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One sees the beast as an insurance company; another regulates it as a stockbroker.Regulators are aware of these shortcomings.
The background to the American controversy on foreign investment in satellite television is that the FCC regulates it as a sort of telecommunications service, where the door is being opened to foreigners as a result of the liberalising talks at the World Trade Organisation earlier this year, rather than as broadcasting, where the door is staying shut.
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The European Commission, egged on by the French and others, has produced many daft proposals to regulate it, as well as suggesting a financial-transactions tax.But if the politics was expedient, the tactics and the diplomacy were not.
It stays here, and we continue to regulate it as before.
To engage fully in the insurance business, Bank One would need to ask the Federal Reserve to regulate it as a financial holding company, as opposed to its current status as a bank holding company.
The FCC, however, is now able to regulate it as a telecommunications service, which more naturally fits its character.
A more rational approach is to regulate it, as the United Kingdom has done.
"However," he added, "the fact that a product competes directly with mutual funds is not a legitimate reason to regulate it as a mutual fund".
Barack Obama tried again in November, asking the commission to classify broadband access as a common carrier so it can regulate it as such.
The first part of Mr Wheeler's proposals, which wants to reclassify internet access as a utility and regulate it as such, is hardly news, since President Barack Obama in November had asked the FCC to make that move.
Even though the World View capsule will not reach space, the Federal Aviation Administration will regulate it as a commercial space venture, because the capsule is built to operate in space conditions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com