Establishes a fiduciary duty requiring an IHRT to act for the benefit and interest of participants and of the IHRT as a whole. Sets forth penalties for any knowing or reckless breach of such duty.

Sets forth permitted uses for an electronic health record, including: (1) a primary use for purposes of the individual's self-care or care by health care professionals; and (2) a secondary use for purposes of public health research or related activities.

Directs that participation in an IHRT, or authorizing access to information from such trust, is voluntary. Prohibits any person from requiring that an individual participate in, or authorize access to information from, an IHRT.

Authorizes an IHRT to generate revenue to pay for operations through: (1) charging participants account fees; (2) charging authorized IHRT data users for accessing electronic health records; (3) the sale of information; and (4) any other activity determined appropriate by the FTC. Prohibits an IHRT from charging a fee for the transmittal of information from a health care provider to be included in an independent electronic health record.

Requires the Secretary of Health and Human Services to establish an Interagency Steering Committee to coordinate the implementation of this Act. Requires the National Committee for Vital and Health Statistics to serve as an advisory committee for IHRTs.