The White House announced Friday that President Donald Trump has created a committee of inquiry to examine claims that Federal Reserve Governor Lisa Cook provided false information about mortgage instruments. This action marks the newest step in Trump's sustained attempt to remove Cook, a former President Joe Biden appointee, from the central bank's board of governors.
A presidential memorandum dated Wednesday, which was also shared on social media, identifies three executive branch officials serving on the panel. Kevin Hassett, Trump's chief economic advisor, is one member. The others are Keith Sonderling, the acting head of the Office of Government Ethics, and Andrea Lucas, the Chair of the Equal Employment Opportunity Commission. The document does not list any outside or independent arbiters.
The probe follows Trump's recent criticism of Federal Reserve interest rate policies. Trump has frequently urged the central bank to cut rates and recently blamed a "hostile" board for his handpicked chair, Kevin Warsh, not doing so. The White House stated the investigation targets alleged false statements connected to one or more mortgage instruments.
The Federal Reserve and Cook's attorney did not immediately respond to CNBC's requests for comment on the memorandum.