CNBC is reporting that in the week ahead banking reform will likely overshadow the Fed, as Congress edges closer to a new financial regulatory reform bill whose effect on the financial sector is still murky.

According to Friday’s “Week Ahead” article of Market Insider with Patti Domm, the joint banking committee is aiming to reach a compromise that would combine the House and Senate legislation by Thursday, with floor votes the following week.

On Tuesday, the conferees will take on consumer financial protection and whether to limit fees on debit card transactions.

Also still to be resolved is what will happen to the banks’ swaps businesses. The Senate bill would require swaps to be separated from the rest of the business. Under a compromise version, those assets could be retained by parent companies but isolated.

The fate of the swaps units has consistently been one of the bill’s most contentious issues.  It is also the most important issue to resolve in terms of the bill’s immediate potential impact on the financial markets, according to Jason Trennert, chief investment strategist with Strategas Research.

“Obviously, the desire is to get it done before July Fourth because they all go on vacation,” said Mr. Trennert.