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Sens. Tom Carper (D-Del.) and Roy Blunt (R-Mo.) teamed up to introduce the Data Security Act of 2014 on Wednesday, which would create consistent national rules for public and private institutions to follow to safeguard consumers’ sensitive information.

The bill would require entities, including financial institutions, retailers and federal agencies, to investigate security breaches and inform consumers when they are at risk of identity theft or fraud. If passed and signed into law, the bill would replace existing state laws with a set of national standards.

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