Washington, D.C.
TechNet, the bipartisan
policy and political network of innovation economy CEOs and senior executives,
today issued the following statement on the release of the EU-U.S. Privacy
Shield text. The EU-U.S. Privacy Shield
is intended to replace the Safe Harbor framework that governs the transatlantic
flow of data.

“This is a critical
milestone in the effort to protect the transfer of data across the Atlantic,”
Linda Moore, president and CEO of TechNet.
The transatlantic flow of data
is the lynchpin of U.S.-EU trade relations, and a clear framework to protect
these transfers is vital for American and European shared interests in
promoting innovation and data protection.”

“The Department of
Commerce and the European Commission should be commended for leading the effort
to develop a framework to protect activity that drives economic growth on both
sides of the Atlantic. TechNet and our
member companies look forward to reviewing the Privacy Shield and engaging with
American and European policymakers in the months to come.”

On February 2, the U.S. Department of Commerce and the
European Commission announced that both parties reached an agreement in
principle on the EU-U.S. Privacy Shield.
The text released today builds on that outline and sets in motion a series
of steps for European ratifications.

About TechNet
TechNet is the national,
bipartisan network of CEOs and senior executives that promotes the growth of
the technology industry by building long-term relationships between technology
leaders and policymakers and by advocating a targeted policy agenda at the
federal and 50-state level. TechNet has
offices in Washington, D.C., Silicon Valley, Sacramento, Seattle, Boston, and