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bendinovelli.bsky.social

@bendinovelli.bsky.social
230 followers 364 following 56 posts

Associate Professor, Fordham Law School (@fordhamlawnyc.bsky.social). Research networks, platforms, and utilities. Views are my own.

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bendinovelli.bsky.social @bendinovelli.bsky.social · 26/08/2026
Excited to share that my latest paper, "Universal Service by Regulation," will be published in Columbia Business Law Review! The abstract is below. I still need to revise it for some recent developments. So it's not on @ssrn.bsky.social yet. But please reach out if you'd like the latest draft.
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Dan Rohde @danrohde.bsky.social · 06/04/2026
Great piece by Chris Desan about Fed Independence. She looks NOT at the relationship btwn central banks and elected governments generally, but specifically argues that power over money belongs to the legislature, not the executive: www.ineteconomics.org/perspectives...
ineteconomics.org
Institute for New Economic Thinking
Further your understanding of the economy and find an open environment for generating and discussing economic thought.
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Blake E. Reid @chup.blakereid.org · 29/03/2026
Here’s a slightly longer version of my thinking on the social media verdicts. The trouble I see is that the problems with social media are so multifarious. Addictive design is part of the story, but there are so many more pathologies and harms. 🧵
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Niko Bowie @nikobowie.bsky.social · 28/02/2026
It’s worth emphasizing that the Supreme Court has propped up this presidential lawlessness. When Congress enacted limits on presidential power in 1973, it included an enforcement provision. If the president said there’s an “emergency from attack” and Congress disagreed, it could order troops home.
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Niko Bowie @nikobowie.bsky.social · 28/02/2026
This is an unjust, illegal war. It violates our treaties and our laws. Presidential impunity must end.
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bendinovelli.bsky.social @bendinovelli.bsky.social · 27/02/2026
Link here: papers.ssrn.com/sol3/papers.... Welcome all thoughts / comments!
papers.ssrn.com
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Lenore Palladino @lenorepalladino.bsky.social · 20/02/2026
I wrote about how unregulated finance is now just, well, finance for @phenomenalworld.bsky.social the center of gravity in finance has completely shifted & our mental models & policymaking approaches need to catch up www.phenomenalworld.org/analysis/fin...
phenomenalworld.org
Finance in the Dark | Lenore Palladino | Finance in the Dark
An opaque sector is reshaping the US. Only ambitious regulatory reform can check its power.
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Dan Walters @profdanwalters.bsky.social · 18/02/2026
Before we rebuild, we need to diagnose. You could do a lot worse than this (as depressing as it is).
share.google
The Deep Causes of The Shallow State - Administrative Law
Ganesh Sitaraman, The Secular Decline of the American State, 100 NYU L. Rev. 2197 (2025).Michael E HerzA year into the second Trump administration, the 47th president has done a pretty darn impressive...
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Alexis Goldstein @alexisgoldstein.bsky.social · 12/01/2026
Early 2025: Trump admin tries to illegally shut down the CFPB, the newest member of the Federal Reserve system. Jay Powell says nothing. Summer 2025: Trump admin tries to illegally fire Fed Governor Lisa Cook. Powell says nothing. 2026: Trump admin comes for Powell. He finally finds his voice.
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jamelle @jamellebouie.net · 12/01/2026
i think powell's response here is a demonstration of the folly of the idea that democratic accountability requires presidential control. what if the president is not acting in the public interest? you want independent agencies to be able to push back and pursue their *congressional mandate*
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bendinovelli.bsky.social @bendinovelli.bsky.social · 12/01/2026
To make it even funner, the FOMC only controls the open-market operations of the FRBs (including the ON-RRP). The Board sets the interest rate on reserve balances (IORB)…
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LPE Blog @lpeblog.bsky.social · 24/12/2025
Today, @raulcarrillo.bsky.social explains why existing legal frameworks are inadequate to address the emerging dystopian world of monetary fiefdoms—a world in which private infrastructure governs without the name of government.
lpeproject.org
Game Over: The End of Financial Regulation as We Knew It
Many on the left continue to view cryptocurrency as little more than a grift. Yet the crypto industry aims to achieve something much more dangerous: functional monetary sovereignty.
