paragraph_text: The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.

paragraph_text: Lawrence H. White (born November 27, 1954) is an American economics professor at George Mason University who teaches graduate level monetary theory and policy. He is considered an authority on the history and theory of free banking. His writings support the abolition of the Federal Reserve System and the promotion of private and competitive banking.

paragraph_text: The Qatar Central Bank was originally the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed. The Qatar Monetary Agency assumed the duties of a central bank. In 1973, Amiri Decree No. 24 authorized the issuance of the Qatari Riyal (QR).

paragraph_text: The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states.[dated info] The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015[update] the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters.

paragraph_text: The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.

paragraph_text: Eisenhower was the last president born in the 19th century, and at age 62, was the oldest man elected President since James Buchanan in 1856 (President Truman stood at 64 in 1948 as the incumbent president at the time of his election four years earlier). Eisenhower was the only general to serve as President in the 20th century and the most recent President to have never held elected office prior to the Presidency (The other Presidents who did not have prior elected office were Zachary Taylor, Ulysses S. Grant, William Howard Taft and Herbert Hoover).

paragraph_text: Government involvement in the British economy is primarily exercised by Her Majesty's Treasury, headed by the Chancellor of the Exchequer, and the Department for Business, Energy and Industrial Strategy. Since 1979 management of the economy has followed a broadly laissez - faire approach. The Bank of England is the UK's central bank and its Monetary Policy Committee is responsible for setting interest rates, quantitative easing, and forward guidance.

paragraph_text: The reaction to the encyclical's continued prohibitions of artificial birth control was very mixed. In Italy, Spain, Portugal and Poland, the encyclical was welcomed. In Latin America, much support developed for the Pope and his encyclical. As World Bank President Robert McNamara declared at the 1968 Annual Meeting of the International Monetary Fund and the World Bank Group that countries permitting birth control practices would get preferential access to resources, doctors in La Paz, Bolivia called it insulting that money should be exchanged for the conscience of a Catholic nation. In Colombia, Cardinal archbishop Aníbal Muñoz Duque declared, if American conditionality undermines Papal teachings, we prefer not to receive one cent. The Senate of Bolivia passed a resolution stating that Humanae vitae could be discussed in its implications for individual consciences, but was of greatest significance because the papal document defended the rights of developing nations to determine their own population policies. The Jesuit Journal Sic dedicated one edition to the encyclical with supportive contributions.

paragraph_text: In the 1960 election to choose his successor, Eisenhower endorsed his own Vice President, Republican Richard Nixon against Democrat John F. Kennedy. He told friends, "I will do almost anything to avoid turning my chair and country over to Kennedy." He actively campaigned for Nixon in the final days, although he may have done Nixon some harm. When asked by reporters at the end of a televised press conference to list one of Nixon's policy ideas he had adopted, Eisenhower joked, "If you give me a week, I might think of one. I don't remember." Kennedy's campaign used the quote in one of its campaign commercials. Nixon narrowly lost to Kennedy. Eisenhower, who was the oldest president in history at that time (then 70), was succeeded by the youngest elected president, as Kennedy was 43.

paragraph_text: Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. For example, in the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short - term interest rates.

paragraph_text: The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The Board of Governors, in turn, elect among themselves the twelve members of the Board of Directors and their deputies. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.The Board of Governors also elect the bank's president, who is the chairperson of the Board of Directors and manages ADB. The president has a term of office lasting five years, and may be reelected. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese.

paragraph_text: The first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. While Duisenberg had been the head of the EMI (taking over from Alexandre Lamfalussy of Belgium) just before the ECB came into existence, the French government wanted Jean-Claude Trichet, former head of the French central bank, to be the ECB's first president. The French argued that since the ECB was to be located in Germany, its president should be French. This was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by a gentleman's agreement in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet.

paragraph_text: The monetary base consists of coins and Federal Reserve Notes in circulation outside the Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. The adjusted monetary base has increased from approximately 400 billion dollars in 1994, to 800 billion in 2005, and over 3000 billion in 2013. The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year, the 12-person Federal Open Market Committee meet to determine U.S. monetary policy. Every business day, the Federal Reserve System engages in Open market operations to carry out that monetary policy. If the Federal Reserve desires to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.

paragraph_text: The Ministry of Finance's remit is smaller than its counterparts in many other states. Macroeconomic management is primarily handled by the National Development and Reform Commission (NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for banking, insurance and securities. It also does not handle regulation of the money markets or interest rates. These, together with other aspects of monetary policy, are governed by the People's Bank of China (PBC), China's central bank. The Ministry, NDRC and PBC are equal in status, with their political heads all sitting on the State Council.

paragraph_text: The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed Board of Governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, oversee the privately owned U.S. member banks. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, which entitles them to elect some of their board members. The Federal Open Market Committee (FOMC) sets monetary policy; it consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time: the president of the New York Fed and four others who rotate through one - year terms. There are also various advisory councils. Thus, the Federal Reserve System has both public and private components. The structure is considered unique among central banks. It is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.

paragraph_text: The World Bank was created at the 1944 Bretton Woods Conference along with the International Monetary Fund (IMF). The president of the World Bank is, traditionally, an American. The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.

paragraph_text: Although an instrument of the U.S. Government, the Federal Reserve System considers itself ``an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. ''The federal government sets the salaries of the board's seven governors. The federal government receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. In 2015, the Federal Reserve made a profit of $100.2 billion and transferred $97.7 billion to the U.S. Treasury.

paragraph_text: The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems.

paragraph_text: William McKinley (January 29, 1843 -- September 14, 1901) was the 25th President of the United States, serving from March 4, 1897 until his assassination in September 1901, six months into his second term. McKinley led the nation to victory in the Spanish -- American War, raised protective tariffs to promote American industry, and maintained the nation on the gold standard in a rejection of free silver (effectively, expansionary monetary policy).

paragraph_text: The median age upon accession to the presidency is 55 years and 3 months. This is how old Lyndon B. Johnson was at the time of his inauguration. The youngest person to assume the office was Theodore Roosevelt, who became president at the age of 42 years, 322 days, following William McKinley's assassination; the oldest was Donald Trump, who was 70 years, 220 days old at his inauguration. The youngest person to be elected president was John F. Kennedy, at 43 years, 163 days of age on election day; the oldest was Ronald Reagan, who was 73 years, 274 days old at the time of his election to a second term.

Question: Who was the oldest elected president of the country that owns the banks in charge of American monetary policy?
Answer: Donald Trump