It’s National Small Business Week! Small businesses are the powerhouse of the U.S. economy and lead America’s innovation and ingenuity. In fact, small businesses are responsible for 70% of America’s employment. To win the future and lead the global economy, we must advance policies that help America’s small businesses succeed. One way he accomplishes this is through the use of bipartisan national data privacy and security standards. American Privacy Rights Act.
Currently, growing small businesses and startups are forced to navigate a patchwork of state data privacy laws. 16 Each state has privacy laws that regulate the commercial collection and use of people’s data. Ensuring compliance with multiple state laws can be costly and time-consuming, forcing companies to divert valuable resources that could be used to improve and grow their businesses. the Estimation Without national data privacy standards, small and medium-sized businesses in the United States could pay more than $20 billion to $23 billion a year to comply with a patchwork of state laws.
Startups and small businesses can’t afford to comply with 50 different versions of the rules. That’s why we American Privacy Rights Act Creating clear and consistent data privacy standards across all 50 states. Our bipartisan bill would give Americans more control over where their personal information goes and who can sell it, while ensuring small businesses and entrepreneurs can continue to thrive and innovate in America. By doing so, we strike the right balance.
137 of the world’s 194 countries have national privacy laws. The US isn’t like that. If we wait any longer, we will see a greater patchwork of state laws that harm American companies, prevent them from doing business and innovate in the United States, and limit America’s ability to influence global standards that benefit the United States. It will be a loss. of American Privacy Rights Act Ensure one clear rule for businesses to operate.So companies will have the same standards in California as they do in Washington and Virginia.
To further support small businesses and entrepreneurs, American Privacy Rights Act Businesses that do not sell customer data for commercial purposes, have annual revenues of $40 million or less, and do not collect, process, retain, or transfer the data of 200,000 or fewer customers would be exempt from the bill’s requirements. Exempted. of American Privacy Rights Act is focused on the data business, not the main street business.
It is past time for the United States to institute uniform, comprehensive data privacy standards that enable small businesses to grow and thrive. Congress has been searching for a solution to this problem for decades, and now, through collaboration with Congress, a solution has been found. American Privacy Rights Act.
