The problem with this view is that SEC chairman is selected by the president, so their values and positions all baked into their appointment. If the president's office wants someone with a more or less favorable position on to trading platforms, they find one. If they don't comport with the government's expectations, they are replaced. Same with the Exon example.

I work in a highly regulated industry and think that the cop and robber idea people have is out of tune with reality witch is more collaborative. Most agencies want businesses to succeed and actively work to help them do so within the confines of the law.