H.R. 2205 would establish a new law to require businesses to take reasonable steps to protect personal information they maintain in electronic form. Further, H.R. 2205 would require those entities, in the event of a breach in their security systems, to notify individuals whose personal information has been accessed and acquired as a result of the breach. Forty-seven states have laws that govern data security; H.R. 2205 would pre-empt many of those statutes. Finally, H.R. 2205 would require the Federal Trade Commission (FTC) and many of the financial regulatory agencies to enforce the requirements of the bill.
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