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SEC Commissioner Calls for Less Secrecy in Whistleblower Awards

The US Securities and Exchange Commission headquarters in Washington, D.C.

The US Securities and Exchange Commission headquarters in Washington, D.C.

Photographer: Al Drago/Bloomberg

The SEC’s decision on Friday to reverse Trump-era restrictions on its whistleblower program divided the five-member body, with its newest member citing concerns about the program’s secrecy that were outlined in a recent Bloomberg Law investigation.

“The Whistleblower Program has come under increasing scrutiny from some on the basis that it operates with a lack of transparency. These concerns are understandable, given that the Whistleblower Program has paid out more than $1.1 billion in awards since inception from funds that would have otherwise benefitted taxpayers,” Securities and Exchange Commissioner Mark T. Uyeda wrote in a statement.