Download This PaperHunting for ‘Bounty’ and Finding ‘Moral Autonomy’: The Dodd-Frank Act Expansion of Whistle Blower Protections
11 Pages Posted: 11 Jul 2015
Date Written: 2011
Abstract
This paper focuses on the dramatic expansions of the whistle blower provisions of The Dodd-Frank Wall Street Reform and Consumer Protection Act, ( Dodd-Frank ) explores the notion of “moral autonomy” in relation thereto, and compares internal to external controls as mechanisms to curtail securities violations. The law allows whistle blowers to bring ‘qui-tam’-like lawsuits, collect huge bounties, and institute legal action against businesses that retaliate against them. It embraces strong external controls rather than enhancing internal controls, which have been centerpieces of anti-fraud measures in laws such as The Sarbanes-Oxley Act (SOX). The results of internal documentation of fraud or wrongdoing may be pre-emptive and protective, but external rewards for whistle blowing may incentivize, compel restitution, support enforcement by regulatory agencies, and aid prevention. These robust measures should prove successful and, thus, it is incumbent upon business to remain vigilant in its attitude and policies, highly sensitized to fraudulent activities, and alert to the specter of whistle blowing. Finally, because bounties and other munificent protections may give employees the right and security to proceed with whistle blowing, this also has the effect of strengthening ‘moral autonomy’ in the workplace.
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