The US does not have a working legislature. It hasn't for possibly ~15 years. But, if you think how closely network TV was regulated, by a government regulator

The US does not have a working legislature. It hasn't for possibly ~15 years. But, if you think how closely network TV was regulated, by a government regulator, despite the power that those networks wielded (and against the incumbent radio and newspapers) We know it has happened. The issue is that government in the USA has been dysfunctional for >30 years, not that regulation is ineffective.