There are already settings on all major browsers regarding the acceptance of cookies and third party (advertiser) cookies. I do not feel that government legislation is needed or warranted as consumers already have the power to restrict access to their information. As consumers demand more privacy, browsers will integrate features naturally to support their customer base (or win over the customer base of a competitor who does not have such features). I do not believe it is in the FTC's best interest to spend time, money and create another law that has to be supported by browser and other software manufacturers. In addition, the information advertisers track in cookies is fairly insignificant (unless a software program is installed).
A Preliminary FTC Staff Report on "Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Businesses and Policymakers" #00222
Kelsey Advertising & Design
A Preliminary FTC Staff Report on "Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Businesses and Policymakers"