So, Trump is going to add another layer of government to oversee the government?
That's how it's sounding like to me.
This isn't something that should be done by Executive Order in any case.
Congress makes regulatory laws, an in so doing they generally authorize the affected agencies to issue regulations toward implementation.
It is up to Congress to constrain the agencies -- by, for example, requiring economic impact analyses, demonstrations that the regulations are required, and so on.
This EO is a lawsuit waiting to happen, and I'm pretty sure Trump would lose it. Which would be a good thing, actually.