Trump launches committee to probe Fed's Lisa Cook, White House says

WASHINGTON — President Donald Trump has formed a committee to investigate Fed Governor Lisa Cook over allegations she made false statements in connection with ‌mortgages, according to a notice on the White House website on Friday.

"To ⁠assist me in carrying out that responsibility, the ⁠Committee shall investigate the allegations against Governor Cook ‌and report to ‌me whether there is 'cause' for Governor Cook's removal," ⁠according to the notice, dated ⁠Oct. 7.

The committee will hold an in-person hearing at the White House "to consider the evidence and allegations against Governor Cook," the presidential memorandum said. It said the hearing would last no longer than ‌four hours.

Trump tried to fire Cook, the first Black woman to serve on the central bank's board, a year ago. The case led to the Supreme Court ruling that the president could not remove a Fed governor without adequate cause and needed to follow a clear process to lay out the reasons and provide evidence. The ‌ruling left ‌Cook ⁠in her position but kicked the case against her back to a federal district court.

Cook was appointed to the Fed board in 2022 by former President Joe ‌Biden, a Democrat, and was reappointed in 2023 to ‌a term that ⁠lasts until 2038.