Federal Reserve Governor Lisa Cook is standing firm against an "illegal" attempt by President Donald Trump to fire her

In a Monday statement responding to Trump's letter, Cook insisted Trump could not fire her under these circumstances and would not willingly step aside.

"President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so," Cook said. "I will not resign."

Cook, alongside Fed Chairman Jerome Powell, is among those on the board who have resisted Trump's continued harassment when it comes to lowering federal interest rates.