CEOs Ask Congress To Pass Data Privacy Law

data privacy

To enable continued innovation and growth in the digital economy, the Business Roundtable is asking Congress to pass a comprehensive consumer data privacy law that establishes a national privacy framework and strengthens protections for consumers. The organization is comprised of top chief executive officers (CEOs) of U.S. companies.

A letter on Business Roundtable letterhead signed by 51 U.S. CEOs read, “There is now widespread agreement among companies across all sectors of the economy, policymakers and consumer groups about the need for a comprehensive federal consumer data privacy law that provides strong, consistent protections for American consumers. A federal consumer privacy law should also ensure that American companies continue to lead a globally competitive market.”

Shared Assessments Vice President and CISO Tom Garrubba said in an email, “I believe fines need to be descriptive and published — similar to Europe’s General Data Protection Regulation (GDPR). Organizations need to know what the direct outcome (i.e., fines) would be for non-compliance. This would help the management of U.S.-based organizations get a better picture of the risks involved in non-compliance.”

And KnowBe4 Data Privacy Director Lecio DePaula Jr. said in an email about such legislation, “Creating a national privacy law can provide many benefits for U.S. consumers, especially since organizations will only have to follow one standard. However, if a law such as this were to be created, it is necessary to look at it from all angles to provide consumers the protections granted to them by the constitution and their undeniable right to self determination.”

The news comes after reports surfaced in June that efforts from lawmakers in the U.S. to come up with a national privacy law had hit a wall. Senators were reportedly unable to agree on how strict the rule should be. According to a report at the time, which cited people briefed on the talks, senators who are creating legislation that may be the equivalent to Europe’s GDPR were having difficulty agreeing on the bill’s key items.



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.