From a New York Times editorial on the draft privacy bill circulated by the White House:
… The draft bill released by the White House on Friday only vaguely reflects those ideas and is riddled with loopholes. It seems tailored to benefit Internet firms like Google and Facebook and little-known data brokers like Acxiom that have amassed detailed profiles of individuals. For good reason, many privacy groups and some Democratic lawmakers have criticized the draft.
Under the bill, companies would be allowed to create their own codes of conduct governing how they collect, use and share personal information. The Federal Trade Commission would have to approve those codes, but the legislation would make it hard for the regulator to reject weak ones.
Read more on the New York Times.