Trump sets up committee to investigate Fed Governor Lisa Cook over mortgage fraud claims

President Donald Trump announced the creation of a White House committee to investigate Federal Reserve Governor Lisa Cook over allegations that she committed mortgage fraud, according to multiple outlets including The Associated Press, Reuters, CNBC, Fox News and The New York Times. The committee will examine whether Cook "made false statements in connection with one or more mortgage instruments," a phrase reported by The Hill and the Washington Examiner, citing a White House memo.

The move is the latest in Trump's yearlong effort to remove Cook from the Federal Reserve Board, a campaign that began in 2025, according to Al Jazeera English. In June, the Supreme Court ruled that Trump's earlier attempt to fire Cook was unconstitutional because she had not been afforded due process, as reported by The Guardian, CNBC and the Washington Examiner. Despite that ruling, Trump has continued pursuing her removal; The New Republic reported that in August, White House deputy chief of staff Dan Scavino told Cook the administration was again "considering" removing her.

According to The Guardian, the committee will consult with Justice Department officials to determine whether there is "cause" for Cook's removal. The White House will hold an in-person hearing on November 5 to consider the allegations, which The Guardian reported will be closed to the public but transcribed and published. Cook will reportedly be permitted to submit a written statement and will be subject to examination by both White House and her own legal counsel.

Cook has denied the allegations, according to ABC News and Independent Journal Review. The New Republic reported that Cook has previously sued over the matter, stating that Trump purported to fire her "for cause" when none existed. The New Republic also noted Cook is the first Black woman to serve on the Federal Reserve board and was nominated by former President Joe Biden, a fact also noted by CNBC.

Trump defended the action in a presidential memo, writing, "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," according to The New Republic and The Federalist.

How the coverage differed

Left-leaning outlets, including The Guardian, The New Republic and Al Jazeera English, emphasized the broader context of Trump's yearlong campaign against Cook and highlighted the Supreme Court's June ruling that his earlier firing attempt was unconstitutional. The Independent and The New Republic used more pointed framing, describing Cook as a "political enemy" and Trump's effort as a "crusade." The New Republic was the only outlet to report the August episode involving Dan Scavino and to note Cook's status as the first Black woman on the Fed board.

Center outlets such as Reuters, Axios and CNBC offered more compact, procedural accounts focused on the mechanics of the committee and hearing date, with CNBC also noting the Supreme Court's earlier block on Trump's first removal attempt and Cook's nomination by Biden.

Right-leaning outlets, including Fox News, the New York Post, The Washington Times and Independent Journal Review, centered their coverage on the mortgage fraud allegations themselves and the committee's investigative function, with several directly quoting Trump's memo about firing subordinates. The Washington Examiner and Independent Journal Review both noted the Supreme Court setback as background, similar to left and center coverage, suggesting broad agreement across the spectrum on this underlying fact even as framing and emphasis varied.

What is still unclear

The sources do not specify the nature or evidentiary basis of the mortgage fraud allegations against Cook beyond the claim that she held

two primary residences,

as referenced by The New Republic. It also remains unclear what consequences the November 5 hearing could have, or what legal options Cook may pursue if the committee recommends her removal.