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Federal Reserve Governor Lisa Cook is refusing to resign after President Donald Trump issued a letter Wednesday in which he said he had “removed” her from office “effective immediately.” The unprecedented standoff between Trump and Cook has sparked a debate over presidential power and the independence of the Federal Reserve, which has long been considered a “quiet” branch of government free from political influence.

The president posted a letter he sent to Cook on Truth Social on Wednesday. The five-day gap between Trump’s initial demand that Cook resign from the same post and the letter claiming to remove her from office has puzzled some observers.

“I have removed you as a Governor of the Federal Reserve, effective immediately, for cause,” Trump wrote in his letter to Cook, which was obtained by Fox News Digital. “I have the power to remove you, as President of the United States, under Article Two of the United States Constitution and Section 10(d) of the Federal Reserve Act of 1913.”

“I have determined that faithfully enacting the law requires your immediate removal from office,” the letter continued. “As such, I have determined that you have made false statements on one or more mortgage agreements, and that there is sufficient reason to believe you have committed this offense.”

The accusations against Cook were brought up by Bill Pulte, a Trump appointee to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. Pulte told Fox Business’ “Mornings with Maria” on Wednesday that Cook “misrepresented herself to have two primary residences” in Ann Arbor, Mich., and Atlanta, Ga., in 2021 so she could get “better terms” on a mortgage.

“It’s very odd to see people try to twist back way sideways and upside down to justify mortgage fraud,” Pulte said. “This is a very serious crime. Mortgage fraud carries up to 30 years in prison. I believe the president has ample cause to fire Lisa Cook. Whether he wants to do that or not is entirely up to the president. However, we will go where mortgage fraud is. If mortgage fraud is with a Republican or Democrat, it doesn’t matter—if you commit mortgage fraud in President Trump’s America, we’re going to come after you. And Lisa Cook is no exception to that.”

Pulte sent a criminal referral to the Justice Department on Aug. 15 in which he accused Cook of falsifying documents and records at a bank and real estate properties. Cook was appointed to the Federal Reserve Board in 2022 by then-President Joe Biden. The referral has not resulted in formal charges.

Cook responded to Trump’s letter on Wednesday afternoon, saying in a statement sent to Fox News Digital that Trump had no legal basis to remove her.

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

Cook’s attorney, Abbe Lowell, has several high-profile clients, including Hunter Biden, New York Attorney General Letitia James, as well as Jared Kushner and Ivanka Trump. The attorney was not afraid to throw down directly against Trump in a response to the ex-president’s letter to Cook. “President Trump has taken to social media to once again ‘fire by tweet,’ and once again his reflex to bully is flawed and his demands lack any proper process, basis, or legal authority. We will take whatever actions are needed to prevent his attempted illegal action,” Lowell said.

FOX Business reached out to the Federal Reserve for comment, but did not receive an immediate response.

Lowell later said he would file a lawsuit on Cook’s behalf. “President Trump has no authority to remove Federal Reserve Governor Lisa Cook. 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 said.