The U.S. Securities and Exchange Commission on Thursday proposed giving the agency’s top officials broader authority to set whistleblower awards, including added power to cut the largest bounties and boost those deemed too low.

SEC Chairman Jay Clayton said the formula used to determine awards has proved “too rigid.” Under the SEC’s whistleblower program, which was created by the Dodd-Frank financial reforms, tipsters can receive between 10 percent and 30 percent of monetary sanctions from the agency’s enforcement actions.

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