Government policy designed to promote affordable housing, widespread failures in corporate and regulatory governance, and historically low interest rates set by the Federal Reserve led to the United States housing bubble in 2006, which culminated with the financial crisis of 2007–2008 and the Great Recession, the nation's largest economic contraction since the Great Depression. During the crisis, assets owned by Americans lost about a quarter of their value. Barack Obama, the first multiracial president, with African-American ancestry was elected in 2008 amid the crisis, and subsequently passed American Recovery and Reinvestment Act of 2009 economic stimulus and the Dodd–Frank Wall Street Reform and Consumer Protection Act in an attempt to mitigate its negative effects and ensure there would not be a repeat of the crisis. In 2010, President Obama led efforts to pass the Patient Protection and Affordable Care Act, the most sweeping reform to Health care in the United States in nearly five decades.