LEADING THE DAY: Steve Jobs, the revolutionary co-founder and chairman of Apple, died Wednesday at the age of 56. Tech leaders such as Bill Gates reacted to the news on personal blogs and social networks. “The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come,” Gates wrote in a statement.

President Obama issued a statement on Jobs’s death, saying that “there may be no greater tribute to Steve’s success than the fact that much of the world learned of his passing on a device he invented.”

Next privacy hearing on tap: Fresh off Wednesday’s hearing on children’s privacy, Rep. Mary Bono Mack (R-Calif.) has called another hearing on privacy for the House subpanel on commerce, manufacturing and trade.The hearing, called “Understanding Consumer Attitudes About Privacy,” will be held on Thursday, Oct. 13.

Even with bipartisan support for privacy measures, analysts say that it will be difficult for lawmakers to pass any new privacy legislation during this session of Congress, The Washington Post reported.

FCC pushing the Universal Service Fund: The Federal Communications Commission will unveil its outline for reforming the Universal Service Fund on Thursday. FCC chairman Julius Genachowski will speak at 10:30 a.m. to unveil his proposal.

Other telecom firms are backing the America’s Broadband Connectivity Plan, though the FCC said in a Tuesday briefing that it will not adopt the ABC plan completely, the Hill reported.

Microsoft, Yahoo: Rumors that Microsoft was thinking about acquiring Yahoo sent Yahoo shares up Thursday, though the rumors were quickly shot down by industry insiders. A Bloomberg report said Wednesday that Microsoft “isn’t anywhere close to making an offer for Yahoo.”

Should you track your kids online?: The Washington Post’s Tracy Grant makes the case for spying on your kids’ online activities, saying that parents should emulate Ronald Reagan and “trust but verify” when it comes to their children’s online activities.

But, she writes, it shouldn’t be the cloak-and-dagger kind of spying. “As a matter of fairness, kids should know their parents are spying on them, just like the Soviets knew we were spying on them,” she writes.