World
Trump Announces Committee to Investigate Fed Governor Lisa Cook
President Donald Trump has announced a three‑member committee to investigate Federal Reserve Governor Lisa Cook and determine whether alleged false statements on mortgage documents provide grounds for her removal under federal law. The White House disclosed the committee on Wednesday and posted the notice on its website on Friday. The committee will review evidence and report to the president on whether he has sufficient cause to remove Cook. Its members will include 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. A hearing is scheduled for November 5, at which Cook will be required to appear and answer questions.
Trump began efforts to remove Cook in August 2025 after Federal Housing Finance Agency Director Bill Pulte accused her of misrepresenting two properties on a 2021 mortgage application before she joined the Fed. Cook was appointed to the Fed Board in 2022 by President Joe Biden, and her term runs until 2038. Trump announced the removal amid the allegations, but Cook sued and a federal judge blocked her firing in September 2025. Cook remained in office while the case continued. In June, the Supreme Court declined to allow Trump to remove Cook while litigation was ongoing. The Court’s ruling stated that the president cannot remove a Fed governor without adequate cause, a clear process, and evidence, leaving Cook in her position but sending the case back to a federal district court.
The case has attracted close attention as Trump has applied political pressure on the central bank to cut interest rates, including investigations into former Fed Chairman Jerome Powell, whose term ended in May. In December 2025, Trump said he would only appoint someone who agreed with him on cutting rates and appointed Kevin Warsh as Powell’s replacement. Amid tensions with Iran, pressure on the oil market, and rising inflation, the Fed last month raised the benchmark interest rate by a quarter of a percentage point to 3.75–4 percent, the first hike in three years. With the final rate decision before the midterm elections later this month, CME FedWatch forecasts that rates will likely remain unchanged.
Frequently asked questions
What is the composition of the committee investigating Lisa Cook?
The committee will have three members: 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.
When is the hearing scheduled for the investigation?
A hearing is scheduled for November 5, at which Cook will be required to appear and answer questions.
What was the outcome of the Supreme Court ruling regarding Cook's removal?
In June, the Supreme Court declined to allow Trump to remove Cook while litigation was ongoing, stating that the president cannot remove a Fed governor without adequate cause, a clear process, and evidence, leaving Cook in her position but sending the case back to a federal district court.