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Under CRA's and ratings, which have real power, the leadership will be your representatives. Their real power only affects those that voluntarily choose to be ‘governed’ by them. These are not geographic areas, but rather about a dozen CRA's or rating agencies that either cover the state or the entire country. Each business or individual would pick the CRA's that would govern them and the rating agencies they trust.
CRA representatives would earn their power because of the businesses that voluntarily hire that CRA for their services. The businesses within a CRA would elect the leaders of their CRA. Leaders of CRA's would have expertise within that sector because there would be many CRA's competing for the regulatory services offered to business. badly regulated CRA's would loss business, thus their power.