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From almost every standpoint, the government regulation of Search functions that are offered by
private companies is not a good idea. First of all – and most broadly – the Internet was created as an open and free channel of communication that was not subject to regulation or control from either governments or commercial entities.
We view the Internet as being much more like the press than it is like a factory for widgets or even something that deals with intangibles, such as a bank.
The key here, and the reason I think SEMPO makes sense, is that they focus only on search itself.
However, there are many areas about Google's long reach into many facets of online business that's worthy of investigation... and potential regulation.