White House to set up committee to investigate Fed Governor Lisa Cook's mortgage
In short
The White House said on October 9 it will set up a committee to investigate allegations about a mortgage that Federal Reserve Board Governor Lisa Cook applied for in the past. Under a presidential memorandum dated October 7, the committee plans to question Cook in person at the White House on November 5 and will report to the president on whether there are justifiable grounds to dismiss her. Kyodo and TBS described the move as new pressure aimed at forcing Cook out.
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The White House said on October 9 that it will set up a committee to investigate allegations concerning a mortgage that Lisa Cook, a governor of the Federal Reserve Board, applied for in the past, Kyodo reported from Washington. The White House published a memorandum dated October 7 on setting up the committee, which TBS NEWS DIG described as a presidential memorandum. [ 2 , 3 ]
According to both reports, the committee plans to question Cook in person at the White House on November 5. It is to "report to the president whether there are justifiable grounds to dismiss Cook." [ 2 , 3 ]
Kyodo and TBS described the committee as new pressure aimed at forcing Cook out of office. Both outlets reported that President Trump wants more Fed governors who follow his wish for lower interest rates. Kyodo said he aims to strengthen his influence over monetary policy in this way. Nishi-Nippon Shimbun headlined the news as possible new pressure from the US administration. [ 1 , 2 , 3 ]
Cook became a governor in 2022 after being nominated by former President Biden, Kyodo reported. [ 2 ]
TBS reported that the dispute dates back to last August. Trump then claimed there were irregularities in Cook's mortgage contract and announced her immediate dismissal on social media. Cook's side sued to block the dismissal, and in June this year the Supreme Court ruled that immediate dismissal was not allowed, according to TBS. [ 3 ]
Why it matters
According to Kyodo and TBS, President Trump wants more Fed governors who follow his wish for lower interest rates; Kyodo said he aims to strengthen his influence over monetary policy in this way. TBS reported that the Supreme Court ruled in June that Cook could not be removed immediately, and the committee is to report on whether there are grounds for dismissal.
Key facts
- The White House said on October 9 it will set up a committee to investigate allegations concerning a mortgage Fed Governor Lisa Cook applied for in the past. [ 2 , 3 ]
- The White House published a memorandum dated October 7 on setting up the committee; TBS described it as a presidential memorandum. [ 2 , 3 ]
- The committee plans to question Cook in person at the White House on November 5. [ 2 , 3 ]
- The committee is to report to the president on whether there are justifiable grounds to dismiss Cook. [ 2 , 3 ]
- Cook became a governor in 2022 after being nominated by former President Biden. [ 2 ]
- TBS reported that Trump announced Cook's immediate dismissal on social media last August, Cook sued to block it, and the Supreme Court ruled in June that immediate dismissal was not allowed. [ 3 ]
Confirmed by several sources
- The White House will set up a committee to investigate allegations about Cook's mortgage. [ 2 , 3 ]
- The committee is based on a memorandum dated October 7 that the White House published. [ 2 , 3 ]
- An in-person interview with Cook is planned at the White House on November 5. [ 2 , 3 ]
- The committee is to report to the president on whether there are justifiable grounds to dismiss Cook. [ 2 , 3 ]
- The outlets describe the move as new pressure from the US administration. [ 1 , 2 , 3 ]
Still unclear
- Whether the committee will find grounds to dismiss Cook. The committee's report is still pending; the interview is scheduled for November 5.
- What the specific mortgage allegations are. Kyodo puts the White House's "allegations" in quotation marks and TBS says the White House claims there was wrongdoing; neither gives details of the alleged irregularities.
- That the move is meant to force Cook out of office. This is the outlets' interpretation; the documents do not quote the White House stating this aim.
- Details of Cook's lawsuit and the June Supreme Court ruling. Only TBS reports this background.
What local media are saying
Timeline, local time
- Kyodo reports from Washington that the White House will set up a committee to investigate Cook's mortgage. [ 2 ]
- Nishi-Nippon Shimbun publishes a headline saying the US administration will begin investigating a Fed governor. [ 1 ]
- TBS NEWS DIG reports the committee, adding background on the Supreme Court ruling. [ 3 ]