MEMORANDUM FOR THE ATTORNEY GENERAL

THE COUNSEL TO THE PRESIDENT

THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY

THE DIRECTOR OF THE OFFICE OF GOVERNMENT ETHICS

THE CHAIRMAN OF THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION

By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby establish a committee of inquiry (Committee) to investigate allegations that Federal Reserve Governor Lisa D. Cook made false statements in connection with one or more mortgage instruments.  The Assistant to the President for Economic Policy, the Chairman of the Equal Employment Opportunity Commission, and the Director of the Office of Government Ethics shall serve as members of the Committee.

As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law.  U.S. Const. Art. II, sec. 3.  To assist me in carrying out that responsibility, the Committee shall investigate the allegations against Governor Cook and report to me whether there is “cause” for Governor Cook’s removal within the meaning of 12 U.S.C. 242, as construed in Trump v. Cook, 146 S. Ct. 2234 (2026).  The Committee may consult with appropriate personnel from executive departments and agencies, including the Department of Justice, to aid in its inquiry.  The Committee shall, on November 5, 2026, conduct an in-person hearing to consider the evidence and allegations against Governor Cook.  The hearing shall occur at the White House and shall last no longer than 4 hours.

Governor Cook may submit a written position statement to the Committee regarding the allegations, provided the statement is received at least 3 days before the hearing.  Governor Cook shall appear at the hearing and be examined by the Committee, its representatives, and her legal counsel, if any.  Governor Cook may present argument, written evidence, and written witness statements regarding the evidence and allegations.  The Committee may also question Governor Cook about any representations she or her counsel make during the hearing, or it may authorize its representatives, including Department of Justice personnel, to conduct that questioning.  The Committee may request documents or other evidentiary submissions from Governor Cook, as appropriate, and Governor Cook shall comply with any such requests.

Prior to the hearing, the Committee shall provide Governor Cook with the evidence it is considering in its inquiry.  At the hearing, the Committee or its representatives may question Governor Cook or her counsel about the evidence and allegations against her.  The hearing shall be closed to the public but shall be transcribed. 

Governor Cook may submit a post-hearing written statement to the Committee by November 10, 2026.  As soon as practicable after receipt of that statement, the Committee shall submit written findings of fact and conclusions of law to me and shall recommend whether there is cause to remove Governor Cook from her position on the Board of Governors of the Federal Reserve.  The Committee may establish additional procedures or make reasonable changes to the above procedures as necessary or appropriate and shall give Governor Cook adequate notice of any such changes.

The Counsel to the President shall transmit a copy of this memorandum to Governor Cook, to the members of the Committee, and to the Attorney General.

The Attorney General is authorized and directed to publish this memorandum in the Federal Register.

DONALD J. TRUMP