"The concept of industry domination of regulatory agencies was well known and documented in the literature by the 1960s"

In this quote, Nick Johnson is referring to the idea that specific industries have a significant impact over regulatory companies, which are accountable for creating and implementing rules and regulations within that industry. This principle was not a brand-new one, as it had been acknowledged and discussed in literature as early as the 1960s. This recommends that the issue of market dominance of regulative firms has actually been an enduring concern and has actually been studied and gone over for decades. It likewise suggests that this phenomenon is not an uncommon occurrence, however rather a popular and recorded reality in numerous markets.