The White House is convening a panel to re-investigate allegations against a Fed governor. The timing may indicate confidence in the midterm election outcome.

President Donald Trump’s continued focus on the immediate-future employment of Federal Reserve governors should be proof that the spirit of 2025 is still alive in the White House.

Trump is establishing a three-person “committee of inquiry” to investigate allegations of mortgage fraud by Fed Gov. Lisa Cook, the White House announced Friday.

The announcement comes roughly a week after the Fed Office of the Inspector General concluded that the central bank mismanaged a $2.5 billion renovation but did not violate criminal law.

Days later, Attorney General Todd Blanche said the Justice Department doesn’t plan to reopen a criminal probe into former Fed Chair Jerome Powell over the same renovation.

The mortgage-fraud allegations against Cook date back to August 2025, when Trump attempted to fire her. Cook sued, and the case wound its way through a district court and appeals court before the Supreme Court in June ruled 5-4 that the Fed governor did not receive due process.

“At minimum, Cook was entitled to some explanation of the evidence at issue, some avenue for a response, and a deadline by which a response would be due,” Chief Justice John Roberts wrote in June. “Only after Cook has had the opportunity to respond to the charges made against her may a final decision be made.

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