A recently introduced U.S. bill would require certain social media giants and large retailers to disclose the types — and value — of data they collect from users. The same should be asked of banks and insurers, writes GinaChon.
U.S. Senators Mark Warner, a Democrat, and Josh Hawley, a Republican, on June 24 introduced legislation that will require certain companies to disclose how much user data is worth.
The Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data, or Dashboard Act, calls on the Securities and Exchange Commission to require online services with over 100 million monthly active users to disclose the types of data collected and file an annual report on the aggregate value of that information.
It would also require them to reveal contracts with third parties involving data collection. The proposal would apply to social media platforms like Facebook and YouTube, as well as retailers.
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