Republicans have a good shot of winning enough Senate seats in November to gain a majority in the body, giving them control of both congressional chambers.

Many in the business community assume this would be good for them. But former House Financial Services Committee Chairman Barney Frank, D-Mass., offers a warning to that community.

"Be careful what you wish for," he writes in a commentary for CNBC. 

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Businessmen hope that Republican control of the Senate would lead to deregulation and favorable tax changes, Frank notes.

But in reality, the impact is unlikely to come in those two areas, he adds. "It is more probable that it [a Republican majority] will mean reversed support for policies the business community will not welcome."

Financial regulation is unlikely to be rolled back, given President Obama's veto power, Frank says. He was co-author of the 2010 Dodd-Frank financial reform law.

Meanwhile, a Republican congress would likely curtail Obama's effort to reform immigration — reform that the business community favors, Frank writes.

"If the election results in a Congress controlled by a Republican majority still heavily influenced by the Tea Party, the result may well be a move in the direction of a rigid free-market absolutism that will claim as its victims many of the policies that the business community has supported," he explains.

"Those who help to create such a majority if it comes to pass should not be surprised when Democrats show little enthusiasm for protecting the business community against it's the beneficiaries of its heavy financial support."

But top Republicans in the Senate have been conferring "for some time" to come up with bills that have the best chance for congressional and presidential approval, Sen. John Barrasso, R-Wyo., chairman of the Senate Republican Policy Committee, tells The Wall Street Journal.

Some Democrats support some of the proposals, which might induce Obama to approve them, he states. "I want to put things on the president's desk that he will have to think long and hard about and would be encouraged to sign," Barrasso notes.

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