With apologies to Jay Z, U.S. President Barack Obama’s got 99 problems, but the Securities and Exchange Commission isn’t one. That’s the message sent by his pick of Elisse Walter as the watchdog’s new boss. For those who’d like to see a tougher beat cop on Wall Street, it’s not a particularly inspiring choice. But installing a bureaucrat reflects Mr. Obama’s need to conserve political capital for bigger fights on fiscal issues and his cabinet rather than attempting an upgrade of the SEC’s import.