President establishes Committee to probe Fed Governor Cook's statements

The President issued a memorandum on October 7, 2026 establishing a Committee of Inquiry to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements in connection with one or more mortgage instruments. The memorandum directs 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 to serve as members of the Committee.

The Committee is authorized to consult with personnel from executive departments and agencies, including the Department of Justice, and must report to the President whether there is "cause" for Governor Cook's removal under 12 U.S.C. 242, as construed in Trump v. Cook, 146 S. Ct. 2234 (2026). An in-person hearing is scheduled for November 5, 2026 at the White House and shall last no longer than 4 hours. The hearing will be closed to the public but will be transcribed.

Governor Cook may submit a written position statement at least 3 days before the hearing and must appear at the hearing, where she may be examined by the Committee, its representatives, and her legal counsel. She may present argument, written evidence, and written witness statements, and the Committee may request additional documents or evidence. After the hearing, Governor Cook may submit a post-hearing written statement by November 10, 2026.

Following receipt of any post-hearing statement, the Committee shall, as soon as practicable, submit written findings of fact and conclusions of law to the President and recommend whether there is cause to remove Governor Cook from the Board of Governors of the Federal Reserve. The Counsel to the President will transmit copies of the memorandum to Governor Cook, the Committee members, and the Attorney General, who is directed to publish the memorandum in the Federal Register.