In sum, both the benefits and costs of nontraditional monetary policies are uncertain; in all likelihood, they will also vary over time, depending on factors such as the state of the economy and financial markets and the extent of prior Federal Reserve asset purchases. Moreover, nontraditional policies have potential costs that may be less relevant for traditional policies.
In addition, we have a tradition of multiple chartering options for full-service banks. This tradition flows from the previously described dispersion of legal and regulatory authority. Therefore, not until the Abraham Lincoln Administration in 1864 was our national banking authority created, and only after the 1929 Wall Street panic, was a national securities regulator created.