WASHINGTON — President Donald Trump has launched a new investigation into Federal Reserve Gov. Lisa Cook, establishing a White House committee to examine allegations of mortgage fraud in his latest attempt to remove her from the central bank’s governing board.
The move, announced Friday, follows a June Supreme Court ruling that allowed Cook to remain in office after Trump attempted to fire her last year, according to Reuters and The Associated Press.
The three-member committee will investigate whether Cook made false statements on mortgage applicatins before joining the Fed and determine whether sufficient grounds exist for her removal.
In an Oct. 7 memorandum, Trump said the committee would examine the allegations and recommend whether there is legal “cause” to dismiss Cook under the Federal Reserve Act.
Hearing Scheduled for November
According to the White House memorandum, the investigation will include:
- Nov. 5 hearing: Cook is directed to appear at a closed-door White House hearing lasting no more than four hours.
- Committee membership: White House economic adviser Kevin Hassett, acting Office of Government Ethics Director Keith Sonderling and Equal Employment Opportunity Commission Chair Andrea Lucas.
- Opportunity to respond: Cook may submit written evidence, witness statements and arguments challenging the allegations.
- Final recommendation: Cook may submit a post-hearing statement by Nov. 10, after which the committee will recommend whether Trump has grounds to remove her.
Cook’s Attorneys Challenge Investigation
Cook has denied wrongdoing and has not been charged with a crime.
Her attorneys, Abbe Lowell and Norman Eisen, questioned whether the hearing would be impartial, citing Trump’s repeated declarations that he intends to remove Cook regardless of the evidence.
The attorneys said Cook welcomes an opportunity to demonstrate that no legal basis exists for dismissing her, according to AP.
Supreme Court Previously Blocked Removal
Trump initially attempted to dismiss Cook in August 2025 after Federal Housing Finance Agency Director Bill Pulte alleged she had improperly identified two properties as primary residences on mortgage documents.
Cook challenged her dismissal, and the Supreme Court ruled 5-4 in June that she could remain in office, finding that she had not received adequate notice and an opportunity to respond.
The dispute has raised broader questions about Federal Reserve independence as Trump continues pressing the central bank to pursue lower interest rates.
Cook, appointed by former President Joe Biden, has a term extending to 2038.
