,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #aiea  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #be1 #bjai ,mr4  
,w>n] 7= himself & ,mr4 ,hawley7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to promulgate      
regulations relat+ to ! disclosure (    
c]ta9 comm]cial data1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,design+ ,acc\nt+ ,safegu>ds ,to ,help
 ,broad5 ,ov]sight & ,regulations on    
,data4  #b4 ,def9itions ,9 ?is ,act3    
7#a7 ,comm]cial data op]ator ,! t]m     
comm]cial data op]ator means an entity  
act+ 9 its capacity z a consum] onl9e   
s]vices provid] or data brok] t-- 7,a7  
g5]ates a mat]ial am\nt ( rev5ue f !    
use1 collection1 process+1 sale1 or %>+ 
( ! us] data2 &  7,b7 has m ?an         
#ajj1jjj1jjj unique mon?ly visitors or  
us]s 9 ! ,unit$ ,/ates = a majority (   
mon?s dur+ ! previ\s #a-ye> p]iod4  7#b7

 ,commission ,! t]m ,commission means ! 
,securities & ,ex*ange ,commission4     
7#c7 ,issu] ,! t]m issu] has ! mean+    
giv5 ! t]m 9 section #c7;a7 ( !         
,securities & ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;c7a774  7#d7 ,us] ,! t]m 
us] means an individual consum] :o uses 
an onl9e s]vice design$ = consum] use by
 a comm]cial data op]ator4  7#e7 ,us]   
data ,! t]m us] data means any in=mation
 t id5tifies1 relates to1 describes1 is 
capable ( be+ associat$ )1 or c\ld      
reasonably be l9k$ ) an individual us]1 
:e!r directly submitt$ to ! comm]cial   
data op]ator by ! us] or d]iv$ f !      
obs]v$ activity ( ! us] by ! comm]cial  
data op]ator4  #c4 ,comm]cial data      
op]ators  7a7 ,requirem5ts  7#a7 ,9     
g5]al ,a comm]cial data op]ator %all--  
7,a7 on a r\t9e basis1 & n less         
frequ5tly ?an once e #ij days-- 7i7     
provide ea* us] ( ! comm]cial data      
op]ator ) an assessm5t ( ! economic     
value t ! comm]cial data op]ator places 
on ! data ( t us]2 &  7ii7 9 a cle> &   

conspicu\s mann]1 9 accordance )        
p>agraph 7#c71 id5tify to ea* us] ( !   
comm]cial data op]ator-- 7,i7 ! types ( 
data collect$ f us]s ( ! comm]cial data 
op]ator1 :e!r by ! comm]cial data       
op]ator or ano!r p]son pursuant to an   
agreem5t ) ! comm]cial data op]ator2 &  
7,,ii7 ! ways t ! data ( a us] ( !      
comm]cial data op]ator is us$ if ! use  
is n directly or exclusively relat$ to !
 onl9e s]vice t ! comm]cial data op]ator
 provides to ! us]2 &  7,b7 except z    
provid$ 9 p>agraph 7#b71 provide a us] (
 ! comm]cial data op]ator ) ! ability to
 delete all data1 9 ! aggregate & = an  
individual field1 t ! comm]cial data    
op]ator possesses1 or ma9ta9s control or
 access to ) respect to ! us]1 ?r\gh--  
7i7 a s+le sett+2 or  7ii7 ano!r cle> & 
conspicu\s me*anism by :i* ! us] may    
make su* a deletion4  7#b7 ,deletion    
exceptions  7,a7 ,9 g5]al ,a comm]cial  
data op]ator %all comply ) a us]        
directive to delete1 9 :ole or 9 "p1 !  
data ( ! us] except-- 7i7 9 cases :]e   

