People close to the situation say financial groups were frustrated by the administration's decision not to hold detailed discussions with the industry before last week's release of its $2,000bn financial rescue plan.

The industry's frustration contrasts with the cautious welcome given to Mr Geithner's plans by private equity and hedge fund groups. The government package contained two items at the top of those investors' wish-list: financial assistance to purchase toxic assets from banks and a guarantee to cover some of the losses on those assets.

Several banks want the government to clarify that its plans for a “stress test” of companies' ability to survive a sharp deterioration in the economy and financial markets would not result in a “pass or fail” grade.