Gary Gensler, the chairman of the Securities and Exchange Commission, has directed the agency’s staff to consider ways of strengthening its whistleblower program, such as reducing the processing time for award determinations, he told fellow regulators Friday.

To date, the SEC has paid out more than $900 million to nearly 180 people who have come forward to report misconduct. The program was created in 2010.

“I have asked staff to examine whether and how the program could be further strengthened to ensure that misconduct within the remit of the SEC is identified, addressed, and stopped,” Gensler said at an event marking National Whistleblower Day on Friday.

“We must ensure that whistleblowers are empowered to come forward when they see misbehavior, that they are appropriately compensated according to the framework established by Congress and that those who report wrongdoing are protected from retaliation,” he added.

Gensler said he also asked his staff to look for opportunities “to continue to reduce processing times” in giving awards to those who brought misconduct to the attention of regulators.

“Each week, when I see the commission’s enforcement actions, I am reminded how the whistleblower program helps us to be better cops on the beat, execute our mission and protect investors from misconduct,” he added.

As former chairman of the Commodity Futures Trading Commission, Gensler said that he worked to set up that agency’s whistleblower office.

“Investors in capital markets have benefited from the critical information provided by whistleblowers,” the nation’s top stock market cop said. “I believe deeply in whistleblower programs and look forward to building on the work of past chairs to ensure the continued strength of the SEC’s program.”

Both the SEC and CFTC were directed by the Dodd-Frank Act to create whistleblower programs after the 2008-2009 financial meltdown.

The SEC’s program set a record in 2020 when it awarded nearly $50 million to a former banking insider—the largest agency award made to an individual so far.

The Wall Street Journal identified the recipient as Grant Wilson, a former trader at Bank of New York Mellon. He provided detailed information to the SEC alleging the bank regularly overcharged major institutional clients in foreign currency transactions. The information led to BNY Mellon settling charges with the SEC for $163 million and with New York state for $714 million.

Another recipient, Ted Seidle, who received part of a nearly $50 million joint SEC award in 2018, publicly identified himself. Seidle is a former SEC lawyer who became a forensic investigator, and said he received his award for providing information that led to JPMorgan Chase paying the government $267 million in 2015 to settle conflict-of-interest charges.

Siedle also obtained the largest CFTC whistleblower award so far, $30 million, for his share of monetary sanctions the commission collected in the JPMorgan Chase settlement.

State securities regulators are also working to enhance their state whistleblower programs, they said at the Friday event. So far, only three states have such programs: Utah, Indiana and Montana.

The North American Securities Administrators Association approved its Model Whistleblower Award and Protection Act last August. The model law gives a state’s securities regulator the authority to make awards of up to 30% of the monetary sanctions collected in administrative or judicial actions.

The model act also protects the confidentiality of those who come forward, prohibits retaliation by an employer against an employee who reports the misconduct, creates a cause of action, and provides relief for whistleblowers retaliated against by their employer.

“NASAA members recognize the value of whistleblower complaints,” said Lisa A. Hopkins, the association’s president, in a statement.

Hopkins, who is also the senior deputy securities commissioner and general counsel with the West Virginia auditor’s office, added, “Our intent with the model whistleblower act has been to provide a safe environment for individuals to come forward to report potential conduct to state securities regulators.”