Lisa Cook’s lawyer challenges impartiality of Trump panel reviewing Fed mortgage allegations

October 15, 2026:

Lisa Cook’s lawyer challenges impartiality of Trump panel reviewing Fed mortgage allegations

Mike Lee calls Fed Governor Lisa Cook’s warnings on artificial intelligence inflation pressure ‘laughably stupid.’ He claims the Federal Reserve’s rate policies are driven by political motives to protect the presidency.

Federal Reserve Governor Lisa Cook’s attorney is challenging the impartiality of a White House committee investigating mortgage fraud allegations against her, raising concerns about the fairness of President Donald Trump’s latest effort to remove her from the central bank.

In an Oct. 13 letter reviewed by Reuters, attorney Abbe Lowell questioned the inclusion of National Economic Council Director Kevin Hassett on the three-member panel, saying Hassett had previously pressured Cook to take leave and suggested Trump had “cause” to fire her.

“A hearing with demonstrably biased members, unspecified additional allegations, and an unclear schedule for the disclosure of any additional evidence – with no explanation for why it was not previously produced – is not a process that respects the appearance or history of independence,” Lowell wrote, according to Reuters.

Lowell also requested a delay of the panel’s Nov. 5 hearing, saying Cook would be in Europe for official financial and monetary policy meetings, and would not be available until after the Fed’s Dec. 8–9 policy meeting.

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A side-by-side photo of President Donald Trump and Federal Reserve Governor Lisa Cook. (Chip Somodeville/Al Drago/Getty Images / Getty Images)

Trump established the committee through an Oct. 7 memorandum to determine whether mortgage-related allegations against Cook provide sufficient grounds for her removal. The panel also includes the chairman of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics.

Under the memorandum, Cook would receive the evidence against her and have up to four hours to present her defense at a closed-door hearing. The committee would then recommend whether Trump has cause to remove her. It remains unclear whether the hearing will be postponed.

A woman speaks while seated on a stage during a policy discussion at a Washington think tank.

Federal Reserve Board Governor Lisa Cook speaks during a discussion at the Brookings Institution on the outlook for the economy and monetary policy on Nov. 3, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

Trump has sought Cook’s removal since August 2025, following allegations that she designated properties in Georgia and Michigan as primary residences on separate mortgage agreements. The White House also alleges she later rented out the Georgia property.

Cook has denied committing mortgage fraud. Her attorneys maintain that the Georgia designation was an inadvertent error and that she consistently identified Michigan as her primary residence.

U.S. Federal Reserve Board of Governor Lisa Cook

Lisa Cook, governor of the U.S. Federal Reserve, at The Brookings Institution in Washington on Monday, Nov. 3, 2025. (Aaron Schwartz/Bloomberg/Getty Images / Getty Images)

The Supreme Court ruled 5-4 in June that Trump could not remove Cook without providing adequate notice and an opportunity to contest the allegations, leaving open a potential path for removal.

The dispute has broader implications for the Federal Reserve’s independence from political pressure.

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Fox Business has reached out to Lowell for further comment.

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