Attitudes toward the Dodd-Frank reforms in the financial world have steadily progressed from grudging acceptance to disapproval to outright opposition. Now one major executive expects the Congress to modify or repeal substantial portions of the new law, according to MarketWatch.

Financial Services Roundtable president and chief executive officer Steve Bartlett spoke this week at a conference sponsored by law firm Debevoise & Plimpton. Bartlett explained that he expects the bill itself to survive in the long-term, but ultimately anticipates that many of the most controversial provisions could be legislated away by the end of 2013.

"My belief is over the fullness of time, legislative improvements will be introduced, fully debated and adopted into law," Bartlett told the conference.

Bartlett emphasized some aspects of the law outside of the derivatives market, such as debit card fee limits and the new Consumer Financial Protection Bureau. However, modification of the law could soon lead to loosening of some of the risk management measures applied to the finance industry as well. Already this week Republicans in the House pushed a proposal through committee to delay the implementation of certain provisions of Dodd-Frank by as long as 16 month.