Lisa Cook

The Federal Register published a presidential memorandum concerning a committee of inquiry into allegations against Lisa Cook. The memorandum directs the committee to conduct an in-person hearing on November 5, 2026.

Abbe Lowell challenged the inquiry process in a letter on behalf of Lisa Cook. The letter said the process did not respect the appearance or history of independence.

Donald Trump established a committee of inquiry to investigate allegations that Lisa D. Cook made false statements in connection with mortgage instruments. Associated Press reported that the committee was part of Trump’s effort to remove Cook from the Federal Reserve Board.

Lisa D. Cook said AI-related demand, higher oil prices, and Middle East supply disruptions would continue to pressure inflation in coming months. She said future rate adjustments would depend on the economy's response to the September increase and incoming inflation and labor-market data.

Following the Supreme Court's instruction that Cook was entitled to notice and a chance to respond, deputy chief of staff Dan Scavino wrote that the president was considering removing her and gave her until August 26 to answer the mortgage allegations. Her lawyers called the allegations as baseless as a year earlier and, in a five-page reply on August 26, noted that the Treasury secretary and the attorney general had faced similar accusations.

Chief Justice Roberts, joined by Sotomayor, Kagan, Kavanaugh and Jackson, denied the government's application to remove Cook while her suit proceeds, holding that the Federal Reserve Act's for-cause protection is constitutional and that a governor must receive notice and some opportunity to respond before removal, which Cook had not. The Court said eliminating that protection was for Congress, even as it had allowed at-will removal at most other independent agencies.

In a letter posted on Truth Social the president said he was removing Cook for cause, effective immediately, citing FHFA director Bill Pulte's allegation that she had claimed two primary residences in 2021. No president had ever removed a Fed governor. Cook said no cause existed and she would not resign, hired Abbe Lowell and sued; a district court and the D.C. Circuit let her keep her seat while the case went to the Supreme Court.