For Immediate Release
Historic Whistleblower Reforms Included in Wall Street Reform Bill Signed into Law by President Obama
WASHINGTON - Significant whistleblower
reforms included in the Dodd-Frank Wall Street Reform and Consumer Protection
Act were signed into law by the President this morning. The law
contains a number of provisions designed to protect those who come
forward to report securities and commodities fraud.
The National Whistleblowers Center has compiled the sections of the bill that pertain to
whistleblowers, which include two new qui tam provisions for commodities
and securities fraud, extends the statute of limitations under the
False Claims Act to three years, and closes a loophole in the
Sarbanes-Oxley Act by covering subsidiaries.
Stephen M. Kohn, Executive Director of the National Whistleblowers
Center, said, "This bill contains historic reforms for whistleblowers
that set the stage for changing the culture of compliance and
accountability. The Securities and Exchange Commission and other federal
regulators must fully implement the Congressional intent behind these
reforms, or whistleblowers will continue to be 3rd class
citizens, on a good day."
Due to the importance of this new law, Stephen M. Kohn, who
consulted extensively during the formation of these whistleblower
provisions, has updated this Friday's seminar, titled "Integrating the
False Claims Act into your Law Practice," to include a special
presentation on the new law. Visit www.whistleblowers.org
for more information.
Since 1988, the NWC and attorneys associated with it have supported whistleblowers in the courts and before Congress and achieved victories for environmental protection, government contract fraud, nuclear safety and government and corporate accountability.