Key Facts

• President Trump is creating a committee to look into allegations that Lisa Cook committed mortgage fraud.
• The committee will work with the Justice Department to decide if Cook should be removed.
• A private hearing will be held on November 5 to review the evidence, and its transcript will be published.
• Cook can submit a written statement and be questioned by legal counsel at the hearing.
• Cook was fired by Trump in August 2025 over accusations related to her property listings and rental income.
• The Supreme Court ruled 5-4 that her firing was unconstitutional because Trump did not follow the correct procedure.
• The Federal Reserve is designed to be independent from politics to keep the economy stable.
• Recent political pressure has been placed on the Fed, including investigations into its leaders and debates about interest rate changes.