Of course there's a mechanism in place. A body reviews films and issues a certification.Even if it were possible for the Trump administration to somehow turn a voluntary organization within the film industry into a government agency with authority over the film industry, the “basic mechanism” for what you’re describing is most certainly not in place.
The MPAA doesn’t not perform any kind of oversight. They merely screen a movie and tell the filmmakers the rating. The filmmakers remain completely free to make any kind of movie with any kind of content that they want.
And then you still have the problem of lack of force of law (“by decree” does not grant that to the government) that the high-powered film industry attorneys will definitely push back against with great enthusiasm and legal standing.
Yes studios can make any kind of film they want but without a certificate, it cannot go on general release (or at least that's the way it works in the UK) and the type of certificate can make a huge difference to how big a release the film will get and consequently how much money it will make - which is why studios will make changes to a film to ensure it gets the desired certificate.
If the reviewing body decides that any film with a sympathetic gay character either doesn't get a certificate or gets an NC-17 certificate then children won't legally be able to see it. It's not outright banning such content but it does make it commercially much less viable. If you want your Marvel or DC universe movie to get a PG-13 certificate then you have to make sure that the hero is a heterosexual, Christian, white, man.
And regarding the threat of legal action, the US has more lawyers and the Trump administration has repeatedly shown that it's happy to simply ignore judgements against it whilst threatening the judges who have the temerity to rule against it.
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