Katz, Marshall & Banks partner Michael Filoromo spoke at an American Bar Association Section of Labor and Employment Law Midwinter Meeting on the future of the SEC Whistleblower Program and Sarbanes-Oxley Act (SOX) whistleblower protections under the new Biden administration.
During the prior administration, funding and staffing of the Occupational Safety and Health Administration (OSHA) declined. A lack of OSHA investigators has led to a backlog of charges filed by employees under SOX and other OSHA-administered whistleblower retaliation statutes. Mr. Filoromo noted that the new administration is likely to make OSHA enforcement, and hopefully staffing, a priority.
Mr. Filoromo also noted that President Biden will have an opportunity to appoint new members to the Administrative Review Board (ARB) of the Department of Labor (DOL), which hears appeals of administrative cases involving SOX and other whistleblower laws.
Finally, Mr. Filoromo detailed the ongoing success of the SEC Whistleblower Program, which during the latter portion of the last administration issued a record number of awards, along with the largest award to date of $114 million. Those trends will likely continue in the Biden administration.
Read the meeting’s agenda here.