On Monday, a senior advisor to President Obama told the U.S. Chamber of Commerce that the traditional regulatory process is not fast enough for the pace of innovation on the Internet and that industry should play a role in an “alternative regulatory model” that is “flexible” and “pro-innovation.”

“The traditional rule-making process lacks flexibility and agility in the Internet environment,” Daniel Weitzner, the U.S. Deputy Chief Technology Officer, said during the speech. “We are much more interested in depending on responsible companies to take a consumer privacy bill of rights and implement them through in voluntarily developing enforceable standards of conduct.”

Weitzner also told the audience that the Obama Administrators would work to convince European regulators to adopt an approach that blends self-regulation with traditional approaches to enforcement.

Go here to view the Washington Post’s coverage of the story.