Bill Overview
Title: E-SIGN Modernization Act of 2022
Description: This bill repeals certain requirements regarding the use of electronic records in commerce. Specifically, the bill repeals the requirement that consumers must demonstrate their ability to access information electronically in order to consent to the use of electronic records.
Sponsors: Sen. Thune, John [R-SD]
Target Audience
Population: People engaged in digital and electronic commerce
Estimated Size: 270000000
- The use of electronic records is prevalent in modern commerce, affecting online transactions for goods, services, and financial activities.
- Electronic records are used globally, especially in countries with high internet penetration and digital infrastructure.
- Many businesses, including financial institutions and e-commerce platforms, utilize electronic records for transactions.
Reasoning
- The target population for this policy is extensive as it covers almost everyone engaged in digital transactions, which is a vast segment of the population in the US. However, the scale of impact might differ based on how individuals interact with electronic records.
- The budget limitation implies that the policy changes must be effective at scale without incurring high implementation costs per person. This might suggest that most changes would be at the regulatory or business level, affecting consumer interactions passively rather than requiring individual adaptations.
- For this simulation, I'm including people with varying levels of engagement with digital commerce to get a comprehensive view of potential impacts and perspectives.
- Given the policy focuses on ease of access for electronic consent, individuals who are less tech-savvy might perceive a higher impact, especially if they previously faced barriers.
- People heavily reliant on e-commerce may see improved convenience but might not perceive a significant change in their wellbeing, as they are already adjusted to current digital interfaces.
Simulated Interviews
College Student (San Francisco, CA)
Age: 21 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 2.0 years
Commonness: 15/20
Statement of Opinion:
- It seems like a good idea to make things easier for everyone. I sometimes struggle with getting my family set up on digital platforms, maybe this will help.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Financial Analyst (New York, NY)
Age: 45 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- This might reduce some of the compliance overhead in my work, which can only be a good thing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Entrepreneur (Austin, TX)
Age: 30 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 5/20
Statement of Opinion:
- If this makes it easier for my customers, I'm all for it. Electronic consents can sometimes lose me a sale.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Retired Teacher (Atlanta, GA)
Age: 50 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I'm not too comfortable with everything going digital, but if it's easier to understand and use, that's fine by me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 4 |
Electrician (Chicago, IL)
Age: 60 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- I don't really deal with electronic records that much, so I'm not sure it affects me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 5 | 5 |
Software Developer (Seattle, WA)
Age: 35 | Gender: female
Wellbeing Before Policy: 9
Duration of Impact: 10.0 years
Commonness: 9/20
Statement of Opinion:
- This aligns with the tech world's trend to simplify and streamline processes. Good for both users and developers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Freelance Graphic Designer (Miami, FL)
Age: 28 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- Generally, anything that speeds up the process of getting paid and signing agreements is beneficial. Digital ease is key.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 6 |
Healthcare Administrator (Denver, CO)
Age: 33 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 6/20
Statement of Opinion:
- With healthcare moving digital, clarity and ease of access are crucial for patients. If this policy aides that, it could be very positive.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Real Estate Agent (Los Angeles, CA)
Age: 42 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- The policy should help streamline some of the digital paperwork associated with closing deals.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Musician (Nashville, TN)
Age: 27 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- I hope it means more people complete their purchases instead of getting stuck at checkout with digital consent issues.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $5000000 (Low: $3000000, High: $7000000)
Year 3: $5000000 (Low: $3000000, High: $7000000)
Year 5: $5000000 (Low: $3000000, High: $7000000)
Year 10: $5000000 (Low: $3000000, High: $7000000)
Year 100: $5000000 (Low: $3000000, High: $7000000)
Key Considerations
- Simplifying electronic record requirements aligns with technological advancements and digital literacy improvements.
- Compliance cost reductions for businesses are likely, though initial adoption or scale-up costs might offset these benefits slightly.
- Potential regulatory implications for industries heavily reliant on record-keeping, like finance and legal sectors, merit attention.