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Washington D.C. August 4, 2011. Today, the Commodity Futures Trading Commission (CFTC) voted 4-1 to approve the Final Rules implementing the whistleblower provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules will have a major impact on the ability of individuals to report corporate fraud and protect the integrity of financial markets.
According to public statements by the CFTC Commissioners and staff, the CFTC rejected corporate-sponsored demands that would have required whistleblowers to report their concerns internally to their employer beforeblowing the whistle to the government. The NWC strongly opposed these lobbying efforts, spearheaded by the Chamber of Commerce.
Stephen M. Kohn, Executive Director of the National Whistleblower Center (NWC), issued the following statement:
We are pleased that, according to the Commissioners’ public statements, the CFTC’s Final Rules conform to the Congressional intent of Dodd-Frank to encourage individuals to step forward with credible information about fraud. This is essential for the appropriate detection of fraud and the enforcement of laws designed to protect investors and consumers.
The National Whistleblower Center will carefully review the Final Rules and will issue a supplemental statement.
The National Whistleblower Center (NWC) was heavily involved with the rulemaking process, trying to ensure that the final rules adequately protect whistleblowers. The NWC filed seven formal public comments addressing every major aspect of the rule.
Links:
NWC Dodd-Frank Rulemaking page — links to NWC public comments and other related materials
