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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4402 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 4402
To require the Securities and Exchange Commission to promulgate
regulations relating to the disclosure of certain commercial data, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 15, 2025
Mr. Foster introduced the following bill; which was referred to the
Committee on Energy and Commerce, and in addition to the Committee on
Financial Services, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To require the Securities and Exchange Commission to promulgate
regulations relating to the disclosure of certain commercial data, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Designing Accounting Safeguards to
Help Broaden Oversight And Regulations on Data Act of 2025'' or the
``DASHBOARD Act of 2025''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Commission.--The term ``Commission'' means the
Securities and Exchange Commission.
(2) Issuer.--The term ``issuer'' has the meaning given the
term in section 3(a) of the Securities and Exchange Act of 1934
(15 U.S.C. 78c(a)).
(3) Other definitions.--The terms ``commercial data
operator'', ``user'', and ``user data'' have the meaning given
those terms, respectively, under section 13(s)(1) of the
Securities Exchange Act of 1934.
SEC. 3. COMMERCIAL DATA OPERATORS.
(a) Requirements.--
(1) In general.--A commercial data operator shall--
(A) on a routine basis, and not less frequently
than once every 90 days--
(i) provide each user of the commercial
data operator with an assessment of the
economic value that the commercial data
operator places on the data of that user; and
(ii) in a clear and conspicuous manner, in
accordance with paragraph (3), identify to each
user of the commercial data operator--
(I) the types of data collected
from users of the commercial data
operator, whether by the commercial
data operator or another person
pursuant to an agreement with the
commercial data operator; and
(II) the ways that the data of a
user of the commercial data operator
are used if the use is not directly or
exclusively related to the online
service that the commercial data
operator provides to the user; and
(B) except as provided in paragraph (2), provide a
user of the commercial data operator with the ability
to delete all data, in the aggregate and for an
individual field, that the commercial data operator
possesses, or maintains control or access to with
respect to the user, through--
(i) a single setting; or
(ii) another clear and conspicuous
mechanism by which the user may make such a
deletion.
(2) Deletion exceptions.--
(A) In general.--A commercial data operator shall
comply with a user directive to delete, in whole or in
part, the data of the user except--
(i) in cases where there is a legal
obligation of the commercial data operator to
maintain the data;
(ii) for the establishment, exercise, or
defense of legal claims; or
(iii) if the data is necessary to detect
security incidents, protect against malicious,
deceptive, fraudulent, or illegal activity, or
assist in the prosecution of those responsible
for such activity.
(B) Retention.--A commercial data operator may not
retain any more user data than is necessary to carry
out an activity described in clauses (i) through (iii)
of subparagraph (A).
(3) Availability.--A commercial data operator shall ensure
that all disclosures required under paragraph (1) are available
to a user of the commercial data operator--
(A) on and after the date on which the commercial
data operator makes the identification; and
(B) through any normal mechanism by which a user
may interact with the online service provided by the
commercial data operator.
(4) Unfair and deceptive acts or practices.--
(A) Unfair or deceptive acts or practices.--A
violation of this subsection shall be treated as a
violation of a rule defining an unfair or deceptive act
or practice prescribed under section 18(a)(1)(B) of the
Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)).
(B) Powers of federal trade commission.--
(i) In general.--The Federal Trade
Commission shall enforce this subsection in the
same manner, by the same means, and with the
same jurisdiction, powers, and duties as though
all applicable terms and provisions of the
Federal Trade Commission Act (15 U.S.C. 41 et
seq.) were incorporated into and made a part of
this subsection.
(ii) Privileges and immunities.--Any person
who violates this subsection shall be subject
to the penalties and entitled to the privileges
and immunities provided in the Federal Trade
Commission Act (15 U.S.C. 41 et seq.).
(b) Regulations.--Not later than 1 year after the date of enactment
of this Act, the Federal Trade Commission shall promulgate regulations
carrying out subsection (a).
SEC. 4. SEC DISCLOSURES.
