Past presidents have exerted, or tried to exert, strong control over private industry: maybe most notably in 1952, when a series of strikes by the United Steelworkers of America in the midst of the Korean war prompted President Truman to nationalize the steel industry (he was ultimately thwarted by the U.S. Supreme Court.) Even in the context of such interventions, however, President Barack Obama’s bailing out of General Motors and nationalizing the fringe parts of its operation was unprecedented.

On this day, March 30, in 2009 President Obama announced in a press conference a major restructuring in the government’s relationship with the car manufacturer. “My administration will offer GM and Chrysler a limited additional period of time to work with creditors, unions and other stakeholders,” he said “to fundamentally restructure in a way that would justify an investment of additional taxpayer dollars.”

Two of the most controversial provisions announced concerned Obama’s control over the company. Despite his pronouncement that “the government has no plans to run GM,” the restructuring did force out the CEO Rick Waggoner. As well, Obama backed the warranties of General Motors with the faith and credit of the United States. It was not quite nationalization, but it was a step never before taken in the history of the country.