Mark Calabria, director of financial regulation studies at the Cato Institute, agrees that the administration now has more flexibility to take a closer look at some of the implications of various rules.
"Obama's reelection is an affirmation of … healthcare [reform and] Dodd-Frank," Calabria said. "I think Democrats think these things are secure enough you can move from defensive posture to how do we make things work."
5. Can Democrats and Republicans work together?
While the Senate Banking Committee keeps its chairman, Tim Johnson, the other three leadership spots on the House and Senate banking panels are all expected to change hands.
Sen. Mike Crapo, R-Ida., is expected to succeed Sen. Richard Shelby as the banking panel's lead Republican. That may bode well for cross-the-aisle cooperation as Crapo is seen as more low-key than Shelby. Observers have predicted that Crapo and Johnson are likely to get along, considering both are from states with a significant number of small banks.
The situation in the House Financial Services Committee, however, is potentially more volatile. Rep. Jeb Hensarling, the outspoken free-market conservative from Texas, is expected to chair the committee, while Rep. Maxine Waters, the liberal stalwart from California, is likely to be the panel's chief Democrat.
While Waters has already said she would like to cooperate with Hensarling, many observers wonder if that is possible.
"On the one hand, I think they are going to work together better than people expect, because I think the expectation is quite low," said Calabria. "Neither one of them would be described as a moderate. Both can be combative, both can be very strong willed. You can certainly expect some clashes, but on the other hand I actually expect a fair amount of cooperation then I think people would expect."
Victoria Finkle and Donna Borak contributed to this article.