President Donald Trump fired Federal Reserve governor Lisa Cook Monday evening effective immediately, intensifying a pressure campaign on the independent Fed as he seeks to sway its decisions on interest rates and other economic policy.

In a letter posted on social media, President Trump removed Cook from her position in connection with allegations of mortgage fraud. The White House claims Cook committed fraud in 2021 when she purchased two properties.

In the letter, President Trump writes "The Federal Reserve Act provides that you may be removed, at my discretion, for cause. See 12 U.S.C. § 242. I have determined that there is sufficient cause to remove you from your position."

"There is sufficient reason to believe you may have made false statements on one or more mortgage agreements

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