Frustrated by privacy lapses by US companies, Democrat Senator Ron Wyden of Oregon has introduced proposed federal legislation referred to as the Mind Your Own Business Act (the Act). If enacted, this law could put serious teeth into efforts to protect consumer data.
Serious Penalties for Noncompliance
Indeed, the Act could cause certain executives to find themselves in prison for as many as twenty years if their companies are found to have lied to legal authorities about improper use of consumers’ personal information. On top of that, the Act could lead to such companies incurring special tax penalties corresponding to executives’ salaries.
If this were not enough, the Act would empower the Federal Trade Commission with the ability to fine companies for violating this law up to four percent of corporate annual revenues. For some companies, this could amount to fines in the billions of dollars. Continue reading “Oregon Senator Proposes Robust Federal Privacy Legislation”