And they'd need to provide a setting or tool allowing users to delete all or part of their data.
In an environment where personal data is currency and the most powerful companies are those that can gather, analyze, and monetize the most information, the individuals who own that data often are left out of the equation.
Require commercial data operators to file an annual report on the aggregate value of user data they've collected, as well as contracts with third parties involving data collection.
Senators Mark Warner (D-Va.) and Josh Hawley (R-Mo.) - two lawmakers who have been outspoken critics of Facebook and other social media companies' data privacy practices - say they want users to be well-informed of what they are signing away when they agree to a company's terms and conditions.
When a big tech company says its product is free, consumers are the ones being sold.
How easy - or frictionless - the companies will make it to move data among platforms will be a thorny issue should the bill become law.
Tech companies like Facebook and Google could be forced to reveal how much individual users' data is worth to them under new legislation in the U.S., according to Axios.
Warner said that if tech companies can not work with Congress on more "rational, focused reform, then I may very quickly join the crowd that simply says, 'you know, let's break them up.' And I say that as somebody who was a technology entrepreneur longer than I've been a senator". They also would have to provide their users with an assessment at frequent intervals of the data's value to them. "Is it you or the search engine or the edge provider that is providing the service?"
"While data may have value, "paying" for a service with data is not the same as paying with money", he explained.
The senator said people have no idea just how important their data is, whether that data is related to their age, gender, what apps people use, information about their location or the relationships they're in. "On the contrary, for most commercial services, consumers always come out ahead by sharing data in exchange for a free service".
"In no other sector does the government require businesses to reveal which customers are most valuable to them", Castro said.
They will have to provide an evaluation of the total value data once every 90 days.
Last week, Hawley announced a bill to remove the immunity of tech firms from liability for user content on their platforms under Section 230 of the Communications Decency Act of 1996.