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 Federal Reserve Board, responded by saying she has done nothing wrong and Trump cannot fire her.

President Donald Trump says he’s firing Lisa Cook, a member of the Federal Reserve’s board of governors, amid mortgage fraud allegations, opening a new front in the fight over America’s central bank.