Trump sets up committee to investigate Fed governor Lisa Cook, hearing set for Nov. 5
The White House committee will examine mortgage allegations against Cook, who has denied wrongdoing and has not been charged. Cook must attend a closed-door hearing on Nov. 5, and she may submit a final written response by Nov. 10.
A committee to test cause for removal
President Donald Trump established a "committee of inquiry" on Friday to investigate allegations that Federal Reserve Governor Lisa Cook made false statements in mortgage applications. The White House said the committee will examine claims that Cook made "false statements in connection with one or more mortgage instruments." Axios reports that the three-person panel includes a White House economic policy official and the heads of the Office of Government Ethics and the Equal Employment Opportunity Commission. According to the White House memo, the committee will determine whether there is "cause" for Cook's removal. The White House described the action as its latest step in an effort to fire her. Cook has denied any wrongdoing and has not been charged with or convicted of a crime.
Hearing and deadlines
The memo requires Cook to appear at a closed-door hearing at the White House on Nov. 5 to present evidence and answer questions. Cook may submit a final written response by Nov. 10, after which the committee will recommend to Trump whether there are grounds to fire her. The memo is dated Wednesday, and Bloomberg reports that the White House shared it as a memorandum from Trump establishing the committee. CNBC reported news of the memo before Axios did. The New York Times describes the hearing as an in-person proceeding that the White House scheduled for Nov. 5, next month.
- Trump moves to fire Cook over mortgage allegations
- Memo from Trump establishing the committee is dated
- White House announces the committee of inquiry
- Closed-door hearing at the White House, Cook must attend
- Deadline for Cook's final written response
Background to the removal fight
Trump moved to fire Cook in August 2025 over allegations that she misrepresented information on mortgage applications, an attempt that escalated to the Supreme Court. The justices ruled 5-4 that Cook could remain in her post, finding that she had not received adequate notice and an opportunity to respond before the removal. AP, Axios and The New York Times date that ruling to June, while El Pais places it at the end of July. El Pais adds that Trump accused Cook, without evidence, of irregularities in obtaining two mortgages. After the ruling, the White House sent Cook a letter formally notifying her that Trump was considering her removal, giving her 21 days to respond.
Cook's response and open questions
Cook submitted a written response denying the allegations and arguing that there was no legal basis to remove her. Axios reports that Trump is pursuing another path to remove Cook after the Supreme Court blocked his initial attempt. El Pais describes the new committee as an effort to gather arguments that would justify removal for cause, and says there are many doubts about the strength of the case against Cook. Representatives for Cook did not immediately respond to a request for comment. The next scheduled steps are the Nov. 5 hearing and the Nov. 10 deadline for her final written response.
