If you had 'elected' me I would have given the agency a sweeping scope, and funded it to press charges that don't have the fiduciary incentive to otherwise get good lawyers, as well as lobby for certain regulation controls.

I would not give it the authority to regulate directly, but would give it some authority for oversight especially if some issue 'occurs' at a place of business. A similar mechanism occurs, for instance, in the medical community when a patient makes certain kinds of complaints.