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NWC Responds to Proposed Rules to Protect Commodities and Securities Whistleblowers |
Washington, D.C. November 10, 2010. Today, the Commodity Futures Trading Commission (CFTC) proposed rules to implement the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 23 of the Commodity Exchange Act. This follows proposed rules issued by the Securities Exchange Commission (SEC) on November 3, 2010 implementing the Dodd-Frank whistleblower provisions amending Section 21F of the Securities Exchange Act. The National Whistleblowers Center submitted pre-proposal comments to both the CFTC and the SEC and will be submitting formal comments on the proposed rules.
Stephen M. Kohn, Executive Director of the National Whistleblowers
Center issued the following statement in response to today's proposed
rules:
The National Whistleblowers Center is
calling on the CFTC and the SEC to establish a program that will
encourage the reporting of fraud by insiders who are in a position to
protect the American public from the devastating impact of commodities
and securities fraud. The programs at issue affect every American from
the price of oil at the gas pump (commodities) to the security of
retirement accounts (securities). The public has a vested interest in
ensuring that the regulators get it right and that the lobbyist voices
do not drown out the public interest.
The National Whistleblowers
Center strongly encourages every American to let
these two commissions know that we need them to implement rules
that will encourage whistleblowers, be user-friendly, and protect the
public interest.
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Tags: Press Releases, Corporate Accountability
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