Trump sets up committee to investigate Fed Governor Lisa Cook over mortgage fraud allegations
President Donald Trump's new White House committee will hear mortgage fraud allegations against Federal Reserve Governor Lisa Cook in a closed hearing.
President Donald Trump has set up a committee to investigate Federal Reserve Governor Lisa Cook over allegations she made false statements on mortgage documents, the same accusations Trump has cited for over a year in a bid to remove her from office.
Trump attempted to remove Cook in August 2025, triggering a lengthy legal battle that culminated in the Supreme Court blocking her firing in June 2026. In a 5-4 ruling, the court ruled she had not been given adequate time to respond to the allegations against her.
This newly-formed committee appears to be the process the White House has settled on to give Cook a chance to advocate for herself, as she will be allowed to submit a written statement ahead of her first scheduled hearing on Nov. 5, 2026.
WHO IS LISA COOK? THE CENTRAL BANK GOVERNOR AT THE HEART OF THE SUPREME COURT’S TRUMP-FED SHOWDOWN
Her statement must be received by the committee at least three days ahead of the hearing, which will unfold at the White House and will last no more than four hours, according to a notice dated Wednesday, Oct. 7, 2026, but released on Friday by the Trump administration.
At the hearing itself, Cook will be able to "present argument, written evidence, and written witness statements regarding the evidence and allegations," the White House said. In turn, lawyers with the Department of Justice will question her.
The hearing will be closed to the public but will be transcribed.
Three White House staffers, including National Economic Council director Kevin Hassett, will serve as members of the committee. Hassett was one of Trump's top picks to replace Jerome Powell as Fed Chair before he ultimately settled on Kevin Warsh.
The White House said it expects Cook to submit another written statement after the hearing, after which the committee will make a recommendation to Trump on whether there is adequate cause to remove her from her post.
The White House revisited its effort to fire Cook in August, sending her a letter informing her that Trump was once again considering terminating her.
This time, Cook was given 21 days to respond. Her attorneys submitted a letter to the White House on Aug. 26 denying that she had committed mortgage fraud.
The White House alleged that Cook claimed homes in Atlanta and Michigan as her primary residence on separate mortgage agreements and later rented out the Atlanta property.
Cook's attorney said the Atlanta designation was an inadvertent mistake, arguing that she sought financing for it as a vacation home and consistently identified Michigan as her "primary" or "permanent" residence.