No bureaucracy would be able to keep up with the hundreds of new words that get added every year.
There's also quite some benefit for a org with official capacity to declare, against the wishes of some individuals, that say "santorum", "bromance" or "trumpgret" are not in fact English words.
Do other languages remain static? What happens when actually new things happen? Does "CD-ROM" just get integrated in whole? Translated? Rejected?
While I find many "new" english words unacceptable for my use, I wouldn't personally declare them "not English words". Moreover, if there were an authority over authentic english (especially American english) word existence and usage, I get the feeling that most would laugh said authority out of the room.
Until then, use them in an essay at school and you'll lose marks.
Where in Dutch we use computer, computernetwerk or lift, in Afrikaans it is rekenaar, rekenaarstelsel and hijsbakkie.
And in many languages, most famous in Dutch and German, one can make up words by putting other words together. Those aren't official untill some officials put it in some list. But that way, we can have koekiewet or Wutbürgerin or Nachtshoppen.