President Trump announced the formation of a committee to investigate Lisa Cook, a governor at the US Federal Reserve, following allegations of mortgage fraud. The inquiry represents a renewed effort to remove Cook from her position after the Supreme Court previously ruled that her termination earlier in the year violated constitutional procedures.
A White House hearing scheduled for November 5 will examine the allegations against Cook in a closed session, with proceedings to be transcribed and made public. Cook will have the opportunity to submit written statements and present evidence, with examination conducted by both White House representatives and her own legal counsel. Trump stated in an official announcement that his responsibility as president includes ensuring laws are properly executed, including the removal of officials deemed untrustworthy.
Cook’s legal team disputed the fraud claims, characterizing them as based on unrelated clerical errors and accusing the White House of selective fact presentation. Her attorneys expressed skepticism about the impartiality of the upcoming hearing while indicating their client would participate fully and asserting that an objective review would demonstrate no basis for removal.
Cook was appointed by the previous administration in 2022 to a 14-year term, becoming the Federal Reserve’s first Black governor. Her previous experience includes teaching positions at major universities and service on an economic advisory council. Her initial firing occurred in August 2025, prompting immediate legal action. The Supreme Court’s June ruling reinstated her, finding that the dismissal process lacked proper procedural safeguards.
The Fed’s independence and insulation from political pressure are considered important by economists and policymakers. Recent leadership changes and questions about how current officials will maintain institutional independence amid political tensions have drawn scrutiny in recent months.
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