Trump launches probe into Federal Reserve Governor Lisa Cook

United States President Donald Trump has announced a committee to investigate Federal Reserve Governor Lisa Cook and whether alleged false statements on mortgage documents constitute grounds for her removal under federal law.

The White House announced the new committee on Wednesday, but published the notice on its website on Friday.

The three-member committee, which will be tasked with reviewing evidence and reporting to the president on whether he has sufficient cause to remove her, will include the assistant to the president for economic policy, the chair of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics.

The notice says there will be a hearing on November 5, where Cook will be required to appear and answer questions.

Trump began efforts to remove Cook as one of the governors on the US Federal Reserve Board in August 2025 after Federal Housing Finance Agency Director Bill Pulte accused her of misrepresenting two different properties on a 2021 mortgage application before she joined the central bank. She was appointed to the Fed Board in 2022 by then-President Joe Biden. Cook’s term runs until 2038.

Trump announced Cook’s removal amid the allegations, but Cook sued, and a federal judge blocked her firing in September 2025. Cook remained in office while the case continued.

In June, the Supreme Court declined to let Trump remove Cook while the litigation continues.

The case led to the US Supreme Court ruling earlier this year that the president could not remove a Fed governor without adequate cause and needed to follow a clear process to lay out the reasons and provide evidence.

The ruling left Cook in her position, but kicked the case against her back to a federal district court.

The case has been closely watched as Trump has put political pressure on the central bank to cut interest rates, including launching investigations into then-Federal Reserve Chairman Jerome Powell, whose term ended in May.

In December 2025, Trump said he would only appoint someone who agreed with him on cutting interest rates. He appointed Kevin Warsh as Powell’s replacement.

Amid ongoing tensions with Iran, pressure on the oil market and rising inflation, the Fed last month raised the benchmark interest rate by a quarter of a percentage point to 3.75–4 percent, the first hike in three years. With the final rate decision before the midterm elections later this month, CME FedWatch, which tracks the likelihood of monetary policy decisions, forecasts that rates will likely remain unchanged.