Trump Forms Committee to Investigate Fed Governor Lisa Cook
President Trump is pursuing removal of Fed Governor Lisa Cook via a formal committee, weeks after the Supreme Court blocked her firing.
President Donald Trump announced Friday the creation of a committee to investigate Federal Reserve Governor Lisa Cook over allegations of mortgage fraud, escalating his months-long effort to remove her from the central bank's board of governors.
The move comes despite a June Supreme Court ruling that Trump's earlier attempt to fire Cook was unconstitutional. The newly formed committee will consult with Justice Department officials to determine whether sufficient legal "cause" exists to justify her removal under a different standard.
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The White House has scheduled a closed-door hearing for November 5 to formally consider the allegations. Although the session will not be open to the public, it will be transcribed and the record will be released. Cook will have the opportunity to submit a written statement and present evidence on her own behalf, and she will be subject to questioning from both White House counsel and her own legal representatives.
The proceedings represent an unusual assertion of executive authority over the Federal Reserve, an institution designed to operate independently of political pressure. Legal scholars have long argued that the independence of Fed board members is critical to maintaining market confidence in monetary policy decisions, though the administration has not publicly addressed those concerns in its latest action.
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