New York (CNN Business) Big Tech executives could face jail time in the aftermath of hacks or privacy abuses if a senator has his way.

Senator Ron Wyden, a Democrat from Oregon, released a draft bill Thursday that would give the Federal Trade Commission the ability to place harsher penalties on tech companies that violate users' privacy.

The bill is titled the Consumer Data Protection Act. In it, Wyden proposes a national "Do Not Track" database that allows US consumers to opt-out from websites storing their personal information.

Wyden is targeting companies that make more $50 million and store information on more than 1 million users.

Those companies would also have to submit an "annual data protection report" ensuring compliance with the law. The report must include any regulations they possibly violated and include statements from the company's CEO, chief privacy officer and chief information security officer.

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