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Federal Reserve Gov. Lisa Cook will not be resigning from her post after President Donald Trump claimed in a letter that he fired her “effective immediately.”

Trump posted the letter on Truth Social on Monday, five days after he first demanded she step down on the platform.

In the letter, the president wrote he was removing Cook from her post “pursuant to the Constitution of the United States of America and the Federal Reserve Act of 1913, which authorizes the President to remove Governors of the Federal Reserve System from the Board “for cause.”

Trump wrote, “I have determined that faithfully enacting the law requires your immediate removal from office.”

The president continued, “After reviewing all of the information and having consulted with the relevant government officials, I have found sufficient reason to believe that you made false statements on one or more mortgage agreements and, therefore, should be immediately removed from your position as a member of the Federal Reserve Board.”

The accusation against Cook was leveled by Trump appointee Bill Pulte, a member of an agency that oversees Fannie Mae and Freddie Mac, in a criminal referral to the Justice Department on August 15, according to ABC News.

On Fox Business’ “Mornings with Maria,” Pulte laid out the allegations against Cook.

“It’s very odd to see people try to twist back way sideways and upside down to justify mortgage fraud,” he said. “This is a very serious crime. Mortgage fraud carries up to 30 years in prison. I believe the president has ample cause to fire Lisa Cook. Whether he wants to do that or not is entirely up to the president. However, we will go where mortgage fraud is. If mortgage fraud is with a Republican or a Democrat, it doesn’t matter—if you commit mortgage fraud in President Trump’s America, we’re going to come after you. And Lisa Cook is no exception to that.”

Cook was appointed to the Federal Reserve Board in 2022 by former President Joe Biden.

Cook refuted Trump’s authority to remove her as a member of the Fed’s Board on Tuesday.

“I am not resigning from the Federal Reserve Board, and President Trump cannot remove me,” Cook said in a statement, which was shared with Fox News Digital.

Cook’s lawyer, Abbe Lowell, represented Hunter Biden, New York Attorney General Letitia James, Jared Kushner, and Ivanka Trump. In a statement, he called Trump’s move a “fire by tweet” threat.

“President Trump has taken to social media to once again ‘fire by tweet,” and once again, his reflex to bully is flawed, and his demands lack any proper process, basis, or legal authority. We will take whatever actions are needed to prevent his attempted illegal action,” he said.

Lowell said he would be filing a lawsuit on Cook’s behalf. “President Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” he said.

Democrats Slam Trump’s Move, Calling It a Power Grab

Top Democrats also spoke out against Trump’s firing of Cook. House Minority Leader Hakeem Jeffries, D-N.Y., Sen. Elizabeth Warren, D-Mass., and Rep. Jamie Raskin, D-Md., all made statements on Cook’s behalf.

Raskin told Axios, “What an outrage and a scandal. This is the big one constitutionally.”

Warren said the firing was “an authoritarian power grab,” adding that “Trump is desperately looking for a scapegoat to cover for his own failure to lower costs for Americans, and firing Lisa Cook is his latest move.”

Jeffries said in a statement, “There is not a shred of credible evidence that she has done anything wrong. To the extent anyone is unfit to serve in a position of responsibility because of deceitful and potentially criminal conduct, it is the current occupant of the White House. The American people are not buying your phony projection and slander of a distinguished public servant.”

Trump has been critical of Powell for his decision to raise interest rates to combat inflation. The president and his allies have called on the Fed to cut rates, which would help ease the burden of paying the more than $37 trillion in national debt, which is the subject of a bipartisan investigation by Congress into the scope of the increase and how much the president knew at the time.