U.S. President Donald Trump stated on Monday evening that Federal Reserve governor Lisa Cook will be removed from her position, effective immediately, claiming she made false statements in two mortgage applications.

Cook's removal represents a new attack from Trump on the Federal Reserve, amid repeated calls from the president for the central bank to cut interest rates immediately. However, her removal is expected to spark a prominent legal battle that may keep her in office until a ruling is issued.

Trump stated in a message posted on social media that there is "sufficient reason" to remove Cook.

"There is sufficient reason to believe that (Cook) may have made false statements in one or more mortgage agreements," Trump said in a message, claiming that Cook stated two separate properties as her primary residences in two separate mortgage agreements signed within weeks of each other.

The allegations against Cook were raised earlier in August by the director of the Federal Housing Finance Agency, William Polti.

Polti said that Cook identified an apartment in Atlanta as her primary residence after obtaining a loan on her Michigan home, which she had previously stated as her primary residence. He then called for U.S. Attorney Pam Bondi to investigate, with Trump exploiting this allegation.

Trump said in his message that it is "unreasonable" that Cook was unaware of both commitments.

Cook - the first Black woman appointed to the Federal Reserve Board - denied Polti's allegations, stating at the time that she "had no intention of being intimidated into resigning from her position due to some questions raised in a tweet."

Reports earlier this week showed that Trump was seeking to remove Cook, as the president tries to gain more influence over the Federal Reserve. He has repeatedly called for Cook's removal on social media.

Cook is one of three appointees during Biden's administration at the Federal Reserve whose terms extend beyond Trump’s second administration, which could complicate the president's attempts to gain more influence over the central bank.

Two members of the seven-member interest rate-setting board were nominated by Trump, as well as Chairman Jerome Powell, who largely rejected the president's calls for further interest rate cuts.

Lowering interest rates seems to be at the core of Trump's attempts to gain more influence over the Federal Reserve, as two other appointees of his on the board - Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman - voted in favor of lowering the interest rate during the Federal Reserve meeting in July.

Trump also attempted to remove Powell, claiming mismanagement of funds during a major renovation of Federal Reserve offices, which the Federal Reserve chairman largely denied.

Powell acknowledged during his recent speech at the Jackson Hole symposium last week that the central bank was preparing for the idea of further interest rate cuts, amid some slowdown in the labor market.

The Trump administration investigated several perceived political opponents using mortgage fraud investigations, including Democratic New York Attorney General Letitia James and Democratic U.S. Senator Adam Schiff.$BTC

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