Oregon Senator Ron Wyden has introduced the Consumer Data Protection Act that “would dramatically beef up Federal Trade Commission authority and funding to crack down on privacy violations, let consumers opt out of having their sensitive personal data collected and sold, and impose harsh new penalties on a massive data monetization industry that has for years claims that self-regulation is all that’s necessary to protect consumer privacy,” reports Motherboard.
“Today’s economy is a giant vacuum for your personal information—everything you read, everywhere you go, everything you buy and everyone you talk to is sucked up in a corporation’s database,” Wyden said in a statement. “But individual Americans know far too little about how their data is collected, how it’s used and how it’s shared.”
From the report:
“Wyden’s bill proposes that companies whose revenue exceeds $1 billion per year — or warehouse data on more than 50 million consumers or consumer devices — submit ‘annual data protection reports’ to the government detailing all steps taken to protect the security and privacy of consumers’ personal information. The proposed legislation would also levy penalties up to 20 years in prison and $5 million in fines for executives who knowingly mislead the FTC in these reports. The FTC’s authority over such matters is currently limited — one of the reasons telecom giants have been eager to move oversight of their industry from the Federal Communications Commission to the FTC.”
Details may be found in at http://bit.ly/2Jx18aR.
The proposed bill may be found at https://assets.documentcloud.org/documents/5026543/Wyden-Privacy-Bill.pdf.