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.

Donald Trump moved to oust Federal Reserve Governor Lisa Cook following allegations that she falsified mortgage documents, a dramatic escalation in the president’s battle to exert more control over the US central bank.

Trump fires Fed Governor Lisa Cook, sparking legal debate over presidential authority. Cook denies wrongdoing; courts may decide her fate.