Trump establishes panel to probe Fed governor Lisa Cook in latest attempt to fire her
NBC News · LC · trust 65/100
“By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby establish a committee of inquiry (Committee) to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements in connection with one or more mortgage instruments,” read a presidential memorandum posted to the White House website.
It said that the committee would “investigate the allegations against Governor Cook and report to me whether there is ‘cause’ for Governor Cook’s removal.”
“Governor Cook may submit a written position statement to the Committee regarding the allegations,” the memorandum said.
The unprecedented White House announcement comes after a top White House official in August wrote a letter to Cook , saying that Trump was considering removing her from the Federal Reserve board.
The White House memorandum said that Cook “shall appear at the hearing and be examined by the Committee,” as well as “present argument, written evidence, and written witness statements regarding the evidence and allegations.”
The committee is set to meet Nov. 5 for the hearing, two days after the midterm elections. No president has ever fired a top Fed official.
“In light of the President’s repeated statements that he has already decided to fire Governor Cook — regardless of the facts and evidence — we have grave doubts that this ‘hearing’ is a legitimate one that would conform to the law,” said Abbe Lowell and Norm Eisen, Cook’s attorneys.
“But if it is anything close to objective, the conclusion will be that Governor Cook did not commit mortgage fraud, leaving no cause to remove her from the Federal Reserve Board.”
Lowell and Eisen said they have engaged with the White House to determine if this is a “genuine” process and that Cook “welcomes the opportunity to present the facts so she can clear her name and demonstrate there is no legal basis to fire her.”
The memo follows a Supreme Court ruling in June, which allowed Cook to remain in her job for now. But the justices did not permanently block Trump from removing Cook, instead ruling that she had the right to an opportunity to defend herself.
Trump’s latest move stems from allegations first leveled against Cook in August 2025 by Federal Housing Finance Agency chief Bill Pulte. Trump amplified those allegations on social media and, citing a “criminal referral” he said Pulte had sent to the Justice Department, attempted to remove her from the Fed’s board.
Pulte alleged that Cook committed mortgage fraud, however documents obtained and reviewed by NBC News later revealed that Cook declared that the property in question was to be used as a “vacation home” and not her primary residence.
The Federal Reserve declined to comment on Friday’s developments.
Other top Trump administration officials, including Treasury Secretary Scott Bessent, reportedly have similar mortgage situations.
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