The House Financial Services Committee said Tuesday it plans to look into the President Donald Trump’s allegations against Federal Reserve Governor Lisa Cook, weighing into the matter the day after Trump said he was removing her from her position at the central bank because of her statements on two mortgage applications.
“The independence of the Fed is a cornerstone of sound economic governance,” Dan Schneider, a spokesperson for Chairman French Hill, R-Ark., said in an emailed statement. “The allegations against Governor Cook are serious and the appearance of something unethical erodes trust in the Federal Reserve. Congress has a constitutional responsibility to provide oversight, and the Committee looks forward to examining these allegations.”
Cook said Tuesday she intends to file a lawsuit against Trump to halt his attempt at removing her from the Fed, setting the stage for a legal battle over what could be one of the most potent challenges to the Fed’s independence in its 111-year history.
