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President Donald Trump is attempting to remove Federal Reserve Governor Lisa Cook, accusing her of mortgage fraud, in a move that has sparked a legal battle over presidential authority. Cook, one of seven individuals responsible for setting the nation's interest rates, is accused by the administration of filing two mortgage applications weeks apart, listing different homes in Michigan and Georgia as her primary residence. Trump posted a letter on social media claiming there is "sufficient evidence" to fire her.“She seems to have had an infraction, and she can't have an infraction. Especially that infraction because she is in charge of, if you think about it, mortgages. We need people who are 100% above board, and it doesn't seem like she was,” President Trump said.Cook responded to the president's accusations, stating, "I have no intention of being bullied to step down from my position because of some questions raised in a tweet." She added that the president has "no cause" to remove her. Cook has not been charged with any crime, although the administration has sent a criminal referral to the Department of Justice.The central question in this political and legal showdown is whether the president can fire a Federal Reserve governor. The law states that they can only be removed "for cause," a phrase now at the heart of the dispute. “President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” said Cook's attorney, Abbe Lowell, a longtime Washington lawyer who has represented figures from both major political parties. “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.”Trump's unprecedented effort to fire Cook is likely to end up at the Supreme Court, potentially defining the limits of presidential authority over the traditionally independent institution. In May, the Supreme Court said in an opinion that the Federal Reserve is considered a "uniquely structured" agency with a history of insulation from political interference.The Federal Reserve is designed to be independent to make decisions based on economic data rather than politics. Lower interest rates can be politically popular as they make borrowing easier, but risk igniting inflation, while higher rates can slow spending and hiring, potentially harming the economy. Economists emphasize the importance of the Fed's independence for credibility in the U.S. economy.If the president succeeds in removing Cook, he would nominate a replacement, but the nominee must be confirmed by the Senate, potentially leading to a political battle on Capitol Hill. Another Federal Reserve pick by the president, Stephen Miran, is still awaiting a vote. Miran was nominated to replace Governor Adriana Kugler, who resigned Aug. 8.