To understand the SEC Whistleblower Program, a bit of context is necessary. In the aftermath of the second greatest financial meltdown in US history, as caused by all sorts of irresponsible, shady Wall Street deals. The SEC had existed in a more tame, obscure form for years, but it wasn’t until the President signed in the Dodd Frank Wall Street Reform Act in 2010 that they were empowered to their current state and more widely publicized. It was then that the modern Whistleblower program was created as a part of the U.S. Securities and Exchange Commission, an independent agency under the Federal Government
It was created to promote transparency and honesty in business, and to protect those who report malpractice in the financial sector. It forms one part of the safeguards established against history repeating itself, and its’ leadership prides itself on their position and performance; In less than a decade of operation, they’ve secured over one billion dollars in compensation from those found abusing the financial system and paid out $250 million dollars to whistleblowers across the United States. When you see backdoor deals, collusion and the like – the SEC is there to level the playing field between you and the powerful people who think they’re above the law.
They have an impressive, successful record of winning cases and defending freedom of information. They’ve successfully combatted corrupt titans of industry, guided faithfully by their original mission statement -“We seek to level the playing field, so SEC whistleblowers can successfully report securities violations—without personal or professional regrets.”
They refer to the ability of people to report without fear of reprisal; this is because the program will take anonymous reports and carry the burden of pursuing justice from there. They also refer to protect them from regrets, but I must regretfully inform the reader that they’re currently closed; the government shutdown has deprived this safeguard of the American economy of appropriations needed to pay their employees. Hopefully, such partisan fighting will soon come to an end and allow the men and women of SEC to do their good work, instead of being repaid for it by being made to fear for their ability to pay rent and provide for their families.
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