Tom Cotton actually said...

I think it was once described-- regulation was once described as a moat around the larger firms, protecting them.

Over the last 7 years, in many industries, to include the financial services industry, we have seen considerable consolidation.

Although commonly perceived as a self-regulator, FINRA is not accountable to the industry in the way a self-regulator would be.

It seems that it is kind of in this neither fish nor fowl category now with its relationship to the SEC.