On October 7, 2026, President Donald J. Trump issued a memorandum establishing a committee of inquiry to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements related to mortgage instruments. The committee will include 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. The committee's task is to determine if there is 'cause' for Governor Cook's removal under 12 U.S.C. 242, as interpreted in the case Trump v. Cook, 146 S. Ct. 2234 (2026).
An in-person hearing is scheduled for November 5, 2026, at the White House, lasting no more than four hours. Governor Cook is permitted to submit a written position statement at least three days prior to the hearing and is required to appear before the committee, where she may present evidence and witness statements. The committee will also have the authority to question her and request additional documents.
The hearing will be closed to the public but will be transcribed. Following the hearing, Governor Cook can submit a post-hearing written statement by November 10, 2026. The committee is expected to provide its findings and recommendations regarding her potential removal to the President. The memorandum will also be published in the Federal Register.