A while back, the FTC proposed voluntary rules governing behavioral advertising. The Commission sought comments on its rules, and many organizations on every side responded. CEI is working on an issue analysis about said rules. Principally, CEI will emphasize the benefits of keeping the rules voluntary.
But instead of waiting for all sides to weigh in and allowing the FTC to craft voluntary principles (or, better yet, leave it to trade associations), Congress is getting into the fray. The Committee on Energy and Commerce already sent threatening letters to NebuAd.
As Wayne Crews and Ryan Radia pointed out in a well-written C:\Spin on the issue, Congress should not make decisions for businesses and customers. The future of the free internet and of better content depends on advertising revenue. Consumers have the tools to make their own decisions about how much and what kinds of privacy they want, and they exercise them. They should be able to continue to do so. More government regulation just takes away options from consumers (like the option of having better-targeted ads).