Fans of the decades-running television trivia quiz show “Jeopardy!” are acquainted with professional gambler James Holzhauer, who knows how to “push it” and win big—Holzhauer among the show’s biggest winners with 32 consecutive appearances and winnings topping $3.6 million. Union Pacific (UP) similarly is “pushing it” with an intended $85 billion merger transaction boasting a colossal payoff—the nation’s first seamless Atlantic-to-Pacific transcontinental railroad that will link UP and Norfolk Southern (NS). But UP also faces a stupendous downside risk—a $2.5 billion reverse termination fee that it must pay to NS should the transaction be denied by regulators or if it is voluntarily scuttled owing to unacceptable conditions. Could UP be seeking to tilt the playing field in the proposed merger’s favor by currying favor with POTUS 47? Although the Surface Transportation Board (STB) has sole authority to approve a railroad merger and is independent of the Executive Branch, its chairperson (currently Republican Patrick J. Fuchs) serves in that role at the pleasure of the President. And under POTUS 47’s embrace of a unitary theory of government, every member of a supposed independent regulatory agency such as the STB answers directly to the POTUS, as do members of the Executive Branch. This was pounded home in August 2025 when POTUS 47 summarily fired STB member and Democrat Robert E. Primus in violation of a statute requiring that termination of Senate-confirmed independent regulatory agency members be for cause—of which none was provided. Primus has a judicial appeal pending. Notably, Primus’ firing by…
