Cause when the democrats are in power they would use those regulations to censor the truth. There can be no censorship.
However things can be done, like the President banning all the a-holes from the press briefings and freezing them out of all interviews, ect.
I would approve the approach of removing the “public figure” protection against defamation lawsuits when the defamation is based on speculation or simple animus (as in: no disputable evidence is available to support the defamatory allegation).
Beyond that, the cure to fake news is public firing of its purveyors - through the power of the purse/viewership.