Are female news anchors allowed to show cleavage on air?

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For example, Fox5 morning news here in NYC has this anchor, Lucy Noland, and like 3 or 4 out of 5 days of the week, she shows a moderate amount of cleavage. How did I notice this? Cause I'm a guy. lol. Anyway, I thought news stations were to have a certain degree of a "dress code" or something like that, but maybe Fox5 is a little too "liberal".