Who Will Regulate the Regulators?

The recent compromise of the SEC's Twitter account (which did not have 2fa enabled at the time of the incident) has shown how much damage regulatory negligence can do, and how quickly it can be done. Their response? Investigating themselves. On top of this, regulatory capture is a well documented and insidious problem this country faces. The proposal is a new 3-letter agency, the Department of Regulatory Affairs, to keep tabs on and be tasked with regulating regulatory agencies themselves. The existence of regulatory capture as a concept is proof enough that regulatory agencies alone cannot be trusted or even expected to always do what is best for tax payers.