Yes it should to some restriction but not all of it restricted because that would break the constitution in america of freedom of speech. I think that some certain ads like that contain sex, violence, or inappropriate language because in our environment almost everybody in the US watches TV and usually that's gonna be children and they pick it up.
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There are too many advertisements which outright lie, and many more which are misleading. For example, there is a television commercial for "Subway" restaurants which repeatedly notes that ANY sub sandwich is $5. In fact, the word "any" is the focus of the advertisement. Yet when you go to the Subway, it's NOT, in fact, any sub which is on sale, but only a select few. It is a downright LIE.
Ads like this need to be stopped. Truth in advertising is a good thing.
Advertisements have been misleading consumers and should be more strictly regulated. During a commercial, many claims can be made that are purposely misleading. Advertisers try to make up for this by having fine print that fully explains their claims, but the fine print will not be viewed by the majority of people since its brief and hard to see. This allows advertisers to essentially get away with false advertisement on a regular basis. Customers often expect something different from what their purchasing and are left disappointed. Stricter regulations will protect consumers from misleading and false advertisements.
FTC regulations already prohibit obscenity. Vulgar and indecent language is prohibited on certain programming and at certain times. Misleading advertisements and outright lies are also banned. The issue isn't that there aren't rules prohibiting these things, because there are. Therefore, the issue must be that the rules aren't being enforced. A larger budget and more manpower to investigate claims and complaints would be more helpful then adding more regulations that would be redundant because the important-to-ban stuff is already banned.
Any real increase in strictness would be largely futile, especially since the widespread adoption of the Internet has taken place. Banning or highly regulating advertising would only serve to benefit the already established ad agencies that could afford to absorb the change, and raises the barriers of entry into advertising for new agencies.