My feedback is that issue has such an incredibly small bearing on inequality. The vast majority of wall street banks/hedge funds make their money in other ways. You could fix this entirely and practically see no difference in the size of wall street.

Its fractions of a cent per order which is very small. Compare that to money that mutual funds take in expense ratios on a yearly basis. I'm not even saying that these expense ratios are always unjustified - but a small percentage of tens of billions of money in pension funds is going to end up sending a lot of money out. Much more so than this.