Trump establishes White House committee to investigate Fed Governor Lisa Cook

President Donald Trump has formed a committee of inquiry to investigate mortgage fraud allegations against Federal Reserve Governor Lisa Cook, following a Supreme Court ruling that limited his power to fire her unilaterally.

The newly established committee will probe allegations that Cook made false statements on mortgage documents. According to a presidential memorandum released Friday, the inquiry will focus on "one or more mortgage instruments," a matter Trump has cited for over a year in his efforts to remove her from the Federal Reserve board. The panel consists of three executive branch officials: National Economic Council director Kevin Hassett, Labor Secretary Keith Sonderling, and EEOC Chair Andrea Lucas.

Fox News reported that the committee will hold a closed hearing at the White House on November 5, 2026. Cook is required to submit a written statement three days prior and will be permitted to present evidence and witness statements during the four-hour session. Department of Justice lawyers are expected to question her during the proceedings, which will be transcribed but not open to the public.

Lawyers for Cook, Abbe Lowell and Norm Eisen, stated there is no basis for her removal but noted she "welcomes the opportunity to present the facts so she can clear her name." International reported that while the governor’s team questioned the panel's legitimacy, the White House is using this process to satisfy procedural requirements after the Supreme Court previously blocked her dismissal.

The move has drawn sharp criticism from congressional Democrats. International noted that such a committee is highly unusual, with the most recent precedents dating back to the Taft and Hoover administrations in 1912 and 1931, respectively. Critics suggest the investigation may further erode the independence of the central bank, particularly as Trump has publicly criticized the board as "hostile."

Background

Trump previously attempted to fire Cook in August 2025. In June 2026, the Supreme Court ruled 5-4 against the move, stating the president could not unilaterally dismiss a Federal Reserve governor and that Cook had not been given sufficient time to respond to the allegations.