The White House announced the formation of a committee to investigate allegations that Federal Reserve Governor Lisa Cook made false statements in one or more mortgage-related documents. According to Sina Finance, the committee will examine the allegations against Cook and report to U.S. President Donald Trump whether there is "good cause" to remove her, based on the interpretation of Section 242 of Title 12 of the U.S. Code in Trump v. Cook.

The committee includes the president's assistant for economic policy, the chair of the Equal Employment Opportunity Commission, and the director of the Office of Government Ethics. It may consult relevant personnel from the Justice Department and other executive departments and agencies to assist with the investigation.

The committee will hold an in-person hearing at the White House on November 5, 2026, to review evidence and allegations against Cook. The hearing will last no more than four hours.

Cook may submit a written statement on the allegations at least three days before the hearing. She may also submit a post-hearing written statement by November 10, 2026. After receiving that statement, the committee is to promptly submit written findings of fact and legal conclusions to Trump, along with a recommendation on whether there are grounds to remove Cook from the Federal Reserve Board.