Saying “American consumers can’t wait any longer” for better privacy rules, President Obama took the wraps off his administration’s framework for new privacy regulations. As part of its big reveal, the White House also announced the first product of that framework: the completion of an industry agreement on “Do Not Track” technology for behavior-based web advertising. The blueprint, outlined in an administration white paper , includes a “Consumer Privacy Bill of Rights”—a set of principles intended to guide how businesses handle consumers’ personal information—and steps to incorporate those principles into federal regulations. The blueprint includes negotiating a set of practices with industry, consumer protection and privacy advocates, plus other “stakeholders” in privacy policy. The practices will then be enforceable by the Federal Trade Commission. The “Do Not Track” agreement is a first step toward that model. Signed by a group of web advertising networks and “leading Internet companies,” including Google, Yahoo, Microsoft, and AOL, the agreement will lead to the adoption of Do Not Track features integrated into web browsers . This will allow consumers to opt out of behavior-based marketing, blocking advertiser’s tracking “cookies” and preventing other types of cross-site tracking of behavioral information. The companies signing off on…