Trump launches new bid to impeach Fed Governor Lisa Cook – White House hearing set for Nov. 5 | Today’s news

President Donald Trump has escalated his efforts to oust Federal Reserve Governor Lisa Cook by establishing an “investigative committee” to investigate allegations that she made false statements on mortgage applications.

In a written memo released on Friday (Oct. 9), Trump announced that the investigation will include a hearing at the White House on Nov. 5 in which Cook will “attend” to answer the committee’s questions. The hearing will not be public, but a transcript will be made public, according to the memo.

The move marks another major development in Trump’s campaign against Cook and is likely to heighten concerns about the independence of the U.S. central bank.

Trump defends his decision to investigate Cook

Trump justified the investigation by arguing that his responsibility as president includes making sure government officials follow the law.

“As president, it is my job to ensure that the laws are faithfully applied, including firing subordinates who cannot be trusted to tell the truth and uphold the law,” Trump wrote in the memo.

The committee will review whether the allegations against Cook constitute sufficient “cause” for her removal, as required by law governing the Federal Reserve System.

Cook denies wrongdoing, lawyers weigh response

Cook has denied any wrongdoing and has not been charged with a crime. Her attorneys, Abbe Lowell and Norman Eisen, said they are evaluating whether she should appear at a Nov. 5 hearing to respond to the charges.

“We have engaged with the White House to evaluate whether the proposed process has the potential to be a real process and not just a box-checking exercise,” the lawyers said in a statement.

They added that Cook welcomed the opportunity to present evidence in her defence.

“Governor Cook welcomes the opportunity to present the facts to clear her name and demonstrate that there is no legal basis for her firing,” they said.

The allegations stem from mortgage applications filed in 2021 in which Cook allegedly listed two different properties as her primary residence. Home mortgages can have lower interest rates and other favorable terms.

Cook’s lawyers have previously characterized the issue as an inadvertent error, saying one of the properties was identified as a holiday home in other documents.

“An inadvertent error is not fraud, as the president and a third of his cabinet should know because they allegedly did the same thing,” Lowell and Eisen said in August.

The committee includes Trump administration officials

The investigative commission will have three members: Kevin Hassett, Trump’s top economic adviser; Keith Sonderling, Acting Director of the Office of Government Ethics; and Andrea Lucas, Chair of the Equal Employment Opportunity Commission.

Hassett has often repeated Trump’s criticism of the Federal Reserve. Sonderling was also appointed by Trump to lead the Department of Labor, while Lucas was appointed to her position in November 2025.

The composition of the panel could come under further scrutiny because its members hold positions within the administration and include an adviser who has publicly joined the president’s criticism of the central bank.

Federal Reserve independence under renewed pressure

Trump’s campaign against Cook has heightened broader concerns about political interference in monetary policy. The president repeatedly urged the Federal Reserve to cut interest rates while the central bank raised its key rate on Sept. 16, according to an account of the decision.

The rate hike was unanimous, although Trump and some of his economic advisers blamed the decision on the Fed’s rate-setting committee.

Cook is one of 12 voting members of the Federal Open Market Committee, which sets US monetary policy. Appointed by former President Joe Biden, she is the first black woman to serve on the seven-member Board of Governors of the Federal Reserve System.

The Supreme Court ruling sets the limits for removal

The latest development follows a Supreme Court ruling in June that allowed Cook to remain in office after Trump tried to impeach her in 2025.

The ruling included a footnote that said there was nothing to prevent the president from “trying again” if Cook was given proper notice and an opportunity to respond to the allegations.

However, the court also said that expulsion for cause would require an alleged crime that was serious and related to the officer’s duties.

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