Comment Text:
Sarah McKee
9 Chadwick CT
Amherst, MA 01002-2825
November 22, 2010
Gary Gensler
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Chairman Gensler:
As an American, and a former Department of Justice attorney, I am deeply concerned that whistleblower rules currently being drafted by the Security Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will fail to fulfill the Congressional intent of Dodd-Frank.
Fortunately, I retired before being a whistleblower became so dangerous.
But I'm well aware that American still needs its whistleblowers to keep government honest and effective.
Yet it looks as if the corporate lobby will undermine the final rules intended to protect whistleblowers.
The SEC itself admits that its 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.'
Yes? So why bother? Congress intended rules with teeth. These milquetoast rules violate the law and undermine the public interest.
The SEC's proposed rules completely undermine efforts to protect employees who risk their careers to expose fraud. The SEC not only admits that its proposed rules undermine the legal protections in Dodd-Frank, it even ignored the recommendations of its own Inspector General on how to improve their whistleblower reward program.
The SEC's proposed rules are so flawed that they must be discarded in their entirety and replaced with rules that conform to the recommendations of the SEC Inspector General.
The CTFC should refuse to follow any of the SEC's recommendations.
Instead, it should write rules that will encourage whistleblowers to report commodities fraud.
Wall Street has been a mean street for any employee with the guts to step forward to report securities and/or commodities fraud. As a result, practically every American has suffered from the financial meltdown.
The SEC and the CFTC must write rules that will prevent another financial disaster, ensure compliance with the law, and encourage employees to risk their careers by becoming whistleblowers.
The SEC's proposed rules will have the opposite effect. Please do everything in your power to ensure that the SEC withdraws its current proposal and approves final rules that protect the public. We cannot afford to have the SEC fail to detect the next Bernie Madoff, costing innocent Americans billions of dollars. Congress, the SEC and the CFTC must do what the law now requires: protect whistleblowers that risk their jobs to report fraud!
Sincerely,
Sarah McKee
413.256.6129
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