What role does government/schools (federal state & local) play regulating food advertising to children and adolescents?

According to a 2010 survey released by Trust for Americas Health, 84% of parents believe their kids are at a healthy weight. In reality, over 1/3 are obese or overweight. Data shows that being overweight in childhood is a good predictor that you will be an obese adult.

A report from the Federal Trade Commission on food marketing to children and adolescents found the following:

In 2009, the 48 reporting companies spent $1.79 billion on youth marketing, a 19.5% drop in inflation-adjusted expenditures compared to 2006. Of the $1.79 billion, $1 billion was directed to children ages 2-11, and $1 billion was directed to teens ages 12-17, with $263 million overlapping the two age groups. For those food and beverage products promoted to children or teens, the overall expenditures for promotional activities directed to all audiences, including additional adult-oriented marketing, was $9.65 billion, slightly less than the $9.69 billion spent in 2006. Therefore, the expenditures directed to those between the ages of 2 and 17 represented 18.5% of all consumer-directed marketing expenditures for those products, down from 21.6% in 2006. Quick-service restaurant (QSR) foods, carbonated beverages, and breakfast cereals accounted for $1.29 billion of all youth-directed expenditures, 72% of the total (the same as in 2006). https://www.ftc.gov/sites/default/files/documents/reports/review-food-marketing-children-and-adolescents-follow-report/121221foodmarketingreport.pdf page 11

What role does government/schools (federal, state & local) play regulating food advertising to children and adolescents? What policies prescriptions may be needed?