john leeb wits called for an expansion of the ftc authority to regulate on-line privacy laws. this is an hour and a half. >> good morning and afternoon. aapologies for being five minutes late. everyday, tens of millions of americans go on-line to search for information. they want it shop, pay their bills or their accessing social networking. they have transformed every aspect of our lives. what is less obvious is the level of information collected about us each time we visit a website. consumers have no choice but to place an enormous amount of trust in the on-line world. trust that their information is safe, secure and used appropriately. whatever that means. but the incentive to misuse consumers' information is very great. a consumer's personal information is the currency, in fact, of the web. the value of this data has created untold riches for those who have successfully harnessed it. this is not necessarily bad as it enables an enormous amount of content to be accessed for free and allows companies to offer a number of services for free. but unfettered collection of consu