Politics · United States · 2 days ago
Trump orders inquiry into Federal Reserve governor Lisa Cook
President Donald Trump has ordered a committee to investigate Federal Reserve governor Lisa Cook over allegations that she made false statements on mortgage documents.
Cook denies wrongdoing, and her lawyers say the allegations do not justify removing her.
Trump first tried to dismiss her in 2025, but the Supreme Court ruled that she must have a chance to respond before any removal.
Cook remains in her post while the legal case continues.
The committee is due to hold a closed hearing at the White House on November 5, where Cook can present evidence and answer questions.
It will report to Trump on whether there is cause to remove her.
The case matters because Cook has a vote on interest rates, and the Federal Reserve is meant to make decisions independently of political pressure.
President Donald Trump has established a committee to investigate Federal Reserve Governor Lisa Cook over allegations that she made false statements on mortgage documents.
The committee will assess whether there is cause to remove Cook and report its findings to the president.
Cook is scheduled to appear at a closed White House hearing on November 5, where she can present evidence and arguments in her defense.
Trump first tried to remove Cook in 2025, but she remained in office while challenging the action in court.
The Supreme Court ruled in June that Cook had to have an opportunity to respond to the allegations before she could be removed.
Cook denies wrongdoing, and her lawyers have questioned whether the new inquiry will be impartial.
- Who
- US President Donald Trump and Federal Reserve Governor Lisa Cook
- What
- A presidential committee is investigating mortgage-document allegations and whether they justify removing Cook.
- When
- Announced on October 9, 2026; hearing scheduled for November 5
- Where
- Washington, DC; the hearing will be held at the White House
- Why
- Trump says the committee must determine whether there is cause to remove Cook; the allegations concern statements on mortgage documents.
Trump administration
Lisa Cook and her lawyers
The mortgage allegations
Trump administration
The administration is investigating allegations that Cook made false statements in connection with mortgage documents.
Lisa Cook and her lawyers
Cook denies wrongdoing; her legal team has said the fraud claims rely on unrelated clerical errors.
Whether removal is justified
Trump administration
The committee will review the evidence and advise Trump whether there is cause to remove Cook.
Lisa Cook and her lawyers
Cook’s lawyers say the evidence should show that she did not commit mortgage fraud and that there is no legal basis to remove her.
The hearing process
Trump administration
The White House says Cook will be able to submit evidence and arguments and will be examined by the committee.
Lisa Cook and her lawyers
Cook’s lawyers have expressed doubts that the hearing will be legitimate, citing Trump’s statements that he has already decided to fire her.
As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law
But if it is anything close to objective, the conclusion will be that Governor Cook did not commit mortgage fraud, leaving no cause to remove her from the Federal Reserve Board.
President Trump is convening an illegitimate show trial in his dangerous quest to illegally take over our nation’s central bank
Then-President Joe Biden appointed Cook to a 14-year term on the Federal Reserve Board.
Trump began efforts to remove Cook after allegations about statements on mortgage documents, and Cook challenged his attempt in court.
The Supreme Court ruled that Cook had to have an opportunity to respond to the allegations before removal.
Trump ordered a committee inquiry in a memorandum dated October 7, which was announced or published on October 9.
The committee is scheduled to hold a White House hearing at which Cook can present her defense.
- Committee membership
- The three members are the assistant to the president for economic policy, the chair of the Equal Employment Opportunity Commission, and the director of the Office of Government Ethics.
- Hearing date
- November 5, 2026
- Cook’s appointment
- Appointed in 2022 by Joe Biden to a 14-year term, which runs until 2038.
- Allegations
- The inquiry concerns claims that Cook made false statements on mortgage documents relating to properties in Georgia and Michigan.
- Cook’s status
- She remains a Federal Reserve governor while the legal dispute continues.
Sources
Trump abre nova investigação contra dirigente do Fed e eleva pressão sobre entidade
Trump cria comitê para investigar Lisa Cook, diretora do Fed, e avaliar sua demissão
Trump escalates effort to fire Federal Reserve governor Lisa Cook
Trump cria comitê para investigar novamente diretora do Fed
Trump establishes committee to investigate Fed governor Lisa Cook
Trump launches probe into Federal Reserve Governor Lisa Cook
Trump establishes panel to probe Fed governor Lisa Cook in latest attempt to fire her
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