End the Patchwork on Privacy
The American Financial Services Association supports efforts for passage of a bipartisan federal data privacy law, via United for Privacy, a coalition of almost 30 trade groups that supports federal privacy legislation. Clarity is needed from Washington as the rapidly growing landscape of state-level privacy laws creates a fragmented patchwork of rules and regulations that confuse consumers, stifle innovation, and increase red tape for America’s businesses.
According to a study by the Information Technology & Innovation Foundation (ITIF), failing to pass a federal data privacy law will cost our economy more than $1 trillion over ten years, with $200 billion being paid by small businesses. You can read more about how the patchwork of state privacy laws is having a chilling effect on our economy, here.
For a deeper dive on why a federal privacy law is needed, join our coalition, United for Privacy and TechNet, Wednesday , July 12 for an event on Capitol Hill featuring Congresswoman Suzan DelBene (D-WA) and leaders from various organizations, including AFSA.
July 11th, 2023
