Trump Forms Committee to Investigate Fed Governor Lisa Cook Over Mortgage Allegations

<p>President Donald Trump has established a committee to investigate Federal Reserve Governor Lisa Cook regarding allegations of false statements on mortgage documents. These allegations have been cited by Trump for over a year as part of his efforts to remove her from office.</p><p>In August 2025, Trump attempted to remove Cook, leading to a protracted legal battle that concluded with the Supreme Court blocking her dismissal in June 2026. The court ruled in a 5-4 decision that Cook had not been given sufficient time to respond to the allegations against her.</p><p>The newly-formed committee is intended to provide Cook with an opportunity to advocate for herself. She will be allowed to submit a written statement prior to her first scheduled hearing on November 5, 2026.</p><p>Cook's statement must be submitted to the committee at least three days before the hearing, which will take place at the White House and is expected to last no longer than four hours, according to a notice dated October 7, 2026, but released by the Trump administration on a later date.</p><p>During the hearing, Cook will have the opportunity to present arguments, written evidence, and witness statements regarding the allegations. Lawyers from the Department of Justice will question her during the proceedings.</p><p>The hearing will not be open to the public, but it will be transcribed.</p><p>Three White House staff members, including National Economic Council director Kevin Hassett, will serve on the committee. Hassett was previously considered by Trump as a potential replacement for Jerome Powell as Fed Chair before Trump ultimately selected Kevin Warsh.</p><p>The White House anticipates that Cook will submit an additional written statement following the hearing, after which the committee will make a recommendation to Trump regarding whether there is sufficient cause to remove her from her position.</p><p>The White House revisited its efforts to terminate Cook in August, informing her that Trump was once again considering her dismissal. Cook was given 21 days to respond, and her attorneys submitted a letter on August 26 denying the allegations of mortgage fraud.</p><p>The White House has alleged that Cook claimed properties in Atlanta and Michigan as her primary residence on different mortgage agreements while later renting out the Atlanta property. Cook's attorney contended that the designation of Atlanta was an inadvertent mistake, asserting that she sought financing for it as a vacation home and consistently identified Michigan as her primary or permanent residence.</p>