"Why not just flip a switch, though? I envision a law that would automatically cut the oldest 5 percent of the Code of Federal Regulations annually unless some agency proved that a regulation created a net economic benefit to the satisfaction of, say, a majority of 11 evaluators randomly pulled from a pool of 100 or 1,000 pre-qualified experts trained in such analyses. That would be a pricey procedure as such experts do not come cheap, but that is precisely the point!
Such a law would ensure that every regulation was scrutinized at least once every twenty years and automatically eliminate all those that no agency thought important enough to subject to review. As agencies are budget-constrained, they would be forced to prioritize to defend the regulations they really believe are beneficial and would have less incentive to create new regulations just for the sake of covering their backsides or justifying their own existence."