The Presidency of Theodore Roosevelt began on September 14, 1901, when Theodore Roosevelt became the 26th President of the United States upon the assassination and death of President William McKinley, and ended on March 4, 1909. Roosevelt had been the Vice President of the United States for only 194 days when he succeeded to the presidency. His presidency saw the passage of the Pure Food and Drug Act, which established the Food and Drug Administration to regulate food safety, and the Hepburn Act, which increased the regulatory power of the Interstate Commerce Commission. Roosevelt took care, however, to show that he did not disagree with trusts and capitalism in principle, but was only against monopolistic practices. The U.S. stock market entered a slump in early 1907, and many in the financial markets blamed Roosevelt's regulatory policies for the decline in stock prices. Lacking a strong central banking system, the government was unable to coordinate a response to the economic downturn. The slump reached a full-blown panic in October 1907, when two investors failed to take over United Copper.
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