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SEC Whistleblower Reform Act of 2023

USA118th CongressS-811| Senate 
| Updated: 3/15/2023
Chuck Grassley

Chuck Grassley

Republican Senator

Iowa

Cosponsors (4)
Catherine Cortez Masto (Democratic)Elizabeth Warren (Democratic)Susan M. Collins (Republican)Raphael G. Warnock (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
SEC Whistleblower Reform Act of 2023 This bill expands and revises whistleblower protections applicable to individuals who provide information to the Securities and Exchange Commission (SEC) relating to a violation of securities laws. Under current law, an employer is prohibited from retaliating against these whistleblowers. Under the bill, this prohibition is expanded to include (1) individuals who provide information regarding potential violations to supervisors or other employees in positions of authority; and (2) information relating to violations subject to the jurisdiction of the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, or a self-regulatory organization. Additionally, the bill establishes the right to a jury trial for a person accused of violating whistleblower protection laws. The bill also requires the SEC to make an initial disposition of a whistleblower award claim within the later of (1) one year of the deadline to submit such a claim, or (2) one year after the final resolution of any litigation in the matter. Finally, the bill deems as unenforceable a predispute arbitration agreement regarding a whistleblower action.
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Timeline

Bill from Previous Congress

S 117-3977
SEC Whistleblower Reform Act of 2022
Mar 15, 2023
Introduced in Senate
Mar 15, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 117-3977
    SEC Whistleblower Reform Act of 2022


  • March 15, 2023
    Introduced in Senate


  • March 15, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

SEC Whistleblower Reform Act of 2023

USA118th CongressS-811| Senate 
| Updated: 3/15/2023
SEC Whistleblower Reform Act of 2023 This bill expands and revises whistleblower protections applicable to individuals who provide information to the Securities and Exchange Commission (SEC) relating to a violation of securities laws. Under current law, an employer is prohibited from retaliating against these whistleblowers. Under the bill, this prohibition is expanded to include (1) individuals who provide information regarding potential violations to supervisors or other employees in positions of authority; and (2) information relating to violations subject to the jurisdiction of the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, or a self-regulatory organization. Additionally, the bill establishes the right to a jury trial for a person accused of violating whistleblower protection laws. The bill also requires the SEC to make an initial disposition of a whistleblower award claim within the later of (1) one year of the deadline to submit such a claim, or (2) one year after the final resolution of any litigation in the matter. Finally, the bill deems as unenforceable a predispute arbitration agreement regarding a whistleblower action.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 117-3977
SEC Whistleblower Reform Act of 2022
Mar 15, 2023
Introduced in Senate
Mar 15, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 117-3977
    SEC Whistleblower Reform Act of 2022


  • March 15, 2023
    Introduced in Senate


  • March 15, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Chuck Grassley

Chuck Grassley

Republican Senator

Iowa

Cosponsors (4)
Catherine Cortez Masto (Democratic)Elizabeth Warren (Democratic)Susan M. Collins (Republican)Raphael G. Warnock (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted