Your data gets a price tag—and companies must disclose it
H.R. 4402 — DASHBOARD Act of 2025 · Filed by Bill Foster (D-IL) · Introduced Jul 15, 2025 · Referred to committee
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What it does
This bill requires large online platforms and data brokers (those with over 100 million U.S. users and significant revenue from data) to disclose to users what their personal data is worth, what data is collected, and how it's used — and to let users delete their data. It also requires these companies to report the aggregate value of user data they hold to the SEC if they are publicly traded, so investors know what data assets are worth.
Why we flagged it
The bill's core mechanism is a dual-track disclosure regime: consumer-facing (data value, types, uses, deletion rights) and investor-facing (SEC reporting of aggregate data asset value). It is fundamentally a transparency and consumer-protection measure, not a carve-out or subsidy.
What the text implies
- The SEC must develop a standardized methodology for valuing user data across companies, which may create a new asset class on corporate balance sheets and affect how data-driven companies are valued and compared by investors.
- The FTC enforcement mechanism (treating violations as unfair/deceptive practices under FTC Act) may result in civil penalties and injunctions, but the bill does not create a private right of action for consumers — enforcement is agency-only.
The full analysis lists 5 implications of this text.
Who stands to gain
data privacy and compliance software vendors; cybersecurity firms (data protection measures disclosure requirement); legal and consulting firms advising on SEC compliance