President Donald Trump’s decision late Monday to dismiss Federal Reserve Governor Lisa Cook escalated his yearlong effort to consolidate executive power and could open a new high-stakes legal battle at the Supreme Court.

Lisa Cook made headlines three years ago when she became the first Black woman to serve on the Federal Reserve's Board of Governors, one of the most powerful financial institutions in the world.

Donald Trump moved to oust Federal Reserve Governor Lisa Cook following allegations that she falsified mortgage documents, a dramatic escalation in the president’s battle for more control over the US central bank that unnerved investors.