Stories
Trump Forms Committee to Probe Fed Governor Lisa Cook Over Mortgages
- •US President Donald Trump established a committee to investigate Federal Reserve Governor Lisa Cook regarding alleged false statements linked to mortgages.
- •The White House announced that the committee will hold an in-person hearing on November 5, which will last no longer than four hours.
- •This move follows a previous attempt by Trump to fire Cook that was blocked by the Supreme Court due to a lack of proper notice and opportunity to respond.
- •Cook has strongly rejected the White House allegations of mortgage fraud, and no sitting Fed governor has ever been removed in the central bank's history.
- •The Federal Reserve operates independently from the White House to set monetary policy for the United States economy.
Key Questions Answered
President Donald Trump has established a committee to investigate Federal Reserve Governor Lisa Cook regarding allegations of false statements related to mortgages. The White House announced that this committee will conduct an in-person hearing at the White House on November 5, lasting no longer than four hours.
In a 5-4 ruling, the Supreme Court blocked President Trump's attempt to dismiss Cook because he failed to provide her with proper statutory notice and a fair opportunity to answer the allegations. Chief Justice John Roberts noted that Fed governors serve staggered 14-year terms and can only be removed for cause rather than serving at the president's pleasure.
Lisa Cook has rejected the White House's allegations, with her attorney Abbe Lowell calling the claims unfounded and untrue. Cook maintains that she has never committed mortgage fraud or any intentional wrongdoing.
