When a government created and sanctioned body has the effective ability to make or break players in an industry, and that body becomes utterly owned by the incu

When a government created and sanctioned body has the effective ability to make or break players in an industry, and that body becomes utterly owned by the incumbents. It stops representing the public interests and begins defending the incumbents from market forces that motivate those incumbents to compete fairly, offer reasonably current services or even innovate new ones as a means to compete. In short, they represent corporate interests while ostensibly being the people's governing body. This is imho, corruption. I don't know how exactly you regulate this away - perhaps mandate a percentage of the regulators specifically be from outside the industry. Edit: for completion of sentence/thought