US President Donald Trump has ordered a White House investigation into Federal Reserve Governor Lisa D. Cook over unproven allegations of mortgage fraud, escalating his campaign to remove her from the central bank.
The White House said on Friday, October 9, 2026, that it had established a committee of inquiry to examine claims that Cook made false statements in connection with one or more mortgage instruments.
A hearing has been scheduled for November 5, with Cook asked to attend and present her case. Trump has directed the committee to determine whether there are grounds to remove her from the Federal Reserve Board.
The investigation marks a fresh development in the dispute between Trump and the Fed governor, whom the president has sought to remove from office since allegations of mortgage fraud first emerged more than a year ago.
In a statement, Cook’s lawyers questioned the legitimacy of the proposed hearing, saying they had “grave doubts that this ‘hearing’ is a legitimate one that would conform to the law.”
They added that an objective examination of the evidence would establish that Cook did not commit mortgage fraud and that there was no legal basis for her dismissal.
Cook’s legal team said she welcomed the opportunity to present the facts and clear her name.
The latest move comes amid tensions between the Trump administration and the Federal Reserve over the central bank’s independence and the president’s efforts to exert greater influence over its leadership.
Any attempt to remove a sitting Fed governor could raise questions about the limits of presidential authority and the independence of the institution.
The White House committee’s findings could determine whether the administration pursues Cook’s removal, although the allegations remain unproven and the legal basis for any dismissal is contested by her lawyers.
