At this point I think the best chance of implementation would be something like the Board of Labor, OSHA, or some open source bug reporting where specific lies can be be reported and fined/punished for. Maybe random audits like the IRS. I'd like the determination to lie with the public, but the issue is coupling determination from enforcement given how intertwined information control is with power.
Right now? It wouldn't work. It's an angry pipe dream.
If the media and government are in bed today, won't that get worse when the government can arbitrate what truth is harming the not mainstream media?