Introduction to the Mind Your Own Business Act
In addition to his notable work in retirement planning and financial literacy education, Robert M. Ryerson is experienced in identifying theft and protection. Robert M. Ryerson is the author of the book, “What’s the Deal With Identity Theft”, a proponent of the data privacy act introduced to Congress by Senator Ron Wyden.
Known as the Mind Your Own Business Act, the proposed legislation will hold tech CEOs and other high-level executives personally liable for misuses of user’s private data. Alongside leveraging fines and jail terms for executives who attempt to cover up privacy breaches, the Act will also offer consumers more control over their data through the “Do Not Track” system. Under the Act, all large social media companies will be required to provide users the ability to opt-out of data tracking services.
As many tech companies argue that selling user demographic data is vital for their business models, the Act will allow firms to charge those who opt out of tracking a minimal fee. Since this may make some social media outlets an untenable expense for lower-income individuals, the Act would also introduce protocols to minimize any financial burdens on the economically-vulnerable who wish to retain their privacy.