In this week of new bank bailouts (following Silicon Valley Bank’s), a bipartisan group of five Senators has urged common sense improvements to the SEC Whistleblower laws. These Senators emphasize the “crucial role of whistleblowers” in protecting both investors and taxpayer funds.
- The SEC Whistleblower Reform Act of 2023, co-sponsored by Sens. Grassley, Warren, Collins, Warnock, and Mastro, removes some predictable roadblocks to an effective SEC Whistleblower program. To summarize from Sen. Grassley’s release, the Act would:
- Protect whistleblowers from retaliation if they report violations only in the workplace. Currently, whistleblowers are protected only once they report misconduct directly to the SEC or certain other officials.