President Donald Trump on Aug. 25 fired Federal Reserve governor Lisa Cook , an unprecedented move that brings the president one step closer to shaping the balance of the Fed's seven-member board in his favor.

In a letter shared on Truth Social, Trump claimed "sufficient cause" to remove Cook immediately, pointing to accusations that Cook made false statements on mortgage agreements.

The move comes amid Trump's monthslong efforts to influence the central bank's rate cut decisions. Trump had previously focused on pressuring Fed Chair Jerome Powell to lower rates through name-calling and termination threats, although the president has since walked back threats to remove the Fed chair.

Here's what to know:

Cook defiant, says Trump can't remove her

Cook, in a statement released by

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