Trump Forms Committee to Probe Federal Reserve’s Lisa Cook

President Donald Trump on Oct. 9 announced a new committee to investigate whether a Federal Reserve governor made false statements.

The committee will probe allegations that Lisa Cook, governor of the Federal Reserve, offered false information in connection with at least one mortgage instrument, Trump said in a presidential memorandum establishing the panel.

The Federal Reserve is the country’s central banking system. Cook, 62, was appointed as its governor in 2022 and confirmed by the Senate.

Depending on the findings, there may be cause to remove Cook, Trump said.

Kevin Hassett, an adviser to Trump; Keith Sonderling, acting director of the U.S. Office of Government Ethics; and Andrea Lucas, chair of the U.S. Equal Employment Opportunity Commission, are members of the committee.

An in-person hearing to consider evidence in the case will take place on Nov. 5 at the White House, according to the memorandum. Cook was invited to submit a written statement regarding the allegations and can appear at the hearing if she wishes.

The committee can question Cook about any representations she or her lawyers make during the hearing and request documents from her. Cook shall comply with such requests, Trump said.

A lawyer representing Cook did not immediately respond to a request for comment.

Trump tried firing Cook in 2025, alleging that she had committed “deceitful and potentially criminal conduct in a financial matter.”

He pointed to a criminal referral made by William Pulte, director of the Federal Housing Finance Agency. The referral said Cook wrote in one document that a property in Michigan would be her primary residence for the following year but two weeks later signed a separate document attesting that a property in Georgia would be her primary residence for the next 12 months.

The Supreme Court in June said the firing could not happen because she was not provided notice and an opportunity to respond before being terminated.

Chief Justice John Roberts, writing the majority, turned down arguments from the government, including that the removal was not judicially removal and that even if it was, the requirements for such a removal were met.

Ruling for the government would change the “for cause” protection outlined in federal law for the position into “at-will employment,” which was “out of step with the statute Congress enacted and our Nation’s tradition of central banking protected from political interference,” Roberts wrote at the time.

Trump resumed efforts to oust Cook in August. A White House letter obtained by The Epoch Times informed Cook that Trump was considering removing her from the Federal Reserve Board “due to there being sufficient reason to believe that you made false statements on one or more mortgage agreements.”

Lawyers for Cook responded by saying the allegations were baseless and amounted to interfering with the Federal Reserve’s independence.

“No matter what President Trump tries to do next, this much is clear under the facts and Supreme Court precedent—there is no valid cause for removing Governor Cook. As we did before, we will challenge this latest pretext and preserve her position and the historic role of the Fed,” they said.