President Donald Trump announced Friday the establishment of a committee to investigate whether Federal Reserve Governor Lisa Cook made false statements on mortgage applications and whether such statements constitute cause for her removal from office. The committee was announced in a memorandum dated October 7 and posted on the White House website Friday.

The three-member committee will be chaired by Kevin Hassett, Trump's National Economic Council Chair and Assistant to the President on Economic Policy. The other two members are Andrea Lucas, chair of the Equal Employment Opportunity Commission, and Keith Sonderling, acting director of the Office of Government Ethics. All three are Trump appointees. The memorandum states that committee members may consult with personnel from executive departments and agencies as part of their inquiry.

In the memorandum, Trump wrote: "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." The committee will oversee a hearing at the White House scheduled for November 5 to consider evidence against Cook. The hearing will last no longer than four hours and will be closed to the public, though it will be transcribed. Cook is required to appear and may be examined by the committee, Justice Department officials, and her own counsel. She will be provided with the evidence the committee is considering and may present written evidence, written witness statements, and a written position statement, which must be submitted three days before the hearing. Cook will have until November 10 to provide any follow-up after the proceedings.

The allegations against Cook stem from mortgage applications submitted in 2021, in which she allegedly identified two different properties as her primary residence. Primary residence designations on mortgages can carry lower interest rates and more favorable terms than other property types. Cook's attorneys have previously characterized the issue as an inadvertent error, noting that one property was identified as a vacation home in other documents. Independent analyses cited by news reports have questioned the mortgage fraud accusations.

Cook's legal representation—attorneys Abbe Lowell and Norm Eisen—expressed skepticism about the process in a statement. They said: "In light of the President's repeated statements that he has already decided to fire Governor Cook — regardless of the facts and evidence — we have grave doubts that this 'hearing' is a legitimate one that would conform to the law." The attorneys added that they have been engaging with the White House to evaluate whether the proposed process has the possibility of being genuine rather than "simply a box checking exercise." They stated that Cook welcomes the opportunity to present facts to clear her name and demonstrate there is no legal basis for her removal.

This committee action follows a Supreme Court ruling in June 2026 that blocked Trump's prior attempt to remove Cook in August 2025. In that earlier effort, Trump informed Cook of her removal via social media post without affording her an opportunity to challenge the allegations. The Supreme Court found this violated her due process rights. The majority opinion, written by Chief Justice John Roberts, noted that President William Howard Taft convened a similar committee of inquiry in 1912 to consider the removal of two members of the Board of General Appraisers, and Roberts cited this as precedent. However, the Court did not require Trump to follow that model. Roberts wrote that a Fed governor is not "entitled to an audience with the President or a full-blown judicial trial," but is entitled to notice of the president's decision, an explanation of the evidence, and an opportunity to present her defense.

The effort to remove Cook has intensified concerns about political interference in Federal Reserve independence. Trump has repeatedly criticized the Federal Reserve for not lowering interest rates to levels he has advocated. The Justice Department has also launched a separate inquiry into Fed Chair Jerome Powell's oversight of a renovation project at Federal Reserve headquarters—a matter Powell has described as a "pretext" for his removal. Cook was appointed by former President Joe Biden and is the first Black woman to serve on the Federal Reserve's seven-member Board of Governors. She is one of the 12 voting members of the Federal Open Market Committee, which determines U.S. monetary policy.