In an escalation of his long-running bid to oust Lisa Cook from the Federal Reserve Board, President Donald Trump established a committee to investigate allegations of false statements made by the Fed governor on mortgage documents signed in 2021, before she joined the central bank.

The presidential memorandum noted that Cook will be required to attend an in-person hearing at the White House on Nov. 5, with the Fed official permitted to submit a written position statement to the committee at least three days prior. The hearing will be closed to the public but will be transcribed.

Additionally, the memo said the committee will provide Cook with the evidence it is considering prior to the hearing, and Cook may submit a post-hearing written statement by Nov. 10.

“As soon as practicable after receipt of that statement, the Committee shall submit written findings of fact and conclusions of law to me and shall recommend whether there is cause to remove Governor Cook from her position on the Board of Governors of the Federal Reserve,” Trump wrote. 

The three-member committee is comprised of Kevin Hassett, assistant to the president for economic policy; Andrea Lucas, chair of the Equal Employment Opportunity Commission; and Keith Sonderling, acting director of the Office of Government Ethics.

Hassett was in the running to replace Jerome Powell as Federal Reserve chairman, but Trump decided to nominate Kevin Warsh, who took office in May.

Trump persistently leveled public attacks against Powell during his time as chair over what the president believed was overly restrictive monetary policy. When the Fed hiked interest rates in September, Trump criticized Fed policymakers other than Warsh, calling them “very hostile” and “very political.”

Cook’s legal counsel responds

In a statement provided to Scotsman Guide on Friday, Cook’s attorneys expressed concerns about the legitimacy of the hearing.

“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,” wrote attorneys Abbe Lowell and Norm Eisen. “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 statement noted that Cook’s legal counsel has “engaged with the White House to evaluate whether the process proposed has a possibility of being a genuine one and not simply a box checking exercise.”

It concluded: “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.”

Cook case explained

Trump first moved to fire Cook in August 2025 through a letter posted to his Truth Social account. Ten days prior, Federal Housing Finance Agency Director Bill Pulte had referred Cook to the Department of Justice for a criminal investigation over allegations that she committed mortgage fraud by claiming two homes as her primary residence to potentially receive better rates.

Cook and her attorneys have repeatedly denied the fraud accusations, calling discrepancies on the mortgage documents clerical errors with no intent to defraud.

A series of legal setbacks for the Trump administration have allowed Cook to remain in office uninterrupted as the case proceeds. In June, the Supreme Court upheld lower court rulings blocking Trump from firing Cook, but opened a potential alternate legal pathway for her removal.

“Only after Cook has had the opportunity to respond to the charges made against her may a final decision be made,” Chief Justice John Roberts wrote in his majority opinion. “And only then can the courts assess the validity and sufficiency of such charges.”

In 2022, Cook became the first Black woman to serve on the Fed’s board in its more than 100-year history. She is a permanent voting member of the Federal Open Market Committee that sets U.S. monetary policy, with a governorship term that expires in 2038.