Building on the committee’s February request for feedback on data-privacy standards, the Senate Banking hearing today showcased an emerging bipartisan consensus on the need for new standards. Chairman Crapo (R-ID) and Sens. Kennedy (R-LA), Reed (D-RI) and Jones (D-AL) all described consumers as owners of their data with rights over its collection and use. Ranking Member Brown (D-OH) said that the committee plans to work in a bipartisan way, emphasizing the need for rules outlining what data may be collected and how long it may then be held. Despite agreement on many principles, Chairman Crapo said that the committee is looking to update laws in its jurisdiction while Ranking Member Brown pushed for engagement with other committees to establish rules across the “data ecosystem.” As noted earlier today, Sen. Warren (D-MA) and other Democrats are also pressing for a significant increase in enforcement standards for credit bureaus. As previously noted, HFSC Chairwoman Waters (D-CA) is also working on sweeping legislation in this area.
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