Donald Trump establishes panel to investigate Federal Reserve Governor Lisa Cook

President Donald Trump has established a White House committee to investigate Federal Reserve Governor Lisa Cook over allegations that she made false statements related to mortgage instruments. CNBC Make It, HousingWire, and Realtor.com reported that Trump announced the creation of the committee on Friday, October 9, 2026. The move marks a renewed effort by the president to remove Cook from her role on the Federal Reserve Board of Governors. [1][3][6]

HousingWire reported that the White House panel will hold a hearing on November 5, 2026, and could recommend her removal for cause. MarketWatch reported that Cook has not been charged with any crime, and her lawyers stated that there is no legal basis to remove her from office. CNBC Make It noted that the panel includes three executive branch officials, including Kevin Hassett. [1][2][3]

The panel was created through a presidential memorandum sent to Attorney General Todd Blanche, Realtor.com reported. HousingWire noted that the investigation tests the limits of executive power over the Federal Reserve, which Congress designed to operate as a structurally independent institution. CNBC Make It and HousingWire reported that Trump previously tried to fire Cook, but the Supreme Court blocked his first attempt. [1][3][6]

Cook was sworn in as a member of the Federal Reserve Board of Governors in 2022, becoming the first Black woman to serve on the board. She was nominated to the central bank by former President Joe Biden. CNBC Make It reported that Trump has frequently urged the central bank to lower interest rates and has described the board as hostile. [1][12]