Trump Creates Committee of Inquiry on False-Statement Allegations Against Fed Governor Lisa Cook
ANALYSIS · October 10, 2026
Slug: lisa-cook-committee-of-inquiry
Package note: This analyzes the presidential memorandum “Establishment of a Committee of Inquiry to Investigate Allegations of False Statements by Lisa DeNell Cook,” dated October 7, 2026. It creates a three-member committee to investigate the allegations and recommend whether “cause” exists to remove Governor Cook under 12 U.S.C. 242, as construed in Trump v. Cook, 146 S. Ct. 2234 (2026). The memorandum makes no findings on the allegations and does not itself remove Cook.
Primary sources
- White House, presidential memorandum (Oct. 7, 2026): https://www.whitehouse.gov/presidential-actions/2026/10/establishment-of-a-committee-of-inquiry-to-investigate-allegations-of-false-statements-by-lisa-denell-cook/
The memorandum is addressed to the Attorney General, the Counsel to the President, the Assistant to the President for Economic Policy, the Director of the Office of Government Ethics, and the Chairman of the Equal Employment Opportunity Commission. It sets up a committee whose three members are the Assistant to the President for Economic Policy, the EEOC Chairman, and the OGE Director. The committee is to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements in connection with one or more mortgage instruments, and it may consult agencies including the Justice Department. It must hold a closed, transcribed, in-person hearing at the White House on November 5, 2026, lasting no more than 4 hours. It then reports findings and a recommendation to the President.
Core Tension
The memorandum frames the inquiry as part of the President’s Article II duty to see that the laws are faithfully executed, “including by firing subordinates who cannot be trusted to tell the truth.” It sets up a fast, closed process: one hearing of up to four hours, a written statement from Cook due at least 3 days before, a post-hearing statement due November 10, and a recommendation to the President “as soon as practicable” after that. Committee members are all executive-branch officials who serve at the President’s pleasure, and the committee can change its procedures with notice to Cook. The memorandum contains no findings on the underlying mortgage allegations.
What the memorandum does
| Element | What the memorandum states |
|---|---|
| Purpose | Investigate allegations that Governor Cook “made false statements in connection with one or more mortgage instruments.” |
| Members | Assistant to the President for Economic Policy; EEOC Chairman; OGE Director. |
| Standard | Report whether there is “cause” for removal under 12 U.S.C. 242, as construed in Trump v. Cook, 146 S. Ct. 2234 (2026). |
| Hearing | In person at the White House on November 5, 2026; no longer than 4 hours; closed to the public but transcribed. |
| Cook’s submissions | Written position statement received at least 3 days before the hearing; argument, written evidence, and written witness statements; post-hearing written statement by November 10, 2026. |
| Cook’s obligations | Must appear and be examined; must comply with committee document requests. |
| Evidence | Committee must give Cook the evidence it is considering before the hearing. DOJ personnel may be authorized to question her. |
| Output | Written findings of fact and conclusions of law, plus a recommendation on whether there is cause to remove her from the Board of Governors. |
| Other | Counsel to the President transmits the memo; Attorney General is directed to publish it in the Federal Register. |
Claims check
| Claim | Assessment | Receipt |
|---|---|---|
| A committee is established to investigate false-statement allegations against Cook | Verified (this is what the document does) | First paragraph of the memorandum |
| Hearing on Nov. 5, 2026, at the White House, max 4 hours, closed | Verified (set by the document) | Second and fourth paragraphs |
| Cook made false statements on mortgage instruments | Allegation only; not established | The memorandum calls them “allegations” and makes no finding |
| The President may remove a Fed governor for “cause” under 12 U.S.C. 242 | Stated in the memorandum, citing Trump v. Cook | Removal requires a cause finding; the committee only recommends |
How coverage splits
Not reviewed for this analysis.
Context / what to watch
- By November 2, 2026 (at least 3 days before the hearing): Cook’s written position statement due.
- November 5, 2026: Closed hearing at the White House.
- November 10, 2026: Cook’s post-hearing statement due.
- After that: Committee findings and recommendation to the President; any removal decision and legal challenge.
Publish-ready ANALYSIS draft · Kelvic drafter (machine draft, checked against whitehouse.gov and edited by KVOp) · 2026-10-10 · for /analysis/lisa-cook-committee-of-inquiry