Regulation bodies:
Of course regulators need oversight and regulation and it's hard to get right.
Total transparency is the first step in everything. No penny can cross a table visibly without being accounted for.
But it's easy to involve malevolent parties in oversight, looking for their own outcome rather than find a universally beneficial regulation. Hard nut to crack.
Election:
Probably getting rid of all the financial madness and imitate countries where even right wing idiots can get into congress is a start. That is a reflection of the people's opinions after all. But you need to educate people and eradicate unfounded fears which are exploited by politicians. Not all education is correct as can be seen in some folks' strong opinions that look like straight from the dark ages.
Unproductive gambler:
You cannot expel the guy, you cannot shutdown the guy, so you can therapy him or support his lifestyle enough that he doesn't become a larger burden. This will be hard to sell and seen as fascist style government (or that's what people will reference anyway) if you force him to lead a more productive life.
Spending:
Put into law that misspending has consequences like getting fired. How nice it would be if, for a change, those who made the final decision or ignored the work of their underlings would have to face consequences. This is something that I believe is deeply ingrained in Japanese society but I don't know if it works. And, like a company, if you spend N, then there's no magic fountain for another N amount of money. That alone would solve a lot. Making taxes purpose-bound would go a long way in the right direction. In Germany trucks pay a road toll per kilometer but from the greater than 7 billion EUROs not much seems to be left for roads, judging by the debates on missing funds for road infrastructure. In a company people do not use the training budget for buying smokes and if they do it's a badly managed company.
Idea1:
Make government office about points to gain for problems solved, like friggin school. More points equals more credit to spend extra. If you mess up you lose rights to spend and make executive decisions.
Idea2:
Oversight and regulation for those who actually lobby and/or come up with policies for officials to sign off. Those are the same group of people lingering around DC for 50 years, and everybody thinks it makes a difference whether Trump or Bob Hope is elected president.
Idea3:
Hold candidates accountable to promises they make. Suddenly they will stop or use imprecise light rethoric that doesn't convey anything. Either way it would stop false belief in someone's promise.