Earlier this week, Donald Trump set up a "committee of inquiry" to look into whether Federal Reserve Governor Lisa Cook made false statements on mortgage documents. The hearing is scheduled for Nov. 5.

The panel includes the assistant to the president for economic policy, the chair of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics.

Lisa Cook Can Present Evidence at Hearing

Trump's memo says Cook should appear and can present arguments, written evidence and witness statements.

"As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law," Trump wrote in the memo.

On Friday, Cook's attorneys, Abbe Lowell and Norm Eisen, said in a statement that they have "grave doubts" that the hearing is legitimate, citing Trump's repeated statements that he has already decided to fire her.

They said an objective review would find no mortgage fraud.

Supreme Court Ruling and Mortgage Fraud Allegations Explained

The dispute began in August 2025, when the Trump administration first sought to remove Cook.

Federal Housing Finance Agency Director Bill Pulte alleged that she had falsely listed properties in Georgia and Michigan as primary residences to secure lower mortgage rates.

In June, the Supreme Court ruled 5-4 to allow her to remain in office, finding that she had not been afforded sufficient due process to challenge the allegations.

After the ruling, Trump said in a June Truth Social post that the court sent the case back "on a strictly procedural basis" and that he would "take appropriate action immediately."

Cook denies the claims, saying she mistakenly called one of two properties a "vacation home." She has said the firing stemmed from Trump's frustration over the pace of rate cuts.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.