Trump Sets Nov. 5 White House Hearing for Fed Governor Lisa Cook Over Mortgage Allegations

Since the Supreme Court blocked Donald Trump's August 2025 firing of Federal Reserve Governor Lisa Cook in June, the White House has been working toward a second attempt. Five days ago, on Oct. 9, it released the mechanism: a presidential memorandum, dated Oct. 7, creating a "committee of inquiry" that will hold a hearing on Nov. 5.

What the memo sets up

The committee has three members. Kevin Hassett is director of the National Economic Council and was among Trump's candidates for Fed chair before Trump chose Kevin Warsh. Keith Sonderling is acting director of the Office of Government Ethics. Andrea Lucas chairs the Equal Employment Opportunity Commission.

The hearing will be held at the White House and capped at four hours. It will be closed to the public but transcribed, and the memo says the transcript will be published.

Cook can submit a written statement, which the committee must receive at least three days before the hearing. At the hearing she can present argument, written evidence and written witness statements. The committee can question her, or authorize representatives, including Justice Department personnel, to do it. The memo says she "shall" appear and comply with document requests. The White House expects a second written statement from her afterward.

Then the committee will recommend to Trump whether there is "cause" to remove her.

The allegations

The allegations come from a criminal referral by William Pulte, director of the Federal Housing Finance Agency. The referral says Cook signed one document saying a Michigan property would be her primary residence for the next year. Two weeks later, it says, she signed another saying a Georgia property would be her primary residence for the next 12 months.

The Guardian also reports the original accusation included unreported rental income on an Atlanta property. Cook denies the mortgage fraud claims. Her lawyers say the White House is cherry-picking facts and that the issues are unrelated clerical errors. These remain allegations. The sources describe no charge or finding against her.

What the court said

The Supreme Court ruled 5-4 in June in Trump v. Cook that Trump could not fire a Fed governor unilaterally. Chief Justice John Roberts, writing for the majority, said Cook had not been given adequate time to respond to the allegations. He rejected the government's argument that the removal was not subject to judicial review.

Roberts also wrote that siding with the government would turn the statute's "for cause" protection into "at-will employment," which was "out of step with the statute Congress enacted and our Nation's tradition of central banking protected from political interference."

The same term, in Trump v. Slaughter, the court affirmed the president's power to dismiss a Federal Trade Commission commissioner. The Fed is treated differently under the court's rulings.

The administration's argument for the new process is straightforward. The court faulted the lack of notice and a chance to respond, and this procedure supplies both. Trump put his own rationale in the memo: "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."

Cook's response

Cook's lawyers, Abbe Lowell and Norm Eisen, say they have "grave doubts that this 'hearing' is a legitimate one that would conform to the law," citing Trump's "repeated statements that he has already decided to fire Governor Cook."

They added: "We have engaged with the White House to evaluate whether the process proposed has a possibility of being a genuine one and not simply a box checking exercise." They also said Cook "welcomes the opportunity to present the facts so she can clear her name," and that an objective review would find no mortgage fraud and therefore no cause for removal.

Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, called the proceeding an illegitimate show trial meant to give Trump control of the central bank.

The wider Fed fight

No president has removed a sitting Fed governor in the institution's 113-year history. The Cook effort followed a Justice Department investigation of former Chairman Jerome Powell over the Fed's renovation project. A government watchdog found no criminal wrongdoing, though it called the project mismanaged. Attorney General Todd Blanche said he would not reopen the investigation. The Guardian reports the probe was dropped in April.

Trump has pushed the Fed to cut rates. Last month the Fed raised its key rate under Warsh, whom Trump appointed this year.

What comes next

Cook's written statement is due at least three days before the Nov. 5 hearing. Her lawyers say they are still weighing whether she will appear. The memo does not say what standard of proof the committee will apply, or whether Trump is bound by its recommendation. Any removal would likely return the dispute to the courts.