Oregon Senator Ron Wyden has unveiled updated privacy legislation he says will finally bring accountability to corporations that play fast and loose with your private data.

Dubbed the Mind Your Own Business Act, the bill promises consumers the ability to opt out of data collection and sale with a single click. It also demands that corporations be transparent as to how consumer data is collected, used, and who it’s sold to, while imposing harsh fines and prison sentences upon corporations and executives that misuse consumer data and lie about it.

“I spent the past year listening to experts and strengthening the protections in my bill,” Wyden said in a statement provided to Motherboard, referring to an earlier draft of his privacy proposal unveiled late last year.

“It is based on three basic ideas: Consumers must be able to control their own private information, companies must provide vastly more transparency about how they use and share our data; and corporate executives need to be held personally responsible when they lie about protecting our personal information,” Wyden added.

If you hadn’t noticed, United States internet privacy oversight is akin to the wild west. Outside of the Children's Online Privacy Protection Act (COPPA) of 1998, there’s few real rules governing how corporations treat your private data, and even less accountability for corporations that repeatedly treat consumer privacy and security as a distant afterthought.

The result hasn’t been pretty. Wireless carriers have been caught selling your private location data to any nitwit with a nickel, companies routinely leave private consumer data accessible to the open internet, and an endless series of major hack attacks result in consumer data being exposed to criminals. The government’s response has been maligned as feckless and pathetic.

Wyden’s bill authorizes the FTC to impose fines of up to 4 percent of annual revenues on companies that fail to protect consumer data. The bill also proposes 10-20 year prison sentences for senior executives who knowingly lie to the FTC. Companies whose executives are convicted will pay a tax based on the salary they paid to the officials who lied, Wyden’s office told Motherboard.