It requires those who want a regulation to sift through old regulations and trim out deadwood. How badly you want the new regulation determines what you are willing to part with, and it makes the proposer of the regulation target specific things that they feel that they can live without. Since you are a leftist and have rarely met a regulation that you didn't like, this is likely a LOT more painful to you than me, but there are SO many regs out there that this rule is easily accomplished on both sides for the foreseeable future.
Had Obama said it, you would be singing ithe idea's praises.
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