From the article by Ron Paul:
The goal of academic regulation is to limit the supply of schools that compete against public schools. This is done in the name of guaranteeing the educational quality of the school, thereby protecting the students. Yet the academic performance of the public schools continues to decline, and has done so since the early 1960s. The scores on the SAT and ACT exams continue to fall. The high point was in the early 1960s. So, regulation has not been successful in guaranteeing the quality of education. But it has been quite successful in restricting entry into the field of education.