Published October 9, 2026. President Donald Trump has established a White House committee to investigate allegations that Federal Reserve Governor Lisa Cook made false statements connected to one or more mortgage instruments.
The October 7 presidential memorandum, publicly listed by the White House this week, sets a closed, in-person hearing for November 5. The committee will ultimately recommend whether the allegations amount to “cause” for Cook’s removal under federal law. The memorandum does not itself remove her from office or resolve the allegations.
Who will serve on the committee
The three members named in the memorandum are the assistant to the president for economic policy, the chairman of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics. The panel may consult personnel from executive departments and agencies, including the Justice Department.
Hearing schedule and Cook’s opportunity to respond
- The hearing is scheduled for November 5 at the White House and may last no more than four hours.
- Cook may submit a written position statement at least three days before the hearing.
- She may appear with counsel, present arguments, written evidence and written witness statements.
- The committee must provide her with the evidence it is considering before the hearing.
- The hearing will be closed to the public but transcribed.
- Cook may submit a post-hearing statement by November 10.
After that submission, the committee is directed to issue written findings of fact and conclusions of law and recommend whether there is cause for removal.
The legal context
The memorandum cites the Federal Reserve Act’s “for cause” removal provision and the Supreme Court’s 2026 decision in Trump v. Cook. The dispute matters beyond one governor because the Federal Reserve’s structure is designed to insulate monetary-policy officials from direct political removal without legally sufficient cause.
Cook has denied committing mortgage fraud. Her attorneys have described the designation of an Atlanta property as an inadvertent mistake and argued that she consistently identified a Michigan home as her primary or permanent residence. Those are defense claims, not findings by the committee.
What happens next
The next fixed procedural date is the November 5 hearing. Any recommendation would go to the president after the committee reviews Cook’s response and completes its findings. Court challenges could follow if removal is recommended and acted upon.
The inquiry arrives as the Fed released a major new report on family finances and household debt stress. The personnel dispute and the economic data are separate developments, but both affect scrutiny of the central bank.
Sources
Read the October 7 White House memorandum. The Associated Press live report and Fox News report published October 9 supplied additional reporting context.
Featured image: René DeAnda/Unsplash.