Senator Probes SEC on Whistleblower Program Operations and Budget

In a letter to SEC Commissioner Gary Gensler, Senate Budget Committee Ranking Member Charles Grassley requested "increased transparency" and information "with respect to the resources dedicated by the SEC to processing whistleblower tips and claims."

Senator Grassley raised concerns about delays in paying whistleblower awards and the resources the SEC dedicates to review whistleblower tips and award determinations. He stated that the SEC’s FY 2025 and FY 2024 Congressional Budget Justifications do not provide sufficient details with respect to how the joint resources of the Division of Enforcement ("ENF") and the Office of General Counsel ("OGC") are used to staff the SEC whistleblower office. He explained that since the SEC "won’t release the number of attorneys working in the whistleblower office," it is difficult for potential whistleblowers and Congress to know whether the SEC has assigned the appropriate resources to ensure whistleblower claims are reviewed and processed in a timely and efficient manner. 

Senator Grassley requested information regarding:

• the number of SEC positions assigned to review whistleblower tips and process award claims;
• the number of whistleblower (i) tips received; (ii) tips pending review; (iii) tips reviewed; (iv) tips denied investigation; (v) notices of covered action posted; (vi) claims filed; (vii) claims reviewed and pending review; (viii) claims which have had preliminary determinations issued; (ix) record and reconsideration requests made; and (x) final orders issued/resolution of appeals; and 
• the status of the implementation of the SEC Inspector General recommendations made in its December 2022 report.

The SEC's response is due by April 18, 2024.