Key facts
- Donald Trump announced Friday the formation of a committee to investigate Fed Governor Lisa Cook.
- The committee will consult with the justice department regarding allegations of mortgage fraud against Cook.
- A White House hearing on the allegations against Cook is scheduled for November 5.
- Cook was previously fired by Trump in August 2025, but was reinstated by the Supreme Court.
- The Supreme Court ruled in June that Trump's prior dismissal of Cook was unconstitutional.
- Trump has previously attacked Fed Chair Jerome Powell and initiated a DOJ investigation into him.
Donald Trump announced on Friday that he is establishing a committee to investigate US Federal Reserve Governor Lisa Cook over allegations of mortgage fraud. This action renews his efforts to remove her from her position, despite a Supreme Court ruling in June that her earlier firing was unconstitutional. The committee will consult with justice department officials to determine if there is sufficient cause for her removal. The White House has scheduled an in-person hearing for November 5 to consider the allegations against Cook. This hearing will be closed to the public but will be transcribed and published. Cook will have the opportunity to submit a written statement and will be subject to examination by White House and her own legal counsel. Trump stated in a release, "As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law." Cook's legal team has maintained that claims of fraud are based on clerical errors and that the White House is "cherrypicking" facts. Cook's initial dismissal by Trump occurred in August 2025, with Trump citing mortgage fraud for listing two properties as primary residences and failing to report rental income. She immediately sued the Trump administration, and the Supreme Court reinstated her with a 5-4 ruling while her case proceeded. The June ruling found Trump's firing unconstitutional because proper procedure was not followed, denying Cook an opportunity to dispute the allegations beforehand. This situation unfolds as Trump has also launched attacks on the Fed's chair, Jerome Powell, pushing for lower interest rates. Trump also initiated a justice department investigation into Powell, which was dropped in April. The Federal Reserve was created as an independent and nonpartisan institution, a characteristic widely considered essential for economic stability.