Chris Cillizza has the details:

Former President Bill Clinton has agreed to make public 200,000 donors to his presidential library and foundation as part of an agreement with President-elect Barack Obama's transition team designed to allow his wife -- Hillary Rodham Clinton -- to be named Secretary of State, according to two sources familiar with the arrangement.

The former president has also agreed to allow the State Department and, potentially, the White House, to vet his personal business interests and speeches so as to avoid potential conflicts of interest, according to transition officials.

[...]

With that potentially sticky-wicket now a non-issue, the nomination of Hillary Clinton as Secretary of State appears to be on a glide path.

This news should presumably mean that Barack Obama will now have in place his nominees for the four big departments, State, Treasury, Defense and Justice, a fairly diverse group that includes people of both parties, of both sexes, and of more than one racial background. But even more than the categories in which these nominees and presumptive nominees could be designated, this group conveys a strength that underscores Obama's determination to usher in a period of effective governance. While the rest of Obama's Cabinet remains to be fleshed out, the early indicators suggest that Obama will have one of the most respected and accomplished cabinets we have seen in some time. In other words, though I might not have assembled the exact same team, it does seem to have the trappings of an effective Cabinet.