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Illustration: Sarah Grillo/Axios

Consumer data has long been the core asset of the internet economy, but consumers have never been able to put a tangible price on the data they share.

Scoop: Sen. Mark Warner (D-Va.) is drafting a bill that would require web platforms of a certain size, including Facebook and Google, to regularly tell users the value of their data, according to a person with direct knowledge of the proposal.

  • Platforms would have to tell users what data had been gathered from them and how it’s used for commercial gain.
  • The proposal would also force platforms to tell the Securities and Exchange Commission how it obtained data that holds commercial value, as well as the total value of their data holdings.

In California, Gov. Gavin Newsom is developing a "Data Dividend" to let residents be paid for access to their information so they can "share in the wealth that is created from their data."

Economists ran a 2017 experiment to estimate the actual value of these free services. They asked participants in the Netherlands the least amount of money they would accept to leave an online service for a month. Their average answers:

  • About $110 to log off Facebook
  • A whopping $600 to give up WhatsApp
  • Under $1 to stop using Skype or Twitter

In an Axios-SurveyMonkey poll, 54% said they wouldn't pay to avoid having their data tracked.

  • Of those who would consider paying, 21% would be willing to pay less than $1 at most, and 15% would be willing to pay less than $5 at most.
  • Young people aged 18–24 (45%) were more likely to be willing to pay than people aged 65 and older (25%).

Yes, but: Data is most valuable when it's interacting with other data, like purchase history, location and communication patterns. That means the value of an individual's data is worth less on its own than when it's on a service like Facebook that has massive scale.

Go deeper: What Facebook knows about you

Methodology : These data are from a SurveyMonkey online poll conducted among adults ages 18 and older in the United States. Respondents were selected from the more than 2 million people who take surveys on the SurveyMonkey platform each day. The survey was conducted March 5-6, 2019 among 2,122 adults. The modeled error estimate for the full sample is plus or minus 3.5 percentage points and full crosstabs are available here.

Go deeper

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.

Updated 1 hour ago - Science

Blizzard likely to hit New England this weekend as "bomb cyclone" forms

Computer model projection of the precipitation and wind field from the weekend storm in the Northeast. (Earth.nullschool.net)

A powerful blizzard is likely to strike parts of New England and the Mid-Atlantic beginning Friday and lasting into the weekend, with snow totals that are likely to be measured in feet.

The big picture: The joining of weather systems embedded in both the polar, or northern branch, of the jet stream and the southern branch is projected to create a bomb cyclone. Such storms undergo a process known as bombogenesis, with their minimum central air pressure readings plunging at least 24 millibars in 24 hours.