Feinberg will make shift over to Gulf oil spill job this summer

Ken Feinberg is expected to step down later this summer as special master for executive compensation under the federal bailout program. 

Feinberg, who oversees the payment system under the Troubled Asset Relief Program, will take over the $20 billion BP claims fund he was appointed last week to oversee, a Treasury Department official told CNBC this afternoon. 

BP executives and the Obama administration met last week at the White House to hash out the fund that will pay claims to businesses and individuals affected by the oil spill in the Gulf of Mexico. 

Feinberg oversaw the distribution of funds to the families of victims of the Sept. 11 attacks and those killed during the 2007 Virginia Tech massacre.