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.
