US Senators Want Social Media Firms To Tell Users How Much Their Data Is Worth

An anonymous reader shares a report from CNBC: 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.

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