U.S. Panel Votes To Allocate $1 billion For FTC

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On Tuesday, the United States Energy and Commerce Committee voted to allocate $1 billion to the Federal Trade Commission to set up an office to improve data security and privacy, and to fight identity theft.

According to a summary released by the panel, the proposal, which Democrats have included in a $3.5 trillion spending measure, would be critical to providing the necessary funding for a new bureau over a 10-year period to address “unfair or deceptive acts or practices relating to privacy, data security, identity theft, data abuses, and related matters.”

In addition to using $1 billion to set up a bureau, the Energy and Commerce bill also uses $3 billion to cover the cost of providing direct government loans to manufacture “zero-emission medium and heavy-duty vehicles, trains or locomotives, maritime vessels, aircraft, or hyperloop technology.”

It will allocate $1 billion for conversion grants for domestic production of zero-emission vehicles, and $10 billion for supply-chain resilience projects, including demonstrating technological advances for critical manufacturing supply chains.

For more information, read the original story in Reuters.

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