(Originally published by Wall Street Journal on February 16, 2026.)

Of the thousands of rules and regulations adopted by the Securities and Exchange Commission, none are as divisive as the Shareholder Access Rule. It empowers investors with even minuscule holdings to force shareholder votes on nonbinding proposals—usually on topics including corporate environmental policies, diversity initiatives, political contributions and board composition.

Investors owning as little as $2,000 of a company’s stock—about 16 billionths of the average market capitalization of an S&P 500 company—can force a vote. Average monthly rent for a New York City apartment is roughly $3,500, 75% more than the rule’s minimum. This holding requirement might be the only thing in America not suffering an affordability crisis.

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