The move came as the outgoing president warned against a revival of protectionism and expressed renewed concerns about North Korea in his final press conference before leaving office. Dana Perino, White House press secretary, said President Bush had agreed to the request from Mr Obama to ask for the remaining $350bn allocated for the Troubled Assets Relief Program (Tarp).

She said: “We will continue our consultations with the president-elect's transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute.” At the time of writing, the request had not been formally made.

Opposition to releasing the remaining bail-out funds is running high in Congress, raising the possibility that at least the House of Representatives and possibly the Senate too could formally vote to disapprove.