RELEASE: Bicameral, Bipartisan Group Introduces Legislation to Strengthen CFTC Whistleblower Program
WASHINGTON, DC — Today, Sen. Chuck Grassley (R-Iowa), Sen. Maggie Hassan (D-N.H.), and Rep. Zach Nunn (R-Iowa) introduced legislation to strengthen a key whistleblower program protecting commodities markets from fraud.
The Commodities Futures Trading Commission (CFTC) Whistleblower Fund Improvement Act would ensure the continued operation of the commission’s whistleblower program. Congress established this essential and successful program in 2010, resulting in monetary sanctions totaling more than $3 billion.
Currently, whistleblower rewards are paid from a fund capped at $100 million and risks being depleted when whistleblowers expose massive, multi-billion-dollar fraud schemes. The legislation would increase this fund to $300 million to account for the resounding successes of the CFTC Whistleblower Program.
“Through the CFTC Whistleblower Program, whistleblowers have exposed the largest financial fraud schemes in history,” said Taxpayers Against Fraud President & CEO Jeb White. “This legislation would ensure the long-term success of this vital whistleblower program.”
To read the bill text, click here.
For more information on this topic, please contact Jeb White at [email protected].
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