President Donald Trump on Monday said he has fired Federal Reserve Governor Lisa Cook, according to a letter addressed to her posted on his social media — the first instance of a president firing a central bank governor in the central bank’s 111-year history.

Axar.az reports, citing CNN, the unprecedented move represents a significant escalation of the president’s battle against the Fed, which he has blamed for taking too long to lower interest rates.

Cook has recently come under fire by Trump and members of his administration for allegedly committing mortgage fraud. The Justice Department has said it plans to investigate those allegations first raised by Federal Housing Finance Director Bill Pulte.

Cook has not been charged with any wrongdoing.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in statement her attorneys shared with CNN Monday night. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022."