In late-1940s Australia, for example, the Federal Government sought to nationalise the banking system – presumably a source of considerable risk for the owners of the time. There were also major technology changes in that era, which would have destabilised some important existing business models.
Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability. References Andrés, Javier, J. David López-Salido, and Edward Nelson (2004).