President Donald Trump has established an investigative committee and ordered a White House hearing to determine if there is legal cause to fire Federal Reserve Governor Lisa Cook. A White House notice dated October 7, 2026, alleges that Cook made false statements on mortgage applications, which the committee will investigate to report whether there is "cause" for her removal.
The action follows a 2026 U.S. Supreme Court ruling that found the president could not remove a Federal Reserve governor at will. The court held that the executive must follow a process that establishes cause for firing and allows the official to present a defense. This legal dispute began in August 2025 when the president first attempted to remove Cook, who is the first Black woman to serve on the central bank's board.
The newly formed committee consists of chief economic policy advisor Kevin Hassett, Equal Employment Opportunity Commission chair Andrea Lucas, and acting Office of Government Ethics director Keith Sonderling. They are scheduled to question Cook in a closed, in-person hearing at the White House for up to four hours on November 5, 2026. Cook’s lawyers, Abbe Lowell and Norm Eisen, stated that an objective hearing would show no mortgage fraud occurred and thus no legal basis for her dismissal.
If Cook is removed, the vacancy would be filled by a new presidential nominee subject to Senate confirmation. The scheduled hearing on November 5 falls two days after congressional elections. A successful removal would mark the first time a sitting Federal Reserve governor has been fired by a president. The committee’s recommendation to the president will follow a November 10 deadline for Cook to submit a post-hearing statement.
Beyond the specific allegations against Cook, the president has also recently questioned the conduct of Federal Reserve Governor Jerome Powell regarding building renovations. However, an independent watchdog agency rejected those allegations last month. While the White House proceeds with its inquiry, a separate legal process continues in federal district court, where Judge Kia Cobb has set a November 6 deadline for lawyers from both sides to submit a joint proposal for future proceedings. Filing deadlines for the committee's final recommendation were not specified beyond being "as soon as practicable" after the November 10 submission.