New bill threatens jail time for companies that misuse consumer data

Source: Brian Fung, CNN

The Mind Your Own Business Act, threatens to put top executives behind bars for up to 20 years if their companies are caught lying to authorities about having misused Americans' personal information.

The legislation by Oregon Democratic Sen. Ron Wyden also gives the Federal Trade Commission — the nation's top privacy watchdog — broad new powers to fine companies for violating the proposed law — up to 4% of annual revenues.

It would require companies to provide a "one-click" solution to consumers to opt out of the tracking, sharing or selling of their personal information, particularly for targeted ads.

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