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Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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NEWSLETTERS & ALERTS
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.