US President Donald Trump has announced the immediate removal of Federal Reserve governor Lisa Cook, citing alleged false statements on mortgage agreements. Cook disputes his authority to fire her and vows not to resign, setting the stage for a potential legal challenge.

• Cook was appointed by Trump’s predecessor, Democrat Joe Biden, in 2022.
• She is the first African American woman to serve in the role of Federal Reserve governor.
• Trump’s decision was announced on his social media platform, Truth Social.