FCC and FTC so far are toothless under the Republicans.
Sort of like Congress and the Department of Justice.
But, yes, we are very limited in what we can do on social media. A few weeks ago Charles Grassley met with @jack, and said they discussed the need for Twitter to be a fair platform for different viewpoints.
Translation: @jack smiled at Grassley and said "Go Fuck Yourself" as he left the meeting.