But, he contends, things are not perfect and there is still room for a abuse.
"There is also a view that the present industry sanctions are sufficient and therefore no external restrictions are warranted," Paine says, "which I also disagree with."
But business leaders point to existing industry safeguards that protect children from inappropriate advertising.
One of these self-regulating mechanisms is the Children's Advertising Review Unit (CARU), a program run by the Better Business Bureau that reviews and attempts to regulate advertising directed at children.
CEO of the ad agency The Geppetto Group and CARU Business Advisory Committee member Julie Halpin says she believes that the program is effective in regulating advertising:
"People want to do what's right, and they're happy to follow the [CARU] rules," Halpin says.
The Geppetto Group regularly consults psychologists when designing ad campaigns.
"The reason we use psychologists is to be responsible in creating advertising to children," Halpin says.
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