There are rules, regs & best practices (and licenses) for a slew of trades that are not the fourth leg (i.e., Fourth Estate) of a proper democracy. Electricians, plumbers, hair stylists and such come to mind. And while it does not have to be gov based, why not journalism? Can't these (pardon me) meat-heads police themselves?
Aside from news, journalism is another word that needs a proper and widely held definition. A blogger on the internet is not journalism. Lester Holt is not a journalist. Oprah is not a journalist. (Editorial: Shame on you 60 Minutes.)
I agree. It might not stop the lies, but it would draw a much needed line in the sand. Personally, I'm exhausted from trying to rationalize with people who get their information and thoughts from sources they presume are legit news and well-practiced journalism.