In 2015 Canada passed a regulation requiring just that. In principle it is bang on; implementation can be problematic.
New Zealand has a net benefit policy which falls into much the same category – same principle different implementation.
The following was published on the AgainstCronyCapitalism.org website in April 2015.
Why is this so important? Regulation, both necessary and unnecessary (red tape), are a huge hidden tax on all Canadians. The latest estimate from the Canadian Federation of Independent Business suggests that regulation costs $37 billion a year. To be clear, not all of these costs could or should be eliminated. But Canada’s small business owners suggest that about 30 per cent of these costs, $11 billion, could be eliminated with no negative impact on human health, safety or the environment. This number seems reasonable given that British Columbia has reduced its regulatory requirements over the past decade by over 40 per cent with no one arguing the cuts had any serious negative impacts.
Now it seems this is also a concept which according to Donald Trump’s 7 point plan for the first 100 days he wants to institute:
“for every new federal regulation, two existing regulations must be eliminated.”