Yet there are signs that President Obama is unlikely to pursue such a plan. For one thing, he has enough on his agenda already – including the pending fiscal cliff, tax reform and the future of housing finance – that he is unlikely to embrace another major financial reform initiative.
Secondly, in an interview last month with Rolling Stone, Obama suggested he didn't favor a bank breakup by rejecting the idea that repeal of the Glass-Steagall Act caused the crisis.
"The problem in today's financial sector can't be solved simply by re-imposing models that were created in the 1930s," Obama said.
Another key question is who Obama will choose as his next Treasury secretary. Tim Geithner has made it clear he plans to leave, but it's unclear who will succeed him. While Geithner did not favor a big bank breakup, his successor might, and could potentially convince Obama it's an idea worth pursuing.
2. What happens to the mortgage interest deduction?
House Speaker John Boehner wasted no time on Wednesday trying to engage Obama on a possible debt deal, saying he was open to raising government revenues in return for comprehensive tax reform.
One of the top ideas on the table is to eliminate or limit the tax deduction for mortgage interest payments – a plan the housing industry opposes.
"It's absolutely on the table and I think there is a better chance now of limiting the mortgage interest deduction than there ever has been," said Isaac Boltansky, an analyst at Compass Point Research and Trading. "We are for the first time in the history at a point where there can be a serious discussion about limiting it."
Most observers said eliminating the deduction was unlikely, but capping it was a distinct possibility.
"I don't think elimination of the mortgage deduction is going to pass," said Richard Hunt, president and chief executive of the Consumer Bankers Association. "There are only so many things you can do while the economy is still in a very tenuous state. I think maybe they'll means test it or put caps on it, but I don't think you'll see its elimination."
3. When will Obama and Congress take up housing finance reform?
