Cook’s defense team expressed “grave doubts” about the hearing in a statement to CNBC, but noted that she “welcomes the opportunity to present the facts so she can clear her name and demonstrate there is no legal basis to fire her.”

The case follows a June U.S. Supreme Court ruling that temporarily blocked Trump from firing Cook, the first Black woman to serve on the Federal Reserve Board. The 5-4 ruling affirmed that Federal Reserve governors can only be removed “for cause” and that Cook was denied statutory due process; it ultimately left an open path for the White House to establish cause through a formal inquiry. 

Cook, who is currently on unpaid leave from MSU, has adamantly denied the allegations. In a statement following the Supreme Court ruling, Cook framed the removal attempt as political retaliation over monetary policy.

“This was never about mortgage documents signed years before I became Federal Reserve governor," Cook told The New York Times at the time. "It was an attempt to remove me on manufactured pretext because I refuse to bow to political pressure and continue to set interest rates based only on what would best serve the American people."

Cook's term is expected to end in 2038.