AFSA Supports APRA, But Not in Current Form
This week, the American Financial Services Association (AFSA) joined other organizations in expressing concerns with the American Privacy Rights Act (APRA) as currently drafted. AFSA supports a national standard for data privacy but argues that the legislation in its present form would not best serve consumers.
The letter emphasizes the importance of including full preemption in any national privacy framework. Full preemption is deemed essential for protecting Americans' data privacy and providing an environment conducive to innovation and job creation by American businesses. Since 2018, state-level privacy laws have created a fragmented patchwork of rules and regulations.
"Resources that would normally go toward creating jobs, protecting consumers, and improving products and services are instead being spent on navigating these compliance challenges," states AFSA. According to a study by the Information Technology and Innovation Foundation, failing to pass a comprehensive and preemptive federal data privacy law will cost the economy more than $1 trillion over ten years, with $200 billion being paid by small businesses.
June 20th, 2024