"The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises," Mr. Oxley said at the hearing.
It would take over the current responsibility from the National Grid and the current regulator.
Will the current regulator, the PCC, step in before this gets out of hand again?
Three chairs of the current regulator, the Press Complaints Commission (PCC), have been members of the House of Lords.
The current regulator for social work in England, the Health and Care Professions Council (HCPC), produces an annual report.
But does racing's current regulator have the will or the authority to ensure that it stays that way?
Unfortunately, Mr Pitt did not consult the Public Oversight Board, the profession's current regulator, before outlining his plans.
Their current regulator is ill equipped to keep tabs on Freddie's and Fannie's sophisticated hedging strategies and the other financial moves they use to manage their huge investments.
In 2012, the best-known payday lender Wonga was told to improve its debt collection practices by the current regulator, the OFT.
Ofgem, the current regulator, identified 16 things in 2008 that it thought needed to be improved for the market to work properly.
The General Insurance Standards Council, the current regulator, says that it has no interest in a "fishing expedition" in the absence of a complaint.
