Tomorrow, the U.S. Securities and Exchange Commission (SEC) is scheduled to vote on new rules governing its highly successful whistleblower reward program. Removing the damaging portions of these proposed rules – which would weaken one of our nation’s most important tools for addressing corruption – is a top NWC priority.
In 2019, the SEC cancelled its first scheduled vote on these amendments after a lively public debate ensued with the SEC receiving over 110,000 comments in opposition to their key proposals.
If passed, these amendments would have a catastrophic impact by weakening vital whistleblower protections and undermining the SEC’s effectiveness in exposing fraud. These rulings would:
(1) Place an arbitrary cap on whistleblower rewards, which would be imposed regardless of the size of the penalties that the whistleblower’s evidence helps to secure, would dis-incentivize whistleblowers from coming forward, as demonstrated by other laws that attempt to do this.
(2) Create an unrealistic reporting procedure that would disqualify a vast number of whistleblowers simply because they either elected to attempt to resolve matters within their companies or discussed the matter with anyone else, rather than going directly through the SEC’s specific reporting procedures.
(3) Take away the SEC’s authority to sanction and regulate companies that retaliate against internal whistleblowers who raise concerns through corporate compliance programs.
In their current form, the real losers of these rules would be investors and our ability to hold corrupt individuals accountable. The only winners will be fraudsters on Wall Street.
It’s critical that these changes are not implemented. Take action today! Demand the U.S. Securities and Exchange Commission votes no on these new amendments.
It's critical these changes are not implemented. They would cause grievous damage to one of the best whistleblower programs in the country.
The National Whistleblower Center is working to protect this program, but we need your help!
This particular call to action doesn't target leaders representing your district. However, there are many other ways you can support us!
Share on social media
Tell your friends how important this action is on Facebook and Twitter! While we're not targeting your representatives, many of your friends and family will likely be able to impact this action.
We are committed to expanding our advocacy for whistleblowers, but we need your help to do so. A donation of $50 or more will get you a copy of: The New Whistleblower's Handbook: A Step-by-Step Guide to Doing What's Right and Protecting Yourself, the go-to guide on blowing the whistle.
Donate Today and Make Your Impact Even Larger
Give today and support not just this campaign, but all our efforts at the National Whistleblower Center. Change isn't easy and it doesn't come fast. But with the generous support of citizens that care about issues like holding social media companies accountable, we can generate positive change.