Sponsor
Bill Foster
Representative · D-IL
Representative · D-IL
The bill increases consumer-facing transparency, control, and standardized disclosures about the value and use of personal data while imposing new regulatory and compliance costs that could raise prices, burden smaller firms, and risk revealing competitive information.
All users (consumers) would receive recurring, standardized disclosures about how firms value and use their personal data and see clear lists of what data are collected and how it is used, improving transparency and helping people make informed privacy decisions.
All users would be able to delete all or field-level personal data via a single setting, giving individuals clearer, stronger control over their digital footprints.
Federal agencies would be required to set standardized rules: the SEC must develop standardized valuation methods and reporting for data-related value, improving comparability for investors and market participants and producing clearer disclosures about data-driven revenue.
Consumers (especially low- and middle-income households) may face higher prices, new paid tiers, reduced free services, or less personalization as companies pass compliance costs on or scale back data-driven features.
Small businesses and smaller tech firms may face disproportionate compliance burdens from tight rulemaking deadlines and disclosure/threshold rules, potentially forcing market exits, restructuring to avoid thresholds, or reducing competition and jobs.
Deletion and disclosure exceptions for security, fraud detection, or legal purposes could be interpreted broadly, allowing firms to retain data despite deletion requests and weakening promised privacy protections.
Based on analysis of 4 sections of legislative text.
Requires 90‑day user disclosures, user deletion controls, FTC rulemaking, and SEC reporting of aggregate user‑data valuation and related contracts/risks by issuers that are data operators.
Official title: To require the Securities and Exchange Commission to promulgate regulations relating to the disclosure of certain commercial data, and for other purposes.
Introduced July 15, 2025 by Bill Foster · Last progress July 15, 2025
Requires large commercial data operators and issuers that operate as data businesses to give users regular disclosures about what data is collected, how that data is used, and how the operator values a user’s data; to provide an easy way for users to delete their data (with narrow legal/security exceptions); and to follow new FTC rules. It also forces public companies that are commercial data operators to disclose aggregate user‑data valuation and related contracts and risks to the SEC, which must adopt valuation guidance and updated disclosure rules within set deadlines.