Trump panel to probe Fed gov. Lisa Cook in attempt to fire her

President Donald Trump on Friday signed an order directing the attorney general and other top federal officials to establish a committee to investigate Federal Reserve governor Lisa Cook, in his latest attempt to fire her.

“By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby establish a committee of inquiry (Committee) to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements in connection with one or more mortgage instruments,” read a presidential memorandum posted to the White House website.

It said that the committee would “investigate the allegations against Governor Cook and report to me whether there is “cause for Governor Cook’s removal.”

“Governor Cook may submit a written position statement to the Committee regarding the allegations,” the memorandum said.

The unprecedented White House announcement comes after a top White House official in August wrote a letter to Cook, saying that Trump was considering removing her from the Federal Reserve board.

The White House memorandum said that Cook “shall appear at the hearing and be examined by the Committee” as well as “present argument, written evidence, and written witness statements regarding the evidence and allegations.”

The committee is set to meet on November 5 for the hearing, two days after the midterm elections. No president has ever fired a top Fed official.

The letter Friday follows a June Supreme Court ruling, which allowed Cook to remain in her job for now. But the justices did not permanently block Trump from removing Cook, instead ruling that she had the right to an opportunity to defend herself.

Trump’s latest move stems from allegations first leveled against Cook in August 2025 by Federal Housing Finance Authority chief Bill Pulte. Trump amplified those allegations on social media and, citing a “criminal referral” he said Pulte had sent to the Justice Department, attempted to remove her from the Fed’s board.

Pulte alleged that Cook committed mortgage fraud, however documents obtained and reviewed by NBC News later revealed that Cook declared that the property in question was to be used as a “vacation home” and not her primary residence.

Cook, a Governor on the Federal Reserve’s Board, has a permanent vote on interest rates. Trump and Pulte’s attacks on Cook came amid a long-running pressure campaign by the administration to get the U.S. central bank to cut interest rates.

Throughout the more than year-long battle, Cook has consistently maintained that she did nothing wrong.

Just weeks ago, Cook’s lawyer told the White House for a second time that “there is no legal basis for President Trump to remove Governor Cook for cause.”

“An inadvertent error is not fraud, as the President and a third of his cabinet should know because they reportedly did the same thing,” said Abbe Lowell on August 26. “These attacks on Governor Cook are not about real estate paperwork; they are an attempt by President Trump to force the Federal Reserve to bend to his will.”

Lowell said he and Cook were prepared to continue to fight “any illegal attempt to remove Governor Cook.”

Cook’s legal team did not immediately respond to a request for comment on Friday about the latest development.