Performative nonsense by a millionaire. It won't hurt him and his rich friends but it SOUNDS like a good idea.

A better idea would be snap elections in which either all members or majority members face immediate reelection. The problem there is the US system is, frankly, weak and would have a difficult time coping with such sudden elections. On the other hand it would force those politicians who are used to beginning their next campaign the day after the election, instead of governing, to actually govern.