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Stories of Interest
- Bitcoin Blows Past $2,500, $2,600, and $2,700
- 7-Point Checklist for Financial Services Firms to Protect Against Cyber Attacks - Michael Chertoff
- Reflections from FINRA Annual Conference - FINRA CEO Robert Cook
- Wells Fargo Advisors Creates New Mutual Fund Class for Fiduciary Rule
- HUD Sec'y Ben Carson: ‘Poverty is a State of Mind’ - Sheesh!
- Toronto-Dominion Posts Q2 Profit
- Deutsche Bank, Barclays Euribor Traders' Trial Delayed to 2018
- U.K.'s May to Raise Intel Leaks With Trump as Ties at Risk
- Piper's Andrew Duff is New FINRA Governor, As Expected
- Deutsche Bank Said Near Fed Deal on Russia; DOJ Probe Looms
- Status of SEC Administrative Law Judges Still In Doubt Following Denver Appeals Panel Ruling
- First Advertiser Pulls Ads from Sean Hannity’s Fox News Show
- Fate of Elizabeth Warren’s CFPB to be Decided by Legal Showdown
- CME Chair and CEO Terrence Duffy Suffers Collapsed Lung (WSJ Subsc)
- Photos from Trump's Visit With Pope Francis at The Vatican
- U.K. Scolds U.S. ‘Friends’ For Leaking Manchester Bomb Intelligence
- Trump to Retain Private Attorney Marc Kasowitz in Russia Investigation
- Pope Asks Trump to be Peacemaker, Gives Him Environmental Letter
- Bitcoin Hits All-Time High Above $2,400
- 'Soup Nazi' Company Executive Indicted for U.S. Tax Evasion
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Rules & Regulations
Congressional Bill Threatens Whistleblower Programs
Rep. Jeb Hensarling (TX-R), who introduced the Financial CHOICE Act 2.0, included provisions that would water down protections and incentives for those who speak on corporate wrong doing. The bill, which cleared the House Financial Services Committee last week, is designed to stop people who were involved in a scheme from profiting off it – that, according to a spokesperson for Rep. Hensarling.
According to the NYPost, the Financial CHOICE Act 2.0 has provisions to keep corporate whistleblowers involved in any wrongdoing from collecting awards. The act would also require the whistleblower to try to stop violations from happening within their company. The provision applies broadly any person who, “having a duty to prevent the violation, fails to make an effort the person is required to make.”
The current law prevents people who have been criminally charged from collecting whistleblower awards.
However, whistleblower advocates, like former SEC Chair Mary Jo White, fear that the proposed stipulations would force employees to choose between being fired or not reporting anything at all. “If you require an individual to go internally, they know they are putting their financial livelihood and their careers on the line, and they won’t go,” said Michael Kohn, President of the National Whistleblower Center.