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President Donald Trump announced in a letter that he was “removing” Federal Reserve Governor Lisa Cook from her post “effective immediately.” She has refused to resign.

Cook made her defiance known on Truth Social Monday afternoon after Trump made his declaration on the same platform just five days prior, demanding she step down as governor on the Federal Reserve Board of Governors.

Claiming in the letter, Trump posted, he has the power to remove members of the Federal Reserve Board of Governors under the U.S. Constitution and the Federal Reserve Act of 1913. In the letter, Trump said there was “sufficient reason to believe” that Cook had “made false statements on one or more mortgage agreements.”

“I have determined that faithfully enacting the law requires your immediate removal from office,” Trump wrote.

The White House did not respond to a request for comment. The Justice Department also did not immediately respond to a request for comment.

The allegations of “false statements” cited by Trump were levied by Bill Pulte, a Trump appointee at an agency that regulates Fannie Mae and Freddie Mac. He accused Cook of illegally claiming two primary residences in 2021, one in Ann Arbor and one in Atlanta, to secure better rates on mortgages.

In an interview with Fox Business’ “Mornings with Maria,” Pulte described the allegations.

“It’s very odd to see people try to twist back way sideways and upside down to justify mortgage fraud,” Pulte said. “This is a very serious crime. Mortgage fraud carries up to 30 years in prison. I believe the president has ample cause to fire Lisa Cook. Whether he wants to do that or not is entirely up to the president. However, we will go where mortgage fraud is. If mortgage fraud is with a Republican or Democrat, it doesn’t matter – if you commit mortgage fraud in President Trump’s America, we’re going to come after you. And Lisa Cook is no exception to that.”

On Aug. 15, Pulte submitted a criminal referral to the Justice Department, where he accused Cook of falsifying bank documents and property records, per the complaint. Cook has not been charged.

Cook was appointed to the Federal Reserve Board in 2022 by President Joe Biden. In a statement to Fox News Digital, Cook denied that Trump has any power to fire her.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022,” Cook said.

Cook is represented by attorney Abbe Lowell, who has represented Hunter Biden, New York Attorney General Letitia James, Jared Kushner,, and Ivanka Trump. He was quick to respond to Trump’s letter.

“President Trump has taken to social media to once again ‘fire by tweet,’ and once again his reflex to bully is flawed and his demands lack any proper process, basis, or legal authority. We will take whatever actions are needed to prevent his attempted illegal action,” Lowell said.

In a subsequent statement, Lowell announced he would be filing a lawsuit on Cook’s behalf to challenge Trump’s attempted removal. “President Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” Lowell said.

Democrats Come Out in Support of Cook, Claim Trump Was “Projection”

House Minority Leader Hakeem Jeffries, D-N.Y., Sen. Elizabeth Warren, D-Mass., and Rep. Jamie Raskin, D-Md., all took to social media to decry Trump’s attempted removal of Cook.

Raskin told Axios, “What an outrage and a scandal. This is the big one constitutionally.”

Warren said Trump’s attempted firing of Cook “is an authoritarian power grab.” She added, “Trump is desperately looking for a scapegoat to cover for his own failure to lower costs for Americans, and firing Lisa Cook is his latest move.”

Jeffries said, “There is not a shred of credible evidence that she has done anything wrong.” He also directly attacked Trump. “To the extent anyone is unfit to serve in a position of responsibility because of deceitful and potentially criminal conduct, it is the current occupant of the White House. The American people are not buying your phony projection and slander of a distinguished public servant.”