Some curbs would be similar to those imposed on the financial services companies receiving government help, such as tougher standards on executive pay, a prohibition on “golden parachutes” and a requirement that the industry must repay taxpayers for any costs incurred by the rescue after a certain period.

It may be hard for Detroit to resist such demands. Bob Nardelli, chief executive of Chrysler, warned yesterday that it would be “very difficult” for the company to survive the downturn without government help, while Goldman Sachs said that General Motors alone might need $22bn (€17.5bn, ￡15bn) in federal aid.

Staffers on the House financial services committee have been busy drafting the terms of the rescue in recent days, before a hearing in Washington next week featuring the heads of Detroit's “Big Three”.