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FCRA

SENATOR GRASSLEY HAS HARSH WORDS FOR SEC CHAIR REGARDING WHISTLEBLOWER TREATMENT

US Senator Charles Grassley (R-Iowa) wrote to the SEC chairwoman, Mary Schapiro, and asked her to forego the proposed whistleblower rule which would require whistleblowers to report the non-compliance issue to compliance officers BEFORE filing a claim with the SEC.   Sen. Grassley acknowledged the primary purpose of the SEC – “to protect investors – not internal compliance programs.”  Read Sen. Grassley’s letter HERE.  The Dodd-Frank Act authorized the SEC to reward individuals who report securities violations with a bounty of 10-30% for recoveries larger than $ 1 million.

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