Welcome to a special edition of Swoonpies and Money. Today, we’re peeling back the curtain on one of the most consequential—and misunderstood—rituals in higher education policymaking: negotiated rulemaking.

Think of “Neg Reg” as the Department of Education’s version of group therapy—except instead of talking feelings, they’re hashing out the fine print of federal regulations that will have a profound impact on all of us.

To help make sense of it all, Daniel Barkowitz sits down with two of the appointed negotiators who’ve been in the room trying to shape the future of higher education policy. And because every federal rule eventually lands on a campus doorstep, we’ll also check in with the good folks at Mercer University for a ground-level view of how OBBA is starting to ripple through their operations.

So, settle in for this timely episode of Swoonpies and Money—where big policy meets campus reality, and the sausage-making of higher ed gets a little sunlight.