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.

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.

The Trump administration has accused Federal Reserve Governor Lisa Cook of mortgage fraud, a federal crime. But there’s still a lot we don’t know.