Trump says he's fired Fed governor Cook, sparking potential legal battle

President Trump fired Federal Reserve governor Lisa Cook on Monday, as the White House attempts to exert more influence over the central bank.Why it matters: It is a legally dubious move that further threatens the central bank's political independence.

It has never happened before, so no one knows how any wrangling over the legality of firing Cook will play out, nor what it will mean for the Fed in the meantime.