First,
this article tells of a recent Florida case where Fox argued it was not obligated to tell the truth - and won. So, I don't think there is any such requirement -- FCC policy guidelines encourage truth in reporting, but do not *require* it. The rules I meant were general rules of publishing, distribution, etc. The FCC heavily regulates the air waves, for instance. This sort of regulation is appropriate because otherwise we'd constantly be having one electronic device interfere with another. Also, you can limit at the local level where newsstands may be located. And, you can ban porn.
My point is that, even with the no-no provided, the government banged up against the limit as much as possible. Like a natural creature, the government will seize all the power it can - and you and I agree this is a BadThing(tm).
I think to try to limit news to "truth" is to create an unworkable rule. It's not "truth" that is the issue we're concerned with, but the "spin" on the truth. That's simply impossible to effectively regulate, so let's let people use their brains on the issue. So, you're right.