I know there is a YouTube series from renowned lecturers that discuss the same concept, but sadly can't find it right now.
The problem is that any instrument being introduced could be abused for censorship as well.
As much as I would like to have some things in place to counter the amount of BS in social media or on YouTube I fear it would backfire.
I think much would be gained if the platforms dismantled their algorithms optimized for engagement that lead people down a rabbit hole of more extreme content. Because in the end statistically this leads to more ad revenue from more clicks.
I found the lecture on YouTube [1]. The lecturers made a book from the lecture [2].
[1]: https://youtu.be/A2OtU5vlR0k [2]: https://www.callingbullshit.org/
In topics like science, the 'when' also matters because what we consider facts can change over time as more studies are done.
If so you will need a massive and bipartisan political effort for it to be so, at least in any US jurisdiction.
It's not possible logistically or politically. Assuming we're talking about the USA, any such body would likely end up as a federal agency, which means it would turn into a political football whenever administrations change over. Each administration would have its own personal approach to the fact-checking, which means that even if you trust politicians (lololol), the fact-checks wouldn't be consistent.
The only way to avoid this would be for Congress to be really specific in drafting the legislation, but Congress has incentive not to touch the topic.
Also, what is a fact? Who determines it? And: we need unpopular opinions for innovations.