I'm not sure how to characterize it. It seems to me that it has its basis in underfunding. They don't have the funds to carry out the regulatory oversight, and I think they've come out and pretty well admitted that. They've looked around for places to slash in order to meet the budgets that are given to them, and this was a simple place to go. You could cut a lot out of the funding by cutting out the requirement for regulatory oversight.
On February 28th, 2007. See this statement in context.