President Donald Trump on Friday established a three-member committee of inquiry to investigate Federal Reserve Governor Lisa Cook over allegations she made false statements in connection with mortgage applications.

The move marks the latest step in Trump's effort to remove Cook, a Biden appointee, from the board. In a memorandum posted to the White House website, Trump directed the panel to determine whether there is cause for her removal.

The committee consists of Kevin Hassett, assistant to the president for economic policy; Keith Sonderling, labor secretary and acting director of the Office of Government Ethics; and Andrea Lucas, chair of the Equal Employment Opportunity Commission. It will hold a closed, in-person hearing at the White House on November 5, where Cook must appear and can present evidence and witnesses.

The panel must report its findings and recommendation to the president after the hearing and any post-hearing statements due by November 10. Trump stated in the memo that it is his responsibility to fire subordinates who cannot be trusted to tell the truth and follow the law.

This action follows an earlier attempt to fire Cook in 2025 over similar mortgage allegations involving properties in Georgia and Michigan. The Supreme Court blocked that effort in June, ruling that proper procedures were required. Cook has maintained the discrepancies were errors and not fraud, and her attorneys have questioned whether the new process will be legitimate.

No president has previously removed a sitting Fed governor. The development comes ahead of the Fed's next policy meeting and midterm elections on November 3.