Centralized regulatory review has been in operation for some forty five years, beginning with the implementation of the Nixon Quality of Life Review. If a decision were made to modify the existing process some of the reasons for such an action are contained in this post.
A successful restructuring of centralized regulatory review will probably be dependent upon the presence of policy entrepreneurs in the Executive Office of the President who among other things develop a nationwide constituency for centralized regulatory review, if not for OIRA, see this post.