The ink is barely dry on the 2010 Dodd-Frank financial-reform law, but Congress is already considering new legislation that would grant the Securities and Exchange Commission its latest wish list of much higher financial penalties, especially against recidivists.

The sponsors of the bill, Senators Charles Grassley and Jack Reed, say the new law would “crack down” on financial misconduct so that “the punishment better fits the crime.” If enacted, this would be the sixth time Congress has ratcheted up SEC penalties in the past 30 years.