I'm not certain what the precise solution is but what we have now isn't working. Remember that Standard Oil was broken up as a monopoly back in the day - the fact that it grew so large before action was taken isn't great but even once it had nearly unlimited lobbying strength the US still overcame it and managed to break it up - same with Bell.

Industry experts will be in the pool of potential regulators - but that regulatory position used to be stable and lucrative enough to be the final destination as opposed to a stepping stone where scratching a few backs by relaxing some regulations could land you a future cushy job.