Dhaka, Aug. 26 -- President Donald Trump said late Monday that he is firing Federal Reserve Governor Lisa Cook, in what is seen as a sharp escalation of his efforts to exert greater control over the U.S. central bank.

In a letter posted on his Truth Social platform, Trump cited allegations of mortgage fraud - raised last week by Bill Pulte, a Trump appointee to the Federal Housing Administration - as the reason for dismissing Cook. She has previously said she would not step down.

The move follows Trump's repeated clashes with Fed Chair Jerome Powell, whom he has accused of mismanaging the institution and resisting his demands to cut interest rates. Powell has insisted the central bank must assess the impact of Trump's sweeping tariffs o...