Barack Obama is sworn in as 44th President of the United States

Barack Obama was inaugurated the 44th president of the U.S. in January 2009, becoming the first African American to hold office. His immediate actions were focused on the financial crisis plaguing the country. He subsequently introduced several economic stimulus packages, with billions upon billions of dollars being spent in an effort to reinvigorate the financial system and free up credit. A country-wide cleanup of the banking system, with the aim of removing any toxic bank assets or loans, was soon begun.