Cook, the first Black woman to serve on the Fed's board, said that Trump has no authority fire her and her lawyer said that they would file a lawsuit challenging "this illegal action."

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.

President Trump on Monday doubled down on his pressure campaign against Federal Reserve board of governors member Lisa Cook, urging her to resign or be fired following allegations of mortgage fraud. The effort to remove her from the position has exacerbated Trump’s feud with the Federal Reserve after months of tension between the president