The Treasury Department is rushing to complete its own blueprint for overhauling what is now an alphabet soup of federal and state regulators that often compete against each other and protect their particular slices of the industry as if they were constituents.
But maybe they are constituents, or more. For instance, Michael Powell was the head of the FCC and ruled on some issues involving AOL. His father, Colin Powell, was a one-time member of AOL’s board.
Update: On the second page of the article there is this telling bit of information.
Except for the Federal Reserve, all of the federal bank agencies receive funding from fees paid by member institutions, and some specialists have long argued that the agencies competed with each other to woo institutions with lighter regulation.