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asad ramzanali @asad09.bsky.social · 12/12/2025
Digging up roads is 75–90% of the cost of deploying broadband, yet we keep excavating again & again. A smarter approach: install conduit when roads are open. @bendinovelli.bsky.social and my new paper explains why most Dig Once policies fall short & how to fix them cdn.vanderbilt.edu/vu-URL/wp-co...
cdn.vanderbilt.edu
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Jed H. Shugerman @jedshug.bsky.social · 08/12/2025
22/ Kavanaugh suggests two exceptions: a) The Fed b) Non-Article III judicial officers like Marbury? Kavanaugh has his history wrong, as amicus briefs have explained. The Banks of the US are no precedent of the Fed. Marbury was an executive officer with quasi-judicial powers.
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Jamal Greene @jamalgreene.bsky.social · 08/12/2025
Kav: Why is the Fed different? Sauer: Because you said so.
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Jed H. Shugerman @jedshug.bsky.social · 08/12/2025
10/ Kavanaugh asks if Sauer can distinguish the Fed from the FTC… A huge question that Lawson & I address in our essay (and also in my amicus brief) Sauer relies on a paragraph in the Wilcox order…
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asad ramzanali @asad09.bsky.social · 03/12/2025
New essay in Politico today w/ @aratip.bsky.social on how Trump's “Genesis Mission” is one small step forward after giant leaps backward. The Trump AI doctrine really just boils down to boosting friendly tech companies. www.politico.com/news/magazin...
politico.com
Trump Is Taking Three Steps Backward in the AI Race
The administration needs to shift focus away from providing chips and datacenters to the world’s richest companies.
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Jed H. Shugerman @jedshug.bsky.social · 18/11/2025
2/ Here’s my amicus brief in Slaughter that summarizes our argument: The Necessary & Proper Clause is a stronger originalist basis to replace Humphrey's Executor, to limit congressional power, & to confirm narrow traditional exceptions for the FTC & the Fed: www.supremecourt.gov/DocketPDF/25...
supremecourt.gov
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bendinovelli.bsky.social @bendinovelli.bsky.social · 18/11/2025
Thank you for the kind words, Dan!
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Just Money @justmoney.bsky.social · 17/11/2025
📢Current scholarship! In "The Myth of Credit Card Competition" @bendinovelli.bsky.social argues that mainstream reform proposals to curb the high cost of credit card payments by increasing competition are misplaced, and that public utility law may hold the key for more promising alternatives. 👇
justmoney.org
Current ScholarshipThe Myth of Credit Card Competition
Benjamin Dinovelli
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Jed H. Shugerman @jedshug.bsky.social · 11/11/2025
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....
papers.ssrn.com
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
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asad ramzanali @asad09.bsky.social · 06/10/2025
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...
time.com
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.
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
Paper is here: papers.ssrn.com/sol3/papers..... Relatedly, I'm on the law school job market (for financial institutions, business ass'ns, contracts, regulated industries, and communications law). Would appreciate your help to spread the word (especially if you enjoyed the paper)! 8/8
papers.ssrn.com
The Myth of Credit Card Competition
<p>You pay an invisible tax every time you swipe your credit card to pay—whether to buy groceries, grab a coffee, or access transportation.  Credit card co
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
Instead, I argue that a more promising approach is to regulate swipe fees. Payment networks are vital economic infrastructure, and we should treat them as such. Rate regulation is also not novel. We've done it before with debit cards (Durbin Amendment) and checks. 7/8
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
And merchants are heavily incentivized to bear these fees (rather than surcharge consumers or only accept lower-fee cards). Today, many people use high-fee cards and expect them to be accepted. Merchants don't want to dissuade those card users from spending at their stores. 6/8
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
Credit card networks are engaged in a rewards rat race (cash back, airline miles, and lounge access, oh my!). To attract more cardholders to use their cards over others’ cards, networks are incentivized to raise swipe fees to fund more rewards. 5/8
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
The "myth" is that more competition (e.g., surcharging, more networks, multi-routing) will reduce prices and regressivity. Many blame the legal doctrine for these solutions' inefficacy to date. But I argue the problem is more fundamental: More competition likely won't work. 4/8
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
In 2024, U.S. businesses paid $148bn in 💳swipe fees (on the same order of magnitude as Trump's additional tariff revenues👀). These fees are much higher than the cost of service and disproportionately borne by lower-income consumers and smaller merchants. 3/8
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bendinovelli.bsky.social @bendinovelli.bsky.social · 03/09/2025
Every time you swipe your credit card to pay—whether to buy groceries, grab a coffee, or hail an uber—you pay a small, invisible tax called a "swipe fee." This fee is charged to the merchant, who in turn raises its prices to recover these fees. 2/8
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graham steele @grahamsteele.bsky.social · 01/09/2025
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...
