One problem is that regulations tend to accumulate. I like what Canada does with its "one for one rule" which removes one piece of old outdated regulation for every new regulation made. In fact, at first when British Columbia implemented this law, they did 2 for 1 to clean out old laws, until later switching to 1 for 1.
http://www.npr.org/2015/05/26/409671996/canada-cuts-down-on-...