!re is a legal obligation ( ! comm]cial 
data op]ator to ma9ta9 ! data2  7ii7 = !
 e/abli%m5t1 ex]cise1 or def5se ( legal 
claims2 or  7iii7 if ! data is necess>y 
to detect security incid5ts1 protect    
aga9/ malici\s1 deceptive1 fraudul5t1 or
 illegal activity1 or assi/ 9 !         
prosecution ( ^? responsible = su*      
activity4  7,b7 ,ret5tion ,a comm]cial  
data op]ator may n reta9 any m us] data 
?an is necess>y to c>ry out an activity 
describ$ 9 clauses 7i7 ?r\gh 7iii7 (    
subp>agraph 7,a74  7#c7 ,availability ,a
 comm]cial data op]ator %all ensure t   
all disclosures requir$ "u subsection   
7a7 are available to a us] ( ! comm]cial
 data op]ator--  7,a7 on & aft] ! date  
on :i* ! comm]cial data op]ator makes ! 
id5tification2 &  7,b7 ?r\gh any normal 
me*anism by :i* a us] may int]act ) !   
onl9e s]vice provid$ by ! comm]cial data
 op]ator4  7#d7 ,unfair & deceptive acts
 or practices  7,a7 ,unfair or deceptive
 acts or practices ,a violation ( ?is   
subsection %all be treat$ z a violation 

( a rule def9+ an unfair or deceptive   
act or practice prescrib$ "u section    
#ah7;a77#a77;,b7 ( ! ,f$]al ,trade      
,commission ,act 7#ae ,u4,s4,c4         
#eg;a7a77#a77;,b774  7,b7 ,p[]s ( ,f$]al
 ,trade ,commission  7i7 ,9 g5]al ,!    
,f$]al ,trade ,commission %all en=ce ?is
 subsection 9 ! same mann]1 by ! same   
means1 & ) ! same jurisdiction1 p[]s1 & 
duties z ?\gh all applicable t]ms &     
provisions ( ! ,f$]al ,trade ,commission
 ,act 7#ae ,u4,s4,c4 #da et seq47 7     
incorporat$ into & made a "p ( ?is      
subsection4  7ii7 ,privileges &         
immunities ,any p]son :o violates ?is   
subsection %all be subject to ! p5alties
 & entitl$ to ! privileges & immunities 
provid$ 9 ! ,f$]al ,trade ,commission   
,act 7#ae ,u4,s4,c4 #da et seq474  7b7  
,regulations ,n lat] ?an #a ye> aft] !  
date ( enactm5t ( ?is ,act1 ! ,f$]al    
,trade ,commission %all promulgate      
regulations c>ry+ out subsection 7a74   
#d4 ,,sec disclosures  7a7 ,9 g5]al     
,section #ac ( ! ,securities ,ex*ange   

,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 is    
am5d$ by add+ at ! end ! foll[+3  7s7   
,disclosure relat+ to aggregate value ( 
us] data held by comm]cial data op]ators
  7#a7 ,def9itions ,9 ?is subsection3   
7,a7 ,comm]cial data op]ator ,! t]m     
comm]cial data op]ator means an entity  
act+ 9 its capacity z a consum] onl9e   
s]vices provid] or data brok] t-- 7i7   
g5]ates a mat]ial am\nt ( rev5ue        
directly f ! use1 collection1 process+1 
sale1 or %>+ ( ! us] data2 &  7ii7 has m
 ?an #ajj1jjj1jjj unique mon?ly visitors
 or us]s 9 ! ,unit$ ,/ates = a majority 
( mon?s dur+ ! previ\s #a-ye> p]iod2    
7,b7 ,us] ,! t]m us] means an individual
 consum] :o uses an onl9e s]vice design$
 = consum] use by a comm]cial data      
op]ator4  7,c7 ,us] data ,! t]m us] data
 means any in=mation t id5tifies1       
relates to1 describes1 is capable ( be+ 
associat$ )1 or c\ld reasonably be l9k$ 
) an individual us]1 :e!r directly      
submitt$ to ! comm]cial data op]ator by 
! us] or d]iv$ f ! obs]v$ activity ( !  

