MarketWatch photo illustration/iStockphoto Californians were voting in favor of a new regulatory board dedicated to data privacy Tuesday night, building on its landmark attempt to regulate the data practices of tech companies that were largely birthed in the Golden State. Proposition 24, the Privacy Rights and Enforcement Act Initiative, was comfortably ahead with 57% of the vote, with more than one-third of precincts reporting Tuesday evening.
It is designed as an expansion of California’s previous voter-approved data-privacy law — the California Consumer Privacy Act, which passed in 2018 and is roughly similar to the European Union’s General Data Protection Regulations, or GDPR — and would authorize California Attorney General Xavier Becerra to pursue actions against offending companies while creating an oversight agency.
Real-estate developer Alastair Mactaggart, the principal author of both propositions, called the passage of Prop. 24 a “perfect storm” of “the most liberal electorate in California for this election” as well as consumer sentiment against the dominance of large technology companies such as Alphabet Inc.’s GOOGL, +1.31% GOOG, +1.48% Google, Facebook Inc. FB, +1.50% , Amazon.com Inc. AMZN, +1.46% , and others. Sensing landslide support of the proposition amid a tech-lash, Google and Facebook, both of whom […]