Trump Launches New Effort To Oust Fed Governor Lisa Cook, Orders White House Inquiry
By CU Today Staff —
WASHINGTON—President Donald Trump has established a committee of inquiry to investigate whether Federal Reserve Governor Lisa Cook made false statements on mortgage documents, opening a new front in his effort to remove her from the central bank, according to POLITICO.
“As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law,” Trump wrote in a memo, POLITICO reported. The committee is scheduled to meet at the White House Nov. 5 to “consider the evidence and allegations against Governor Cook.”
The move follows an earlier attempt to fire Cook that was blocked by the Supreme Court over due process concerns.
According to POLITICO, the announcement also follows a finding last week by the Fed’s inspector general that there were no grounds for the Justice Department to reopen a criminal investigation into renovations at the Fed’s headquarters, another potential avenue for removing former Fed Chair Jerome Powell from the central bank's board.
Trump’s efforts to exert greater control over the Fed have drawn criticism from congressional Republicans, including Sen. Thom Tillis (R-NC), who criticized Federal Housing Finance Agency Director Bill Pulte’s role in pursuing Cook.
“He’s already wasted a year with this political stunt,” Tillis said.
POLITICO reported the Fed declined to comment on the new inquiry. Cook’s attorneys, meanwhile, questioned the legitimacy of the White House committee and reiterated that she had done nothing wrong. The latest action underscores the continuing confrontation over the Fed’s independence and the president’s authority to remove central bank officials.
Originally reported by CU Today.