Offshoring and Privacy: Consumer Data in the Global Economy

Transcript

LAEL BRAINARD: We have actually wanted to do this event here at Brookings for some time because this issue seems like one where there's a lot of heat, but not a lot of light, as is true of much of the offshoring debate. It is I think probably one of the most important issues in the offshoring debate. I think there's been a lot of discussion about the jobs aspects, the competitiveness aspects, but less in-depth consideration of whether there are risks associated with offshoring over and above the kinds of risks that we had even in the domestic market on consumer privacy issues, on data security issues, and then questions about whether we have just about the right regulatory framework right now or whether, in fact, there are holes--what kinds of initiatives there are out there that might be most productive in actually addressing the privacy issues as opposed to very broad brush approaches that might cut off this source of international trade altogether.

So, today, we have I think a very balanced panel, and also a very knowledgeable panel, and what I'd like to do is have a discussion really where I'll ask each of the panelists to spend a few minutes talking about what they see as the framework that's out there, how adequate it is, what risks we really need to worry about, and what kinds of measures are under consideration or should be to address them. And then what I'd like to do is open it up to the audience to have that discussion.

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