jon leibowitz. senators come i appreciate the testimony on consumer privacy. commends the recent part of the bipartisan leadership you have shown on consumer privacy issues. most remarks conserve privacy policy and it said do not track. we'll describe the recent enforcement efforts. imagine a cash strapped college student and applies online for a loan and obtains it but also because her father suffers from depression so she wants to research symptoms and treatments. then in the mail she receives another loan offered from a payday lender. in the evening she spends time relaxing by being of a social old network but now realizes she precedes adds for medication. could the lender have sold the information into the pale lenders? or the fact she researched the depression and be shared with potential employers? yen these exchanges of the operations of her without awareness. the answer is yes from quick responses to loan applications. and an easy way to keep up with friends and family. but the vast majority of americans have no knowledge they are purchasing financial,

the senate committee looked into the issue, and they heard testimony from jon leibowitz. senator jay rockefeller shares this 90 minute hearing. >> good morning and afternoon, and i apologize for being five minutes late. every day, tens of millions of americans go online to search for information. they want to shop and pay their bills, or they are accessing social networks. to state the yuppie scum of the internet has transformed every aspect of our lives. what is less obvious is the level of information that is collected about us each time we visit a website or watch a video or send an e-mail or make a purchase. consumers have had no choice. people trust that it is safe, secure and will be used appropriately. but the incentive to misuse consumer information is very great. a consumer's personal information is the currency, in fact, of the web. the value of this dollar has created untold riches for those who have successfully harnessed it. this is not necessarily bad, as it enables enormous amount of content to be accessed, and allows companies to access services for free.