Feb. 19, 2022
SEC Whistleblower Program Proposed Rule Update S7-07-22 Public Comment Submission By Jean-Paul Tres 2/19/22 In order to strengthen enforcement of the sanctions programs offered by the Office of Foreign Asset Control under the Department of Treasury, it is important that a possibly justified whistleblower can have peace of mind that their concerns are being addressed and that they need not fear for their safety given information they have shared with federal officials in the past. Currently, there is no mechanism that enables this at any level other than local law enforcement who, as finely as they serve, tend to come up short a bit on matters of geopolitical tensions and jurisdiction. Federal and state authorities can, similarly, be of little use depending on, in worst case scenarios like we may have seen recently in this country, who is in power. Potential claimants often, one might assume, lack the proper economic resources to contract private security personnel in furtherance of the safety and well-being of themselves and their loved ones. This would seem to be a glaring miss or omission in terms of due process in our federal justice system that such a prospect might even be necessary. As we saw under President Trump, sanctions against Gazprom resulting from the 2014 invasion of Crimea may not have been enforced properly. Taking this as a recent example, a claimant would have no awareness as to whether this matter was being properly investigated and justice was being upheld. In fact, such a claimant may fear retaliation in the form of, say, novichok or jail cell hanging, taking just a couple recent and sensational examples. As the process stands currently, a claimant may submit a whistleblower complaint to the SEC and/or reach out to the Office of Inspector General in the Office of Foreign Asset Control regarding any potentially valid concerns they may have. While simultaneously avoiding any potential moral hazards of those providing information to also manipulate corresponding securities in a way that benefits them, we must also balance the need for personal safety and peace of mind in a fair and speedy manner. This is aided in part by the recent lift of binding arbitration clauses and voiding NDA clauses applied to workplace harassment although there is still much more work left to do. A whistleblower should just as easily be an eager market participant who is barred from entry due to high and possibly criminally unjust barriers. There should be a great deal more of these types of initiatives to gain public understanding and sentiment to best be able to cater to their needs and ultimately provide liquidity and capital to grow the larger economy in a manner fitting of the greatest, most just economy and country in the world. Individual acknowledgement and case management of claimants in a mutually informed manner as appropriate is a necessity to be able to operate fair markets and uphold our core foundational values. These could be prioritized by degree of authority and/or experience in a given subject matter. Perhaps even a level of demonstrated passion or genuine care for the public interest in the matter. We should not have to rely on elected officials traveling to foreign conferences to discuss additional sanctions and repercussions when the last set may not have been enforced properly due to, shall we say, technical difficulties. They should not fall off the face of the Earth, either. Should a claimant file a FOIA request, the OFAC OIG should not be subject to privacy as a typical citizen with respect to the execution of duties they were presumably sworn to uphold and that the American taxpayer expects of them. The final FOIA response in seeking confirmation around whether a matter was looked into should be more than simply the email chain they already had. They should not have to hear about elected officials taking classified documents with them after they leave office or destroying them. The public should be able to rely on existing government agencies and law enforcement/justice resources to execute their responsibilities in a prompt, fair, and judicious manner. There should be failsafes at all levels to best avert any chance of partisan or political tampering in the rule of law in this country. Having open avenues and opportunities like this to discuss potential lapses of enforcement in matters like this are critical and must always at least count on the nation’s last line of defense, the People. And the People deserve what our ancestors and patriots sacrificed themselves for. Liberty and justice for all. Truth, justice, the American way, etc. Simplicity is key. Short and sweet proposed rule changes and due process regardless of social or economic class for possible lapses. This is a much more superior approach than saber rattling and providing arms to neighboring countries in order to provoke another proxy war with a supposed adversary. I apologize for any confusion my last public comment to the SEC may have caused. ****** (Aside, confidentially and intended for nonpublic audiences only: Gang, gang!) Thanks, Gary! Expect some coffee donations. In Romania, we call it "spaga". Translates to, what else, bribery. Cheers, JP