President Donald Trump has fired Federal Reserve Governor Lisa Cook, a sharp escalation in his battle to exert greater control over what has long been considered an institution independent from day-to-day politics.

Trump cited a "criminal referral" from Federal Housing Finance Agency Director William Pulte against Cook, the first Black woman to serve on the Federal Reserve Board.

The president said he was removing Cook from the Board of Governors immediately for "cause" but it was unclear if he has the authority to do so.