“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in a statement. “I will not resign.”

A look at the workings of the Federal Reserve, what it does to keep the economy stable and Lisa Cook's role as governor.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in a statement. “I will not resign.”

Federal Reserve Governor Lisa Cook filed a lawsuit on Thursday claiming U.S. President Donald Trump has no power to remove her from office.

US president spent months waging campaign against Fed’s leaders which has raised questions over its independence

The Supreme Court is likely to resolve the question of whether President Trump had legal cause to remove the Federal Reserve Board member.

The president has accused Cook of mortgage fraud, and cited constitutional power that he says allows him to fire governors.

US president says the Joe Biden appointee lied on mortgage applications and he no longer had confidence in her ‘integrity’

Federal Reserve Board Governor Lisa Cook has filed a lawsuit against President Donald Trump for attempting to illegally fire her.

The lawsuit comes amid concerns that the US president is trying to sway central bank’s decisions on monetary policy.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in a statement. “I will not resign.”

The case sets off a potential legal battle, which could reach the Supreme Court, with implications for the US central bank's autonomy.

Late Thursday, Trump official Bill Pulte said that Cook had allegedly committed fraud on a third property, a condominium in Cambridge, Mass.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in a statement. “I will not resign.”

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said in a statement. “I will not resign.”