Privacy hearing: The House subcommittee on manufacturing and trade held a hearing Thursday addressing the White House proposals on privacy known as the “privacy bill of rights.”

Lawmakers grilled Federal Trade Commission Chairman Jon Leibowitz and National Telecommunications and Information Administration head Lawrence Strickling about how best to balance consumer protection and industry innovation.

When asked what they imagine as “baseline privacy legislation,” which both agencies have supported, Leibowitz said he believes baseline legislation protects consumer privacy without hurting innovation

Strickling said he believes that enacting the policies outlined in the White House report would suffice, and would make “a 10 to 15 page piece of legislation.”

Yahoo adds do not track tool: Yahoo announced Thursday that it will implement a “do not track” tool on its global network. The tool will include Yahoo’s site as well as its Right Media and Interclick properties.

“With this new feature, Yahoo! continues its leadership in privacy innovation while continuing to create the free online services consumers demand that are made possible through advertising,” Yahoo wrote in a release.

The release gave few details about the tool, saying that it will be available by early summer, and that it will “provide a simple step for consumers to express their ad targeting preferences” to Yahoo.

LightSquared: The Federal Communications Commission released documents about LightSquared to the House Energy and Commerce committee, FCC spokeswoman Tammy Sun confirmed Thursday.

The committee has questioned how the broadband company got so far through the approval process when its network raised serious concerns about interference with GPS satellites.

Facebook IPO set for May?: Facebook is reportedly targeting its initial public offering for May as expected, according to an unnamed “person familiar with the matter” who spoke to the Wall Street Journal. The company filed to go public in February and was widely expected to make its market debut sometime in late spring or early summer.

The company is stopping trading on secondary markets, Bloomberg reported, in preparation for the initial public offering. Facebook declined to comment on the report.

Chief Executive Mark Zuckerberg has gathered some media attention this week with his vacation to China, leading many to believe he is working with a Chinese company such as Baidu to break into the Chinese market. Facebook is currently blocked in China.

Apple’s Cook goes to China: Apple Chief Executive Tim Cook met with China’s Vice Premier Li Keqiang on Tuesday, solidifying ties in one of the company’s fastest-growing markets.

Cook met with Li to discuss intellectual property issues. According to the state-run news agency Xinhua, Cook and Li discussed how the Chinese government could work with multinational corporations to improve cooperation. The meeting was framed as a sign that the Chinese government is building a relationship with Apple.