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This is a good explanation of why this kind of reform won't (and probably can't) happen:
From the Society of Professional Journalists
http://www.spj.org/ethicsfaq.asp?
The Society's leadership has debated the question of enforcement off and on for decades. The majority has felt that establishing a quasi-judicial system, such as those found in some other professions, would inevitably lead to actions by governments, courts or their proxies that would restrict the rights to free speech and free press guaranteed by the First Amendment to the U.S. Constitution.
