I just read it and it's fucked up but also not as immediate or complete as the headline makes it sound.
Basically all regulations will be required to have expiration dates. They can be extended but I think it said they would need to be reexamined every year and allow for public comment.
It's a big labor burden. There is some part of this that is a good idea, but it all depends on how it is implemented by the regulating agencies, and if it ends up being overly burdensome
Edit: the part that is a good idea is the idea of requiring periodic review of laws and regulations. This is not a good faith effort to do that, but that's what I meant. A more reasonable timeframe is every 10 to 20 years. Think about the old laws and regulations related to sex that are still on the books in many states.