us] by ! comm]cial data op]ator4  7#b7  
,disclosure ,ea* issu] t is1 or is a    
consolidat$ subsidi>y (1 a comm]cial    
data op]ator & is requir$ to file an    
annual or qu>t]ly report "u subsection  
7a7 %all disclose 9 t report ! aggregate
 value1 if mat]ial1 (--  7,a7 us] data t
 ! comm]cial data op]ator holds2  7,b7  
contracts ) ?ird p>ties = ! collection (
 us] data ?r\gh ! onl9e s]vice provid$  
by ! comm]cial data op]ator2 &  7,c7 any
 o!r item t ! ,commission det]m9es1 by  
rule1 is necess>y or useful = !         
protection ( inve/ors & 9 ! public      
int]e/4  7#c7 ,valuation me?odology     
7,a7 ,9 g5]al ,! ,commission1 9         
consultation ) appropriate /&>ds sett+s 
organizations1 %all develop a me?od or  
me?ods = calculat+ ! value ( us] data   
requir$ to be disclos$ "u p>agraph 7#b74
  7,b7 ,consid]ations ,9 develop+ !     
me?od "u subp>agraph 7,a71 ! ,commission
 %all promote comp>ability 9 calculat+ !
 value ( data across comm]cial data     
op]ators t utilize us] data 9 a simil>  

mann] :ile tak+ into acc\nt ! pot5tial  
ne$ to develop di/9ct me?ods = calculat+
 ! value ( data = diff]5t uses1 sectors1
 & bus9ess models4  4  7b7 ,qualitative 
disclosure ,n lat] ?an #a ye> aft] !    
date ( enactm5t ( ?is subsection1 !     
,commission %all am5d section #bbi4cjf (
 title #ag1 ,code ( ,f$]al ,regulations1
 to require a comm]cial data op]ator t  
is an issu] subject to section #ac or   
#ae7;d7 ( ! ,securities ,ex*ange ,act ( 
#aicd 7#ae ,u4,s4,c4 #ghm1 #gho7d77 to  
provide quantitative & qualitative      
disclosures ab\t ! value ( us] data     
held1 includ+--  7#a7 te*nical & legal  
measures 9 place to protect us] data    
held by ! comm]cial data op]ator2  7#b7 
an assessm5t ( f9ancial & legal risks   
associat$ ) /or+ ! type & quantity ( us]
 data held by ! comm]cial data op]ator2 
7#c7 ea* s\rce ( us] data held by !     
comm]cial data op]ator1 :e!r by sale1 a 
direct consum] relation%ip1 an indirect 
consum] relation%ip1 or o!r means2  7#d7
 ea* discrete rev5ue g5]at+ op]ation ( !

 comm]cial data op]ator & any subsidi>y 
or affiliate t relies on us] data2  7#e7
 ! entry into any contract valu$ at m   
?an #aj1jjj1jjj ) a ?ird p>ty = !       
collection1 lic5s+1 or %>+ by ! ?ird    
p>ty pursuant to an agreem5t ) !        
comm]cial data op]ator2  7#f7 ! am\nt ( 
rev5ue d]iv$ f obta9+1 collect+1        
process+1 sell+1 us+ or %>+ us] data    
dur+ ! report+ p]iod2  7#g7 h[ *anges 9 
! measurem5t ( aggregate fair value (   
us] data affect ! report$ p]=mance & ca%
 fl[s ( ! issu]2 &  7#h7 any acquisition
 ( us] data 9 ! prec$+ report+ p]iod    
valu$ at m ?an #ajj1jjj1jjj4  7c7       
,report  7#a7 ,9 g5]al ,n lat] ?an #c   
ye>s aft] ! date ( enactm5t ( ?is ,act1 
! ,commission %all submit to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives a report on-- 7,a7 !    
nature1 tim+1 & ext5t ( ! disclosure    
practices ( comm]cial data op]ators2    
7,b7 an assessm5t ( ! valuation         

me?odologies & practices employ$ by     
comm]cial data op]ators 9 develop+ &    
submitt+ disclosures to ! public2  7,c7 
an evaluation ( ! me?ods ( deliv]y &    
pres5tation ( ! disclosures requir$ by  
?is ,act1 & ! am5dm5ts made by ?is ,act2
 &  7,d7 recomm5dations = ! improvem5t (
 ! me?ods describ$ 9 p>agraph 7#c71     
includ+ develop+ /&>ds to enhance       
comp>ability & utility = inve/ors4  7#b7
 ,rulemak+ ,n lat] ?an #ahj days aft] ! 
date on :i* ! report requir$ "u p>agraph
 7#a7 is submitt$1 ! ,commission %all   
promulgate a propos$ regulation         
implem5t+ ! recomm5dations describ$ 9   
p>agraph 7#a77;,d74