Trump panel to probe Fed gov. Lisa Cook in attempt to fire her

Key Points:

• President Donald Trump signed an order to establish a committee to investigate Federal Reserve Governor Lisa Cook over allegations of false statements related to mortgage instruments, aiming to determine if there is cause for her removal.
• The committee is scheduled to hold a hearing on November 5, shortly after the midterm elections, marking an unprecedented move as no president has previously fired a top Fed official.
• Cook’s attorneys criticized the process as potentially illegitimate and politically motivated, asserting there is no legal basis for her removal and that she welcomes the opportunity to clear her name.
• The investigation follows allegations first made by Federal Housing Finance Agency chief Bill Pulte and amplified by Trump, despite evidence suggesting Cook declared the property in question as a vacation home, not a primary residence.
• The move occurs amid ongoing pressure from the Trump administration on the Federal Reserve to cut interest rates, with similar scrutiny also directed at other Fed officials and Treasury Secretary Scott Bessent.