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Whistleblower Protection in Public Company Accounting Oversight

This act establishes a whistleblower program for individuals reporting misconduct in public company accounting. Whistleblowers can receive financial awards for providing original information leading to significant monetary penalties. It also protects them from retaliation, such as dismissal or discrimination, for disclosing such information.
Key points
Financial Awards for Whistleblowers: Individuals providing valuable information on violations can receive 10% to 30% of collected monetary sanctions if these sanctions exceed $250,000.
Protection Against Retaliation: Employers are prohibited from discharging, demoting, or otherwise discriminating against whistleblowers for reporting information or assisting in investigations.
Confidentiality of Identity: A whistleblower's identity is protected and only disclosed when necessary, such as before an award payment or in a public proceeding.
Right to Appeal: Decisions regarding awards can be appealed to the Securities and Exchange Commission.
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Additional Information
Print number: 117_HR_7245
Sponsor: Rep. Garcia, Sylvia R. [D-TX-29]
Process start date: 2022-03-28