I'll tell you one segment of the media that needs to be regulated by more enforceable rules: the paparazzi. When I see footage of celebrities stalked, harassed, and goaded by these goons with cameras, it makes my blood boil. People make it sound like Alec Baldwin has a hair-trigger temper, but if I had to go what he goes through, I'd punch out a few cameramen myself, and I'm a peaceful man.
I do not believe the media should face more enforceable rules than it presently does. The media should have freedom to cover what they want, in any way they choose. I believe we need something that stops bias or at least tracks it. Media is a mess, but I don't want the government to fix it, not with their laws.
Enforcing rules on the media is censorship. No amount of good intentions can change that fact. The only entity with the power to enforce the rules is the government, and giving the government more power to do so is encouraging the government to censor us. In a free market of ideas, the media will either tend towards good practices or we will find out that the public is not bothered by bad practices.
No, the media should not face more enforceable rules than it presently does, because there is no way to make sure that the rules are enforced, and that they are done so in a uniform manner. The media is going to do what it is going to do. To have stricter rules would only hinder those who follow rules from doing honest reporting.