President Donald Trump has established a committee of inquiry to investigate Federal Reserve Board Governor Lisa Cook over allegations regarding mortgage documents, continuing his efforts to remove her from the central bank. The newly signed White House memorandum directs the panel to determine whether legal "cause" exists for her termination, setting up a closed-door, transcribed hearing at the White House for November 5, 2026.
The Anatomy of the White House Inquiry
The newly formed panel consists of the assistant to the president for economic policy, the chair of the Equal Employment Opportunity Commission, and the head of the Office of Government Ethics. National Economic Council Director Kevin Hassett is among the three White House staffers serving on the committee. The panel’s mandate requires it to hold an in-person hearing lasting no longer than four hours, two days after the midterm elections.
During the proceeding, Cook is permitted to submit a written position statement and present arguments and written witness statements. However, representatives from the Department of Justice will actively question her and her counsel during the session. While the hearing will not be open to the public, a full transcript will be produced by the administration.
Legal Crossfire and Supreme Court Precedent
This administrative panel represents the latest maneuver by the White House to satisfy strict legal standards established by the judiciary. Trump first attempted to oust Cook in August 2025 after then-Federal Housing Finance Agency chief Bill Pulte claimed she made false statements on mortgage documents concerning two properties before joining the central bank. Cook challenged her removal in federal court, arguing it violated statutory protections allowing a president to remove a Fed board member only "for cause."
In June 2026, the Supreme Court ruled 5-4 in Trump v. Cook that the president could not unilaterally fire a Federal Reserve governor. Following that ruling, the White House sent Cook a letter in August 2026 outlining the allegations and setting a response deadline. Cook’s attorneys, Abbe Lowell and Norm Eisen, submitted a response denying the accusations and maintaining that she never committed mortgage fraud. The underlying dispute centers on mortgage applications where Cook allegedly claimed homes in Atlanta and Michigan as her primary residence on separate agreements, later renting out the Atlanta property. Cook’s defense team countered that the Atlanta designation was an inadvertent mistake for a vacation home financing application, while Michigan remained her permanent residence.
Contrasting Perspectives on the November 5 Hearing
Cook’s legal representatives have expressed deep skepticism regarding the fairness of the upcoming proceeding.
Conversely, administration defenders have maintained that the investigation is a necessary step to uphold housing market integrity. Bill Pulte defended the inquiry, asserting that the investigation transcends politics. "I’m in charge of making sure that we have a mortgage market that is safe and sound," Pulte said, adding his belief that the evidence warrants scrutiny regardless of an official’s position at the central bank.
With the written statement deadline set for three days prior to the November 5 hearing, the committee will ultimately deliver its recommendation to the president on whether adequate cause exists to strip Cook of her seat on the Federal Reserve Board of Governors.
