Trump schedules White House hearing on Fed's Cook

By Matt Grossman and Brian Schwartz President Trump has formed a committee to evaluate the mortgage-fraud allegations against Federal Reserve governor Lisa Cook and has scheduled an in-person hearing at the White House for Nov. 5. Trump said Cook would be examined by the committee, which would then recommend whether to remove her from the Fed, according to a memo posted on the White House's website. The announcement marks a dramatic escalation in the president's long-running attempt to wield more control over the Fed.

The central bank is set up to operate independently from the White House, an arrangement seen by economists as essential for allowing it to set interest rates without political considerations. Trump tried to fire Cook last year, but the Supreme Court ruled earlier this year that she hadn't been given sufficient opportunity to present her case. The Trump memo lays out a step-by-step process to consider the allegations against Cook. The committee will include the assistant to the president for economic policy, the chairman of the Equal Employment Opportunity Commission, and the director of the Office of Government Ethics, the memo said.

Kevin Hassett has the titles of assistant to the president for economic policy and National Economic Council director. The White House didn't immediately respond to a question about whether Hassett would be part of the panel. "Governor Cook shall appear at the hearing and be examined by the Committee, its representatives, and her legal counsel, if any," said a presidential memorandum dated Oct. 7.

" The memo said that the hearing would be closed to the public but will be transcribed. " "In light of the President's repeated statements that he has already decided to fire Governor Cook -- regardless of the facts and evidence -- we have grave doubts that this 'hearing' is a legitimate one that would conform to the law," the lawyers said. " Last year, Trump adviser Bill Pulte, the head of the Federal Housing Finance Agency, produced documents that he said showed Cook had listed two separate properties as her "primary residence" on mortgage paperwork.

Trump seized on the discrepancy and attempted to fire Cook over the alleged misconduct, a decision he announced abruptly on social media. Cook was appointed to the Fed's board by President Joe Biden and is serving a term that runs until 2038. She sued to block her firing and has said she never committed mortgage fraud. The laws establishing the Fed say that top officials can be fired only "for cause," a legal term whose application to Fed officials had never been directly tested.

Earlier this year, the Supreme Court largely sided with Cook, ruling that she couldn't be fired without some minimal procedural protections that would allow the evidence to be aired. Trump revived his attempt to fire Cook this summer, sending her a letter outlining the mortgage-fraud allegations that appeared to be an attempt to follow the process requirements that the Supreme Court outlined. com (END) Dow Jones Newswires October 09, 2026 11:38 ET (15:38 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters.

Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.