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Dodd-Frank Act

The Dodd-Frank Act is a major Wall Street reform signed into law on July 21, 2010 in reaction to the financial crisis and stock market fallout of the Great Recession, where the federal government bailed out major banks and corporations.  

The reforms of Dodd-Frank include protections to encourage corporate whistleblowers to report securities violations and foreign corruption: they can obtain financial rewards whether or not they are U.S. citizens: any potential securities frauds committed by publicly traded companies outside the United States, including violations of the Foreign Corrupt Practices Act, are covered. A broad “related action” provision permits the payment of rewards based on sanctions obtained from other law enforcement agencies. 

Dodd-Frank requires that the SEC strictly protect the confidentiality of whistleblowers and permit anonymous filings and contains a strong anti-retaliation law that allows whistleblowers to file retaliation cases in U.S. District Court and obtain double back wages. 

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