Today, Senators Mark Warner (D-Va.) and Josh Hawley (R-Mo.) will introduce legislation called the DASHBOARD act, or Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data Act (via Axios).
DASHBOARD would require companies that make money from data collection or processing to disclose to users how much their data is worth every 90 days. Users would also be notified on how their data is used, and what type of data is collection.
Additionally, these companies would have to annually disclose to the Securities and Exchange Commission (SEC) the value of all of their user data in aggregate. This report has to include details of data collection contracts with third parties, how user data generates revenue, and how the companies take steps to protect user data. Companies would also have to give users a setting or tool to delete all or part of their data.
Senator Warner said that as long as tech companies are “receptive” to bills like this, he isn’t sure that breaking up the companies is necessary, like other political candidates are calling for.
If they’re not willing to work with us on this kind of, I think, rational, focused reform, then I may very quickly join the crowd that simply says, ‘you know, let’s break them up’. And I say that as somebody who was a technology entrepreneur longer than I’ve been a senator.