In the United States the prevailing public policy approach to mitigating the harms of internet surveillance is grounded in the liberal democratic value of transparency. While a laudable goal, transparency runs up against insurmountable structural constraints within the political economy of commercial surveillance. A case study of the data broker industry reveals the limits of transparency and shows that commodification of personal information is at the root of the power imbalances that transparency-based strategies of consumer empowerment seek to rectify. Despite significant challenges, privacy policy must be more centrally informed by a critical political economy of commercial surveillance.