Federal Reserve Governor Lisa Cook clapped back at President Donald Trump late Monday after the president announced on social media that he was terminating her “effective immediately,” with Cook declaring she would continue to serve out her 14-year term regardless of Trump’s efforts to oust her.

On his social media platform Truth Social, Trump announced Monday night that Cook, appointed under the Biden administration, would be “hereby removed” from her position over allegations of mortgage fraud, allegations that have yet to be proven in court to hold any merit.

Hours after Trump’s announcement, Cook released a statement declaring her intention to continue her term at the Federal Reserve, and called into question the president’s authority to have her removed.

“President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so,” read the statement from Cook, released by her attorney and reported by New York Times reporter Ben Casselman. “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’s announcement represents just the latest development in his feud with the Federal Reserve, which, under Federal Reserve Chair Jerome Powell, has refused to cave to Trump’s demands and cut interest rates.

Were Cook to ultimately be removed from her position, the Federal Reserve’s seven-person board would be majority-Trump appointees, something Trump likely is hopeful to see in his efforts to coerce the board to slash interest rates.

Whether Cook’s firing stands remains to be seen, with no president in history having ever fired a member of the Federal Reserve Board.