President Donald Trump fired Federal Reserve Governor Lisa Cook late Monday, a sharp escalation in his battle to exert greater control over what has long been considered an institution independent from day-to-day politics.

Trump cited a "criminal referral" from Federal Housing Authority director William Pulte against Cook, the first Black woman to serve on the Federal Reserve Board.

President Trump fired Federal Reserve governor Lisa Cook on Monday, as the White House attempts to exert more influence over the central bank. Why it matters: It is a legally dubious move that further threatens the central bank's political independence.