ExecutiveOrdersEO
MemoMemorandumTrump 47 · R

Presidential Memorandum

Establishment of a Committee of Inquiry To Investigate Allegations of False Statements by Lisa DeNell Cook

Democracy & GovernanceDemocracy & GovernanceEconomy & LaborEconomy & Labor

In simple terms

President establishes a White House committee of inquiry to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements on mortgage instruments, with a mandate to report whether there is "cause" for her removal under 12 U.S.C. 242. The committee must hold a closed hearing on November 5, 2026, and submit findings recommending removal or retention.

Federal Register Open PDF 91 FR 65435

Record & deadlines

  1. Signed

    Signed by the President

  2. FR published

    Published in the Federal Register · 91 FR 65435

    Federal Register PDF
  3. Tomorrow

    In-person hearing to consider evidence and allegations

  4. In 6d

    Cook's post-hearing written statement due

  5. Committee findings and recommendation to President

  6. 2d ago

    Cook's pre-hearing position statement due (3 days before hearing)

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Banking & financeOther industrial

Mechanisms

Licensing

Role pressure

  • UncertainDomestic producer — Federal Reserve policy independence under scrutiny; potential precedent for political removal of governors could affect monetary policy credibility and long-term interest rate stability

Geographies

US

Exposure dates

  • — In-person hearing to consider evidence and allegations
  • — Cook's post-hearing written statement due

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

MMM3MBACBank of AmericaBLKBlackRockCATCaterpillarFCXFreeport-McMoRanGEVGE VernovaGSGoldman SachsHONHoneywellHSBCHSBCJPMJPMorgan ChaseSPYSPDR S&P 500 ETF

Confidence: medium · Policy alerts

Key directives

  • Establish committee of inquiry with specified members
  • Hold in-person hearing on November 5, 2026 at White House, max 4 hours, closed to public
  • Cook must appear and be examined; may submit written position statement 3 days before hearing
  • Committee to provide evidence to Cook prior to hearing
  • Cook may submit post-hearing statement by November 10, 2026
  • Committee to submit written findings and removal recommendation to President as soon as practicable after November 10
  • AG to publish memorandum in Federal Register

Who is ordered

What to expect

Immediate

  • Committee establishment
  • Notification to Governor Cook

Near term (90d)

  • November 5, 2026 hearing
  • November 10, 2026 deadline for Cook's post-hearing statement
  • Committee report to President

Long term

  • Potential removal precedent for Fed independence
  • Possible litigation over committee's constitutional validity

Risks & tensions

  • Constitutional tension: Article II removal power vs. Fed statutory independence (12 U.S.C. 242 'for cause' protection)
  • Precedent risk if committee process used to circumvent Humphrey's Executor protections for independent agencies
  • Closed hearing raises due process concerns despite procedural protections offered
  • Citing Trump v. Cook (2026) suggests Supreme Court already ruled on this specific dispute—unclear if committee adds new process or implements prior ruling
  • Potential market instability from perceived politicization of Federal Reserve
Presidential Memorandum: Establishment of a Committee of Inquiry To Investigate Allegations of False Statements by Lisa DeNell Cook · Executive Orders