Trump Sets Up Committee to Investigate Fed Governor Lisa Cook in Renewed Bid to Remove Her

US President Donald Trump has established a committee of inquiry to investigate Federal Reserve Governor Lisa Cook over allegations that she made false statements on mortgage applications, in his latest effort to remove her from the country’s central bank.

The committee will examine the allegations against Cook and advise Trump on whether there is sufficient cause to dismiss her, according to a presidential memorandum dated October 7 and reported on Friday, October 9.

The inquiry will include an in-person hearing at the White House on November 5. Cook is required to attend and answer questions, while the hearing will not be open to the public. A transcript is expected to be published afterwards.

Trump said the investigation was part of his responsibility to ensure that the law is enforced, arguing that officials who cannot be trusted to tell the truth and follow the law should not remain in office.

The allegations against Cook concern mortgage applications involving properties in Michigan and Georgia. She has denied wrongdoing and has not been charged with a crime.

The latest move follows Trump’s earlier attempt to dismiss Cook in August 2025. The president cited allegations concerning mortgage documents in seeking her removal, but Cook challenged the decision in court, arguing that she had not been given the procedural protections required by law.

In June 2026, the US Supreme Court blocked Trump’s attempt to remove her while the legal dispute continued. The court held that Cook was entitled to notice and an opportunity to respond to the allegations before being dismissed. The ruling left open the possibility of a renewed removal effort if the required legal procedures were followed.

Cook, appointed to the Federal Reserve’s Board of Governors by former President Joe Biden in 2022, is the first Black woman to serve on the central bank’s board. Her current term is scheduled to run until 2038.

The dispute has raised concerns about the independence of the Federal Reserve, which sets US monetary policy and plays a central role in managing inflation, employment and financial stability.

Trump has repeatedly criticised the central bank over interest-rate decisions, arguing that borrowing costs should be reduced. The administration’s latest move against Cook comes amid continued tensions over the direction of monetary policy and the president’s influence over the institution.

Cook is among the officials who participate in decisions on interest rates through the Federal Open Market Committee. The ability of the central bank to make such decisions without direct political pressure is widely regarded as an important feature of its institutional independence.

The committee’s findings could determine whether Trump pursues another formal attempt to remove Cook. However, its establishment does not itself remove her from office, and any further action could face additional legal scrutiny.

The case is likely to remain a significant test of the legal limits on presidential authority over the Federal Reserve and the safeguards protecting the tenure of its governors.