Should misleading or untruthful campaign ads be outlawed?

Most of these ads are misleading and untruthful, more so now than I can recall. Since there is a requirement for truth in advertising for selling products, and since elections are very important, should the ads need to be truthful? Biasing voters with lies seems very immoral to me. Assume for the sake of argument that whatever fictitious overseeing body would be trustworthy and unbiased.