What the Lisa Cook Inquiry Committee Can—and Cannot—Do

What is the committee investigating?

President Donald Trump created a three-member committee to review allegations that Federal Reserve Governor Lisa Cook made false statements on mortgage documents. The committee is described in his memorandum as a “committee of inquiry.” Its stated task is to examine the allegations and Cook’s response, then report whether it believes there is cause to remove her from the Federal Reserve Board. ¹

The committee is made up of the assistant to the president for economic policy, the chair of the Equal Employment Opportunity Commission and the head of the Office of Government Ethics, according to the memorandum as reported by CBS. ¹ The sources describe this as a presidentially created panel, not as a court proceeding or a criminal trial.

What authority does the committee have?

The sources give the committee a reviewing and advisory role: it will consider the evidence and Cook’s response, then make a recommendation to Trump. They do not say that the panel can itself remove Cook, issue a binding ruling, or impose a penalty. The final decision on whether to fire her is Trump’s. ¹²

The supplied reporting does not explain the committee’s powers in more detail, such as whether it can compel testimony or documents. It would be misleading to assume those powers from the word “investigation” alone.

When will Lisa Cook be heard?

The memorandum sets an in-person hearing at the White House for Nov. 5. The hearing will not be open to the public, but it will be transcribed, according to CBS. ¹ PBS also reports that Trump’s memorandum says Cook “shall” attend to answer committee questions. ³

Cook can appear, bring an attorney, and present arguments and written material, including witness statements, under the terms described in the memorandum. CNBC reports that she will have until Nov. 10 to submit follow-up material after the hearing. ¹² The sources do not say when the transcript will be released, or whether members of the public will otherwise be able to review the evidence.

What has Cook said about the allegations?

CNBC reports that Cook’s attorneys denied the mortgage-fraud allegations in a response to Trump and said he had no cause to remove her. ² The committee is expected to weigh the evidence against her alongside her response. ²

The supplied sources do not provide the underlying mortgage documents or a detailed account of the competing claims. They therefore do not establish whether Cook made false statements. The allegations should not be treated as proven simply because a committee has been formed.

What could happen after the hearing?

After considering the evidence and Cook’s response, the committee is expected to recommend whether it believes there is cause to remove her. Trump would then make the final decision. CNBC says there is no set deadline for that decision. ²

This is not Trump’s first attempt to remove Cook. CNBC reports that an earlier effort in 2025 was blocked by the Supreme Court on procedural grounds, while the court said he could try again. ² The supplied reporting does not explain how the committee’s recommendation would affect any further court challenge, or what legal steps might follow a new removal attempt.

Why are people watching this closely?

Cook is a governor of the Federal Reserve, the central bank’s governing body. A dispute over whether a president can remove a governor may raise questions about the Fed’s independence and how its leaders are protected from political pressure. CNBC says the case could affect the central bank’s independence and has also drawn attention because of possible implications for Fed Chair Jerome Powell. ²

That is a question about the stakes, not a prediction about what will happen to interest rates or Fed policy. The sources do not establish that the committee’s work will change rates or determine the outcome of any future legal dispute.