The US House of Representatives has just passed a new cyber security bill that will make it possible for the government and companies to share information regarding hacking although this bill has also raised concerns about privacy as well as a veto threat coming straight from the White House.

This bill caused the top Republican and Democrat on the intelligence committee who sponsored it to issue a joint statement lauding the bipartisan approval.

Included in the statement was “economic cyber spies will have a harder time stealing American business plans and research and development as the House took the first step today by passing a cyber security bill that will help US companies better protect themselves from dangerous economic predators.”

This new legislation will also will see federal agencies like the National Security Agency to share secret cyber threat information amongst other American companies to help the private sector protect its networks.

So far though, many critics have voiced their concerns regarding privacy about the fact that the sharing and return of threat information from private network operators to the government was so broad that it would allow the NSA to collect data on American communications, a practice that is generally prohibited by law.

Mike Rogers, the House intelligence committee chairman said “we can’t stand by and do nothing as US companies are hemorrhaging from the cyber looting coming from nation states like China and Russia.”

The House bill in essence will eventually override “important provisions of electronic surveillance law without instituting corresponding privacy, confidentiality, and civil liberties safeguards. The bill would allow broad sharing of information with governmental entities without establishing requirements for both industry and the government to minimize and protect personally identifiable information, ” according to the White House in a statement released on Wednesday.

The administration was also critical of the bill’s grants of broad immunity from privacy and antitrust lawsuits to other private companies that share threat information with the government and with corporate competitors.