The power to change economic policies rested with the states and the Bank of the United States. In addition, Monroe believed that depressions were natural features of a maturing economy and that the U.S. economy would soon rebound from the panic (and indeed it did—the depression ended by 1823).
Just prior to James Madison's assumption of office, Congress passed the Non-Intercourse Act of 1809, which replaced Jefferson's failed embargo. It allowed the resumption of world trade with the exclusion of trade with England and France, thus barring French and British vessels from American ports.
