Trump Forms Committee to Investigate Fed's Lisa Cook Over Mortgage Claims

President Donald Trump established a White House committee to investigate Federal Reserve Governor Lisa Cook over mortgage fraud allegations, a renewed effort to remove her from the central bank for cause.

The committee comprises the assistant to the president for economic policy, the chairman of the Equal Employment Opportunity Commission, and the director of the Office of Government Ethics. Its mandate is to investigate whether Cook made false statements in connection with one or more mortgage instruments, which the memo states could justify her removal. The panel will consult with executive branch departments, including the Department of Justice.

An in-person hearing is scheduled for November 5 at the White House, where Cook can present arguments, written evidence, and witness statements. She may also be questioned by the committee or Department of Justice personnel. Cook is allowed to submit a written statement by November 10. The hearing will not be public but will be transcribed.

The allegations originate from referrals by Bill Pulte, director of the Federal Housing Finance Agency, who alleged Cook falsified bank documents for favorable mortgage terms. Trump initially attempted to fire Cook in August 2025, alleging she declared two different properties as her primary residence in 2021 mortgage applications. This action follows a Supreme Court ruling in late June that confirmed a Fed governor can be removed for cause but requires notice and an opportunity to respond.

Cook's attorneys, Abbe Lowell and Norm Eisen, stated she welcomes the opportunity to present the facts but expressed grave doubts about the hearing's legitimacy, citing the President's prior statements about firing her.