Cook, the first Black woman to serve on the Federal Reserve Board, responded by saying that Trump has no authority fire her and she would continue to carry out her duties.

Ms Cook was appointed as governor of the Federal Reserve in 2022 by Democratic President Joe Biden, becoming the first African American to serve in the role. Her term was due to end in 2038. She previously served on Barack Obama's Council of Economic Advisers and worked at the US Treasury.

Lisa Cook made headlines three years ago when she became the first Black woman to serve on the Federal Reserve's Board of Governors, one of the most powerful financial institutions in the world.