President Donald Trump moved to fire Federal Reserve governor Lisa Cook on Monday, escalating his campaign to exert more control over the central bank.

In a social media post , Trump said he was dismissing Cook in response to allegations from a Trump ally that she had made false statements on a mortgage application.

Cook said in a statement Trump has no authority to fire her, and she vowed to continue serving.

Under federal law designed to insulate the central bank from political pressure, Fed governors can only be removed for cause.

"The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve," Trump wrote in a letter addressed to Cook. "In light of your deceitful and potentially criminal c

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