President Donald Trump has fired Federal Reserve Governor Lisa Cook late Monday night, citing allegations of mortgage fraud in a surprise move that marks a significant escalation in his efforts to exert control over the traditionally independent central bank.

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The announcement, posted on Trump’s Truth Social, came just days after Cook stated she would not resign from the seven-member Fed board despite Trump’s previous calls for her departure.

The firing comes on the heels of allegations made last week by Bill Pulte, a Trump appointee to the agency overseeing mortgage giants Fannie Mae and Freddie Mac. Pulte accused Cook of claiming two primary residences, one in Ann Arbor, Michigan, and another in Atlanta in 2021 to secure more favorable mortgage terms. Mortgage rates are typically higher for second homes or investment properties.

Trump justified the firing as constitutional, asserting his executive authority despite the Fed’s traditional independence, the president noted in the letter posted to social media.

In the letter to Cook posted on Truth Social, Trump argued that the executive power vested in him as president includes a “solemn duty to ensure that the laws of the United States are faithfully executed,” determining that Cook’s alleged conduct necessitated her immediate removal.

This is a breaking news story. Updates to follow.

Reporting from the Associated Press contributed to this article.