Trump forms panel to probe Fed reserve governor Lisa Cook

US President Donald Trump has set up a committee to investigate Federal Reserve Governor Lisa Cook over allegations of making false statements linked to mortgages. According to Mother Jones, Trump announced the creation of the committee in a written memo, stating it will investigate the allegations against Cook and report to him whether there is "cause" for her removal.

The committee will hold a hearing at the White House on November 5, two days after the midterm elections. Reuters, as reported by Investing.com, states that Trump's move is part of his effort to exert more control over the central bank, which he believes is refusing to lower interest rates for political reasons.

Lawyers for Cook have stated that a fair hearing would show there is no legal basis for firing her, and she has not been charged with a crime, as per MarketWatch. The investigation follows a Supreme Court ruling in June that rejected Trump's previous attempts to fire Cook.

Brief written by urgent.news from Punch, CNBC, Mother Jones, Investing.com, MarketWatch — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.