Microsoft GC Brad Smith spoke yesterday at an Internet Caucus lunch, on Protecting Consumers and the Marketplace: The Need for Federal Privacy Legislation. Text here; video here. Press release here. Money quote:

Microsoft Corp. today announced its support for a comprehensive legislative approach at the federal level on the issue of data privacy. In a speech delivered to the Congressional Internet Caucus, Brad Smith, senior vice president and general counsel for Microsoft, told Caucus members that “the time has come” for a strong national standard for privacy protection that will benefit consumers and set clear guidelines for businesses while still allowing commerce to flourish.