Trump establishes ‘committee of inquiry’ for Federal Reserve Gov. Lisa Cook

President Trump established a committee Friday to investigate whether Federal Reserve board of governors member Lisa Cook “made false statements in connection with one or more mortgage instruments.”

The “committee of inquiry” will hold an in-person hearing next month to consider the allegations and evidence against her. The committee is made up of the assistant to the president for economic policy, the chair of the equal employment opportunity commission and the director of the office of government ethics.

“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,” Trump wrote in a memo.

It said Cook should appear at the hearing and can “present argument, written evidence, and written witness statements regarding the evidence and allegations.”

“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,” Cook’s attorneys Abbe Lowell and Norm Eisen said in a statement.

“But if it is anything close to objective, the conclusion will be that Governor Cook did not commit mortgage fraud, leaving no cause to remove her from the Federal Reserve Board,” the duo wrote.

They added that they’ve engaged with the White House to determine if this process is a “genuine one and not simply a box checking exercise.”

“Governor Cook welcomes the opportunity to present the facts so she can clear her name and demonstrate there is no legal basis to fire her,” the attorneys noted.

The administration attempted to fire her in August 2025 after Federal Housing Finance Agency Director Bill Pulte issued a referral suggesting she illegally designated her properties in Georgia and Michigan as her primary residences to get lower mortgage rates.

The Supreme Court ruled 5-4 in June that she could stay in her position because she did not receive enough due process to contest the allegations.

She denies the claims against her and said she erroneously referred to one of two properties as a “vacation home.” Cook has said the firing was spurred by the president’s frustrations over the Fed not lowering interest rates quickly enough.

This announcement marks the latest escalation in the administration’s efforts to oust her from the central bank. After the high court’s ruling, Trump vowed to “take appropriate action immediately.”

“The Cook Lawsuit, having to do with her suitability in sitting on the Board of the Federal Reserve, was sent back by the Supreme Court on a strictly procedural basis, we will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America!” Trump wrote on Truth Social at the time.