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But the existing regulator has been hamstrung by Congress, thanks to the immense lobbying clout of Fannie and Freddie.
Suggested alternatives include bringing the lottery under public-sector control and handing its operation to the existing regulator, the National Lottery Commission; streamlining the grant-application process; and creating a promotional body to make much of lottery-funded "good causes", which, the DCMS feels, should include more small community projects in poorer parts of the country.
The industry did some bad things and our existing regulator just wasn't up to the task".
In fact, this is exactly the change in the law that was demanded last year by an existing regulator Atvod, which monitors online video sites and has been seeking to make sure companies don't allow children to see material they would not be allowed to buy in a shop.
While many complex rule modifications are conceivable, we here focus on additions to the existing update rules (Table 2), using a novel regulator for the target node, and in some cases an existing regulator in an auxiliary role.
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The Government Office for AI must also ensure that the existing regulators' expertise is utilised in informing any potential regulation that may be required in the future".
Can we expect patchy regulation in the next few years, while the existing regulators learn the new ropes?
Existing regulators have weighed in too, arguing that separating prudential regulation from consumer protection could make the system less safe.
Whether five separate existing regulators can be successfully integrated is equally doubtful.
An even bigger battle is brewing over the shake-up of existing regulators.
In testimony before Parliament on the bankruptcy of the Italian dairy and food conglomerate Parmalat, Mr. Tremonti criticized the existing regulators for not preventing the Parmalat crisis.
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