January 1, Trump Launches Probe Into Fed Governor Over Mortgage Fraud Claims

Wyatt’s Take

• Trump is finally giving Lisa Cook her day to answer mortgage fraud charges that have dragged on for years.
• Regular Americans lose their homes for far less; a Federal Reserve governor should face the same rules.
• This committee puts process before politics and keeps pressure on Washington insiders.

President Donald Trump has set up a committee to investigate Federal Reserve Governor Lisa Cook over allegations she made false statements on mortgage documents. The same accusations Trump has cited for over a year in a bid to remove her from office.

Trump attempted to remove Cook in August 2025. That triggered a lengthy legal battle that culminated in the Supreme Court blocking her firing in June 2026.

In a 5-4 ruling, the court said she had not been given adequate time to respond to the allegations against her. This newly-formed committee appears to be the process the White House has settled on to give Cook a chance to advocate for herself.

She will be allowed to submit a written statement ahead of her first scheduled hearing on Nov. 5, 2026. Her statement must be received by the committee at least three days ahead of the hearing.

The hearing will unfold at the White House and will last no more than four hours, according to a notice dated Wednesday, Oct. 7, 2026, but released on Friday by the Trump administration. At the hearing itself, Cook will be able to present argument, written evidence, and written witness statements regarding the evidence and allegations.

Lawyers with the Department of Justice will question her. The hearing will be closed to the public but will be transcribed.

Three White House staffers, including National Economic Council director Kevin Hassett, will serve as members of the committee. Hassett was one of Trump’s top picks to replace Jerome Powell as Fed Chair before he ultimately settled on Kevin Warsh.

The White House said it expects Cook to submit another written statement after the hearing. After that, the committee will make a recommendation to Trump on whether there is adequate cause to remove her from her post.

The White House revisited its effort to fire Cook in August, sending her a letter informing her that Trump was once again considering terminating her. This time, Cook was given 21 days to respond.

Her attorneys submitted a letter to the White House on Aug. 26 denying that she had committed mortgage fraud. The White House alleged that Cook claimed homes in Atlanta and Michigan as her primary residence on separate mortgage agreements and later rented out the Atlanta property.

Cook’s attorney said the Atlanta designation was an inadvertent mistake. They argued that she sought financing for it as a vacation home and consistently identified Michigan as her primary or permanent residence.

Wyatt Matters

Hard-working families know the rules on mortgages are clear and the penalties for bending them are real. Holding powerful officials to the same standard protects every honest American who plays by the book.