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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.
"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 - Data - Data - Senator
“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.
Data - Asset - Age - Axios - Users
Our personal data is "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.”
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The bill would require companies that generate material revenue from data collection or processing — and have more than 100 million monthly users — to disclose to users the types of data collected, how it is used, and to provide an assessment of the value...
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