According to Allison Herren Lee, former Commissioner of the U.S. Securities and Exchange Commission (SEC), the SEC Whistleblower Reform Act of 2023 “will help ensure that the SEC Whistleblower Program remains an indispensable tool in the Commission’s efforts to police wrongdoing and protect investors.”
Lee, currently Of Counsel at the whistleblower law firm Kohn, Kohn & Colapinto, calls for the passage of the bill in a new piece “The Bipartisan SEC Whistleblower Reform Bill: Building on Success” published by Harvard Law School Forum on Corporate Governance.
On March 15, Senators Chuck Grassley (R-IA) and Elizabeth Warren (D-MA) introduced the SEC Whistleblower Reform Act of 2023 in order to further strengthen the highly successful SEC Whistleblower Program. The bill bolsters the Dodd-Frank Act’s anti-retaliation protections and ensures that the agency processes award claims in a more timely manner.
“The SEC Whistleblower Reform Act reflects a bipartisan consensus that a strong whistleblower program benefits investors, companies and the public,” writes Lee in her piece. “The program has helped uncover — and remediate – serious and costly frauds that might never have otherwise come to light. Having worked in law enforcement for over a decade, and then as an SEC Commissioner helping to oversee the SEC’s Office of the Whistleblower, I know firsthand the value of continued investment in this highly successful program. I hope Congress will act quickly to pass this important...
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