Question #N481

It’s the first time in recent history that an American-born president has held office. His victory is a moment that many Americans are celebrating, as it represents a significant milestone in the history of the United States. How is the word “it” used in the sentence?

The word “it” in the sentence refers to
A. the president’s victory.
B. the fact that the president was born in the United States.
C. the fact that a president has held office.
D. the history of the United States.