A good start. However rather than reducing regulations it actually just incentivize the bureaucrats to never introduce a new regulation so they can keep all the ones they have now. That’s a win but not as much as I want because the current slate of regs is enough for them to stifle everything already. A year from now Trump will probably have to issue a second one that says “cut two thirds of all regulations now” when he sees that none are actually gone.
The other problem is it gives the bureaucrats the choice of getting rid of innocuous or even good regulations in place of their new more contorted and or tyrannical rules.