President Donald Trump formally established a “committee of inquiry” to investigate allegations that Federal Reserve Governor Lisa Cook made false statements related to “one or more mortgage instruments,” the White House announced Friday.
The extraordinary announcement is the latest development in Trump’s long-running effort to fire Cook, a nominee of former President Joe Biden, from the central bank’s board. Trump, who frequently urges the Fed to lower interest rates, recently said the failure to do so by his handpicked chair Kevin Warsh is the fault of a “hostile” board.
The committee comprises three executive branch officials, including Kevin Hassett, Trump’s top economic aide and a chief defender of the administration’s economic record, according to a presidential memorandum posted on the White House website and shared Friday on social media.
The other two members are Keith Sonderling, acting head of the Office of Government Ethics, and Equal Employment Opportunity Commission Chair Andrea Lucas, according to the notice, which is dated Wednesday. No outside, independent arbiters are mentioned.
The Fed and Cook’s attorney did not immediately respond to CNBC’s requests for comment on Trump’s memorandum.
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