23andMe bankruptcy prompts Cornyn-Grassley-Klobuchar bipartisan bill to protect sensitive genetic data

FIRST ON FOX Republican senators John Cornyn and Chuck Grassley and Democratic Sen Amy Klobuchar are rolling out a bipartisan measure to protect sensitive genetic statistics in response to privacy concerns sparked by andMe's bankruptcy Fox News Digital has learned Cornyn R-Texas Grassley R-Iowa and Klobuchar D-Minn are introducing the Don t Sell My DNA Act which would safeguard customers sensitive genetic information when an entity that maintains input files for bankruptcy The bill would add genetic information to the definition of personally identifiable information in the bankruptcy code PROTECT YOUR GENETIC MATERIAL URGENT EFFORTS AFTER ANDME BANKRUPTCYUnder current law the bankruptcy code provides protections for personally identifiable information in bankruptcy court proceedings to prevent the possibility of identity theft harm or other unlawful injury Senate aides advised Fox News Digital the current definition of personally identifiable information includes an individual's name address email phone number Social Defense number credit card numbers and other information that could be used for identification purposes Those aides commented the definition is outdated and does not include a reference to genetic information leaving the information vulnerable This statute would solve this challenge by updating the definition of personally identifiable information in the bankruptcy code to include genetic information a Senate aide declared The bill also addresses consumer privacy concerns by having consumers affirmatively consent to the sale or lease of their genetic information after a bankruptcy circumstance commences and requiring companies to provide prior written notice of the use sale or lease of their genetic information during bankruptcy The bill also requires the trustee or debtor in possession to delete any genetic information not subject to a sale or lease Advances in DNA testing have allowed Americans to have unprecedented access to major insights about their genetics but these companies must have a plan to protect this statistics in the event of bankruptcy Cornyn narrated Fox News Digital By updating the bankruptcy code this regulation would safeguard Americans sensitive genetic information to ensure it cannot be weaponized against them or made residents without their knowledge and consent And Klobuchar mentioned companies have profited off of Americans information while consumers have been left in the dark which is especially concerning in light of reports that andMe plans to sell customer genetic details assets to a large pharmaceutical company This bill will put new protections in place to safeguard Americans privacy while giving consumers greater control over how their sensitive vitality input is shared Klobuchar disclosed Grassley recounted Fox News Digital consumers should feel confident that any personal information shared with a constituents company isn't up for grabs when that company files for bankruptcy Grassley informed Fox News Digital the bill would fill gaps in current law to help safeguard consumers' genetic information and ensure Americans' DNA isn't treated like any other financial asset On Monday andMe declared Regeneron Pharmaceuticals would purchase andMe through a bankruptcy auction Senate aides explained Regeneron promises to protect consumer information but the material privacy concerns for future bankruptcies remain REGENERON PHARMACEUTICALS TO BUY BANKRUPT ANDME IN M DEALThe genetic testing company andMe once a pioneer in consumer DNA testing filed for Chapter bankruptcy in March amid financial struggles a leadership shakeup and growing concerns about the defense of its customers' genetic figures Regeneron Pharmaceuticals broadcasted it will acquire substantially all of genetic testing company andMe's assets The pharmaceutical company reported it won the court-supervised auction of the genetic testing company with Regeneron agreeing to pay million for the assets The auction for andMe was part of the Chapter bankruptcy protection it filed in March to arrange a sale of its business In its bankruptcy petition the company estimated a range of million to million for its assets Estimated liabilities were the same The pharmaceutical company is buying andMe s personal genome operation and its vitality and research services segments according to andMe