The Trump administration has been weighing an artificial intelligence version of the Financial Industry Regulatory Authority, the private regulator that polices Wall Street’s brokers. It’s the right instinct aimed at the wrong target.

The proposal, which Treasury Secretary Scott Bessent helped develop, would create a body reporting to the Securities and Exchange Commission to vet the top AI models, Bloomberg reported in July. Google DeepMind CEO Demis Hassabis has pitched a similar plan. It covers the labs building the biggest systems. It says nothing about the AI already in consumers’ hands, and on their faces.