White House Forms Committee to Probe Federal Reserve’s Cook

President Donald Trump is establishing a committee to investigate mortgage fraud allegations against Federal Reserve Governor Lisa Cook and is forcing her to appear at a White House hearing to defend herself, a dramatic escalation in his efforts to oust her from her role.

The White House shared a memorandum dated Wednesday from Trump to establish the committee.

“As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law,” Trump said in the memo. He said the committee would investigate whether there is “cause” for Cook’s removal following in a Supreme Court decision in June that allowed her to remain in her role while she fought an earlier attempt to fire her.

Trump’s memo says that Cook must appear at a hearing at the White House on Nov. 5, where the committee will be able to “consider the evidence and allegations” against her. Cook may submit a “written position statement” ahead of the hearing and may bring her lawyer to the proceeding, which will be closed to the public.

Spokespeople for the Fed and Cook’s lawyer did not immediately respond to requests for comment.

Trump said the committee will include Kevin Hassett, the director of the National Economic Council, as well as the chair of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics.

Trump’s action is the latest move in his bid to oust Cook from her position, a fight that has already forced the Supreme Court to weigh the broader questions surrounding the president’s powers to reshape the Fed.

Trump first announced in August 2025 that he had fired Cook, following a claim from Federal Housing Finance Agency Director Bill Pulte that she had lied on loan applications to get more favorable terms. Cook, who was appointed by former President Joe Biden to the central bank, in turn sued Trump arguing that the alleged conduct did not amount to “cause” for firing her under the Federal Reserve Act.

Cook has denied the allegations, casting them as a pretext to remove her from office and allow the president to reshape the Fed more to his liking. The president and his allies have taken actions against a number of political rivals and current or former government officials seen as opposing Trump on policy matters.

The US Supreme Court ruled 5-4 that Cook could stay in her job while she fights Trump’s push to remove her, in a decision reinforcing the central bank’s independence from the White House. The justices did not make a decision on whether Trump could remove Cook if the allegations against her were true, only that she should be provided notice and a chance to be heard before trying to remove her.

The administration resumed its attempt to fire Cook in August. In a letter dated Aug. 5, Cook was told Trump was considering removing her and given until Aug. 26 to respond to the allegations. Cook’s lawyer has said previously that they will continue to challenge any attempt to oust her.

Trump has long sought to pressure the central bank, including most notably its former chair, Jerome Powell, who the president faulted for not moving more aggressively to lower interest rates. Powell was succeeded earlier this year by a Trump pick, Kevin Warsh, as chair.