The Lisa Cook committee is the White House’s newest attempt to fire a sitting Federal Reserve governor, and it comes with a date: Nov. 5. In this case, President Trump signed a memo creating a three-member “committee of inquiry” to decide whether there is cause to remove Cook, according to NBC News.
The memo carries an Oct. 7 date, but the White House made it public on Friday, Oct. 9. Still, Cook has not been charged with a crime, and she denies wrongdoing.
What the Lisa Cook Committee Is Supposed to Do
The panel will investigate allegations that Cook made false statements “in connection with one or more mortgage instruments.” Afterward, it reports back on “whether there is ’cause’ for Governor Cook’s removal,” per Reuters. ABC News reports it must deliver written findings of fact, conclusions of law and a recommendation.
Three people sit on it: Kevin Hassett, Trump’s top economic adviser; Keith Sonderling, the acting director of the Office of Government Ethics; and Andrea Lucas, chair of the EEOC. Notably, all three are Trump appointees. That matters, and we’ll get to why.
However, the committee cannot fire Cook on its own. Trump makes the final call.
The Nov. 5 Fed Governor Hearing
The memo directs Cook to appear at a closed-door hearing at the White House on Nov. 5. That is two days after the midterm elections. For its part, the White House expects to publish a transcript.
The memo also lets her present arguments, written evidence and written witness statements. The committee can question her directly, or authorize others, including Justice Department personnel, to do it. It may also consult the Justice Department and other agencies. Notably, CNBC reports that the memo names no outside, independent arbiter.
Cook’s lawyers, Abbe Lowell and Norm Eisen, say she “welcomes the opportunity to present the facts.” They also wrote that “we have grave doubts that this ‘hearing’ is a legitimate one that would conform to the law.” Their argument is simple, because Trump has repeatedly said he has already decided to fire her. Officials who answer to him make up the panel. So who exactly is the neutral referee here?
Her team has previously called the mortgage issue an “inadvertent error.” The Fed declined to comment.
How We Got Here
This isn’t the first round. Trump announced Cook’s firing “for cause” in August 2025, citing a claim from Federal Housing Finance Agency Director Bill Pulte that she declared two properties as her primary residence. A federal judge blocked the move.
On June 29, the Supreme Court ruled 5-4 that Cook can stay in her seat while her lawsuit proceeds. As CNBC reported, the justices did not decide whether Trump can ultimately fire her. Because the ruling left that question open, the White House is still trying, and the Cook removal committee is its latest tool.
The legal fight turns on two words. The Federal Reserve Act allows removal only “for cause,” yet the law never defines the term. No president has ever tried to remove a Fed governor.
Why the White House Cook Panel Reaches Your Wallet
This looks like a Washington procedure fight, but it touches your mortgage, your savings and your credit card. Congress built the Fed to make rate decisions without taking orders from the White House. In fact, whoever controls a seat on that board influences the price of borrowing for everyone, as our look at mortgage rates at their highest level since 2023 shows.
Cook holds a permanent vote on rates. The Fed raised rates last month under Chair Kevin Warsh, whom Trump appointed earlier this year. Trump opposes those hikes, as we explained in our coverage of Warsh’s rate hike and Trump’s anger. CNN reports the vote was unanimous.
The Fed’s next policy meeting is only weeks away, per CNN. Meanwhile, markets will be watching to see whether this fight starts to look like pressure on the central bank itself.
What Comes Next for the Lisa Cook Committee
After the Nov. 5 hearing, the Lisa Cook committee sends its findings to Trump, and he decides. If he fires Cook, expect another court challenge. If Cook skips the hearing or sues first, that fight starts even sooner.
So the real question now is not whether there will be a hearing. It’s whether a court will ever agree that a hearing run by the president’s own team counts as “cause.”
