Regulatory agencies primarily function to enforce laws, promote fair competition, and protect public interests. They ensure compliance with standards in various sectors, including healthcare, finance, and the environment. By setting regulations and monitoring industry practices, these agencies help safeguard consumer rights and promote safety. Moreover, regulatory bodies play a critical role in addressing market failures, thus contributing to economic stability and public trust in government institutions. Their operations often involve balancing the needs of industry stakeholders with broader public welfare, reinforcing the importance of effective governance in achieving socioeconomic goals.