Trump renews push to oust Federal Reserve Governor Lisa Cook
U.S. President Donald Trump is renewing efforts to oust Federal Reserve Governor Lisa Cook, setting up another high-stakes clash over the institutional independence of the nation's central bank.
- Economy
- DPA
- Published Date: 09:28 PM 09 October 2026
US President Donald Trump is renewing his efforts to remove Federal Reserve Governor Lisa Cook, setting up another confrontation over the independence of the central bank.
Trump has appointed a commission to investigate allegations that Cook made false statements on mortgage applications before taking office and determine whether there are sufficient legal grounds for her dismissal, according to a White House memorandum published on Friday.
The move follows a Supreme Court ruling in June that blocked Trump's earlier attempt to fire Cook, finding that she had not been given an adequate opportunity to respond to the administration's allegations.
The dispute is seen as a test of the Federal Reserve's independence from political interference, particularly over its decisions on interest rates.
Trump first attempted to dismiss Cook in August 2025, accusing her of claiming two properties in Michigan and Georgia as her primary residence in mortgage applications in 2021, potentially allowing her to secure more favourable loan terms.
Cook denies committing fraud. Her lawyer has said that the designation of the Georgia property as a primary residence was an unintentional error, pointing to other loan documents identifying it as a second home.
Under the new procedure, Cook is scheduled to appear at a closed-door hearing at the White House on November 5.
She will be able to respond to questions, present evidence and make statements with the assistance of a lawyer.
Cook will then have until November 10 to submit a further written response before the commission presents its assessment to Trump.
In its June ruling, the Supreme Court emphasized that a high legal threshold must be met to dismiss a Federal Reserve governor.
However, the justices left open whether the allegations against Cook could ultimately justify her removal, paving the way for a renewed dismissal procedure.
Trump has appointed a commission to investigate allegations that Cook made false statements on mortgage applications before taking office and determine whether there are sufficient legal grounds for her dismissal, according to a White House memorandum published on Friday.
The move follows a Supreme Court ruling in June that blocked Trump's earlier attempt to fire Cook, finding that she had not been given an adequate opportunity to respond to the administration's allegations.
The dispute is seen as a test of the Federal Reserve's independence from political interference, particularly over its decisions on interest rates.
Trump first attempted to dismiss Cook in August 2025, accusing her of claiming two properties in Michigan and Georgia as her primary residence in mortgage applications in 2021, potentially allowing her to secure more favourable loan terms.
Cook denies committing fraud. Her lawyer has said that the designation of the Georgia property as a primary residence was an unintentional error, pointing to other loan documents identifying it as a second home.
Under the new procedure, Cook is scheduled to appear at a closed-door hearing at the White House on November 5.
She will be able to respond to questions, present evidence and make statements with the assistance of a lawyer.
Cook will then have until November 10 to submit a further written response before the commission presents its assessment to Trump.
In its June ruling, the Supreme Court emphasized that a high legal threshold must be met to dismiss a Federal Reserve governor.
However, the justices left open whether the allegations against Cook could ultimately justify her removal, paving the way for a renewed dismissal procedure.
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