U.S. President Donald Trump ordered the immediate dismissal of Federal Reserve Board member Lisa Cook on suspicion of fraud related to a mortgage case. Trump cited a criminal referral dated August 15 from the director of the Federal Housing Finance Agency to the Attorney General as justification. The move increases pressure by the Republican billionaire on the independent monetary institution. The U.S. president has limited powers to remove central bank officials, and the Supreme Court recently ruled that Fed officials can only be removed for “cause,” interpreted as misconduct. Trump’s letter stated that the referral gave him sufficient reason to believe Cook may have made false statements regarding one or more mortgage agreements. Cook previously declared she had no intention to resign under intimidation but would take questions about her financial history seriously. The Federal Reserve did not immediately respond to inquiries about Trump’s announcement.