U.S. to Unveil Bank-Investing Plans: Report

Kashkari said there are also provisions in place to protect taxpayers that are footing the TARP bill, including a goal to preserve homeownership, restrictions on executive compensation and strict compliance rules.

Kashkari outlined five key positions the Treasury has already filled, including chief financial officer, chief risk officer, chief of homeownership preservation, chief compliance officer and interim chief investment officer. Those officials have decades of experience in various regulatory arms domestically and abroad, including the Treasury, Federal Deposit Insurance Corp., Federal Reserve, Commerce Department, International Monetary Fund and World Bank, among others.

Treasury is now seeking two accounting firms to oversee compliance, as well as an investment management to review proposals, a master custodian to track assets purchased, and managers for securities and home loans to track those assets.

Kashkari says these solicitations are "just the first wave" in an unprecedented program in size and scope. Those who are selected will require extensive, relevant experience, and firms selected will have to be managing at least $100 billion. "In our view, it would not be fiscally prudent to ask a firm that only manages a couple million dollars to manage a hundred billion dollars," Kashkari said.

Among firms contending for various roles are BlackRock (BLK Quote), Pacific Investment Management Co., State Street, Bank of New York Mellon and Northern Trust (NTRS Quote), according to a Bloomberg report last week.