Seems like a good start...

But probably not enough, from eWeek:

Before leaving for the Thanksgiving holiday, Senate panels approved bills on two data privacy issues that were debated all year—data breach notification and anti-spyware regulation—teeing them up for action next year.

I appreciate the government trying and it is a step in the right direction, but this will not solve or even reduce the identity theft problem and the sometimes careless security that company's sometimes (not purposely) deploy to protect personal information in their data stores.