Which U.S. president was in office when the 1907 Panic caused a major New York stock-market collapse?

Theodore Roosevelt was the U.S. president when the 1907 Panic caused a major New York stock-market collapse.

The panic began after an unsuccessful attempt to corner the stock of United Copper Company. Depositors then rushed to withdraw money from banks and trust companies connected to the speculators. The crisis spread through New York's financial system and shook confidence nationwide.

Roosevelt was president during the emergency, but financier J. P. Morgan played the central private-sector role in organizing support for threatened banks and trust companies. Morgan and other bankers pledged funds and negotiated rescues while the government monitored the situation.

The crisis exposed the weakness of a financial system without a central bank. Congress later created the National Monetary Commission, whose work helped lead to the Federal Reserve Act of 1913. Thus the Panic of 1907 is an important predecessor to the modern U.S. central-banking system.