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.

President Donald Trump said Monday night that he's firing Federal Reserve governor Lisa Cook, an unprecedented move that would constitute a sharp escalation in his battle to exert greater control over what has long been considered an independent institution.

President Trump announced he’s removing the Biden-appointed Fed Governor over alleged mortgage fraud, though critics say the move is politically motivated.