Top Democrats pounced on President Trump Monday after he moved to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations.

Cook, who was appointed by former President Biden in 2022, has pledged to remain in the position, saying Trump has “no authority” to remove her.

“Any attempt to fire Lisa Cook from her position of Governor at the Federal Reserve is just the latest in Donald Trump’s DC partisan games to rig the economy for his billionaire donors at the expense of hardworking Americans,” Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement.

The top Senate Democrat raised concerns about the stability of the economy, saying the effort to fire Cook “shreds the independence of the Fed and puts every American’s savings and mortgage at risk.”  

“Donald Trump is playing a dangerous game of Jenga with a key pillar of our economy,” Schumer added in his statement. “This brazen power grab must be stopped by the courts before Trump does permanent damage to national, state, and local economies.”

He continued, “And if the economy comes crashing down, if families lose their savings and Main Street pays the price, Donald Trump will own every ounce of the wreckage and devastation families feel."

Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate committee that oversees the Federal Reserve, called the move “illegal."

“The illegal attempt to fire Lisa Cook is the latest example of a desperate President searching for a scapegoat to cover for his own failure to lower costs for Americans," Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee, said in a statement. "It’s an authoritarian power grab that blatantly violates the Federal Reserve Act, and must be overturned in court."

House Minority Leader Hakeem Jeffries (D-N.Y.) noted Cook is the first Black woman to hold her position and said she is more qualified to remain on the Fed board than Trump is to remain in the White House.

“Dr. Lisa Cook is the first Black woman ever to serve on the Federal Reserve Board of Governors. Donald Trump is trying to remove her without a shred of credible evidence that she has done anything wrong,” Jeffries said in a statement.

“To the extent anyone is unfit to serve in a position of responsibility because of deceitful and potentially criminal conduct, it is the current occupant of the White House,” he continued. “The American people are not buying your phony projection and slander of a distinguished public servant.”

Trump on Monday moved to fire Cook following allegations by Bill Pulte, a Trump ally and the head of the Federal Housing Finance Agency (FHFA), that she committed mortgage fraud by listing two primary residences. Trump said last week that he would try to fire Cook if she did not resign.

“I have determined that there is sufficient cause to remove you from your position,” Trump wrote in a letter to Cook, which was posted on Truth Social on Monday.

Cook has vowed to remain in her post.

“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said Monday. “I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

The president can fire members of the Federal Reserve board for cause, but it’s unclear if the allegations against Cook would reach that standard.