The president said he was removing Cook from the Board of Governors immediately for "cause" but it was unclear if he has the authority to do so.

President Trump announced he’s removing the Biden-appointed Fed Governor over alleged mortgage fraud, though critics say the move is politically motivated.

Trump said in a letter posted on his Truth Social platform that he is firing Cook because of allegations that she committed mortgage fraud. Bill Pulte, a Trump appointee to the agency that regulates mortgage giants Fannie Mae and Freddie Mac, made the accusations last week.