Editorial Board
Which Retail Investors Does the SEC Want to Protect?
Agency head Gary Gensler has floated some ambitious ideas for stock-market reform. But the marginal benefits aren’t worth the trouble.
The stock market works great for some people.
Photographer: Spencer Platt/Getty ImagesNo doubt, the US Securities and Exchange Commission faces plenty of challenges. Chair Gary Gensler recently singled out a curious one: What to do about a stock market that, in his view, isn’t serving the best interests of retail investors?
The answer depends on which retail investors, and which interests, he has in mind. But here’s a more pertinent question: Is this really the best way to spend the agency’s time?