Trump Orders White House Panel to Investigate Fed Governor Lisa Cook
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Image credit: Federalreserve · Public domain · Wikimedia Commons
In brief
President Donald Trump has created a three-person White House committee to investigate mortgage-fraud allegations against Federal Reserve Governor Lisa Cook, with a closed-door hearing set for November 5, 2026. It is Trump's second attempt to remove Cook since the Supreme Court ruled in June 2026 that his earlier dismissal skipped procedural steps she was owed by statute.
President Donald Trump established the committee through a written memorandum on Friday, October 9, 2026, according to PBS NewsHour and SCOTUSblog. The panel is tasked with examining whether Federal Reserve Governor Lisa Cook made false statements on mortgage applications, and it is Trump's latest attempt to remove her from the Fed's Board of Governors.
What Trump's Committee Will Investigate
Trump alleges that in 2021 Cook listed two different properties — a condominium in Georgia and a house in Michigan — as her 'primary residence' on separate mortgage applications, which could have made her eligible for more favorable loan terms, according to SCOTUSblog. Cook has not been charged with any crime and denies wrongdoing.
Kevin Hassett — Assistant to the President for Economic Policy
Andrea Lucas — Chair of the Equal Employment Opportunity Commission
Keith Sonderling — Acting director of the Office of Government Ethics
According to PBS NewsHour, the committee will hold a closed-door hearing at the White House on November 5, 2026, which Cook is required to attend and answer questions at; the session will not be open to the public, but a transcript is to be published. SCOTUSblog reports the hearing is capped at four hours, and Cook may appear with legal counsel, submit a written position statement, present arguments and evidence, and offer witness statements. She can also submit a post-hearing statement by November 10, after which the committee will recommend to Trump whether she should be removed.
How Lisa Cook Has Responded
She welcomes the opportunity to present the facts so she can clear her name and demonstrate there is no legal basis to fire her.
— Abbe Lowell and Norman Eisen, attorneys for Lisa Cook, quoted by PBS NewsHour
Lowell and Eisen said Cook is considering whether to attend the November hearing. In earlier statements cited by Al Jazeera, Lowell described the mortgage-related discrepancies as an 'inadvertent error,' not fraud. Cook remains a sitting Federal Reserve governor with full duties, including a vote on the central bank's rate-setting committee, PBS NewsHour reported.
Background: From Dismissal to Supreme Court Ruling
Timeline of the Lisa Cook case
Date
Event
August 2025
Trump moves to terminate Cook as a Federal Reserve governor; she immediately challenges the dismissal in court, according to Al Jazeera.
September 2025
The Justice Department opens a criminal mortgage-fraud investigation after a referral from Federal Housing Finance Agency Director Bill Pulte; grand jury subpoenas are issued in Georgia and Michigan, per Al Jazeera.
May 13, 2026
The Senate confirms Kevin Warsh as Federal Reserve chair in a 54-45 vote, succeeding Jerome Powell, according to Al Jazeera.
June 2026
The Supreme Court rules that Trump's 2025 dismissal of Cook did not provide the procedural protections required by statute, allowing her to keep her seat, per SCOTUSblog and PBS NewsHour.
October 9, 2026
Trump signs a memorandum creating a three-person committee to investigate the mortgage allegations and sets a White House hearing, per PBS NewsHour.
November 5, 2026
Scheduled closed-door hearing at the White House, with a transcript to be published afterward, per SCOTUSblog.
The Justice Department's September 2025 referral, as reported by Al Jazeera, described Cook as having listed more than one property as a primary residence across three properties in Michigan, Georgia and Massachusetts — a broader set of properties than the two cited in Trump's October 2026 memorandum. At the time, Lowell called the probe 'politicised,' saying 'the questions over how Governor Cook described her properties from time to time ... are not fraud.' Cook has said she disclosed the mortgages during her 2022 Senate confirmation vetting, according to Al Jazeera.
Federal Reserve Independence and Kevin Warsh
The new committee operates separately from the Federal Reserve itself, which is now led by Kevin Warsh, Trump's pick who was confirmed by the Senate 54-45 — with Democratic Senator John Fetterman the only member of his party to vote in favor — and was also confirmed to the Board of Governors by a 51-45 vote, according to Al Jazeera. Warsh previously served on the Fed's board from 2006 to 2011. During his confirmation process, critics, including Senator Elizabeth Warren, raised concerns about the Fed's independence from the White House amid the administration's actions toward both Cook and, earlier, Powell, Al Jazeera reported.
Questions
What exactly is Lisa Cook accused of?
Trump's October 2026 memorandum alleges she listed two different properties — a Georgia condo and a Michigan house — as her 'primary residence' on mortgage applications in 2021, which could have secured more favorable loan terms. A separate 2025 Justice Department referral cited three properties, in Michigan, Georgia and Massachusetts. She has not been charged with a crime.
Can Trump remove Cook without this new process?
No. The Supreme Court ruled in June 2026 that Trump's 2025 attempt to fire Cook did not provide the procedural protections required by statute, so he must follow a defined process before trying again.
Who is on the committee investigating Cook?
Kevin Hassett, the president's top economic adviser; Andrea Lucas, chair of the Equal Employment Opportunity Commission; and Keith Sonderling, acting director of the Office of Government Ethics.
Is Lisa Cook still serving on the Federal Reserve board?
Yes. As of the committee's formation, she remains a Federal Reserve governor with full duties, including a vote on the rate-setting Federal Open Market Committee, according to PBS NewsHour.
What happens after the November 5 hearing?
Cook may submit a post-hearing written statement by November 10, 2026. After that, the committee will recommend to Trump whether she should be removed from the Fed's Board of Governors.
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