President Barack Obama will pick former TIAA-CREF chairman, president and CEO Herb Allison, who now serves as CEO of Fannie Mae, to oversee the troubled asset relief program, The Wall Street Journal reported.

The president's announcement of his plan to nominate Allison, 65, as assistant secretary for the Office of Financial Stability could come as early as this week, according to the report.

Allison would take over from Neel Kashkari, who had been tapped by prior Treasury Secretary Henry Paulson last fall.

Allison served as TIAA-CREF's top executive from November 2002 to April 2008. He was succeeded as president and CEO by Roger Ferguson, currently a member of President Obama's Economic Recovery Advisory Board. Ronald Thompson took over as TIAA-CREF chairman.

Prior to joining TIAA-CREF, Allison spent 28 years at Merrill Lynch, retiring as its president and chief operating officer in July 1999.

In 1999 and 2000, he served as finance chairman for the presidential primary campaign of Senator John McCain (R-AZ).  

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