Donald Trump establishes panel to investigate Federal Reserve Governor Lisa Cook

President Donald Trump established a White House committee on October 9, 2026, to investigate Federal Reserve Governor Lisa Cook over allegations of mortgage fraud. MPA Magazine, HousingWire, and The Guardian all reported that the panel will examine claims that Cook made false statements on mortgage documents. The move represents a formal effort to remove the Biden appointee from the central bank board for cause. [1][2][4]

The panel is composed of three White House appointees, according to MPA Magazine. HousingWire reported that a presidential memorandum posted on the White House website sets a formal hearing for November 5, 2026. The committee could ultimately recommend Cook's removal from her position. [1][2]

The action tests the legal limits of presidential power over the central bank, HousingWire reported. Cook previously filed a lawsuit, Donald J. Trump v. Lisa D. Cook et al., against President Trump, the Federal Reserve Board of Governors, and Chairman Jerome Powell. That lawsuit argued that an attempted for cause removal was invalid and failed to comply with statutory and constitutional processes. [2][9]

MPA Magazine reported that the memorandum was addressed to Attorney General Todd Blanche. HousingWire added that the inquiry escalates a campaign to challenge Cook's ongoing service on the board, directly testing the structural independence designed by Congress for the Federal Reserve. [1][2]