President Donald Trump on Aug. 25 announced he was firing Federal Reserve governor Lisa Cook , an unprecedented move that brings the president one step closer to shaping the balance of the Fed's seven-member board in his favor.

In a letter shared on Truth Social, Trump claimed "sufficient cause" to remove Cook immediately, pointing to accusations that Cook made false statements on mortgage agreements.

Cook said Aug. 26 the president lacked authority to oust her from the board of the central bank. She plans to challenge the move in court, according to a statement from her attorney.

The move comes amid Trump's monthslong efforts to influence the Fed's decisions on interest rates. Trump had previously focused on pressuring Fed Chair Jerome Powell to lower rates through name-calling a

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