nytimes.com
Trump’s Plan to Pack the Fed With Loyalists
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Just Money @justmoney.bsky.social · 27/08/2025
📢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.
justmoney.org
Current ScholarshipThe Federal Reserve Exception
Benjamin Dinovelli
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bendinovelli.bsky.social @bendinovelli.bsky.social · 28/08/2025
Thank you for the shout out!
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Josh Chafetz @joshchafetz.bsky.social · 26/08/2025
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.
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bendinovelli.bsky.social @bendinovelli.bsky.social · 26/06/2025
This appears to be the latest text (according to Punchbowl): www.commerce.senate.gov/services/fil...
commerce.senate.gov
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William Weightman @weightman.bsky.social · 24/06/2025
🚨 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
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Brian Highsmith @bhighsmith.bsky.social · 16/06/2025
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...
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bendinovelli.bsky.social @bendinovelli.bsky.social · 12/06/2025
If you're curious about why we shouldn't take too much comfort from the Court's "bespoke Federal Reserve exception" in Trump v. Wilcox, you can read more here: papers.ssrn.com/sol3/papers....
papers.ssrn.com
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
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bendinovelli.bsky.social @bendinovelli.bsky.social · 12/06/2025
Ty and yes! Recognize the term “abundance” is broad and means diff things to diff ppl. But to your point, (at least w/r/t broadband) the debate felt myopically focused on “procedural barriers” for subsidies (and debating if duped dems, rapacious reps, corrupt capitalists, or a mix were responsible)
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
Thank you for the very kind words! And kudos are owed to @giladedelman.bsky.social (who was extremely helpful in making our ideas sharper and stronger)
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The Atlantic @theatlantic.com · 10/06/2025
The failure to deploy rural broadband has become synonymous with excessive bureaucracy, Asad Ramzanali and Benjamin Dinovelli write. The real story is more complicated:
bit.ly
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.
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
It’s tempting to think that we can relearn how to build simply by slashing bureaucratic red tape, avoiding difficult battles against powerful corporations. But if things were truly that easy, broadband would already be abundant by now. 7/7
theatlantic.com
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.
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
Sadly, the recent Department of Commerce update to BEAD does the exact opposite. It expands corporate subsidies, removes prior attempts to help small community-owned providers, and delays deployment. 6/7
benton.org
Here’s How NTIA is Changing the BEAD Program
A look at the NTIA's BEAD Restructuring Policy Notice
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
For broadband, Congress could similarly support community broadband providers (co-ops, municipalities, Tribes) and regulate existing private broadband providers as public utilities. 5/7
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
The deeper problem is our repeated over-reliance on solely subsidizing companies (vs. deploying more effective tools). For rural electrification, the fed gov’t supported coops, created public providers (like the TVA), and regulated companies as utilities to serve millions of unserved Americans. 4/7
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
The solution seemed obvious: cut steps, dump middlemen, and slash red tape. But the first Trump Admin tried exactly this with its own broadband subsidy program, RDOF (spoiler alert: it failed at closing the digital divide). 3/7
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bendinovelli.bsky.social @bendinovelli.bsky.social · 10/06/2025
In a viral interview, @ezraklein.bsky.social and @weeklyshowpodcast.bsky.social blamed Democrats for the slow rollout of the Biden Admin’s broadband subsidy program, BEAD, calling it a 14-step, “overcomplicated Rube Goldberg machine that keeps people from getting broadband.” 2/7
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LPE Blog @lpeblog.bsky.social · 06/06/2025
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
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
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