Trump orders Nov. 5 White House hearing on Fed Governor Cook
Why it matters: The move tests the Federal Reserve's independence after the Supreme Court said a governor can be removed only for cause.
President Donald Trump ordered a White House inquiry and a Nov. 5 hearing to examine whether Federal Reserve Governor Lisa Cook should be removed over allegations that she made false statements on mortgage applications. The closed, four-hour hearing comes after Trump spent more than a year trying to oust Cook, whom he has criticized as the Fed resists cutting interest rates. Cook's lawyers, Abbe Lowell and Norm Eisen, said there is no legal basis to fire her and that an objective process would show she did not commit mortgage fraud. The Supreme Court ruled earlier in 2026 that a president cannot remove a Fed governor at will and must show cause while allowing a defense. Cook, appointed by Joe Biden, is serving a term through 2038.