The major non-governmental funding agencies recently banded together to solve the problem roughly the way you suggest, by creating their own open-access journal which they will enourage their grantees to submit their work to. It will be called eLife:
It would probably be considered dubious/anti-competitive if NIH and NSF launched their own journals, but because of the Open Access Initiative (which RWA attempts to reverse), NIH is able to host articles that have already been released to the public via PubMed Central.
http://www.hhmi.org/news/elife20111107.html
It would probably be considered dubious/anti-competitive if NIH and NSF launched their own journals, but because of the Open Access Initiative (which RWA attempts to reverse), NIH is able to host articles that have already been released to the public via PubMed Central.