Just to share a little insight from the Banking Industry (former) which may be self evident but it worth repeating.
There is a very well known revolving chairs between wholesale (much less retail) banks like Goldman, JP, etc and all the Government departments that regulate or interact with them.
Treasury or FED being the top, IRS, a variety of other regulators including the SEC.
A stint of a few years in say SEC is a helpful career move for Compliance and Product Controllers and the like, whereas the Trading functions of the bank would benefit more from Treasury or other functions that manipulate markets.
The means the SEC is inexcusably pro big banking, but also it is not exactly run by the best of the best or staff that have any interest in what it is ‘supposed’ to be doing, they are typically much more interested in learning how others avoid being regulated or get around the rules and enforcing things that keep others out of their industry.
The regulations around fundraising get a vastly disproportional amount of attention for that reason as pretty much the whole SEC views that as defending their own turf.