In Part One of this series, we explored how the investigation into Representative Alexandria Ocasio-Cortez’s appearance at the 2021 Met Gala unfolded, and what it revealed about the burdens, inconsistencies, and reputational risks of regulatory reviews. While the ultimate outcome was limited to additional payments, the years-long process underscored the steep costs of even minor compliance missteps.

Last month, the bipartisan House Ethics Committee wrapped up a long-running investigation into to Representative Alexandria Ocasio-Cortez’s appearance at the Met Gala in September, 2021, concluding that she did not pay enough for a custom-made dress she rented for the event – thereby making it a prohibited gift...