Congressman Al Green, Chair of the House Financial Services Committee Subcommittee on Oversight and Investigations, has introduced the Whistleblower Protection Reform Act of 2021 (WPRA), which would strengthen protections for SEC whistleblowers and enhance the SEC Whistleblower Program.  The WPRA is being introduced the same week that Ms. Frances Haugen, a former Facebook product manager, testified at a Senate hearing about Facebook business practices that pose a threat to public health and safety and potentially mislead Facebook shareholders.

Ms. Haugen’s disclosures have already had a tremendous impact and may finally spur Congress to regulate social media companies and enact federal privacy legislation.  Her courageous whistleblowing is but one example of the tremendous impact that truth-tellers can have when they oppose and expose wrongdoing.

Since the inception of the Dodd-Frank Act (DFA) SEC Whistleblower Program, more than 40,000 whistleblowers have filed tips with the SEC.  Those tips have enabled the SEC to obtain orders against wrongdoers for more than $4.8 billion in monetary sanctions, halt ongoing fraud schemes, return funds to defrauded investors, and significantly improved the SEC’s ability to detect and halt ongoing violations of the federal securities laws.  Surely the courageous truth-tellers that come forward deserve…

Read more…