As a former member of both the Toledo City Council and Teamsters Local 20, I understand firsthand how oppressive federal rulemakings can hurt working families. I am particularly concerned about the direction of the rulemaking for Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its potential impact on Ohioans.
While the Dodd-Frank Act aims to protect consumers from bad actors, the rule implementing Section 1033 puts consumer data at risk. It hands Big Tech too much power over consumer data, allowing this data to be shared with aggregators who can monetize and profit from it.
It also fails to hold Big Tech liable in the event of a data breach. Under the Section 1033 rule, Big Tech can continue to accumulate wealth by expropriating working Americans’ data while consumers struggle to pay their bills.
Equally troubling, the rule lacks accountability measures if data is misused or compromised. It does not adequately address screen scraping, a known technique used by hackers.
Big Tech should not be allowed to monetize Americans’ personal financial data or repurpose it for AI. The Consumer Financial Protection Bureau needs to follow the law and protect consumers, not bend to the will of Silicon Valley billionaires.
