Cementing a Trend: Financial Reform Act Dramatically Expands Whistleblower Protections
Mondaq Business Briefing › United States Law Articles in English (2010)
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Cementing a Trend: Financial Reform Act Dramatically Expands Whistleblower Protections
The newly enacted Dodd-Frank Wall Street Reform and Consumer Protection Act ("DFA") (H.R. 4173), signed into law by President Barack Obama on July 21, 2010, not only creates sweeping new whistleblower protections for employees in the financial services industry,1 but also significantly broadens existing whistleblower protections far beyond the financial services industry. Viewed in isolation, these expansive new whistleblower protections represent a dramatic expansion of rights and remedies. Bathed in the light of the last ten years, it is clear that whistleblower protection has become ubiquitous. Only a decade ago, federal whistleblower protection existed mostly for companies involved in highly regulated industries. By contrast, it now appears that almost any company – large or small, publicly traded or privately held – faces the distinct possibility of being subject to one or more federal or state whistleblower statutes. Accordingly, all employers should be aware of this development and must take action now to establish compliance programs and train their work...
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