Comment Text:
William Leight
235 Albany St.
Cambridge, MA 02139-4230
November 24, 2010
Gary Gensler
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Chairman Gensler:
I am deeply concerned that the whistleblower rules the Security Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are currently drafting will not fulfill the intent of Dodd-Frank, and that lobbyists will have undue influence on the final rules to protect whistleblowers.
In particular, admissions by the SEC that their proposed rules would 'limit the pool of eligible whistleblowers,' 'reduce the number of possibly useful informants,' 'discourage some whistleblowers,' cause 'persons not to come forward,' and result in 'forgone opportunities for effective enforcement action,' are very disturbing. These are not the rules that Congress intended, and would undermine the public interest.
Indeed, the SEC has admitted that their rules would undermine the legal protections in Dodd-Frank. Furthermore, the SEC failed to adopt recommendations of their own Inspector General on how to improve their whistleblower reward program. At this point, the only possible step for the SEC is to replace their proposed rules with ones that conform to the recommendations of the SEC Inspector General. And the CTFC should not blindly follow any of the SEC's recommendations and should instead write rules will encourage whistleblowers to report commodities fraud.
I strongly urge you to do everything in your power to ensure that the SEC withdraws its current proposal and approves final rules that protect the public. Thank you for your attention to this important matter.
Sincerely,
William Leight
857-928-4750
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