Published : 09 Oct 2026, 10:34 PM
Updated : 09 Oct 2026, 10:34 PM
US President Donald Trump will summon Federal Reserve Governor Lisa Cook to the White House for a hearing on allegations that she made false statements in connection with her mortgages, intensifying his effort to remove her from the central bank.
The closed-door hearing will be held by a White House committee and last no longer than four hours, according to a presidential memorandum dated Oct 7. Committee members, their representatives or Department of Justice personnel will question Cook about the allegations before reporting to Trump on whether there is cause for her removal.
Cook’s lawyers, Abbe Lowell and Norm Eisen, said on Friday that a fair hearing would establish there was no legal basis to fire her.
“If the hearing is anything close to objective, the conclusion will be that Governor Cook did not commit mortgage fraud,” they said in a statement, adding that Cook welcomed the opportunity to present the facts and clear her name.
Trump first sought to fire Cook in August 2025, in an unprecedented attempt by a US president to remove a sitting Federal Reserve governor. The dispute comes as Trump has sought greater influence over the central bank, which he has criticised for not cutting interest rates as he wants.
The case reached the US Supreme Court, which ruled earlier this year that Trump could not remove a Fed governor without adequate cause and had to follow a clear process, including setting out reasons and providing evidence. The ruling allowed Cook to remain in her position and sent the case back to a federal district court.
Cook, the first Black woman to serve on the Fed’s board, was appointed in 2022 by former President Joe Biden and reappointed in 2023. Her current term runs until 2038.
The hearing comes just weeks before elections that will determine whether Trump’s Republican Party retains control of Congress. Central bank independence is widely regarded as important to ensuring monetary policy decisions, including efforts to curb inflation, are made without political pressure.
