"President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so," said Cook in a statement Monday. "I will not resign."

As governor, Cook is one of six board members who play a major role in implementing monetary policy in the United States. Trump has repeatedly criticized the Federal Reserve for not cutting interest rates, which he argues hampers economic growth.

Last week, Trump called for Cook to resign, citing allegations from Bill Pulte, the Director of the Federal Housing Finance Agency that she had improperly listed two primary residences.

On Monday, Trump moved to make her ouster official, penning a letter to Cook announcing her dismissal, which he posted on the social media platform Truth Social.

"You are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately," he wrote Cook. "At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator."

Governors are confirmed by the Senate for 14-year terms. Cook, who was reappointed in February of 2024, would reach the end of her term in January 2038 if allowed to remain. Subscribe for free to Breaking Christian News here

Cook's lawyer, Abbe Lowell, fired back at Trump with strident language in a statement Monday.

"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," he said. "We will take whatever actions are needed to prevent his attempted illegal action."

Lowell, a Washington-based lawyer, has represented clients such as former Sen. Bob Menendez, D-NJ, Jared Kushner, and Hunter Biden.

George Caldwell is a journalism fellow at The Daily Signal.

To receive daily emails from Breaking Christian News to your inbox CLICK HERE

Why Hobby Lobby Founder David Green Gave Up $22 Million in Halloween Sales

One of America's Largest Industries Is in Danger, New Documentary Warns (Video)

These Major Banks Targeted Christians, Trump Supporters

School District Ordered to Apologize, Pay $275k for Forcing Kids to Hide Bibles

Four Killed, Dozens Seriously injured in 'Violent, Fast-moving Fire' after Explosion at Military Base in Alberta, Canada

Netanyahu Stresses Goal of Toppling Iran Regime after 'Extraordinary' Endorsement from Trump; CENTCOM's Update on Hormuz

Report: Marseille Rioters Burned Jewish-Owned Shops, Left Muslim-Owned Ones Untouched (Videos)

'French Intifada': Mayor of Nice Calls for Terror Investigation into 'Islamo-Leftist' Riots, Ban on Antifa Groups

Egyptian Farmer's Find Reveals Giant Statue of Pharaoh Linked to Biblical Exodus

Elon Musk Wows the World: Unveils Flying Tesla Roadster at SpaceX Texas Site

Illegal Alien Busted Allegedly Hauling Enough Fentanyl To Potentially Kill State's Entire Population—Twice

Trump's Fraud Task Force Recovers Nearly $6 Billion While Targeting Medicare/Medicaid Duplicate Coverage

Now More Than Ever, the Survival of the Constitution Is on the Ballot

Turnout Surge among GOP Seniors Could Be Midterm's Biggest Surprise

Fact Check: Breaking Down Talarico's Claims at CNN Town Hall

Prayer Alert: Deadly Oregon Elementary School Shooting Could've Been Worse, But For Heroic Armed Bystander Who Stopped Teen Gunman

'I Still Can't Believe What God Did!' 550 Baptized in Freezing Waters of England

Christian Mom Fights Homeschool Battle: 'Government Cannot Exclude Religious People' (Video)

Facts Don't Lie: Republicans Dominate 5 Financially Healthiest State Governments, Democrats Run the 5 Worst

Social Security to Grant 3.6% Cost-of-Living Boost