U.S. Sens. Charles Grassley (R-IA) and Elizabeth Warren (D-MA) have introduced the SEC Whistleblower Reform Act of 2022, a bipartisan bill designed to strengthen the highly successful whistleblower reward program of the U.S. Securities and Exchange Commission.
The bill bolsters the program by ensuring award claims are processed in a timely manner and by strengthening anti-retaliation protections for whistleblowers.
“This law is urgently needed. Whistleblowers who have been fired often have to wait over four years for any compensation. This amendment closes that painful loophole,” said Stephen M. Kohn, founding partner of the whistleblower law firm Kohn, Kohn & Colapinto and chairman of the National Whistleblower Center.
The SEC Whistleblower Reform Act of 2022 ensures the timely processing of whistleblower award claims by requiring the SEC to issue an initial ruling on a claim within one year of the deadline to file the claim. The bill also strengthens anti-retaliation protections by extending them to whistleblowers who report violations internally to supervisors and by clarifying that whistleblowers cannot waive their rights through a predispute arbitration agreement.
“SEC whistleblowers are critical for rooting out fraud and protecting investors, and those who often put their career at risk to report wrongdoing should be shielded from retaliation,” said Grassley. “While I’m pleased that the program has been an overwhelming success, we can still do more to strengthen...
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