If the reference is to Title 49, Section 46505 of the United States Code, the writer should have read the law more carefully. It refers to placing an explosive device on an aircraft. A bomb is an explosive device, but something that might explode if you were unlucky is not, as I understand it; otherwise, is not the aircraft itself an explosive device?
I have no doubt that there are regulations concerning shipment of dangerous cargo (which this man probably broke all to hell), but after all people who work with explosives legitimately have to transport them somehow.
Dynamite is a banned items from any passenger plane in the US. It cannot be carried on nor put into checked in luggage. The link below will take you to the TSA site for banned materials/items.
http://www.tsa.gov/travelers/airtravel/prohibited/permitted-prohibited-items.shtm#9
Explosive Materials
Carry-on
Checked
Blasting Caps
No
No
Dynamite
No
No
Fireworks
No
No
Flares (in any form)
No
No
Hand Grenades
No
No
Plastic Explosives
No
No
Realistic Replicas of Explosives
No
No