Yes. Well, maybe you were drinking the Kool-Aid before, is the issue.
With respect to this national regulator, presumably a national regulator would include your industry in its purview, and therefore you might in effect have duelling opinions of value.
I'm hard pressed to know how the regulator would get involved in a specific issuance of a security and how that would work, whether there would be an issuance of a security you rated and then the regulator rates your rating.
I'm assuming you support the concept of a national regulator, but I'm not quite sure how it would work in the instance of a rating agency.