16 Fla. St. U. Bus. Rev. 131 (2017)
Dodd-Frank Whistleblower Statute: Determining Who Qualifies as a Whistleblower

handle is hein.journals/fsubr16 and id is 137 raw text is: 






  DODD-FRANK WHISTLEBLOWER STATUTE: DETERMIN-
       ING  WHO   QUALIFIES AS A WHISTLEBLOWER

                     MATTHEW R.   STOCK,  CPA

I.  INTRODUCTION        ................................ ......... 131
II. DEVELOPMENT   OF SARBANES-OXLEY  AND DODD  FRANK............... 135
   A. The Sarbanes-Oxley Act of 2002  ......................  135
   B. Whistleblower Protection Under Sarbanes-Oxley ....       ...... 136
   C. Whistleblower Protection Under Dodd-Frank .....          ....... 137
III. DETERMINING WHO  IS A WHISTLEBLOWER
    UNDER  DODD-FRANK        .............................. ...... 139
    A. Statutory Interpretation and Chevron .................. 139
    B. Required Reporting to the Commission         ................. 141
    C. Deference to the Commission Due to Ambiguity ......       ..... 143
IV. COURTS SHOULD  APPLY BROAD  INTERPRETATION  OF
    WHISTLEBLOWER       .......................................... 146
    A. Purpose and Legislative History Point to Ambiguity .............. 147
    B. Broad Interpretation of WhistleblowerDoes Not
      Render Sarbanes-Oxley Anti-Retaliation Provision
      Moot ............................              ............... 148
    C. Recent Procedural Decisions Benefit
      Sarbanes-Oxley Whistleblowers  .............   ........... 150
V.  CONCLUSION....................................................... 152


                        I.INTRODUCTION

    The Dodd-Frank  Wall Street Reform and  Consumer  Protection Act
(Dodd-Frank) was  signed into federal law on July 21, 2010.1 It was Con-
gress's response to the financial crisis of 2008,2 when the U.S. housing
market  crashed, the entire financial industry nearly collapsed, and the
economy  plunged into a recession.3 In the United States, it was widely




    1. Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124
Stat. 1381 (2010).
    2. Financial Crisis Inquiry: Hearing before the S. Comm. on Banking, Housing, & Urban
Affairs, 113th Cong. 1 (2013) (statement of Daniel K. Tarullo, Governor, Bd. of Governors of the
Federal Reserve System), http://www.federalreserve.gov/newsevents/testimony/tarullo20l30214a.htm.
    3. Elena Holodny, The 27 Scariest Moments of the Financial Crisis, BUSINESS INSIDER
(Sept. 15, 2015, 9:29 AM), http://www.businessinsider.com/fmancial-crisis-scariest-moments-2015-9.

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