Ms Cook was appointed as governor of the Federal Reserve in 2022 by Democratic President Joe Biden, becoming the first African American to serve in the role. Her term was due to end in 2038. She previously served on Barack Obama's Council of Economic Advisers and worked at the US Treasury.

Federal Reserve Governor Lisa Cook addressed President Donald Trump's announcement that he had fired her, saying she would not resign from the Fed's seven-member board. Trump on Monday cited alleged mortgage-related misconduct when he said he had fired Cook, who has denied the allegations.