The president is attempting to fire Fed governor Lisa Cook, but she is refusing to step aside and claims Trump lacks the authority to do so.

Ms Cook was appointed as governor of the Federal Reserve in 2022 by Democratic President Joe Biden, becoming the first African American to serve in the role. Her term was due to end in 2038. She previously served on Barack Obama's Council of Economic Advisers and worked at the US Treasury.

Cook, the first Black woman to serve on the Fed's board, said that Trump has no authority fire her and her lawyer said that they would file a lawsuit challenging "this illegal action."