Washington — President Trump said Monday he has fired Lisa Cook from the Federal Reserve's Board of Governors, a dramatic move after months of public attacks against the central bank.

Cook and her attorney said Tuesday that the move has no legal basis and that they plan to file a lawsuit challenging the president's action.

The president announced Cook's removal from the Fed board in a letter posted to Truth Social that accused Cook of making false statements on mortgage documents, actions he claimed were "gross negligence" and "potentially criminal." Mr. Trump had previously urged Cook to resign, leading the economist to say she had "no intention of being bullied to step down from my position because of some questions raised in a tweet."

The move is an early test of Mr. Trump's power

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