Not a summary, the whole legally binding thing. But I'd allow 280 characters.
It would be good to define some phrases in the law that then have unambiguous legal meaning so that privacy policies don't have to spend time defining things in full.
I like the open source license pattern. Anyone can make any agreement they want, but most of the time you just need to see "Apache" or "GPL" and you know the deal. And when you see a new one you wonder what exactly is going on here.
But really, most of the time the cookie deal is "do you agree to have all kinds of information gathered about you and sold at will to other companies, our future management, and mysterious government entities in perpetuity, in exchange for seeing a few cat pictures? oh, and also we can make this even more unfair at any time without your agreement." They really should just be illegal, period.
It would be good to define some phrases in the law that then have unambiguous legal meaning so that privacy policies don't have to spend time defining things in full.