(a) In General.--Section 13 of the Securities Exchange Act of 1934
(15 U.S.C. 78m) is amended by adding at the end the following:
``(s) Disclosure Relating To Aggregate Value of User Data Held by
Commercial Data Operators.--
``(1) Definitions.--In this subsection:
``(A) Commercial data operator.--The term
`commercial data operator' means an entity acting in
its capacity as a consumer online services provider or
data broker that--
``(i) generates a material amount of
revenue directly from the use, collection,
processing, sale, or sharing of the user data;
and
``(ii) has more than 100,000,000 unique
monthly visitors or users in the United States
for a majority of months during the previous 1-
year period.
``(B) User.--The term `user' means an individual
consumer who uses an online service designed for
consumer use by a commercial data operator.
``(C) User data.--The term `user data' means any
information that identifies, relates to, describes, is
capable of being associated with, or could reasonably
be linked with an individual user, whether directly
submitted to the commercial data operator by the user
or derived from the observed activity of the user by
the commercial data operator.
``(2) Disclosure.--Each issuer that is, or is a
consolidated subsidiary of, a commercial data operator and is
required to file an annual or quarterly report under subsection
(a) shall disclose in that report the aggregate value, if
material, of--
``(A) user data that the commercial data operator
holds;
``(B) contracts with third parties for the
collection of user data through the online service
provided by the commercial data operator; and
``(C) any other item that the Commission
determines, by rule, is necessary or useful for the
protection of investors and in the public interest.
``(3) Valuation methodology.--
``(A) In general.--The Commission, in consultation
with appropriate standards setting organizations, shall
develop a method or methods for calculating the value
of user data required to be disclosed under paragraph
(2).
``(B) Considerations.--In developing the method
under subparagraph (A), the Commission shall promote
comparability in calculating the value of data across
commercial data operators that utilize user data in a
similar manner while taking into account the potential
need to develop distinct methods for calculating the
value of data for different uses, sectors, and business
models.''.
(b) Qualitative Disclosure.--Not later than 1 year after the date
of enactment of this subsection, the Commission shall amend section
229.306 of title 17, Code of Federal Regulations, to require a
commercial data operator that is an issuer subject to section 13 or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)) to
provide quantitative and qualitative disclosures about the value of
user data held, including--
(1) technical and legal measures in place to protect user
data held by the commercial data operator;
(2) an assessment of financial and legal risks associated
with storing the type and quantity of user data held by the
commercial data operator;
(3) each source of user data held by the commercial data
operator, whether by sale, a direct consumer relationship, an
indirect consumer relationship, or other means;
(4) each discrete revenue generating operation of the
commercial data operator and any subsidiary or affiliate that
relies on user data;
(5) the entry into any contract valued at more than
$10,000,000 with a third party for the collection, licensing,
or sharing by the third party pursuant to an agreement with the
commercial data operator;
(6) the amount of revenue derived from obtaining,
collecting, processing, selling, using or sharing user data
during the reporting period;
(7) how changes in the measurement of aggregate fair value
of user data affect the reported performance and cash flows of
the issuer; and
(8) any acquisition of user data in the preceding reporting
period valued at more than $100,000,000.
(c) Report.--
(1) In general.--Not later than 3 years after the date of
enactment of this Act, the Commission shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives a report on--
(A) the nature, timing, and extent of the
disclosure practices of commercial data operators;
(B) an assessment of the valuation methodologies
and practices employed by commercial data operators in
developing and submitting disclosures to the public;
(C) an evaluation of the methods of delivery and
presentation of the disclosures required by this Act,
and the amendments made by this Act; and
(D) recommendations for the improvement of the
methods described in subparagraph (C), including
developing standards to enhance comparability and
utility for investors.
(2) Rulemaking.--Not later than 180 days after the date on
which the report required under paragraph (1) is submitted, the
Commission shall promulgate a proposed regulation implementing
the recommendations described in paragraph (1)(D).
<all>
Introduced in House
Introduced in House
Referred to the Committee on Energy and Commerce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Energy and Commerce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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