SEC Whistleblower Mission Plagued by Secrecy, Commissioners Say

The SEC’s five commissioners have the power to regulate financial systems, protect investors and make rules impacting more than $100 trillion in securities trades each year.

They don’t, however, have the power to tell taxpayers or Congress why awards topping $100 million sometimes go to whistleblowers the commissioners feel shouldn’t get paid. They can’t detail their objections publicly or provide any facts not included in sparse, heavily redacted releases announcing the awards.

“We want to put the public in the position where they can ask these questions, where they can understand ...