EXECUTIVE SUMMARY:
Data privacy regulations are coming to California on January 1st of 2020. Can we expect to see similar legislation across the US as a whole sometime soon?
Believe it or not, America’s major tech players are asking congress for a federal privacy bill.
Tech giants desperately want to avoid catering to 52 different sets of state-mandated privacy regulations. This would not only create difficulties from an execution standpoint, but would also engender confusion among consumers, who may regularly move between states, and consequently have trouble adjusting and readjusting their expectations.
The open letter sent to congress asserts that, “Now is the time for Congress to act and ensure that consumers are not faced with confusion about their rights and protections based on a patchwork of inconsistent state laws.”
The letter implores, “… as the regulatory landscape becomes increasingly fragmented and more complex, U.S. innovation and global competitiveness in the digital economy are threatened.” Companies would strongly prefer to apply their financial and human resources towards growth, rather than diverting them to keep up with privacy regulations.
The letter received support from 51 CEOs across the nation. The Business Roundtable group, which many of the 51 CEOs participate in, has already drafted a data privacy framework to help congress accelerate the process of gathering facts, composing and approving a bill.
The goal of new legislation is two-fold; to keep businesses on track, and to enhance experiences for the end consumer.
To read the full letter submitted to congress, visit CNBC.com.
