Sure, I am not a libertarian or anything like that.
I'm all for good regulation and strong government. However, making good laws and regulations is not easy! The details of these things is incredibly important and can't be solved by some sort of generic market vs government debate.
And while I do think government has a role to play, most of our regulations are poorly designed and have been captured by corporate interests.
I don't see how the proposed rule could be implemented in a way that would have the desired outcome.
Regulations are like code - buggy and iterative. That's why you need a responsive democracy (which the US decidedly does not have). So when a regulation has bugs, the people can get their representatives to update it.
We don't avoid writing code just because it's inevitably buggy and has unintended side effects. Indeed, there's a whole mentality of "move fast and break things" - essentially damn the side effects and full speed ahead - because we, as a sector, recognize that you have to take risks to make the world a better place. Yet, we forget that when it comes to using government power (our collective power) to make laws that shape our world.
Now, I'm not a proponent of "move fast and break things" - more, move steadily and make the best decision you can in a reasonable time frame. But "move steadily" is still moving. We can take our time writing legislation and regulations and do our best to get it right, and still also work to build responsive systems so that when it's inevitably buggy we can fix the bugs.
As I said in the second sentence, the problem with the US right now is that it was intentionally constructed to be the opposite of a responsive democracy.
Fair enough, I'm generalizing that US regulations are poorly designed, based mostly on my experience with municipal building codes and few niches of finance regulation.
But about the issue at hand, I've been specific in my critique: market share is an amorphous concept and thus ill-suited to legislation and a prime opportunity for regulatory capture.
I'm all for good regulation and strong government. However, making good laws and regulations is not easy! The details of these things is incredibly important and can't be solved by some sort of generic market vs government debate.
And while I do think government has a role to play, most of our regulations are poorly designed and have been captured by corporate interests.
I don't see how the proposed rule could be implemented in a way that would have the desired outcome.