Donald Trump has formed a three-person panel to examine claims of mortgage fraud against Federal Reserve Governor Lisa Cook, escalating his campaign to reshape the central bank’s leadership before the 2026 midterms.
The committee, announced on Friday, echoes a 1912 strategy used by President William Howard Taft to assess federal appraisers-a reference Chief Justice John Roberts invoked in June when the Supreme Court blocked Trump’s attempt to remove Cook. The 5-4 ruling stated Cook was entitled to some explanation of the evidence, an avenue for response, and a deadline for that response before a final decision could be made. The upcoming hearing, scheduled for a closed-door session at the White House on November 5, will let Cook submit a written defense and bring legal representation, though the proceedings will exclude public observers. Transcripts will be released afterward.
The panel’s three members—Kevin Hassett, Keith Sonderling, and Andrea Lucas—were all appointed by Trump and share his economic views. Cook’s attorneys, Abbe Lowell and Norm Eisen, have called the process “legitimate” only if it adheres to legal standards. The timing of the hearing, one day before a district court is due to receive a report on her lawsuit against Trump’s firing attempt, may reflect a broader political calculation.
The committee’s work follows Trump’s failed August 2025 attempt to dismiss Cook without following due process. The White House now argues the panel fulfills the president’s constitutional duty to oversee federal agencies. Trump’s memo stated: “As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law.”
Fed leadership cleared of wrongdoing
Separately, the Fed’s Office of the Inspector General cleared former Fed Chair Jerome Powell of wrongdoing in a $2.5 billion renovation project last month, and Attorney General Todd Blanche confirmed the Justice Department would not reopen a criminal probe into Powell.
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Senate Democrats have condemned the committee as a “kangaroo court.” The White House has not responded to these critiques, and the Fed declined to comment on the panel’s formation.
If the committee decides Trump should be allowed to fire Cook – a result that would be disputed in any circumstance – Trump would need Senate confirmation to replace her.
Legal loopholes and political timing
The committee must deliver its recommendation “as soon as practicable” after November 10, the deadline for Cook to submit any post-hearing statement. With the midterms less than a month away, the process raises questions about whether the timing is intended to influence political outcomes or avoid pre-election controversy.
While the committee’s structure mirrors the 1912 precedent Roberts cited, key differences undermine its credibility. Unlike Taft’s inquiry, which evaluated factual disputes before a final decision, Trump’s panel operates without a clear legal framework. Instead, the memo states the committee will “consider the evidence and allegations,” leaving open whether removal standards will meet due process requirements.
Both align with Trump’s economic agenda, including opposition to the Fed’s independence.
