Legislative Proposals to Address the Negative Consequences of the Dodd-Frank Whistleblower Provisions: Written Testimony Submitted to the U.S. House Committee on Financial Services, Subcommittee on Capital Markets and Government Sponsored Enterprises
7 Pages Posted: 18 May 2011 Last revised: 28 Sep 2011
Date Written: May 11, 2011
The author testified at a U.S. House Committee on Financial Services, Subcommittee on Capital Markets and Government Sponsored Enterprises hearing on May 11, 2011. The hearing explored a discussion draft of legislation which would modify the whistleblower bounty provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The author's testimony suggested that the proposed reforms, which included a requirement of internal reporting to preserve a whistleblower's bounty eligibility, a change from mandatory to discretionary bounties, and a prohibition on contingency fees, would dull the incentives Dodd-Frank's bounty provision was meant to foster.
Keywords: whistleblowers, Dodd-Frank, financial services, testimony, bounties
Suggested Citation: Suggested Citation