Senator Collins, Bipartisan Group Introduce Legislation to Strengthen CFTC Whistleblower Program

WASHINGTON, D.C. – U.S. Senator Susan Collins joined Senators Chuck Grassley (R-IA) and John Fetterman (D-PA) to introduce the CFTC Whistleblower Protection and Program Improvement Act . This bill would help provide long-term stability to the Commodity Futures Trading Commission (CFTC) whistleblower program, strengthen protections for whistleblowers, and speed up the processing of whistleblower claims. “The Commodity Futures Trading Commission plays a crucial role in protecting American commodity markets, and safeguarding its whistleblower program helps maintain public trust in the integrity of those markets,” said Senator Collins. “This bipartisan bill would provide long-term stability for the CFTC whistleblower program by strengthening protections for whistleblowers, promoting the timely processing of claims, and eliminating a loophole that can prevent whistleblowers from receiving awards.” “Since I helped get the CFTC whistleblower program up and running, I’m pleased to see it’s been a big success. This program roots out waste, fraud and abuse in the commodities trading industry and operates at no charge to the taxpayer. Now, it’s time for Congress to act so its success can continue. Our bipartisan legislation strengthens protections for patriotic whistleblowers, prevents unnecessary delays in the disbursement of whistleblower awards and ensures the CFTC whistleblower program can operate smoothly,” said Senator Grassley . “Whistleblowers put their jobs and often their lives on the line to call out the most serious offenses in the workplace. Zero doubt that they should be protected,” said Senator Fetterman . “As a member of the Agriculture Committee, I’m proud to introduce this bipartisan bill with Senator Grassley to protect whistleblowers and improve the CFTC whistleblower program.” The CFTC Whistleblower Program and Customer Protection Fund (CPF) were founded in 2010. The CPF, which is funded through penalties and fines resulting from enforcement actions, pays awards to whistleblowers who report wrongdoing to the CFTC. The CPF also provides for the operating expenses and educational initiatives associated with the CFTC Whistleblower Program. Since issuing its first award in 2014, the CPF has awarded more than $430 million to whistleblowers and collected more than $3.7 billion in monetary sanctions from violators. Under current law, the CPF’s maximum balance is capped at $100 million. Any fines collected after the cap is reached are sent to the Treasury Department’s general fund. As fines from whistleblower disclosures have increased in volume and value in recent years, reward disbursements have also risen. As a result, the CPF is depleting faster than it can be replenished due to the $100 million collection cap. This risks leaving the CFTC without the resources needed to pay whistleblowers or fund its operations. The CFTC Whistleblower Protection and Program Improvement Act would help to address this problem and strengthen the program by: Enhancing protections for CFTC whistleblowers; Making permanent the separate account that funds the CFTC Whistleblower Office; Raising the CPF cap from $100 million to $300 million; Ensuring whistleblower claims are processed in a timely manner; Eliminating a court-created loophole prohibiting whistleblowers from receiving an award because a company declared bankruptcy; and Ensuring CFTC-regulated entities inform their employees of their whistleblower rights. Click here to read the complete text of this legislation. ###