Technology Firms Back Privacy Bill - WSJ.com It looks like many technology companies recognize that the writing is on the wall and that some kind of consumer privacy legislation will come down the pipe at some point.
They are endorsing this one (with some suggested changes) because it adopts a self-regulatory program, rather than requiring specific actions.
It is a tricky balance. On the one hand self-regulation is notoriously ineffective and self serving. On the other hand, detailed regulation is almost always out dated before it is passed and does at least as much damage as good.