Former Fannie Mae Head To Take Over Bank Bailout

Allison said that if confirmed, he would work to increase transparency of the program and share more details with Congress. He also vowed to do more to widen participation of the government's anti-foreclosures effort.

"We have to be vigilant. We can't be complacent," Allison said.

TARP is set to conclude at the end of the year unless Geithner extends it through fall 2010.

"This program is designed to deal with an extremely serious financial crisis," Allison said. "It was not set up to be a long-term permanent program."