Family Offices, Payments to Brokers Are in Democrats’ Crosshairs

House Democrats are starting to lay out a legislative wish list in response to two events that rocked financial markets this year: the implosion of Archegos Capital Management and wild trading in GameStop Corp.

Ahead of a Thursday hearing that will feature U.S. Securities and Exchange Commission Chairman Gary Gensler, the House Financial Services Committee posted six draft bills on its website. The proposals ranged from banning payments for order flow to tightening oversight of family offices and requiring regulators to study gamification -- a term describing video game like features that critics say have been exploited by Robinhood Markets and other online brokerages to keep customers trading.