President Donald Trump said late on Monday that he has fired Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud that haven’t been taken to court. There’s still a lot we don’t know about the situation.

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.

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.