US President Donald Trump announced on Friday that he is establishing a committee to investigate Lisa Cook, the US Federal Reserve governor, over allegations of mortgage fraud. This move comes despite a June Supreme Court ruling that deemed her previous firing unconstitutional.

Investigation Details

Trump stated that the committee will consult with Justice Department officials to determine whether there is "cause" for Cook's removal. An in-person hearing will be held at the White House on November 5, which will be closed to the public but transcribed and published. Cook will have the opportunity to submit a written statement and will be subject to examination by both the White House and her own legal counsel.

“

"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 said in a statement posted on the White House’s website.

Background on Lisa Cook

Cook was appointed by Joe Biden in 2022 to a 14-year term, making her the Fed’s first Black governor. Prior to her role at the Federal Reserve, she taught at Harvard University and Stanford University and served on Barack Obama’s Council of Economic Advisers.