Corporations have the most power on earth. When they become large enough they can almost dictate the laws they have to follow. They do this through extensive lobbying efforts, large campaign donations, and stealing public employees away. Some multinational corporations are large than entire countries. They can easily get what they want.
The reason corporations are more powerful than their regulatory entities now is because they have gotten so massive that they have bought the politicians that control the regulatory entities and the legislation passed on their behalf. Corporations are a major problem now, and if we don't address this soon, it is at our own peril.
There is no question corporations are in control and I think they should be to a point. Corporations often influence the type of regulations that are coming down the pipe line. Yes the regulatory entities do gain some power over the corporations but often that power is granted to them by the corporation itself.
While the number of regulatory agencies is vast, American corporations are, on the whole, under regulated. Look to the recent congressional testimony of Federal Reserve Chairperson Janet Yellen regarding financial institutions that are considered "too big to fail" and you can see how difficult it is for the government to exert power over corporations.