TL/DR –
Several Republican members of Congress are speaking out against the Justice Department’s subpoenas of the Federal Reserve, warning that it could undermine the bank’s independence. This is seen as a growing trend of some Republicans showing a willingness to break with President Trump and his administration on key issues. Meanwhile, over a dozen new donors have made significant contributions to Trump’s super PAC, some of whom have business interests before the federal government.
Welcome to the online edition of From the Politics Desk, NBC News Politics’ digital source for our team’s latest reporting and analysis from the White House, Capitol Hill, and the campaign trail.
This edition analyses Capitol Hill Republicans’ growing willingness to break with President Donald Trump and his administration. Plus, Ben Kamisar discusses new donors to Trump’s super PAC.
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— Adam Wollner
DOJ’s Fed probe sparks GOP backlash
Congressional Republicans are criticizing the Justice Department subpoenas of the Federal Reserve, warning that the probe could threaten the central bank’s independence,report Megan Lebowitz and Frank Thorp V.
In the Senate: Sen. Thom Tillis, R-N.C., pledged to block Fed nominees “until this legal matter is fully resolved.”
“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” said Tillis, who is retiring at the end of his term, on X. “It is now the independence and credibility of the Department of Justice that are in question.
Moderate Sen. Lisa Murkowski, R-Alaska, stated the administration’s investigation is an “attempt at coercion” after speaking with Fed Chair Jerome Powell.
“If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns — which are not unusual — then Congress needs to investigate the Department of Justice,” she added.
Sen. Kevin Cramer, R-N.D., was critical of Powell, but stated he doesn’t believe the Fed chair is a criminal.
“I hope this investigation can be put to rest quickly along with the remainder of Jerome Powell’s term,” said Cramer. “We need to restore confidence in the Fed.”
As members of the Senate Banking Committee, Tillis and Cramer vote on whether to advance Federal Reserve nominees to a full Senate vote. One GOP senator siding with Democrats could effectively stall Trump’s nominees.
Senate Majority Leader John Thune, R-S.D., expressed: “I haven’t seen the case or charges, but they better be real and serious.”
In the House: Financial Services Committee Chair French Hill, R-Ark., defended Powell as possessing “the highest integrity” and warned that the subpoenas “could undermine this and future Administrations’ ability to make sound monetary policy decisions.”
GOP cracks: Republican lawmakers breaking with Trump and his administration on key issues marks the Fed investigation as the latest incident.
Last week, five Senate Republicans provided votes to advance a resolution that would block Trump from using military force against Venezuela without congressional approval. Trump placed “angry” calls to each of them, Julie Tsirkin reported.
➡️ Related: Fed’s clash with DOJ could affect prospects for more interest rate cuts, by Allie Canal, Shannon Pettypiece and Steve Kopack
Meet the new Trump super PAC megadonors
By Ben Kamisar
Several high-profile donors made substantial contributions to President Donald Trump’s super PAC, a move they hadn’t previously taken, according to an NBC News analysis of Federal Election Commission records.
Contributions came at a time when Trump’s super PAC wasn’t spending on elections, but as he was governing or preparing to take office. Some donors have specific business interests in front of the federal government, important contracts with federal agencies or companies in sectors that could face dramatic shifts due to federal policies.
While MAGA Inc. filed a new report early due to its involvement in a December special election, other super PACs don’t have to detail their donors until Jan. 31. Nonprofits and other groups offer other avenues for donors to contribute undisclosed amounts of money.
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