From the FTC:

I am not aware of any instance in which the Federal Trade Commission has investigated the slogan of a news organization. There is no way to evaluate this petition without evaluating the content of the news at issue. That is a task the First Amendment leaves to the American people, not a government agency.

Time for a Lonewacko flashback: "My prediction: Fox will threaten to sue the New York Times over the slogan "All the News That's Fit to Print." The unbiased NYT will tell their operatives to stop. But, it won't be necessary because the FTC will just consider it a juvenile publicity stunt."