Sec. 8. Funding; penalties and fines
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/bill/117/s/2134/is/section-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Director may collect an assessment, fee, or other charge from a data aggregator that has annual gross revenues that exceed $25,000,000 or annually collects, uses, or shares, alone or in combination, the personal data of 50,000 or more individuals, households, or devices. In establishing the amount of any assessment, fee, or charge collected from a data aggregator under this section, the Director may take into account any factor that the Director determines is appropriate.
The Director shall have sole authority to determine the manner in which the obligations of the Agency shall be incurred and its disbursements and expenses allowed and paid, in accordance with this section, except as provided in chapter 71 of title 5, United States Code (with respect to compensation). There is established in the Federal Reserve a separate fund, to be known as the Data Protection Agency Fund (referred to in this section as the Agency Fund ). The Agency Fund shall be maintained and established at a Federal reserve bank, in accordance with such requirements as the Board of Governors may impose.
All amounts transferred to the Agency under subsection
(a)shall be deposited into the Agency Fund. The Agency may request the Board of Governors to direct the investment of the portion of the Agency Fund that is not, in the judgment of the Agency, required to meet the current needs of the Agency. Investments authorized by this paragraph shall be made in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Agency Fund, as determined by the Agency. The interest on, and the proceeds from the sale or redemption of, any obligations held in the Agency Fund shall be credited to the Agency Fund. Funds obtained by, transferred to, or credited to the Agency Fund shall be immediately available to the Agency and under the control of the Director, and shall remain available until expended, to pay the expenses of the Agency in carrying out its duties and responsibilities. The compensation of the Director and other employees of the Agency and all other expenses thereof may be paid from, obtained by, transferred to, or credited to the Agency Fund under this section. Funds obtained by or transferred to the Agency Fund shall not be construed to be Government funds or appropriated monies. Notwithstanding any other provision of law, amounts in the Agency Fund and in the Civil Penalty Fund established under subsection
(d)shall not be subject to apportionment for purposes of chapter 15 of title 31, United States Code, or under any other authority. There is established in the Federal Reserve a separate fund, to be known as the Data Protection Civil Penalty Fund (referred to in this section as the Civil Penalty Fund ). The Civil Penalty Fund shall be maintained and established at a Federal reserve bank, in accordance with such requirements as the Board of Governors may impose. If the Agency obtains a civil penalty against any person in any judicial or administrative action under Federal laws, the Agency shall deposit into the Civil Penalty Fund, the amount of the penalty collected. Amounts in the Civil Penalty Fund shall be available to the Agency, without fiscal year limitation, for payments to the victims of activities for which civil penalties have been imposed under this Act and for other violations of other Federal privacy laws. If individual victims can be identified through reasonable effort, and the distributions are sufficiently large to make individual distributions economically viable, penalties should be distributed directly to individual victims. To the extent that individuals cannot be located or such redress, payments or compensation, or other monetary relief are otherwise not practicable or economically viable, the Agency may— use such funds for the purpose of consumer or business education relating to data protection or for the purpose of engaging in technological research that the Agency considers necessary to enforce this Act and Federal privacy laws; and utilize a cy-pres approach to distribute funds in order to advance data protection and privacy in the United States. The Agency may identify recipients, including charitable and civil society organizations, whose interests reasonable approximate those of the victims of the activities for which civil penalties have been imposed and distribute funds from the Civil Penalty Fund to those recipients.