3.0.0 2591 2023-01-11T13:31:58Z 2023-01-11T13:31:58Z Senate S 2016-02-25 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2016-02-25T18:34:39Z WARN Act of 2016 114 4619 HR 2016-03-22 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Related bill CRS 2016-02-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2016-02-25 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N Finance and Financial Sector Administrative law and regulatory procedures Administrative remedies Banking and financial institutions regulation Civil actions and liability Commodities markets Commodity Futures Trading Commission Criminal investigation, prosecution, interrogation Department of Justice Department of the Treasury Employment discrimination and employee rights Evidence and witnesses Federal Deposit Insurance Corporation (FDIC) Federal Housing Finance Agency Federal Reserve System Fraud offenses and financial crimes Government employee pay, benefits, personnel management Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2016-02-25 Introduced in Senate 2016-06-13T17:13:29Z Whistleblower Augmented Reward and Nonretaliation Act of 2016 or the WARN Act of 2016

This bill amends the Financial Institutions Anti-Fraud Enforcement Act of 1990 governing the rights of a private person (declarant) who files a declaration of a violation giving rise to a federal action for civil penalties with respect to fraud crimes involving federally insured financial institutions.

The bill revises the minimum and maximum percentage of a declarant's entitlement to share in the recovery by the United States from a judgment, order, or settlement that was based in whole or in part on the information contained in a valid declaration, and allows a 30-day window in which to appeal any award determination.

The bill prescribes specified relief in a civil action intended to protect declarants from employer reprisals including reinstatement with the same seniority status.

The Department of Justice shall require employers to provide education and training to employees regarding declarant rights and remedies.

The Federal Deposit Insurance Act is amended to extend similar protections to employees of banking agencies, together with the same minimum and maximum rewards for information leading to recoveries or civil penalties.

Both the Securities Exchange Act of 1934 and the Commodity Exchange Act are amended to: (1) remove the definition of whistleblower, and (2) prohibit the Securities and Exchange Commission and the Commodity Futures Trading Commission (Commissions) from denying eligibility for an award if the information basic to the award is submitted within 90 days after obtaining knowledge of the disclosed misconduct.

The Commissions shall presume that reports are timely and shall not reduce an award due to delay, unless disclosure was deliberately postponed either because of culpability, interference with internal investigative processes, or attempts at self-enrichment.

The prohibition against employer retaliation shall cover acts by the whistleblower in: (1) objecting to, or refusing to participate in, any activity, policy, practice which the whistleblower reasonably believed to be in violation of Commission-enforceable law, rule, order, standard, or prohibition; or (2) providing information relating to any violation within Commission jurisdiction.

Relief for an individual prevailing in an enforcement action shall include compensatory damages and up to $250,000 in punitive damages.

The bill prohibits employers from: (1) taking specified actions to impede an individual who undertakes a protected activity, or (2) engaging in any other discrimination that would chill the exercise of a protected activity.

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WARN Act of 2016 Display Title WARN Act of 2016 Official Title as Introduced A bill to strengthen incentives and protections for whistleblowers in the financial industry and related regulatory agencies, and for other purposes. Introduced in Senate IS Short Titles as Introduced WARN Act of 2016 Short Titles as Introduced Whistleblower Augmented Reward and Nonretaliation Act of 2016 Introduced in Senate 2016-02-25T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2591is/xml/BILLS-114s2591is.xml 2016-02-25 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.