Trump establishes panel to probe Fed governor Lisa Cook in latest attempt to fire her

President Donald Trump has ordered the creation of a committee of inquiry to examine whether Federal Reserve governor Lisa Cook should be removed for cause, marking his newest effort to push her off the central bank's board. A presidential memorandum, signed Friday, tasks the attorney general and other senior officials with looking into claims that Cook made false statements on mortgage documents. No president has ever fired a top Fed official, according to NBC News.

The panel will hold a hearing on Nov. 5, two days after the midterm elections, where Cook must appear, be questioned, and may offer evidence and witness statements. The step follows a June Supreme Court ruling that let her keep her post for now but did not bar removal permanently, holding instead that she is entitled to a chance to defend herself.

Cook's attorneys, Abbe Lowell and Norm Eisen, doubt the process is fair given Trump's public statements that he has already decided, though they say Cook wants to clear her name. The allegations originated with Federal Housing Finance Agency chief Bill Pulte in August 2025, but NBC News reviewed documents showing Cook described the property as a vacation home.

Summarized by PolitiKool from NBC News’s reporting. Read the full story at NBC News →