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.

US President Donald Trump expanded pressure on the Federal Reserve on Monday by moving to fire Governor Lisa Cook "effective immediately", a step the independent central bank official said he had "no authority" to take.