That is a FANTASTIC comment!
I used to regulate financial services. A huge case about 23 years ago; Merrill Lynch issuing crap research reports to support their underwriting efforts to bring garbage to IPO. Hundreds of millions badly invested because it went out over Henry Blodgett’s name. Merrill Lynch got fined one third of their AFTER TAX profit for ONE Quarter.
The regulatory schemes in this country are a sick joke.
I think you need to distinguish among industries.
Banks run the USA. Their products are often highly esoteric and subject to changing technology, and political and market values. There's big money at stake for political skimming and donations. Just look at recent bankruptcy of FTX crypto exchange.
On the other hand, bloated US progressives still live in their 19th century Marxist world-view. They have had 125 years to build a massive regulatory apparatus over any and all manufacturing, Ag, transport, etc...