Like most regulatory regimes, this one ended up working largely for the benefit of the regulatees--restricting competition and making ownership of a bank a more or less guaranteed sinecure.
The regulatees enjoy the many benefits associated with being in the regime.
mnli hypothesis: The regulatees enjoy the many benefits associated with being in the regime. premise: Like most regulatory regimes, this one ended up working largely for the benefit of the regulatees--restricting competition and making ownership of a bank a more or less guaranteed sinecure.