Todd Phillips
@tphillips.bsky.social
Banking and administrative law. Independent policy consultant. Future Robinson College. Fellow Roosevelt Institute. Fmr CAP, FDIC, ACUS.
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.
This WSJ op-ed is misleading. The Constitution gave Congress the right to regulate the value of money, and to regulate interstate commerce. There's no good reason a delegation of the first can have removal restrictions but the other (used for FTC, NLRB, etc) cannot.
www.wsj.com/opinion/trum...
www.wsj.com/opinion/trum...
September 5, 2025 at 1:38 PM
This WSJ op-ed is misleading. The Constitution gave Congress the right to regulate the value of money, and to regulate interstate commerce. There's no good reason a delegation of the first can have removal restrictions but the other (used for FTC, NLRB, etc) cannot.
www.wsj.com/opinion/trum...
www.wsj.com/opinion/trum...
This reminds me of when Mick Mulvaney decided to rename the CFPB the BCFP and the cost-benefit analysis demonstrated this change would cost the government about $20 million and the private sector about $300 million more.
At least Mulvaney had a statutory hook for his name change.
At least Mulvaney had a statutory hook for his name change.
White House to rebrand the Pentagon as the Department of War.
White House to rebrand Pentagon the Department of War
The name change would likely require an act of Congress, although the White House is looking for ways to avoid a vote.
www.politico.com
September 5, 2025 at 12:07 AM
This reminds me of when Mick Mulvaney decided to rename the CFPB the BCFP and the cost-benefit analysis demonstrated this change would cost the government about $20 million and the private sector about $300 million more.
At least Mulvaney had a statutory hook for his name change.
At least Mulvaney had a statutory hook for his name change.
Sen. Lummis right now is demonstrating that legislators are buying into the Supreme Court's interpretation of the Constitution--the Fed's bank regulation functions must be controlled by the President.
September 4, 2025 at 3:56 PM
Sen. Lummis right now is demonstrating that legislators are buying into the Supreme Court's interpretation of the Constitution--the Fed's bank regulation functions must be controlled by the President.
@warren.senate.gov rightly criticizes the OCC for failing to protect the stablecoin market from presidential interference.
If the OCC preferences stablecoin issuers with ties to the President, it would be opening up stablecoin holders, other issuers, and the real economy to real risks.
If the OCC preferences stablecoin issuers with ties to the President, it would be opening up stablecoin holders, other issuers, and the real economy to real risks.
September 3, 2025 at 12:40 PM
@warren.senate.gov rightly criticizes the OCC for failing to protect the stablecoin market from presidential interference.
If the OCC preferences stablecoin issuers with ties to the President, it would be opening up stablecoin holders, other issuers, and the real economy to real risks.
If the OCC preferences stablecoin issuers with ties to the President, it would be opening up stablecoin holders, other issuers, and the real economy to real risks.
DOJ says that "The President’s judgment about what constitutes 'cause' [for removing a Fed governor] is not subject to judicial second-guessing."
If that's true, then the Federal Reserve Act's removal clause offers absolutely zero protection.
That just cannot be the case.
If that's true, then the Federal Reserve Act's removal clause offers absolutely zero protection.
That just cannot be the case.
August 29, 2025 at 1:05 PM
DOJ says that "The President’s judgment about what constitutes 'cause' [for removing a Fed governor] is not subject to judicial second-guessing."
If that's true, then the Federal Reserve Act's removal clause offers absolutely zero protection.
That just cannot be the case.
If that's true, then the Federal Reserve Act's removal clause offers absolutely zero protection.
That just cannot be the case.
I have a thread up over at the other place explaining a little bit the contours of Governor Cook's lawsuit against POTUS, the Fed, and Fed Chair Powell.
x.com/tphillips/st...
x.com/tphillips/st...
August 28, 2025 at 1:56 PM
I have a thread up over at the other place explaining a little bit the contours of Governor Cook's lawsuit against POTUS, the Fed, and Fed Chair Powell.
x.com/tphillips/st...
x.com/tphillips/st...
To all my law prof friends: Does a Fed Governor have a constitutional due process right to a hearing, as civil servants do? If Trump didn't give Cook that, we can't know if there really was cause, right?
August 26, 2025 at 1:12 AM
To all my law prof friends: Does a Fed Governor have a constitutional due process right to a hearing, as civil servants do? If Trump didn't give Cook that, we can't know if there really was cause, right?
Some questions:
Who is going to sue: Will it be Cook herself, or will it be the Board on her behalf?
If she doesn't get a preliminary injunction before the next Board/FOMC meeting, will Powell let her vote?
Will this affect the Senate's consideration of Miran?
Who is going to sue: Will it be Cook herself, or will it be the Board on her behalf?
If she doesn't get a preliminary injunction before the next Board/FOMC meeting, will Powell let her vote?
Will this affect the Senate's consideration of Miran?
August 26, 2025 at 1:03 AM
Some questions:
Who is going to sue: Will it be Cook herself, or will it be the Board on her behalf?
If she doesn't get a preliminary injunction before the next Board/FOMC meeting, will Powell let her vote?
Will this affect the Senate's consideration of Miran?
Who is going to sue: Will it be Cook herself, or will it be the Board on her behalf?
If she doesn't get a preliminary injunction before the next Board/FOMC meeting, will Powell let her vote?
Will this affect the Senate's consideration of Miran?
The existence of a criminal referral--especially one that has nothing to do with the job one is performing--is not cause to remove someone from their position.
