FeliciaB: Facebook Lockdown: Should I Be an Over-Interventive Parent or Oppose Such Legislation?

Has anyone in California seen this little tidbit?  There is a bill in the California State Senate which

...could force Facebook and other social-networking sites to change their privacy protection policies under a first-of-its-kind proposal at the state Capitol that is opposed by much of the Internet industry.

Under the proposal, SB242, social-networking sites would have to allow users to establish their privacy settings - like who could view their profile and what information would be public to everyone on the Internet - when they register to join the site instead of after they join. Sites would also have to set defaults to private so that users would choose which information is public.

In addition to making the registration default a complete security lockdown, SB242 would give parents rights to get in and edit their minor children's accounts.

While I admit that the fact that this bill is being brought to the table by a "wascally Dem," an automatic showstopper in my book, as a parent, I do find myself leaning in with a favorable ear.  I want the legal ability to be able to get into my minor children's FB accounts and do some housekeeping just as I would do in my own home.  

What say you, fellow Ricocheteers?  Where do you come down on this?  Am I off my rocker?  Help me get a little perspective here.