Isn't it time governments start to regulate passwords ? (They already regulate a lot of privacy issues like medical and financial history. Some governments even regulate the use of finger print authentication of employees)

For example, any website that allows users to choose normal, easy to remember passwords should meet a long list of requirements: For example security audits, bug bounties, capital reserves to deal with class action suits.

Then small websites will start either implement Open ID or encourage their users to use password manages.