I'm not sure it will. From the article:

>The agency didn’t provide an estimate of how much time is currently spent on Y2K paperwork, but Linda Springer, an OMB senior adviser, acknowledged that it isn’t a lot since those requirements are already often ignored in practice.

If this is the case, then the move to remove the Y2K regulations likely won't cause much of a dent. The other regulations might have an effect, however.