Donald Trump forms inquiry to investigate Fed Governor Lisa Cook

President Donald Trump has established a three-member committee of inquiry to investigate allegations of mortgage fraud against Federal Reserve Governor Lisa Cook. The move marks a renewed attempt by the president to remove Cook from her position at the central bank.

The investigation centers on claims that Cook made false statements in 2021 mortgage applications regarding primary residences in Michigan and Georgia. Cook has denied any wrongdoing, and her legal team has characterized certain designations as inadvertent notations. She has not been charged with a crime.

A closed-door hearing is scheduled at the White House for November 5, where Cook is directed to testify and may be accompanied by counsel. While the hearing will not be public, a transcript will be released. The committee, which includes economic adviser Kevin Hassett, Equal Employment Opportunity Commission Chair Andrea Lucas, and acting Office of Government Ethics Director Keith Sonderling, will determine if the allegations constitute “cause” for dismissal.

This development follows a June Supreme Court ruling that allowed Cook to remain in office while legal challenges continued, noting that the president must provide proper notice and an opportunity to respond to charges before removal. The ongoing dispute has raised concerns regarding the independence of the Federal Reserve, particularly as the administration seeks influence over interest rate decisions.