US Senators Move To Rescue Market Watchdog's Whistleblower Program
Faizan Hashmi Published February 26, 2021 | 01:40 AM
WASHINGTON (UrduPoint News / Sputnik - 26th February, 2021) Legislation to shore up a depleted fund to pay whistleblower rewards to commodity traders who report wrongdoing was introduced in the US Senate by lawmakers from both parties, Senator Chuck Grassley said on Thursday.
"The CFTC [Commodity Futures Trading Commission] whistleblower program has become far more successful than Congress imagined when we set it up back in 2010. The risk of a cash shortage is so great, the commission recently told my office it's temporarily paused review of some cases that could wipe out the Customer Protection Fund used to pay whistleblowers," Grassley said in a press release.
The legislation is sponsored by Republican Senators Grassley and Joni Earnst and Democrat Senators Maggie Hassan and Tammy Baldwin, the release said.
The CFTC operates a Customer Protection Fund, established by Congress in 2010, to hold funds that are used to reward whistleblowers for their disclosures. Under current law, the Customer Protection Fund is capped at $100 million, and any fines collected after the account reaches the cap are remitted to the Treasury's general fund, the release added.
In recent years, the increasing size and quantity of fines stemming from successful whistleblower disclosures have led to larger reward disbursements, which risk depleting the fund before it can be replenished, according to the release.
The legislation addresses the shortfall by raising the Consumer Protection Fund limit to $150 million, the release said.
Recent Stories
3 Gawadar attack victims funeral offered
Mbappe says he will leave PSG at end of season
Usmani felicitates Sardar Saleem on taking oath as Punjab Governor
DC for provision of facilities to people in Lasbela
Solar storm could bring auroras, power and telecoms disruptions
Court grants interim bail to PTI leaders
Ulema, Mashaykh call for political accountability, collaboration for Pakistan's ..
SHRC asks NADRA to issue CNICs to transgender as per law
Flash floods kill 50 in one day in north Afghanistan
CDA chief expresses commitment to promoting modern-day technologies
By wide margin, UN General Assembly votes to back Palestinian bid for membership ..
Musadik slams PTI's political approach as provocative
More Stories From World
-
Endrick in Brazil's Copa America squad but no Neymar
3 hours ago -
Djokovic bottle strike overshadows Rome Open cruise past Moutet
3 hours ago -
Train crash in Argentine capital leaves 30 injured
3 hours ago -
Pandemic agreement talks to continue beyond deadline
3 hours ago -
Chopra falls short in Doha, Bednarek blitzes before Olympics
3 hours ago -
Djokovic struck with bottle from stands after winning Rome opener
3 hours ago
-
England great Anderson's Test career under threat after McCullum talks - report
4 hours ago -
Senegal launches inquiry into Boeing jet runway crash
4 hours ago -
Madagascan leader's former aide jailed in UK for graft
4 hours ago -
Seven killed as bus crashes into river in Russia's St Petersburg
5 hours ago -
Mbappe confirms he will leave PSG at end of season
5 hours ago -
Fresh rains pound Brazil's flood-hit south as evacuations double
5 hours ago