For years, the business community has been calling for a comprehensive federal privacy law, frustrated with operating under a patchwork of sometimes-conflicting state laws. Now, Congress is considering one that’s extremely wide-ranging and that observers say has a legitimate chance of passage.

The American Privacy Rights Act—unveiled over the weekend by Senate Commerce Committee Chair Maria Cantwell, D-Washington, and House Commerce Committee Chair Cathy McMorris Rodgers, R-Washington—would cover every company with annual revenue topping $40 million, along with nonprofits, a realm previously untouched by the privacy regime.