Mind Your Own Business Act of 2023

Hozzl · 2023-12-16T19:07:49Z

Explore the details of Senate Bill 189 Mind Your Own Business Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/16/2023, 7:07 PM

Summary of Bill S 189

The Mind Your Own Business Act of 2023, also known as Bill 118 s 189, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to increase privacy protections for individuals and businesses by limiting the amount of personal information that can be collected and shared by companies.

Under the provisions of the Mind Your Own Business Act, companies would be required to obtain explicit consent from individuals before collecting or sharing their personal information. This includes data such as names, addresses, phone numbers, and email addresses. Companies would also be required to provide individuals with the option to opt out of having their information collected or shared.

Additionally, the bill would establish a new federal agency, the Data Privacy and Security Commission, to oversee and enforce these new privacy regulations. This agency would have the authority to investigate complaints, issue fines for non-compliance, and take legal action against companies that violate the law. Overall, the Mind Your Own Business Act of 2023 aims to give individuals more control over their personal information and to hold companies accountable for how they collect and use data. It is currently being debated in Congress, with supporters arguing that it is necessary to protect privacy in the digital age, while opponents raise concerns about the potential impact on businesses and innovation.

Congressional Summary of S 189

Mind Your Own Business Act of 2023

This bill requires a large publicly traded company to be bound by certain duties and procedures in the event of a legal claim in response to the company's support of specified social or political issues. The company must establish these duties and procedures in the company's articles of incorporation or bylaws as a condition of listing its shares on a national securities exchange.

Specifically, a company must establish duties and procedures applicable to a legal claim brought against a corporate defendant for breach of fiduciary duty resulting from a material action. These duties and procedures require that a corporate defendant

must be bound by certain factual representations;
has the burden of proof with respect to any determination of independent business judgment; and
in the event of a judgment on the merits in favor of the claimant, must be jointly and severally liable for money damages in specified amounts.

A material action taken by a corporate defendant covered by this bill includes

an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services;
an action to promote certain social issues regarding race or sex; or
other actions unrelated to the company's pecuniary interest.

Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.

Read the Full Bill

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Current Status of Bill S 189

Bill S 189 is currently in the status of Bill Introduced since January 31, 2023. Bill S 189 was introduced during Congress 118 and was introduced to the Senate on January 31, 2023. Bill S 189's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 31, 2023

Bipartisan Support of Bill S 189

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 189

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 189

Mind Your Own Business Act of 2023

A bill to amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to require the contractual provision by large issuers of procedural privileges with respect to certain shareholder claims relating to board and management accountability for "woke" social policy actions as a condition of listing on a national securities exchange, and for other purposes.