Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the president's attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed's longstanding political independence.

No president has sought to fire a Fed governor in the institution's 112-year history until Trump posted a letter on his Truth Social media platform late Monday saying that Cook was fired.

Trump said the reason for her removal were allegations that she committed mortgage fraud in 2021, before she was appointed to the board.

RELATED STORY | Trump fires Federal Reserve governor Lisa Cook over allegations of mortgage fraud

The Supreme Court has signaled that the president can't fire Fed officials over policy differences, but he can do so "f

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