'I don't get a sense of consequence,' EdmundLee said about a newly-proposed bill that would make social media companies disclose the value of user data.
The bill comes as Big Tech is facing mounting scrutiny from antitrust regulators.
Facebook CEO Mark Zuckerberg arrives to testify before a joint hearing of the US Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee on Capitol Hill, April 10, 2018 in Washington, DC.A bipartisan team of senators introduced a bill Monday to require social media companies to disclose more information about the data they collect and monetize from their consumers.
The Dashboard Act, which stands for Designing Accounting Safeguards to Help Broaden Oversight And Regulations on Data, aims to help consumers understand the price of using social media services that are free on face value. The bill seeks to require "commercial data operators" with more than 100 million monthly active users to disclose the type of data they collect from users and give them "an assessment of the value of that data," according to a press release announcing the bill. It also would require the companies to file an annual report disclosing third-party contracts involving data collection and give users the right to delete some or all of their collected data.
"For years, social media companies have told consumers that their products are free to the user. But that's not true — you are paying with your data instead of your wallet," Sen. Mark Warner, D-Va., said in the press release., one of the companies that would be impacted by the bill, already discloses a metric that gives some visibility into the value of their users' data.
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