On November 10, 2010, 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.
Corporate lobbyists from corporations such as Tyco, Johnson & Johnson, Pfizer, and Citigroup have met with regulators in an attempt to undermine the whistleblower provisions in Dodd-Frank.
Stephen M. Kohn, Executive Director of the National Whistleblower Center said, “The NWC is concerned that the 181-page proposed rules are not ‘user-friendly’ and do not fulfill the Congressional intent of the law. We are particularly concerned that in the final days of drafting the proposed rules the SEC met with representatives from corporations that have a history of retaliating against whistleblowers and have been forced to return billions of dollars to the taxpayers as a result of their fraudulent activities. These companies have a vested interest in undermining the intent of Dodd-Frank Act.”
The NWC is carefully reviewing the proposed rules and will be releasing detailed information on how they will affect whistleblowers.
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