President Donald Trump on Monday said he had fired Federal Reserve Governor Lisa Cook , an unprecedented and significant escalation of his attacks on the U.S. central bank's independence over its refusal to cut interest rates quickly.

Trump, in a termination letter to Cook posted on Truth Social , cited allegations that she had made false statements on applications for home mortgages.

Cook, in a statement, 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," Cook said. "I will continue to carry out my duties to help the American economy as I have been doing since 2022."

Cook hired the high-profile attorney Abbe Lowell to represent her.

Lowell, in a statement, said, "President Trump

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