President Donald Trump has established a committee to investigate Federal Reserve Governor Lisa Cook over allegations that she committed mortgage fraud by making false statements on mortgage documents. This move represents a renewed effort to oust the Biden-appointed governor, part of the president's long-running attempt to wield more control over the central bank.
The commission will report to the president and consult with Justice Department officials to decide if there is cause for Cook's removal. A White House hearing is scheduled for November 5 to consider the allegations. Although the hearing will be closed to the public, it will be transcribed and published.
During the process, Cook will be allowed to submit a written statement and will undergo examination from both White House and her own legal counsel. Trump first began efforts to remove Cook in 2025, leading to ongoing litigation. A previous attempt to fire her was blocked by a June Supreme Court ruling that determined the firing was unconstitutional.