A Democratic senator on Thursday released a draft bill thatwould impose steep fines and even prison time for executives atcorporations that fail to adequately safeguard Americans' personaldata.
|Under the bill, proposed by Oregon Senator Ron Wyden, theFederal Trade Commission (FTC) would be allowed to assess fines ofas much as 4 percent of a company's annual revenue and imposesentences of as long as 20 years on corporate officers if companiesare found to have violated privacy regulations.
|The bill also gives the FTC the power to let customers stopcompanies from sharing or selling their data or targetingadvertisements based on personal information. The commission couldalso establish minimum privacy and cybersecurity standards.
See also:
Some of the nation's largest technology companies and industrygroups have said they favor federal consumer privacy regulations inthe face of growing pressure from lawmakers, privacy advocates, andPresident Donald Trump's administration, who say more regulationmay be needed to safeguard the personal information ofconsumers.
|Still, Wyden's bill is an extreme departure from the principlesproposed by industry groups and even some privacy advocates who'vecalled for stricter privacy safeguards. The path for anylegislation would also depend on the partisan composition ofCongress after midterm elections.
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From: Bloomberg
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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