As of Jan. 20, Republicans will control the White House, Senate and House. There is pent up demand for change. Yes, the new president will be able to immediately reverse previous executive orders. Yes, Congress will likely consider significant changes to the tax code and the Dodd-Frank Wall Street Reform and Consumer Protection Act. And yes, the new SEC chairman will be able to set the regulatory and enforcement agenda for the agency. But checks and balances generally will preclude wholesale, turn-on-a-dime, radical changes — at least in the near-term. For example, Rep. Jeb Hensarling, R-Texas, who will serve an additional two years as chairman of the House Financial Services Committee, has introduced legislation that would change many provisions of Dodd-Frank — from repealing the Volcker rule and the FSOC's ability to designate systemically important financial institutions, to overhauling the way the Fed operates and regulatory procedures the SEC and other agencies must follow. Mr. Hensarling recently stated he is working on Version 2.0 of his legislation. It's a pretty sure bet his bill will become the primary legislative vehicle for revising Dodd-Frank and that the House will pass a sweeping bill relatively early in 2017. But on the other side of Capitol Hill, Senate rules require a significant degree of bipartisanship — at least eight Democrats would have to join all 52 Republican senators before legislative votes can proceed. Unless the Senate changes its rules (an improbable outcome), enacting sweeping financial services legislation will be difficult. Similarly, final regulations cannot just be swept under the rug. If a rule has been finalized, the agency must follow mandates of the Administrative Procedures Act to change or repeal all or part of a rule. Thus, in order to change its controversial conflicts of interest rule that became final last April, the Department of Labor must follow procedural requirements set forth in the APA. There are exceptions to the APA — a so-called interim final rule, for example, could extend the April 2017 deadline to a later date — but the department still must follow notice-and-comment requirements before finalizing changes. And Congress may enact legislation to repeal or modify a final rule, but — it bears reiteration — current Senate rules generally require 60 votes in order to proceed. Rules and laws also may be changed by judicial decisions, but lawsuits are intensely fact-specific, time-consuming and difficult to predict.