Polls show that Fox News is both America's "most trusted" and "least trusted" news network. That is no big surprise. Both Fox and MSNBC are known for reporting "the news" with heavy bias for their own sides of the political spectrum.
Private Businesses should be allowed to do what they want with their own money. Fox and MSNBC should be allowed to broadcast all the bias or misleading facts they can. But they should not be allowed to call it the news.
If the FCC raises the standards for what TV networks are allowed to advertise as "the news" it will force Fox, ABC, CBS, NBC and CNN to either come back to the facts or call their shows something besides the news.
News directly affects votes. Voters need to be properly educated on the issues and the facts, not the emotions.