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Sen. Marco Rubio. Photo: Olivier Douliery/Getty Images

Sen. Marco Rubio (R-Fla.) will introduce a privacy bill Wednesday tasking the Federal Trade Commission with recommending, and Congress with finalizing, national rules for companies like Google and Facebook.

Why it matters: Rubio's bill seems to steer clear of giving the FTC wide new authority, instead only letting the agency write rules itself if Congress fails to do so.

Details:

  • The American Data Dissemination Act would instruct the FTC to write recommendations to Congress for what privacy rules should look like for commercial services like Facebook, based on a 1974 law that created rules for federal agencies.
  • The agency will be required to find a way to exempt smaller companies from new rules.
  • If Congress failed to successfully pass a law within two years of the bill going into effect, the FTC would have the power to write rules in line with its own recommendations. Right now, the FTC can only enforce rules — not create its own.

Any rules that were created as a result of the bill would preempt certain state privacy regulations, according to a Rubio aide, fulfilling a major request from industry groups.

What he's saying: "It is critical that we do not create a regulatory environment that entrenches big tech corporations," Rubio said in a statement. "Congress must act, but it is even more important that Congress act responsibly to create a transparent, digital environment that maximizes consumer welfare over corporate welfare."

Yes, but: Congressional Democrats have indicated that they will only agree to preempt state laws — like new rules going into effect in California in 2020 — in exchange for national rules with teeth. Without full FTC rule-making authority, Rubio's proposal may not fit that bill for some privacy-minded Democrats.

  • The bill is launching without any cosponsors, the Rubio aide said.

What's next: More privacy proposals from Rubio's colleagues, including one from a bipartisan group of senators that includes the chairman of the powerful Commerce Committee.

Go deeper

1 hour ago - World

Netanyahu and Israel reluctantly adjust to a post-Trump Washington

Netanyahu (R) and Biden in 2010. Photo: Avi Ohayon/GPO via Getty

Prime Minister Benjamin Netanyahu and his close aides are very nervous about the transition to a new U.S. administration after a four-year honeymoon with Donald Trump. One Israeli official told me it felt like going through detox.

What he's saying: Netanyahu congratulated Biden minutes after he was sworn in, saying in a statement that he looked forward to working together to "continue expanding peace between Israel and the Arab world and to confront common challenges, chief among them the threat posed by Iran."

Updated 2 hours ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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Dion Rabouin, author of Markets
3 hours ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.