The Continuing Resolution bill passed by Congress on March 14 includes an extension of the emergency funding measure saving the Commodity Futures Trading Commission (CFTC) Whistleblower Program from financial collapse.
“This step by Congress has saved the CFTC Whistleblower Program, which was in danger of becoming a victim of its own success,” says Kohn, Kohn & Colapinto (KKC) founding partner Stephen M. Kohn. “42% of the CFTC’s enforcement actions involve whistleblowers, thus the whistleblower program is absolutely crucial to the ability of the CFTC to carry out its mission of rooting out fraud, manipulation and abuse in the commodities markets.”
“While this action by Congress is an important step, longer-term funding solutions are needed to ensure the CFTC Whistleblower Program can continue to thrive moving forward,” Kohn, who also serves as Chairman of the Board of National Whistleblower Center, added. “The cap placed on the CFTC Whistleblower Program’s fund is not compatible with the growth of the program over the years and must be addressed.”
A Congressionally-set cap on the amount of monies which can be placed in the fund used to finance the CFTC Whistleblower Program has meant that large award payments could completely deplete the fund. Under the cap, only $100 million is allowed to be placed in the fund, which is entirely financed by sanctions collected thanks to the whistleblower program. Back in 2021, CFTC officials warned members of Congress that the...
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