Obama just proposed the new law, to be called the Personal Data Notification and Protection Act, during his recent speech at the Federal Trade Commission.

“If the proposal becomes law, the discovery of a breach would trigger a ’30-day shot clock’ requiring companies to disclose information. The law will also make it a crime to sell a person’s information overseas. The Federal Trade Commission, meanwhile, will be empowered to issue penalties to companies that fail to comply,” reports The Next Web.

Obama discussed another important issue: student privacy. “The president also proposed the Student Data Privacy Act, which would prohibit technology firms from profiting from information collected in schools as teachers adopt tablets, online services and Internet-connected software. And he will announce voluntary agreements by companies to safeguard home energy data and to provide easy access to credit scores as a ‘early warning system’ for identity theft,” reports The New York Times.

But Obama’s proposals might face some obstacles when facing the Republican-controlled Congress.