Trump Formally Appoints White House Panel to Investigate Fed Governor Lisa Cook

President Donald Trump has established a three-person advisory committee to investigate mortgage fraud allegations against Federal Reserve Governor Lisa Cook, marking a renewed push to remove her from the central bank, according to reporting by theGrio.

The move follows an Oct. 7 memorandum from the White House directing Cook to appear at a closed-door hearing scheduled for Nov. 5. According to the memorandum and reporting by theGrio, the hearing will last no longer than four hours, during which Cook may be accompanied by legal counsel, present evidence, provide written witness declarations, and answer inquiries from panel members. The proceedings are set to be transcribed.

The panel formed by Trump consists of White House economic adviser Kevin Hassett, Equal Employment Opportunity Commission Chair Andrea Lucas, and acting Office of Government Ethics Director Keith Sonderling. The panel has been tasked with evaluating whether the claims against Cook meet the legal standard of cause required to justify her dismissal from the Federal Reserve Board of Governors.

Under the framework outlined in the White House memorandum, Cook will have until Nov. 10 to submit a final written statement following the hearing. The three-person panel will subsequently issue a formal recommendation to the president regarding whether grounds exist for her removal, as reported by theGrio.

The controversy stems from accusations raised last August by Federal Housing Finance Agency Director Bill Pulte, who alleged that Cook listed properties in both Michigan and Georgia as primary residences on 2021 mortgage documentation. Claiming primary residency on multiple mortgage applications can impact borrowing terms and interest rates.

Cook has denied all allegations of wrongdoing and has not been charged with any crime. Her attorneys, Abbe Lowell and Norm Eisen, have stated that the primary residence designation on the Atlanta document was an unintentional administrative notation that is directly contradicted by other official records.

Trump previously attempted to remove Cook from her post last August. However, in June, the Supreme Court ruled that Cook could remain in her position while legal proceedings continued. The high court determined that federal law guarantees a Federal Reserve governor advance notice and an opportunity to respond prior to any attempted dismissal. The justices emphasized that any removal standard must evaluate the severity of alleged misconduct alongside its direct connection to official duties, without ruling on whether misconduct occurred or whether the president ultimately holds authority to remove her.

In response to the newly formed White House committee, Cook's legal team raised concerns about the objectivity of the upcoming proceeding given Trump's frequent public calls for her termination. Nevertheless, her attorneys affirmed that Cook welcomes the opportunity to submit evidence and clear her name during the administrative process, according to reporting by theGrio.