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Presidential Control of Independent Agencies Has a Price

The Supreme Court's decision in Trump v. Slaughter strips independent agencies of removal protections that made regulatory policy predictable across administrations. In new research, Brian Feinstein and Daniel Hemel find that equity markets assign real value to precisely that kind of insulation.

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November 6-7: Stigler Center-CEPR Political Economy of Finance Conference 2026: Crony Capitalism in 21st Century America (call for papers due June 1)