Yes, we do and always have. Broadcasters, whether it is radio, television, or something else, are licensed because there is only so much bandwidth available. It has also always been a legal issue when someone lies to you whether it is some newspaper practicing yellow journalism, a television news program, or a snake oil salesman. We have rules about truth in advertising for the same reason.
So, when news outlets sensationalize the news to the point where it borders on outright lying, they need a reminder they have a duty to the public to put out the truth. Or would you prefer that we have news that is the equivalent of Infowars, Alternet, and Pravda to rely on?
We rely on journalism and journalism, not PR for the war department is what is practiced at network news divisions and at The Wall Street Journal.
The last thing we should want is the government telling us the news. When The Wall Street Journal gets a story wrong (if it did in this case) it is almost certainly an honest error. Honest errors we will live with; propaganda not so much.

