The Governor’s Office of Management and Budget shall study the performance of each regulatory agency and program scheduled for termination under this Act and report annually to the Governor the results of such study, including in the report an analysis of whether the agency or program restricts a profession, occupation, business, industry, or trade any more than is necessary to protect the public health, safety, or welfare from significant and discernible harm or damage, and recommendations with respect to those agencies and programs the Governor’s Office of Management and Budget determines should be terminated, modified, or continued by the State. The Governor shall review the report of the Governor’s Office of Management and Budget and in each even-numbered year make recommendations to the General Assembly on the termination, modification, or continuation of regulatory agencies and programs.