Senators Introduce Bill to Force Big Tech to Disclose Value of Users’ Data By Ilona Schumicky for CNS News
GNN Note – Social media, where YOU are the product.
Sens. Mark Warner (D-Va.) and Josh Hawley (R-Mo.) introduced legislation today to require Facebook, Google, Amazon and other big platforms to disclose the value of their users’ data. The senators believe the legislation will help consumers to make more informed choices when they sign up for these platforms.
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“These companies take enormous, enormous amounts of data about us,” said Sen. Warner in an interview with Axios. “If you’re an avid Facebook user, chances are Facebook knows more about you than the U.S. government knows about you.”
“People don’t realize one, how much data is being collected; and two, they don’t realize how much that data is worth,” said the senator.
The bill is entitled, Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data Act, or DASHBOARD.
Our personal data is “arguably our most valuable asset in the digital age,” explained Axios, “but internet users don’t have any way of knowing how much their data is actually worth.”
Sen. Hawley said on Twitter, “Big Tech is taking your personal data without asking you. They should have to tell you how much it’s worth.”
The legislation proposed would also require companies to disclose the ways consumers’ data are being used. The bill would help consumers to understand what they are giving up with an “I agree” click. As the legislation states,