The Securities and Exchange Commission (SEC) has just announced that it will hold a vote on its whistleblower regulations at its meeting scheduled for next Wednesday, May 25, 2011, at 9:30 a.m. The regulations are controversial. Business interests have been pushing hard for a series of hurdles that will weaken the Dodd-Frank Act. The National Whistleblowers Center (NWC) submitted comments urging the SEC to clear away the hurdles and breath life into the Dodd-Frank whistleblower reward program.
Senator Charles E. Grassley (R-IA) recently released a letter to Mary Schapiro, the Chairman of the Securities and Exchange Commission (SEC) expressing his "serious concerns" with the Proposed Rules for implementing the whistleblower provisions of Dodd-Frank. Aruna Viswanatha writes this evening in the Main Justice Just Anti-Corruption page that Sen. Grassley, "slammed the tentative rules the agency had proposed last year as deferring too much to business interests."
Investors, consumers and law enforcement will all benefit if the SEC sees the light and adopts rules that support whistleblowers whenever they raise concerns about waste, fraud and dangers to the public.