Senator John Kerry and Senator John McCain have drafted [PDF] a new bill, The Commercial Privacy Bill of Rights Act of 2011. Unlike other legislation that has been previously drafted, this act is being backed by the Obama administration.
Under this legislation, the FTC would have the authority to craft privacy regulations and to opt-out of online behavioural targeting. In addition to allowing opt-outs, consumers would be allowed access to company-collected information about them. The goal of these changes would be to encourage companies to minimize their data collection and storage.
In terms of data security, the new act would direct the FTC to make rules requiring companies to take "reasonable security measures" to protect covered information.