Business & Finance · October 14, 2026
Trump’s Latest Effort to Fire Fed Governor Lisa Cook Underscores Political Motives
Lawyers for Federal Reserve Governor Lisa Cook have challenged the fairness and objectivity of a three-member committee established by President Donald Trump to investigate allegations of mortgage fraud against her. Attorney Abbe Lowell argued that the committee, composed of Trump administration officials, includes members who have already expressed bias, specifically citing Kevin Hassett's prior comments that 'cause' exists to fire Cook. While Cook expresses a desire to clear her name, her legal team requested that the scheduled November 5 hearing be delayed until at least December due to her international travel and Fed policy commitments. This investigation follows a Supreme Court ruling that blocked an earlier attempt by Trump to remove Cook, citing a lack of due process, while suggesting that a proper hearing could potentially satisfy legal requirements for removal 'for cause.'
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Trump’s Latest Effort to Fire Fed Governor Lisa Cook Underscores Political Motives
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Lisa Cook lawyer doubts Trump committee's fairness as president calls her 'automatic no vote'
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Reported by multiple outlets
- President Trump established a three-member committee of inquiry to investigate Fed Governor Lisa Cook.
- The committee includes top economic aide Kevin Hassett, Labor Secretary Keith Sonderling, and EEOC Chair Andrea Rich.
- Cook's lawyer, Abbe Lowell, sent a letter to the White House questioning the committee's objectivity and citing bias.
- Lowell requested delaying the November 5 hearing until at least December due to Cook's travel to Europe and Asia and FOMC meetings.
- The Supreme Court previously blocked Trump's attempt to fire Cook in June 2026, citing insufficient due process.
- Trump has publicly criticized Cook, calling her an 'automatic no vote' on interest rate cuts and 'dishonest.'
- Lisa Cook has denied the mortgage fraud allegations, and no criminal charges have been filed.
Reported by only some outlets
- ABC News notes that Lisa Cook is the first Black woman on the Federal Reserve board.
- CNBC reports that Cook last voted to cut interest rates in December 2025 and participated in a unanimous vote to raise rates in September.
- ABC News mentions a previous Justice Department investigation into Jerome Powell regarding building renovations that was later dropped.
- CNBC notes that Lowell's travel schedule for November includes his own court hearings.
Industry-friendly coverage frames it as…
Coverage focuses on the potential disruption to Federal Reserve independence and monetary policy stability, noting the friction between the President's desire for rate cuts and the Fed's autonomous decision-making.
Skeptical / consumer coverage frames it as…
Legal counsel and critics frame the White House probe as a pretext for political removal, highlighting that committee members have already reached conclusions before the hearing.
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