Take control because you have authority or seniority. ‘Rank’ refers to military hierarchy, a general can pull rank over a Captain who can pull rank over a sergeant etc. Typically the term is  used when someone decides to take away from you the control or development of a project or a plan, probably because they don’t  have faith you are doing an adequate job.

“My daughter spends too much on Amazon stuff so I had to pull rank and stop her access to Amazon.”