The SEC Should Copy from the DMV

Regulators, particularly the Securities and Exchange Commission, could learn from any state’s Department of Motor Vehicles. Like the S.E.C., a D.M.V. is also in the business of regulating behavior through a license. Yet the D.M.V., unlike the S.E.C., has a system that leverages its authority to get better behavior from those it regulates. It’s called “points.”