President Trump has signed a memorandum creating a special Committee of Inquiry to look into claims that Federal Reserve Governor Lisa D. Cook made false statements related to one or more mortgage documents.
The committee will include three officials: the Assistant to the President for Economic Policy, the Chairman of the Equal Employment Opportunity Commission, and the Director of the Office of Government Ethics. Their job is to examine the allegations and report back to the President on whether there is legal “cause” to remove Cook from her position on the Federal Reserve Board, under the standard set by a recent Supreme Court decision.
The committee will hold a private hearing at the White House on November 5, 2026. Before the hearing, the committee must give Cook the evidence it plans to consider. Cook may send in a written statement at least three days ahead of time. She is required to attend the hearing and answer questions from the committee or its representatives, which may include people from the Justice Department. She may also present her own arguments, written evidence, and written statements from witnesses. The committee can ask her for additional documents, and she must provide them.
After the hearing, Cook has until November 10 to submit a final written statement. The committee will then prepare a report with its findings of fact, legal conclusions, and a recommendation on whether she should be removed. The report will go directly to the President.
The memorandum states that the President has a constitutional duty to make sure the laws are properly carried out, including the authority to remove officials who cannot be trusted to tell the truth. A copy of the memo will be sent to Cook, the committee members, and the Attorney General. The Attorney General is directed to publish it in the Federal Register.
