Trump may increase pressure on Fed Chair Powell and other governors, audit report finds no evidence of criminal charges

US President Donald Trump may increase pressure on Fed Chairman Jerome Powell and Governors Lisa Cook and Michael Barr. However, the audit report on the renovation of the Fed's headquarters in Washington found that despite the nearly $1 billion cost increase, there was insufficient evidence for criminal charges or administrative irregularities.

While the report did not directly attribute the cost increases to Powell or any governor, it noted deficiencies in project management, contracts and audit processes. Trump continued to criticize Powell and asked Attorney General Todd Blanche to review the report.

Trump's attempt to remove any of the three governors could face serious legal hurdles. The Supreme Court previously allowed Cook to remain in office while the case continues. Former Fed General Counsel Scott Alvarez said targeted individuals have an incentive to stay in office by filing lawsuits.

The Fed's next interest rate decision will be announced on October 28. In the Cook case, the parties must submit a joint situation report to the court by November 6.