You're talking about the revolving door, that's easy to fix compared to the real problems. Politics is connected to people with money and those same people have

You're talking about the revolving door, that's easy to fix compared to the real problems. Politics is connected to people with money and those same people have investments in the companies being regulated. The regulators will be instructed by politicians to go-easy, and they will because why not, it's other people's money being wasted. The companies will hold their services hostage to the point that a politician/regulator must have the fortitude to be willing to let the regulated company fail, let the services fail, see large numbers of people laid off, have people's pensions take a hit, and endure constant attacks by news media. Or they can put up a noisy but ineffectual fight which they give in at the last minute and then be able to tell people that at least they tried.