Donald Trump makes unprecedented move to fire member of Federal Reserve

The move comes as Mr Trump attempts to exert more control over the independent monetary agency. 

US president Donald Trump on Monday said he was firing Federal Reserve Governor Lisa Cook over unproven alleged improprieties in obtaining mortgage loans, an unprecedented step that could test the boundaries of presidential power over the independent monetary policy body should it be challenged in court.

Mr Trump said in a letter to Cook, the first African-American woman to serve on the Federal Reserve's governing body, that he had “sufficient cause to remove you from your position” because in 2021 Cook indicated on documents for separate mortgage loans on properties in Michigan and Georgia that both were a primary residence where she intended to live.