Trump established a White House committee to investigate allegations involving Fed Governor Lisa Cook.
Why it matters: The inquiry tests the limits of presidential authority over the Federal Reserve and the protections afforded to its governors. Its timing before a policy meeting could become a market concern because uncertainty over the process may affect expectations about Fed independence.
- The committee includes Kevin Hassett, Andrea Lucas and Keith Sonderling.
- A closed, transcribed White House hearing is scheduled for November 5, 2026.
- Cook may submit a written post-hearing statement by November 10.
- The Supreme Court's June 29, 2026 order on an emergency application kept Cook in office during litigation.
President Donald Trump established a committee of inquiry into allegations that Federal Reserve Governor Lisa D. Cook made false statements involving one or more mortgage instruments, according to the White House memorandum dated October 7, 2026.
The committee comprises Kevin Hassett, the assistant to the president for economic policy; Andrea Lucas, chair of the Equal Employment Opportunity Commission; and Keith Sonderling, acting director of the Office of Government Ethics.
Under the memorandum, the committee will conduct the inquiry and recommend to Trump whether statutory cause exists to remove Cook under 12 U.S.C. §242. The committee's recommendation is not itself the final removal decision.
Cook must appear at a White House hearing on November 5. The session will be closed to the public, transcribed and limited to four hours. Cook may have counsel, present arguments and written evidence, submit witness statements and file a written statement by November 10. The committee must provide her with the evidence it is considering before the hearing.
Cook's lawyers, Abbe Lowell and Norm Eisen, said an objective hearing would show that she did not make the alleged false statements and would provide no basis for removing her, Reuters reported.
The Supreme Court's June 29 order in Trump v. Cook was a decision on an emergency application, not a merits ruling. The 5-4 vote concerned that application. The order allowed Cook to remain in office while litigation continued, said she was entitled to procedural protections before removal and left open whether Trump could remove her for cause after the required process.
Federal Reserve governors serve 14-year terms unless removed for cause. The Fed says governors cannot be removed over policy views and that staggered terms help shield the Board from day-to-day political pressure.
By the numbers
- 14 years - Length of a Federal Reserve governor's statutory term
- November 5, 2026 - Date of Cook's scheduled White House hearing
- November 10, 2026 - Deadline for Cook's post-hearing statement
Yes, but: The Supreme Court has not decided whether Trump may remove Cook for cause; its June 29 order addressed the emergency application and procedural protections while litigation continues.
What's next: Cook's closed White House hearing is scheduled for November 5, 2026. She may file a written statement by November 10.