Justice Department opens antitrust probe as White House press-access fight escalates

In a new push to remove Federal Reserve Governor Lisa Cook, President Donald Trump has initiated a fresh investigation and convened a White House hearing. The inquiry comes weeks before congressional elections and aims to address allegations of false statements on mortgage applications. Trump, who has been attempting to fire Cook for over a year, argues that she should be removed for lacking trustworthiness and adherence to the law.

Lawyers for Cook maintain that any impartial hearing would demonstrate the lack of legal grounds for her dismissal. The committee, led by Trump, plans to hold a closed, in-person hearing on November 5 to evaluate the evidence against Cook. This move marks the first time a sitting Fed governor has faced a firing attempt by a president, as central banks are generally viewed as needing political independence to effectively combat inflation.

Cook, the first Black woman on the Fed's board, has consistently voted with the majority on policy decisions. The newly formed committee, consisting of Trump's chief economic policy advisor, EEOC chair, and acting Office of Government Ethics director, will question Cook for up to four hours before making a recommendation to the president by November 10.

Democrats have criticized the hearing as a "kangaroo court" and part of Trump's efforts to undermine the central bank's independence.