Fed governor Lisa Cook will sue over Trump firing

What they're saying: "President Trump has no authority to remove Federal Reserve Governor Lisa Cook," Abbe David Lowell, the lawyer representing Cook, said in a statement.

• "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," Lowell added.

Catch up quick: Trump said that he was removing Cook from office "effective immediately," according to a letter posted on Truth Social on Monday evening.

• In a statement hours later, Cook said that she would not resign, arguing that Trump could not fire her.

The intrigue: No president has ever fired a Fed governor.

• A Supreme Court ruling earlier this year said that the president could remove officers of an independent agency, but it carved out an exception for the Fed.
• Housing regulator Bill Pulte has accused Cook of mortgage fraud — an allegation that Trump says gives him "cause" to fire the top central banker, whose term does not expire until 2038.

The bottom line: President Trump is asserting more control over the Federal Reserve.

• A court will decide just how far Trump — and future presidents — can go.

This is breaking news.