The proposed legislation would give individuals control over their personal data and allow them to prevent its sale or deletion.

Companies would be required to disclose data transfers to foreign adversaries.

The agreement comes after years of debate on online privacy protections in Congress, with concerns over data use by tech companies like Facebook, Google, and TikTok.

Lawmakers have announced a bipartisan and bicameral draft legislation for a national data privacy and security standard.

The plan grants the Federal Trade Commission and state attorneys general the authority to oversee consumer privacy issues and establish enforcement mechanisms, including a private right of action for individuals.

This is described as the best opportunity in decades to establish such standards and give people control over their personal information.

The legislation is the result of years of effort in both the Senate and House of Representatives and aims to strike a balance on critical issues to move the comprehensive data privacy bill through Congress.

The text discusses a proposed measure that enables individuals to opt out of data processing if a company alters its privacy policy.

The bill requires explicit consent before transferring sensitive data to third parties.

Consumers have the right to sue companies for privacy violations and recover damages.

Discrimination based on personal information is also prohibited.

Annual reviews of algorithms are mandatory to ensure they don't pose risks, including discrimination, to individuals, particularly youth.