The only reason these regulatory agency models fail is because we've pretty much legalized bribery of the politicians who ultimately control the process.
Nope. Having sat on no less than 3 national level committees of this ilk I can say with some reasonable insight that this is not how this starts to go downhill. Often the people involved are well meaning and there's no money in it for them personally. What they usually lack is some miserable old bastard like me who's seen it all before and can warn them of the pitfalls in the future if they don't make allowances for them now. The failings are not born out of corruption, but inexperience, short-sightedness, a lack of having learned enough history of these things to avoid repeating them, unintended consequences and, inevitably at some point, thinking that having one of the "great and the good" on the committee would be a good thing.
Corruption, should it have a hand in things, comes along years later. I'm happy to stipulate, if you wish, that corruption is there
ab initio in North America, but experience suggests the failings are more by lack of competence than by being driven by greed in the first instance.