Granting central banks the power as a lender of last resort, for example, was both controversial and politically contested in the 19th century in the United Kingdom.
[3] In the United States, the Federal Reserve was not allowed to lend freely for a long time after it was founded in 1913 even though the United States was one of the most banking crisis-prone economies in the world. In the 1960s and 1970s, the trade-off between inflation and unemployment dominated public discourse.