Today, July 21, 2014, is the fourth anniversary of the passage of the Dodd-Frank Act — the most significant financial reform law enacted since the Great Depression to combat Wall Street and financial fraud. However, the law is under attack from Wall Street and Corporate America, and its most important provisions are in danger.
Dodd-Frank was passed in 2010 in reaction to the financial crisis and stock market fallout from the Great Recession. The federal government had to bail out major banks and corporations, and the President and many members of Congress felt obligated to make sure it would never happened again.
Part of those reforms was to include robust protections to encourage corporate whistleblowers to report financial fraud and securities violations. As the Dodd-Frank Act was being written, attorneys with the National Whistleblower Center worked directly with the Senate Banking Commission to ensure that whistleblowers could maintain anonymity, protect their jobs, and receive monetary rewards as an incentive for providing critical information about financial fraud to the Securities Exchange Commission. After the Dodd-Frank Act was signed into law, attorneys with the National Whistleblower Center also met directly with every Commissioner of the Securities and Exchange Commission and submitted written comments to the SEC that greatly influenced the shape of the final whistleblower rules for the SEC’s whistleblower program. Continue Reading