In a major escalation against the independence of the Federal Reserve, President Trump said Monday he is firing Federal Reserve Governor Lisa Cook, the first Black woman to sit on the central bank’s board. Trump is claiming that she committed mortgage fraud and that he’s removing her immediately. Cook is holding firm, saying that she intends to stay in her position.

In a statement to Politico, she said, “President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.” Trump has also repeatedly threatened to fire Fed Chair Jerome Powell as he pressures the Fed to lower interest rates.