Trump Orders White House Probe of Fed Governor Lisa Cook Over Mortgage Fraud Claims

President Donald Trump announced that the White House will launch an inquiry into allegations that Federal Reserve Governor Lisa D. Cook engaged in mortgage fraud. The administration described the claims as unsubstantiated and said the investigation will assess whether any wrongdoing occurred.

Trump said a hearing on the matter is slated for next month, indicating the White House intends to bring the issue before congressional committees. No specific evidence or details about the alleged fraud were provided in the announcement.

The move marks a rare direct challenge to a sitting Fed official by a former president, raising questions about the political motivations behind the probe.

Why It Matters

The investigation could affect confidence in the Federal Reserve's independence and influence upcoming monetary policy discussions in the United States and abroad.