What if someone were to suggest a new federal agency like this?

Suppose Congress had established in the early 19^th century a Federal Publications Commission to regulate the newspaper, magazine, and newsletter businesses. The supporters of the FPC would have argued that such regulation was necessary because paper-pulp-grade timber is a scarce resource, and this scarcity made it incumbent upon the government to determine not only who could enter the publications business but where. Hence, the FPC would issue publication licenses to the "best" applicants and deny the rest.

Think it's a stupid idea?  So do I... which is also why the FCC is just as equally bad, as this article on Slate argues.  Go give it a read, it's very good.  The sad thing is that Congress is more likely to create a Federal Publications Commission (as the final answer to Campaign Finance Reform regulations), than it is to abolish the FCC.  So much for "Congress shall make no law"...