President Trump signed an executive order Thursday that would have the Federal Communications Commission judge decisions made by Twitter, Facebook and others to moderate speech. Under Mr. Trump’s order, the FCC could revoke liability protection if a social-media platform hasn’t acted “in good faith.” The order amounts to a content review and is reminiscent of past restrictions on broadcast networks.

The Fairness Doctrine, introduced in 1949, required broadcasters to air opposing views on issues of public interest. The FCC…



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