Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today issued a statement after the introduction of bipartisan federal privacy legislation in the U.S. House of Representatives by House Energy and Commerce Chair Frank Pallone (D-NJ) and ranking member Cathy McMorris Rodgers (R-WA) and in the U.S. Senate by Roger Wicker (R-MS), ranking member of the Senate Commerce Committee. The following can be attributable to TechNet SVP Carl Holshouser:

“The need to pass a federal privacy law has never been greater. The global nature of data impacts every industry across our economy and demands a federal approach. Instead, we’re seeing a growing patchwork of state laws that are confusing consumers and hurting businesses, especially small businesses. As more states pass their own privacy laws, failure by Congress to take action will cost our economy more than $1 trillion over 10 years, with more than $200 billion being paid by small businesses.

“Today’s release of a bipartisan privacy bill shows the engines are revving on this issue in a way they haven’t in a long time. While the bill still needs further improvements, it’s an indication that leaders from both parties are committed to action and willing to compromise on key issues like a private right of action and preemption. Additional negotiation is needed but we’re more hopeful than we have been in years that a bipartisan privacy bill can make its way to the President’s desk this Congress.

“We thank Senators Cantwell and Wicker and Representatives Pallone and McMorris Rodgers for their leadership on this issue and look forward to working with them to pass a federal privacy law that protects consumers no matter where they live and gives businesses certainty about their responsibilities so they can invest in creating jobs, not paying legal bills.”