Trump Creates Inquiry Panel Targeting Federal Reserve Governor Lisa Cook

Oct 11, 2026 10:22 AM EDT, Sun

Trump targets Fed’s Lisa Cook with new inquiry panel

After the president’s crusade against the Federal Reserve governor was blocked, he settled on a radical new course.

By Steve Benen

Oct. 9, 2026, 11:34 AM EDT

It was 14 months ago when Donald Trump, exercising a power the president didn’t appear to have, said he had fired Federal Reserve governor Lisa Cook, effective immediately. His motivations were hardly subtle: He wanted to seize greater control over the Fed, in part by ousting a Democratic appointee and replacing her with a choice of his own.

To date, those efforts have come up short: As recently as June, the Supreme Court blocked the White House’s efforts to remove Cook from office immediately, allowing her to remain on the job while the underlying case continued to be adjudicated.

Days later, the president indicated to CNBC that he would continue to try to remove Cook. Evidently, he was serious. Politico reported:

President Donald Trump established a committee of inquiry to investigate whether Federal Reserve Gov. Lisa Cook made “false statements in connection with one or more mortgage instruments,” his latest effort to remove her from the central bank.

“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.

To be sure, it’s awfully tempting to spend the next several paragraphs relentlessly mocking Trump for suggesting that he cares about honesty and the importance of strict adherence to the law. It’s also tempting to once again make clear that the allegations surrounding Cook and her mortgage documents remain awfully difficult to take seriously.

But while that might be satisfying, what matters most in this instance is the breathtaking abuse that’s unfolding before our eyes: The president set out to fire a Fed member without cause; he faced institutional and legal resistance; and now he’s exploring new ways to advance his crusade, regardless of the evidence or possible concerns about propriety.

The Associated Press, which characterized Trump’s gambit as “extraordinary,” reported that the White House’s new memo directs Cook to testify early next month before this newly established committee. A CNBC report added that the panel will include Kevin Hassett, a brazen Trump loyalist who leads the National Economic Council.

There were already concerns about the president trying to undermine the Federal Reserve’s independence. Those concerns are about to reach unprecedented heights.

This is a developing story. Check back for updates.

Steve Benen is a producer for “The Rachel Maddow Show,” the editor of MaddowBlog and an MS NOW political contributor. He’s also the bestselling author of “Ministry of Truth: Democracy, Reality, and the Republicans’ War on the Recent Past.”

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