As the author of this article (Bill Cohan, former investment banker notes):
A simpler way to sidetrack all of those efete liberals of course is to ensure that no institutional accountability is legislatively built into any processes that involve immense profit making for the private sector -even when extraordinary risks to human health are involved. Best example? The new found love of the "fracking industry" in oil sand deposits. Because this technique was developed at Halliburton, then Vice President Dick Cheney had a special interest in ensuring that this industry would be completely exempt from EPA regulations under the Safe Water Act (http://www.earthworksaction.org/halliburton.cfm). Even though the EPA originally gave the Halliburton exemption its approval, subsequent reanalyses of the original EPA study found that the EPA had removed all information from early drafts that suggested that fracturing fluids (which are toxic) may pose a substantive threat to drinking water. That exemption still exists.
In short, the corporatist interests of the Republicons clearly trump any considerations of "the public interest." And regulatory agencies are just one more obstacle that must be crushed along the way to ensure their corporate success.