SEC Whistleblower Reform Act of 2025
Sponsored By: Senator Sen. Grassley, Chuck [R-IA]
Introduced
Summary
Broadened internal and post-employment whistleblower protections. This bill would expand who counts as a securities whistleblower, allow more internal and post-employment reports, and add jury-trial rights in whistleblower suits.
Show full summary
- Workers and joint reporters: Would redefine "whistleblower" to cover any individual or two or more people acting together who reasonably believe they are reporting a violation. It would explicitly allow post-employment disclosures and permit oral reports if those reports are documented.
- Employers and covered entities: Would protect reports made to a supervisor with authority at the employer or to another employee whom the reporter reasonably believes can investigate or address misconduct when the employer is under the jurisdiction of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), a Municipal Securities Rulemaking Board (MSRB), or a self-regulatory organization (SRO).
- Legal process and scope: Would authorize jury trials for actions under the whistleblower provision and extend the changes to pending and future claims.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Broader whistleblower protections for workers
If enacted, the bill would let more people qualify as SEC whistleblowers for certain claims. Two or more people could act together and qualify. You could report wrongdoing after you leave your job. You could report to a supervisor or other employee who can investigate, but only when your employer is subject to securities oversight. Oral reports would count if someone documents them. The bill would also make workplace clauses that force arbitration of Section 21F claims invalid for cases filed or pending when the law takes effect.
Faster award decisions, SEC rulemaking, jury rights
If enacted, the bill would require the SEC to make an initial decision on new whistleblower award claims within one year of the filing deadline or one year after related court cases end. The SEC Director could extend that deadline up to 180 days for complex or multi‑party claims, and further extensions would need full Commission approval. The SEC would have explicit rulemaking authority to carry out these changes. The bill would also give a right to jury trial in actions under subsection (h)(1).
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Sponsors & CoSponsors
Sponsor
Sen. Grassley, Chuck [R-IA]
IA • R
Cosponsors
Sen. Warren, Elizabeth [D-MA]
MA • D
Sponsored 3/26/2025
Sen. Collins, Susan M. [R-ME]
ME • R
Sponsored 3/26/2025
Raphael Warnock
GA • D
Sponsored 3/26/2025
Sen. Cortez Masto, Catherine [D-NV]
NV • D
Sponsored 3/26/2025
Roll Call Votes
No roll call votes available for this bill.
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