Frankly, I don't understand what your argument is, because "I believe in consent of the governed, and making progress through reaching agreement on items that both sides can accept" doesn't mean anything.
I mean, consent of the governed usually means representative democracy, which is what we have. So, if that's what you're for, then all the regulations we have are perfectly reasonably determined. If that's not what you mean, I don't know what you mean. How would the system specifically change to be more "consent of the governed"?
We also have a system where we "reach agreement on items that both sides can accept". That's the problem with regulatory capture. We have lobbyists on one side and politicians on the other, and they both agree on things and then we get regulations. Ostensibly, politicians are acting on behalf of their constituents. If they are not, then you have a problem with our structure of government, not the regulatory system.
So far, your only concrete suggestion is that we replace 5000 lines of regulations with two sentences of regulation, which I've already explained why I think is a bad idea. Everything else you said is just feel good words that could mean anything to anyone.
You also seem to be assuming what my position is. My position is that in order to justify a regulation, we have to find a true and significant market failure. In such case, the first option should be investigating ways that the market failure could be addressed without regulation. And before a regulation is promulgated, we should require a cost-benefit analysis that results in the calculation that the regulation will create more benefit for society than it costs.
Your regulation suggestion would fail both of my tests. First, because the problem you're trying to fix is already fixed. Second because your proposed solution would cost much more than we are actually paying in inconvenience right now.
I have a lot of experience working in complex systems, and I have some government experience, and I know that systems are always much more complex than we think they are. I have an extreme amount of modesty toward thinking that I can introduce easy solutions to problems in complex systems. Government workers, most of the time are ill-equipped to step into a market and make it better.