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Fetterman, Colleagues Introduce Bipartisan Bill to Protect CFTC Whistleblowers

WASHINGTON, D.C. — Ahead of National Whistleblower Day, U.S. Senators John Fetterman (D-PA) and Chuck Grassley (R-IA) introduced the CFTC Whistleblower Protection and Program Improvement Act to provide long-term stability to the Commodity Futures Trading Commission (CFTC) whistleblower program, strengthen protections for whistleblowers, and speed up award processing. The bill is cosponsored by U.S. Senators Susan Collins (R-ME) and Raphael Warnock (D-GA). The CFTC ensures America’s commodity markets remain fair, transparent, and free from fraud and manipulation. This includes the markets farmers rely on to manage the prices of crops, livestock, and other agricultural products.

“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.”

“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.

“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.”

“No one should be punished for speaking out when they see something wrong. This bipartisan bill promotes accountability and bolsters essential protections for people who risk their careers to stand up to fraud and corruption,” said Senator Warnock. “This legislation will benefit every American taxpayer, and I’m grateful to work with my colleagues across the aisle to strengthen this vital program.”

Background

Under current law, the Customer Protection Fund (CPF) is capped at $100 million. Any fines collected after the cap 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 leaves the whistleblower office without the resources needed to pay whistleblowers or fund its operations.

The CFTC Whistleblower Protection and Program Improvement Act would:

• Enhance protections for CFTC whistleblowers.
• Make permanent the separate account that funds the CFTC Whistleblower Office.
• Raise the CPF cap from $100 million to $300 million.
• Ensure whistleblower claims are processed in a timely manner.
• Eliminate a court-created loophole prohibiting whistleblowers from receiving an award because a company declared bankruptcy.
• Ensure CFTC-regulated entities inform their employees of their whistleblower rights.

Read the full text of the bill here.