President Donald Trump is taking another run at removing Federal Reserve Governor Lisa Cook, creating a committee to investigate alleged false statements on mortgage documents and ordering a White House hearing two days after the midterm elections.
The presidential memorandum, dated October 7 and released Friday, directs the panel to determine whether the allegations provide legal grounds to remove Cook. She has denied wrongdoing and successfully challenged Trump’s earlier dismissal attempt.
A November 5 Showdown
The hearing is scheduled for November 5, will last no more than four hours and will be closed to the public, according to the White House memo. A transcript will be made.
Trump framed the inquiry as a matter of accountability, saying his responsibilities include firing “subordinates who cannot be trusted to tell the truth and follow the law.”
The committee consists of White House economic adviser Kevin Hassett, Equal Employment Opportunity Commission Chair Andrea Lucas and acting Office of Government Ethics Director Keith Sonderling, ABC News reported.
The memo directs Cook to appear for questioning and requires the panel to provide her with the evidence beforehand. She may present arguments, written evidence and witness statements, and submit a final written response by November 10. The committee will then recommend whether grounds exist for her removal.
The Mortgage Allegations
The dispute began in August 2025, when then-Federal Housing Finance Agency Director Bill Pulte accused Cook of mortgage fraud and Trump sought to fire her.
According to Yahoo Finance’s reporting on Trump’s dismissal letter, the president alleged that Cook had identified a Michigan property as her primary residence and then made the same representation about a Georgia property in a separate agreement two weeks later.
Cook denied wrongdoing and sued to block her removal. The allegations remain disputed.
Pulte continued pressing the case publicly. During a May appearance on CNBC, he predicted Cook would eventually face an indictment regardless of the Supreme Court’s decision, according to Mediaite. That was Pulte’s prediction, rather than an announced charging decision.
What the Supreme Court Actually Ruled
The Supreme Court rejected Trump’s effort to immediately remove Cook in June, leaving an injunction protecting her position in place while litigation continued.
The ruling did not establish a blanket prohibition on removing Federal Reserve governors. Federal law allows removal for cause, and the court concluded that Cook was entitled to notice and an opportunity to respond before being dismissed.
The justices resolved the application on the narrower ground that the administration had failed to provide the required procedural protections. They also made clear that a president’s determination of cause is subject to judicial review, according to the court’s opinion.
Cook’s Lawyers Push Back
Cook’s legal team questioned whether the new process would provide a fair hearing.
Her lawyers told Axios they had “grave doubts that this ‘hearing’ is a legitimate one that would conform to the law,” citing Trump’s previous statements that he had already decided to fire her.
The committee’s recommendation will put the removal question back before Trump. Whether the new process satisfies the court’s requirements—and whether the allegations justify dismissal—remain unresolved.
