Call me crazy
But being that regulation of this industry is (well should be) about 95% for the consumers and only 5% for the actual companies in the industry I think the people that are chosen to regulate it should be coming from consumer groups and that have history backing up their desire to protect the consumer. Any industry technical knowledge they need can come from experts they consult with. However, being that they are really there to serve the consumers, they should be consulting them first and foremost.
Regardless I believe that nobody should be allowed to be an industry lobbyist for corporations and enter into regulations of the very field they lobbied for. I also believe that any regulator should be barred from lobbying for the industry on corporations behalf in any capacity for no less then 10 years from the time they leave.