OVERNIGHT MONEY: Who’s who

WHAT ELSE TO WATCH FOR:

GSE rollout, part deux: House Republicans are set to hold a Wednesday hearing on a second set of bills — seven, in all — they’re proposing to remake and ultimately remove Fannie Mae and Freddie Mac from the housing market.

The House Financial Services subcommittee’s get-together comes as the GOP is pushing to reduce those government-sponsored enterprises’ death grip on the housing market (the pair currently guarantees more than 90 percent of all new mortgages) while also trying to entice the private sector to fill in the void. These seven bills come on the heels of eight other measures introduced by House Republicans that would further chip away at Fannie and Freddie.

We’re looking at you, Ben Bernanke: A House Oversight subcommittee will set its sights on the Federal Reserve tomorrow, exploring how its policies might be having an impact on another hot-button issue: gas prices. Republicans have criticized the Fed for months of pursuing policies that will drive up inflation. The central bank has maintained that long-term inflation is still in check, but recent pain at the pump presents a fresh opportunity for the GOP to tackle the issue.

{mosads}Treasury secretary, unmasked: On the Money’s own Peter Schroeder will be monitoring Treasury Secretary Timothy Geithner’s appearance as the featured guest at a Politico breakfast tomorrow morning — and hopefully will be able to tell us what Geithner thought of Billy Crudup’s portrayal of him in HBO’s new flick, “Too Big to Fail.” (For that matter, he’ll also have his ears out for new information on tax reform, the debt ceiling and the like.)

Talking trade: Senate Finance hits the trade circuit one more time on Wednesday, this time for a discussion of the U.S. agreement with Panama. 

In a release, the panel said that Sen. Max Baucus (D-Mont.), its chairman, would talk up the deal during the hearing, which moved forward after Panama progressed on tax shelter issues. 

As it stands, the reauthorization of the Trade Adjustment Assistance program has proved to be something of a sticking point in the talks over the three trade pacts. Baucus says he supports renewal of TAA and other programs, but he was not one of the 41 senators who signed on to a letter backing the White House’s call for reauthorization before moving further on the agreements. 

Talking taxes: The House Ways and Means subcommittee on Oversight is set to tackle improper use of tax credits on Wednesday — not long, incidentally, after The Washington Times reported that well over 100 IRS employees wrongly claimed a first-time homebuyer credit.

The agency, which is expected to have a representative at Wednesday’s hearing, has said in a statement that it takes erroneous claims of the credit seriously and could fire those guilty of such an action.

Interest group roundup: Sen. Jon Kyl of Arizona and Rep. Eric Cantor of Virginia — the No. 2 Republicans in their respective chambers and your GOP line-up at the deficit discussions led by Vice President Biden — are scheduled to stop by as the U.S. Chamber of Commerce’s Small Business Summit makes an appearance at the Capitol. (More on those Biden talks below.)

Must be subcommittee day…: A Senate Banking subcommittee will hear from several financial executives tomorrow about clearinghouses. Meanwhile, a House Agriculture subcommittee will also dive into derivatives, discussing how the financial tools fit into overall competitiveness and stability in the financial markets.

Economic indicator: The Census Bureau is slated to release April information on manufacturers’ shipments, inventories and orders.

BREAKING TUESDAY:

$1 trillion: That’s the number of the day, our Erik Wasson and Russell Berman report, after the latest round of talks between Biden and the bipartisan group of lawmakers. Members of the group, looking to find a plan that will facilitate a debt-ceiling hike, now believe they can coalesce around roughly $1 trillion in cuts. 

Speaking of which…: The American people remain not terribly convinced that a debt-limit raise before Aug. 2 is the biggest deal in the world. The latest evidence? A new poll from The Washington Post and Pew, which found that almost half of Americans say their biggest concern is actually exceeding $14.3 trillion in debt, with about a third mostly worried about what default might do to the American economy.

Catfish?: In what is something of a big trade issue with Southeast Asia, Sen. Thad Cochran (R-Miss.) called for broad inspection of imported catfish on Tuesday.

WHAT YOU MIGHT HAVE MISSED:

— A devolving conversation: Elizabeth Warren and Rep. Patrick McHenry (R-N.C.) fire away.

— Obama on Chrysler: “I wasn’t willing to walk away.”

— GAO finds tax delinquents get billions in stimulus funds; senators call it a broader problem.

— A busy day of appropriating: Full House committee slices $30 billion for 2012 spending levels.

— House subcommittee approves cuts to food safety, nutrition programs.

— And Democratic appropriators try, fail to save funds for firefighters, disaster relief.

— House subcommittee to take on government real estate on Wednesday.

— House Democrats try to carve out $6.6 million for USTR oversight of China.

— Banks have their most profitable quarter since before the financial crisis…

— …But new home sales, while up, are still far from healthy.