn.com/sol3/papers....
Presidential Control of the Civil Service
<p>Conventional wisdom treats the federal civil service as largely beyond the president’s reach. This Article challenges that assumption. Legal scholars too oft
papers.ssrn.com
November 25, 2025 at 4:07 PM
New Paper: Presidential Control of the Civil Service.
Conventional wisdom holds that the civil service sits safely beyond the president's reach. Does it? (1) Not nearly as much as legal scholars think. (2) That's a problem for the execution of the law. 1/12
papers.ssrn.com/sol3/papers....
Conventional wisdom holds that the civil service sits safely beyond the president's reach. Does it? (1) Not nearly as much as legal scholars think. (2) That's a problem for the execution of the law. 1/12
papers.ssrn.com/sol3/papers....
“The Supreme Court changed a lot of law with Jarkesy,” said Todd Phillips, a law professor at Georgia State University who’s written about the decision. “Lower court judges want to see the Supreme Court flesh it out before taking a sledgehammer to statutes.”
news.bloomberglaw.com/daily-labor-...
news.bloomberglaw.com/daily-labor-...
Agencies Avoid Disaster After High Court’s In-House Judge Ruling
Companies have lost most of their initial attempts to bar agency in-house judges from hearing a wide range of disputes based on recent US Supreme Court precedent, though one of their most significant ...
news.bloomberglaw.com
November 20, 2025 at 2:22 PM
“The Supreme Court changed a lot of law with Jarkesy,” said Todd Phillips, a law professor at Georgia State University who’s written about the decision. “Lower court judges want to see the Supreme Court flesh it out before taking a sledgehammer to statutes.”
news.bloomberglaw.com/daily-labor-...
news.bloomberglaw.com/daily-labor-...
This is very cool to see up on the Supreme Court's website!
You can read @nicholasbednar.bsky.social and my brief in Trump v. Slaughter here: www.supremecourt.gov/DocketPDF/25...
You can read @nicholasbednar.bsky.social and my brief in Trump v. Slaughter here: www.supremecourt.gov/DocketPDF/25...
November 14, 2025 at 4:57 PM
This is very cool to see up on the Supreme Court's website!
You can read @nicholasbednar.bsky.social and my brief in Trump v. Slaughter here: www.supremecourt.gov/DocketPDF/25...
You can read @nicholasbednar.bsky.social and my brief in Trump v. Slaughter here: www.supremecourt.gov/DocketPDF/25...
Do I have any followers on here who'd be willing to move for me to become a member of the Fourth Circuit bar?
Thanks in advance!
Thanks in advance!
November 3, 2025 at 6:22 PM
Do I have any followers on here who'd be willing to move for me to become a member of the Fourth Circuit bar?
Thanks in advance!
Thanks in advance!
Politico really undersells how legally bonkers this argument is.
RIFing employees is agencies' individual decisions, but is pursuant to the President's inherent constitutional authority.
RIFing employees is agencies' individual decisions, but is pursuant to the President's inherent constitutional authority.
October 2, 2025 at 9:42 PM
Politico really undersells how legally bonkers this argument is.
RIFing employees is agencies' individual decisions, but is pursuant to the President's inherent constitutional authority.
RIFing employees is agencies' individual decisions, but is pursuant to the President's inherent constitutional authority.
I argue in Democracy Journal that regulatory independence is a progressive value. It's necessary for our high standard of living and serves as a rejection of backroom dealmaking and governing on the basis of campaign donations and bribes.
Read it here: democracyjournal.org/arguments/am...
Read it here: democracyjournal.org/arguments/am...
America Needs Independent Regulators
A future Democratic President will be tempted to use power like Trump. That would be a mistake.
democracyjournal.org
September 29, 2025 at 5:04 PM
I argue in Democracy Journal that regulatory independence is a progressive value. It's necessary for our high standard of living and serves as a rejection of backroom dealmaking and governing on the basis of campaign donations and bribes.
Read it here: democracyjournal.org/arguments/am...
Read it here: democracyjournal.org/arguments/am...
@jamellebouie.net, please do a column about how the same logic applies to other independent agencies, like the Nuclear Regulatory Comm'n. Though everyone is focused on the Fed, I spoke to a former NRC chair who told me that they're scared of a Fukushima disaster on US soil b/c of the UET.
to me, the “column” is less a form than an opportunity (and a challenge). you’re telling me i have as much space as i’d like to make an argument about anything i’d like to an audience inclined to pay close attention? well let’s see if they’ll read 2000 words on democratic legitimacy. (gift link)
Opinion | This Is About So Much More Than Lisa Cook
www.nytimes.com
September 24, 2025 at 12:31 PM
@jamellebouie.net, please do a column about how the same logic applies to other independent agencies, like the Nuclear Regulatory Comm'n. Though everyone is focused on the Fed, I spoke to a former NRC chair who told me that they're scared of a Fukushima disaster on US soil b/c of the UET.
If you're Hill staff (D or R) you're worried about losing minority party commissioners, please reach out. @nicholasbednar.bsky.social and I are speaking staff about legislative language that we think could mitigate some of the losses from the Supreme Court. We'd love to speak with you, too.
September 22, 2025 at 8:27 PM
If you're Hill staff (D or R) you're worried about losing minority party commissioners, please reach out. @nicholasbednar.bsky.social and I are speaking staff about legislative language that we think could mitigate some of the losses from the Supreme Court. We'd love to speak with you, too.
Very interesting that the Administration's application to the Supreme Court makes clear it is not challenging the constitutionality of the Fed's for cause removal protections. This won't be a chance to directly overrule Humphrey's.
September 18, 2025 at 4:42 PM
Very interesting that the Administration's application to the Supreme Court makes clear it is not challenging the constitutionality of the Fed's for cause removal protections. This won't be a chance to directly overrule Humphrey's.
Reposted by Todd Phillips
I'm up in @bloomberglaw.com arguing that the recent push to reshape bank supervision, and Matters Requiring Attention in particular, "is the wrong remedy, resulting from [a] misdiagnosis of MRAs’ problems."
September 12, 2025 at 12:49 PM
I'm up in @bloomberglaw.com arguing that the recent push to reshape bank supervision, and Matters Requiring Attention in particular, "is the wrong remedy, resulting from [a] misdiagnosis of MRAs’ problems."
I'm up in @bloomberglaw.com arguing that the recent push to reshape bank supervision, and Matters Requiring Attention in particular, "is the wrong remedy, resulting from [a] misdiagnosis of MRAs’ problems."
September 12, 2025 at 12:49 PM
I'm up in @bloomberglaw.com arguing that the recent push to reshape bank supervision, and Matters Requiring Attention in particular, "is the wrong remedy, resulting from [a] misdiagnosis of MRAs’ problems."
I truly cannot wait to read this complaint.
Capital One sues FDIC for overcharge related to two bank failures reut.rs/4pdzZwV
Capital One sues FDIC for overcharge related to two bank failures
Capital One sued the Federal Deposit Insurance Corporation, accusing the U.S. regulator of imposing an excessive $474.1 million special assessment to recoup losses to its deposit insurance fund following the collapses of Silicon Valley Bank and Signature Bank in 2023.
reut.rs
September 11, 2025 at 2:56 PM
I truly cannot wait to read this complaint.