His top choice appears to be Rep. Rahm Emanuel, D-Ill.
From Chicago, he's a close ally of Obama's and a veteran of the Clinton White House.
Obama likes the fact that Emanuel knows policy, knows politics, knows Capitol Hill.
He has told associates that he knows that Emanuel will "have his back."
There have been no final decisions yet, but that's likely to be the first announcement coming out of Obama.
In addition to his likely top choices for Treasury Secretary -- Tim Geithner and Larry Summers -- Obama is also likely to appoint some kind of emergency economic committee.
It could include heavyweights like former Treasury Secretary Bob Rubin, former head of Clinton's council of economic advisors Laura Tyson, maybe former Federal Reserve chair Paul Volcker, and maybe even billionaire investor Warren Buffett.
He is also definitely committed to having Republicans in his cabinet and he'll likely call John McCain to find some issues where they can work together on.
Perhaps a bipartisan attack on corporation earmarks?