Trump Announces White House Inquiry Into Fed Governor Lisa Cook
New York Times · LC · trust 58/100
President Trump said the White House would investigate unsubstantiated claims that Lisa D. Cook committed mortgage fraud and hold a hearing next month.
Listen · 5:41 min Share full article The announcement is the latest escalation in President Trump’s campaign to remove Lisa D. Cook from her position as a governor at the Federal Reserve. Credit... Kenny Holston/The New York Times By Colby Smith and Tony Romm
Colby Smith covers the Federal Reserve. Tony Romm writes about economic policy.
The “committee of inquiry” will look into claims that Ms. Cook made “false statements in connection with one or more mortgage instruments,” the White House said in a statement. The hearing, which called for Ms. Cook’s attendance, was scheduled for Nov. 5.
Mr. Trump asked the committee to report back on whether there were grounds for “Governor Cook’s removal” from office. While Ms. Cook was first accused by the White House of mortgage fraud more than a year ago, she has not been charged with any crime.
In a statement on Friday, lawyers for Ms. Cook said they had “grave doubts that this ‘hearing’ is a legitimate one that would conform to the law.”
“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,” the lawyers said, adding that they had been in touch with the White House to assess whether the process “has a possibility of being a genuine one and not simply a box checking exercise.”
They said Ms. Cook “welcomes the opportunity to present the facts so she can clear her name and demonstrate there is no legal basis to fire her.”
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