I hope Governor Cook fights this in court, asking for a preliminary injunction to get her back in her job.
I hope Governor Cook fights this in court, asking for a preliminary injunction to get her back in her job.
The US president has said he will remove the central banker from her position, as he sharply escalates his attack on the central bank on.ft.com/41ptOM6
August 26, 2025 at 1:02 AM
The existence of a criminal referral--especially one that has nothing to do with the job one is performing--is not cause to remove someone from their position.
I hope Governor Cook fights this in court, asking for a preliminary injunction to get her back in her job.
I hope Governor Cook fights this in court, asking for a preliminary injunction to get her back in her job.
An excellent observation by Adam Levitin: No one would tolerate the IRS commissioner acting like Bill Pulte is.
Pulte is using his office to go after political opponents.
www.creditslips.org/creditslips/...
Pulte is using his office to go after political opponents.
www.creditslips.org/creditslips/...
August 20, 2025 at 11:32 PM
An excellent observation by Adam Levitin: No one would tolerate the IRS commissioner acting like Bill Pulte is.
Pulte is using his office to go after political opponents.
www.creditslips.org/creditslips/...
Pulte is using his office to go after political opponents.
www.creditslips.org/creditslips/...
I've been seeing this go viral (to the extent that things about money policy go viral).
Wyoming probably isn't violating the Constitution, the prohibitions of which are about money creation. Wyoming's tokens are backed by assets in trust, meaning they're of a fundamentally different character.
Wyoming probably isn't violating the Constitution, the prohibitions of which are about money creation. Wyoming's tokens are backed by assets in trust, meaning they're of a fundamentally different character.
cryptonews.com/news/wyoming...
Article 1 section 10
"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt..."
Article 1 section 10
"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt..."
Wyoming Launches First State-Issued Stablecoin
Wyoming has launched FRNT, the first U.S. state-backed stablecoin, fully collateralized with cash and Treasuries for digital transactions.
cryptonews.com
August 20, 2025 at 1:49 PM
I've been seeing this go viral (to the extent that things about money policy go viral).
Wyoming probably isn't violating the Constitution, the prohibitions of which are about money creation. Wyoming's tokens are backed by assets in trust, meaning they're of a fundamentally different character.
Wyoming probably isn't violating the Constitution, the prohibitions of which are about money creation. Wyoming's tokens are backed by assets in trust, meaning they're of a fundamentally different character.
I'm very excited that this article is now forthcoming in the Stanford Law Review's symposium issue on The APA at 80!
🚨@nicholasbednar.bsky.social and I have a new article titled Commission Quorums.
In light of firings rendering the NLRB and MSPB quorum-less, we review caselaw, common law principles, and the quorum rules of 76 commissions to understand the law of quorums. 1/
papers.ssrn.com/sol3/papers....
In light of firings rendering the NLRB and MSPB quorum-less, we review caselaw, common law principles, and the quorum rules of 76 commissions to understand the law of quorums. 1/
papers.ssrn.com/sol3/papers....
August 19, 2025 at 3:09 PM
I'm very excited that this article is now forthcoming in the Stanford Law Review's symposium issue on The APA at 80!
Crimes I Have Witnessed as a Resident of Washington, DC: "The line at Call Your Mother on a Sunday morning"
www.mcsweeneys.net/articles/cri...
www.mcsweeneys.net/articles/cri...
Crimes I Have Witnessed as a Resident of Washington, DC
“President Donald Trump said on Monday he was deploying 800 National Guard troops to Washington and temporarily taking over the city’s police depar...
www.mcsweeneys.net
August 12, 2025 at 7:32 PM
Crimes I Have Witnessed as a Resident of Washington, DC: "The line at Call Your Mother on a Sunday morning"
www.mcsweeneys.net/articles/cri...
www.mcsweeneys.net/articles/cri...
Reposted by Todd Phillips
I've posed a new essay on SSRN discussing what I call presidentially-connected firms and the importance of independent regulators. I also guesstimate that President Trump is receiving about $13 million annually from the USD1 stablecoin.
Here's the link: papers.ssrn.com/sol3/papers....
Here's the link: papers.ssrn.com/sol3/papers....
August 11, 2025 at 7:01 PM
I've posed a new essay on SSRN discussing what I call presidentially-connected firms and the importance of independent regulators. I also guesstimate that President Trump is receiving about $13 million annually from the USD1 stablecoin.
Here's the link: papers.ssrn.com/sol3/papers....
Here's the link: papers.ssrn.com/sol3/papers....
I've posed a new essay on SSRN discussing what I call presidentially-connected firms and the importance of independent regulators. I also guesstimate that President Trump is receiving about $13 million annually from the USD1 stablecoin.
Here's the link: papers.ssrn.com/sol3/papers....
Here's the link: papers.ssrn.com/sol3/papers....
August 11, 2025 at 7:01 PM
I've posed a new essay on SSRN discussing what I call presidentially-connected firms and the importance of independent regulators. I also guesstimate that President Trump is receiving about $13 million annually from the USD1 stablecoin.
Here's the link: papers.ssrn.com/sol3/papers....
Here's the link: papers.ssrn.com/sol3/papers....
I don't normally post about personal stuff, but...
WHOOOOO!!!
WHOOOOO!!!
August 7, 2025 at 3:17 PM
I don't normally post about personal stuff, but...
WHOOOOO!!!
WHOOOOO!!!