It’s the classic threat of B-movie mobsters: Nice business you got there, it’d be a shame if something happened to it. Government shouldn’t operate like that, but it too often does, sometimes to evade the Constitution’s limits on its power. Circuit Court of Appeals upheld the practice and provided a road map for officials to circumvent the First Amendment’s protection for freedom of speech. Maria Vullo led the New York State Department of Financial Services, which has broad power to regulate almost every major financial player in the U.S. After the February 2018 school shooting in Parkland, Fla., Ms. Vullo and then-Gov. Andrew Cuomo issued a press release stating that the department would “urge” the insurers, banks and companies it regulates “to review any relationships they may have with the National Rifle Association” for “reputational risk.”

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