New York Attorney General Eric Schneiderman announced yesterday that he plans to propose legislation to protect and reward employees who voluntarily report fraud in the banking, insurance, and financial services industries. The bill also would provide whistleblowers with explicit legal protection from retaliation by current or prospective employers.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...