Sweeping New Whistleblower Incentives and Protections in Financial Reform Bill
On July 15, 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. President Obama has indicated that he will sign the bill that has now passed both of the Houses.
The legislation covers a wide range of topics in an effort to address the causes of the recent turmoil in the financial markets. It includes significant new whistleblower protections, including the creation of SEC and CFTC (Commodities Futures Trading Commission) whistleblower programs, a dramatic expansion of current whistleblower protections under the Sarbanes-Oxley Act of 2002, and a new whistleblower cause of action for employees performing tasks related to consumer financial products or services. Significantly, the legislation creates alternative paths for whistleblowers to assert their rights, often with different and conflicting rights, procedures and remedies. This Employment Law Alert summarizes the new whistleblower incentives and protections in the Dodd-Frank Act.
| Posted by Shannon Walker on Jul 21, 2010 | ||
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