Senator Reverend Warnock Reintroduces Bipartisan Bill To Strengthen SEC Whistleblower Program

Senator Reverend Warnock cosponsored the reintroduction of the bipartisan SEC Whistleblower Reform Act of 2023

The bill would strengthen whistleblower protections at the U.S. Securities and Exchange Commission (SEC) and ensure timely processing of whistleblower claims, protect whistleblowers from retaliation

This is the latest action Senator Warnock has taken to strengthen whistleblower protections

Washington, D.C. – Today, Senator Reverend Raphael Warnock (D-GA) reintroduced bipartisan legislation to strengthen whistleblower protections at the U.S. Securities and Exchange Commission (SEC). The SEC Whistleblower Reform Act of 2023 would ensure timely processing of whistleblower claims and protect whistleblowers from retaliation. The bill’s reintroduction comes amid Sunshine Week, which celebrates the public’s right to a transparent and accountable government.

The SEC Whistleblower Reform Act of 2023 would protect whistleblowers from retaliation if they report violations to a direct superior. Currently, they are only protected if they report directly to the SEC or certain select officials. This measure would ensure that claims and awards are processed in a timely manner, as well as clarify that whistleblowers cannot waive their rights through a predispute arbitration agreement.

In December 2022, the Anti-Money Laundering Whistleblower Improvement Act, legislation brought forth by Senator Warnock, wasincluded in the government’s annual spending bill. The SEC reported receiving a record number of whistleblower tips in Fiscal Year 2022 – over 12,000 tips in just one year- and awarded approximately $229 million in awards. Senator Warnock also championed whistleblowers in the FDA during the June 2022 baby formula shortage, as well as whistleblowers within the VA, sending a letter to the U.S. Department of Veterans Affairs Secretary Denis McDonough requesting better protection for whistleblowers.

Sens. Susan Collins (R-ME), Chuck Grassley (R-IA), Elizabeth Warren (D-MA ). and Catherine Cortez Masto (D-NV) are also cosponsors of the bill.

The full text of the bill can be found here.