President Establishes Committee to Investigate Federal Reserve Governor Lisa Cook Allegations

President Donald Trump has taken another step towards potentially ousting Federal Reserve governor Lisa Cook, this time establishing a committee to probe allegations against her. According to a presidential memorandum signed by Trump on Friday, the committee will investigate claims that Cook made false statements in connection with mortgage instruments.

The investigation is the latest development in what appears to be a long-running effort by Trump to remove Cook from the Federal Reserve board. In August, a top White House official wrote to Cook informing her that Trump was considering removing her from the position. The memorandum establishing the committee gives Cook an opportunity to submit a written statement in response to the allegations.

The move has sparked controversy, with many questioning the motivations behind Trump's actions and the unprecedented nature of the White House announcement.

The committee has been established to investigate Fed governor Lisa Cook, but her lawyers have cast doubt on its legitimacy. The hearing is set to take place just two days after the midterm elections on November 5. This timing has raised eyebrows, given the unusual nature of the proceeding.

Abbe Lowell and Norm Eisen, Cook's attorneys, have expressed skepticism about the committee's intentions. They argue that Trump's repeated statements about firing Cook demonstrate a pre-determined outcome, which would render the hearing ineffective in adhering to the law. The lawyers' concerns are rooted in the Supreme Court's ruling in June, which allowed Cook to remain in her position but did not provide permanent protection.

The allegations against Cook date back to August 2025, when Federal Housing Finance Agency chief Bill Pulte first raised concerns about her behavior. Trump's decision to establish a committee to investigate Cook is seen as an attempt to circumvent the Supreme Court's ruling and remove her from office despite her right to defend herself.

The Trump administration's efforts to scrutinize Fed Governor Lisa Cook have taken a new turn, with the president himself weighing in on the allegations against her.

Trump claimed that a "criminal referral had been made by Tom Pulte, which he said had been sent to the Justice Department. However, an examination of documents later showed that Cook had explicitly stated she intended to use the property as a vacation home and not her primary residence.

Several high-ranking officials in Trump's administration have also faced scrutiny over their own mortgage dealings, with some reporting multiple properties listed as their main residences on loan applications.

The Trump administration has continued its efforts to exert control over the Federal Reserve, this time targeting Governor Lisa Cook in a move that has been widely criticized as an attempt to intimidate and undermine her authority.

Several lawmakers have spoken out against the president's actions, with Senator Warren calling it an illegitimate show trial" designed to further his own interests. She urged Trump to focus on more pressing issues, such as ending the war in Iran and canceling chaotic tariffs that have had a devastating impact on various sectors of the economy.

The move is also seen as part of a broader pattern of behavior by the administration, which has repeatedly attacked and attempted to discredit other Fed officials, including Governor Jerome Powell. Trump's claims against Powell were debunked by an inspector general's report, but the president refused to accept the findings, instead calling for Powell's resignation on social media.

The Trump administration's efforts to oust Fed Governor Lisa Cook have taken an unusual turn, with the president establishing a panel to investigate her alleged wrongdoing. This move is seen as an attempt to circumvent traditional procedures and pave the way for Cook's removal from the Federal Reserve Board.

Despite the end of his term as chair, Jerome Powell has chosen to remain on the Fed's board, blocking the Trump administration's ability to appoint a new member of their choice. Meanwhile, Cook maintains that she committed no wrongdoing, with her lawyer pointing out that even some members of the Trump cabinet have made similar mistakes in the past.