I can guarantee this will not trade again.
AlanC= I'm sure you ran across this.
Why didn't you post it??
By Joe Palazzolo
The Securities and Exchange Commission has deferred plans to set up a new whistleblower office, citing “budget uncertainty,” the agency said on its website.
AFP/Getty ImagesSEC officials don’t think they can staff the office, created in the Dodd-Frank Act, without a funding increase next year. But most Republicans opposed the law and “may not be sympathetic to the agencies pleas,” The Wall Street Journal reported. (The GOP will control the House in the next legislative term.)
The whistleblower office will be responsible for vetting tips that come in through a new bounty program (also created in Dodd-Frank) in which people who report “original information” about violations of securities law to the SEC can earn 10% to 30% of monetary sanction of more than $1 million in an enforcement action by agency.
The office’s functions will be carried out by existing enforcement staff, the SEC said.
Dodd-Frank requires the SEC to write more than 100 new rules and confers new authorities, but funding has been frozen at fiscal 2010 levels amid a budget impasse.
Under the law, the SEC’s budget would nearly double to $2.25 billion in 2015 from $1.3 billion in 2011–if Congress appropriates the money.
SEC spokesman John Nester told the Journal that the agency was continuing to recruit for the whistleblower office and others created by Dodd-Frank, but that hiring was restricted due to the government-wide freeze in spending.
Rep. Jo Ann Emerson (R., Mo.), the top Republican on the House subcommittee that controls SEC funding, didn’t immediately respond to a request for comment.
Securities and Exchange Commission, whistleblowers
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