Trump issued a memorandum on Oct 30, 2025, ordering the creation of a panel to scrutinize Governor Lisa Cook’s conduct. The panel will convene at the White House on Nov 5, 2025, and present a report directly to the president.
The move follows a Supreme Court ruling in June 2025 that upheld Cook’s position after Trump’s August attempt to oust her. That decision clarified that the president must give Cook a fair chance to respond before removal.
Cook’s alleged misconduct centers on mortgage applications filed in 2021 that listed two different properties as her primary residence. Her legal team, led by Abbe Lowell and Norman Eisen, calls the discrepancy an inadvertent error and has not faced criminal charges.
The case threatens the perceived independence of the Federal Reserve, a body that sets U.S. interest rates. Trump has repeatedly called for rate cuts, contrasting sharply with the Fed’s recent tightening stance. The forthcoming hearing will determine whether Cook will remain on the Fed board, whose term runs until 2038.
A homeowner who applied for a mortgage in 2021 filed the paperwork that sparked the controversy, claiming the property listed as primary was actually a rental. If Cook is removed, the Fed’s seven‑member board will lose a seasoned voice, potentially altering future policy decisions.