The Conflict of Interest Board’s ruling that Mayor Bloomberg must sell about $45 million in stock and his interest in a hedge fund is the sort of complication that discourages capable people from getting into public life to begin with. It calls to mind Defense Secretary Rumsfeld’s complaints that when he joined the Bush administration he was forced to spend $60,000 on an accountant to prepare a financial disclosure form — a process he called “excessively complex and confusing.” Mr. Rumsfeld was forced to sell tens of millions of dollars worth of equity in limited partnerships, which financial analysts believe he may have lost millions of dollars on given that there is no ready market or pricing for such sales. Mr. Rumsfeld was willing to take the hit, but many others would not be so generous. While few are likely to cry for wealthy politicians who are asked to divest their stocks, why must such a financial sacrifice be asked of them, especially since they are already seeing a significant pay cut compared to the private sector?

The voters knew that Mr. Bloomberg was a billionaire when they elected him, and if they are troubled by his financial entanglements, they’ll have a chance to vote against him if he decides to run for reelection. If Mr. Bloomberg is caught using the city government to line his own pockets, then there are criminal laws under which he can be prosecuted. Yesterday’s ruling, however, is not about actual malfeasance, but about potential conflicts or the mere appearance of potential conflicts. Better to leave such matters to Mr. Bloomberg’s own judgment; if he thinks such potential conflicts of interest leave him politically vulnerable or ethically compromised, he can always sell his investments voluntarily. The conflicts board may hold that it is merely enforcing the provisions of the City Charter. That is a fine argument for charter reform. Mr. Bloomberg has indicated he intends to yield on these issues. If he does, he’ll only be making it harder for the next billionaire that comes along and wants to serve the public.