Organizations Oppose Bill to Gut Financial Industry Whistleblower Programs

OpenTheGovernment.org joins the Project on Government Oversight – POGO and several of our coalition partners in opposing a proposed bill by Representative Michael Grimm (R-NY) that would gut the new whistleblower award programs at the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) enacted in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

As a letter from the groups to leadership of the House Financial Services Committee points out, the SEC and CFTC have carefully considered the concerns of all stakeholders while preparing to issue their final rules to implement these program. The Grimm proposal, on the other hand, resembles the proposals made by industry without consideration for the stakeholders the whistleblower rules are designed to protect: investors and taxpayers. Undermining the substantial investment of time and resources in crafting a system that creates incentives and promises protections for men and women who blow the whistle on waste, fraud and abuse before they have even been put in practice would be a radical and unwarranted step.

 

See POGO’s Release HERE

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