A few years ago I headed up a group that was attempting to start a charter school. The same year our application was turned down, 75% of the charter schools approved by the state were run by White Hat, the same for-profit company run by David Brennen, who authored these new regulations.
Regardless of what you think of charter schools in general, it's almost impossible not to see this as a blatant attempt to take the taxpayer dollars meant for children's education, and funnel them into private hands with no accountability whatsoever.
Even the organizations that advocate for charter schools are calling this a terrible idea.