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Comment for Proposed Rule 75 FR 75728

  • From:
    Organization(s):

    Comment No: 42721
    Date: 4/19/2011

    Comment Text:

    Rosalind Roy
    6671 Presidential Drive
    Jackson, MS 39213-2426


    April 19, 2011

    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 Congressional intent of
    Dodd-Frank. I am concerned that the corporate lobby will have undue
    influence on the final rules to protect whistleblowers.

    I am particularly concerned with 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.' These are not the rules that Congress
    intended. These rules violate the law and undermine the public interest.

    The SEC proposed rules completely undermine efforts to protect employees
    who risk their careers to expose fraud. Incredibly, not only does the SEC
    admit that their rules undermine the legal protections in Dodd-Frank, but
    the SEC failed to adopt recommendations of their own Inspector General on
    how to improve their whistleblower reward program. The SEC proposed rules
    are so flawed that they must be discarded in their entirety and should be
    replaced with rules that conform to the recommendations of the SEC
    Inspector General.

    The CTFC should not blindly follow any of the SEC's recommendations and
    should instead write rules will encourage whistleblowers to report
    commodities fraud.

    Wall Street has been a mean street for any employee who has the guts to
    step forward to report securities and/or commodities fraud. As a result,
    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,


    Rosalind Roy
    6019542147


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