The House of Representatives recently introduced a bill (pdf here) that, if passed, would significantly change the game of privacy regulation. The bill requires notice to and, in some cases, consent of an individual prior to the collection and disclosure of certain personal information related to that individual.
This bill will raise the bar for all businesses, whether on-line or off-line. It also promises to harmonize the US regulation with the higher EU standard.
However, one of the limits of this proposed bill is that it stresses the importance of privacy policies and privacy notices, while both the Internet industry and consumer groups seem to agree that privacy policies are ineffective since very few people read them and even fewer can understand their content.