National Whistleblower Center Celebrates Passage of CFTC Fund Management Act and Calls for Presidential Action

Published on June 24, 2021

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National Whistleblower Center Celebrates Passage of CFTC Fund Management Act and Calls for Presidential Action

WASHINGTON, D.C. | June 24, 2021 — The National Whistleblower Center (NWC) celebrates the swift passage of the Commodity Futures Trading Commission (CFTC) Fund Management Act, which passed yesterday in the U.S. House of Representatives. Now, the bill will go to the President to be signed into law, and it is imperative that President Biden sign the bill immediately and ensure the continued success of the CFTC Whistleblower Program.

If signed into law, the CFTC Fund Management Act would establish a separate fund at the U.S. Treasury dedicated to paying administrative, programmatic, and personnel costs of the CFTC Whistleblower Office – ensuring that these costs are not taken out of the CFTC’s Customer Protection Fund, which is used to pay whistleblower awards.

Siri Nelson, NWC Executive Director, said, “If signed into law, the CFTC Fund Management Act will radically improve confidence among CFTC whistleblowers and continue the success of the ever-improving CFTC Whistleblower Program. NWC applauds Congress for quickly passing this bipartisan bill and urges President Biden to acknowledge the bipartisan support for CFTC whistleblowers and celebrate this victory by signing the CFTC Act into law right away.”

In his comment to Whistleblower Network News, Stephen Kohn, Chairman of the Board at NWC, said, “The leaders in Congress who supported this bill deserve the thanks of the whistleblower community…Senators Grassley, Collins, Stabenow, Hassan, Boozman, Baldwin, and Entz and Representatives Fischback, Khanna, Scott and Thompson all showed their commitment to supporting whistleblowers who expose corruption.” NWC echo’s Kohn’s statement and joins him in thanking this bipartisan group of Senators and Representatives.

In December 2020, NWC launched a campaign to save the CFTC Whistleblower Program. The CFTC Fund Management Act was introduced in the Senate in February 2021. In April 2021, NWC led a group of several whistleblower advocacy organizations in writing to the Senate Committee on Agriculture, Nutrition and Forestry requesting the committee members support the bill. The bill soon after passed the Senate and was transferred to the House on June 1, 2021, where it quickly passed on June 23. The CFTC Whistleblower Program has strong bipartisan support and the support of whistleblower advocates. President Biden must take action to ensure the continued success of this incredible program by signing the CFTC Fund Management Act immediately.

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