President Trump has formed a committee to investigate allegations of mortgage fraud against Fed Governor Lisa Cook, a move aimed at determining if there is legal cause for her removal.
ManyPress
ManyPress Editorial
Key facts
- •The committee of inquiry is composed of three federal officials.
- •The hearing is set for November 5, two days after the midterm elections.
- •Allegations against Cook involve claims of false statements on mortgage documents.
- •The Supreme Court previously ruled in June that Cook had the right to defend herself against removal.
- •Cook’s legal team maintains that the fraud allegations are based on clerical errors.
President Donald Trump has signed a memorandum establishing a three-member committee to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements regarding mortgage instruments. The panel, which includes the assistant to the president for economic policy, the chair of the Equal Employment Opportunity Commission, and the head of the Office of Government Ethics, is tasked with determining if there is legal cause for Cook's removal from the Federal Reserve Board.
Hearing and Legal Process
The committee is scheduled to hold an in-person hearing at the White House on November 5. While the proceeding will be closed to the public, it will be transcribed and published. Under the terms of the memorandum, Governor Cook is permitted to submit a written position statement, present evidence and witness statements, and appear at the hearing to be examined by the committee or Department of Justice personnel.
Legal Context and Response
This action follows a June Supreme Court ruling that found a previous attempt to fire Cook was unconstitutional because she was not given an opportunity to defend herself. The court allowed her to remain in her position while fighting the allegations. Cook’s attorneys, Abbe Lowell and Norm Eisen, stated that while they have engaged with the White House to determine if the process is genuine, they expressed doubt regarding the legitimacy of the hearing given the president's prior statements regarding his intent to remove her.
Timeline
- August 2025Allegations of mortgage fraud were first leveled against Governor Cook.
- JuneThe Supreme Court ruled that Cook's previous firing was unconstitutional and granted her the right to defend herself.
- November 5The committee is scheduled to hold a hearing regarding the allegations.
Advertisement
This article was independently rewritten by ManyPress editorial AI from reporting originally published by NBC Politics, CBS News Politics, Guardian US Politics.
