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U.S. President Donald Trump has established a committee to investigate allegations that Federal Reserve Governor Lisa Cook made false statements on one or more mortgage documents. According to the White House, the panel will include the deputy director of the National Economic Council, the chair of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics.

The committee will review the evidence and allegations at a session to be held at the White House on November 5. The meeting will be closed to the public but recorded in the minutes. Cook may submit a written statement to the panel by November 10. After receiving it, the committee will promptly send its factual findings and legal assessment to Trump and advise whether there is "cause" to remove her from the Fed board.

Cook took legal action to block an earlier attempt by Trump to dismiss her. A federal judge in Washington ruled that the mortgage fraud claims did not justify her removal and temporarily barred her firing, a decision later upheld on appeal. The administration took the case to the Supreme Court, which heard arguments in January and ruled in June that Cook could remain in her post while the litigation continues.

Key Takeaways

• Trump created a committee to examine whether "cause" exists to remove Fed Governor Lisa Cook.
• The panel meets on November 5 in a closed, recorded session; Cook may respond in writing by November 10.
• The Supreme Court ruled in June that Cook can stay in office during the ongoing legal battle.