DOJ’s Fed probe sparks GOP backlash: From the Politics Desk

Welcome to the online version of From the political officea newsletter bringing you the latest reporting and analysis from the NBC News Politics team from the White House, Capitol Hill and the campaign trail.

In today’s edition, we look at how some Republicans on Capitol Hill are becoming more willing to break with President Donald Trump and his administration. Plus, Ben Kamisar profiles the big names among new donors to Trump’s super PAC.

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—Adam Wollner

DOJ investigation into Fed sparks GOP backlash

Several Republican members of Congress have spoken out against the Justice Department’s subpoenas of the Federal Reserve, warning that the investigation could undermine the central bank’s independence, Megan Lebowitz and Frank Thorp V report.

In the Senate: The senator Thomas TillisRN.C., pledged to block any nominee to the Fed “until this legal issue is fully resolved.”

“If there was any doubt left about whether Trump administration advisors are actively pushing to end the independence of the Federal Reserve, there should be none left,” Tillis, who is retiring at the end of his term, told X. “It is now the independence and credibility of the Justice Department that is in question.

Moderate senator. Lisa MurkowskiR-Alaska, said she spoke today with Fed Chairman Jerome Powell and that “it is clear that the administration’s investigation is nothing more than an attempt at coercion.”

“If the Justice Department believes that an investigation of Chairman Powell is warranted based on project cost overruns – which is not unusual – then Congress must investigate the Justice Department,” she said in a statement.

The senator Kevin CramerRD, criticized Powell, but said he didn’t think the Fed chair was a criminal.

“It is my hope that this criminal investigation can be quickly brought to a close with the remainder of Jerome Powell’s term,” Cramer said in a statement. “We must restore confidence in the Fed.”

As members of the Senate Banking Committee, Tillis and Cramer vote on whether to advance Federal Reserve nominees to the full Senate vote. The committee is made up of 13 Republicans and 11 Democrats, meaning that if a Republican senator sides with the Democrats, they could effectively block Trump’s nominees.

And Senate Majority Leader John ThuneRS.D., told reporters: “I haven’t seen the case or whatever the allegations or accusations are, but they better be real and serious. »

In the house: Chairman of the Financial Services Committee French HillR-Ark., defended Powell as “a person of the highest integrity” and warned that the subpoenas “could harm the ability of this and future administrations to make sound monetary policy decisions.”

What Trump says: President Donald Trump denied knowledge of the Justice Department’s investigation into the Federal Reserve.

“I don’t know, but he’s certainly not very good at the Fed, and he’s not very good at building buildings,” Trump said of Powell in a brief phone interview with NBC News’ Garrett Haake last night.

GOP cracks: The Fed investigation marks the latest example of some Republican lawmakers breaking with Trump and his administration on key issues in the new year.

Last week, five Republican senators voted to advance a resolution that would prevent Trump from using military force against Venezuela without congressional approval. Trump made “angry” calls to each of them, Julie Tsirkin reported over the weekend.

Other examples include:

• Republican leaders in Congress opposed Trump’s openness to using the military to acquire Greenland.
• The GOP-led Senate unanimously agreed to display a plaque honoring the police officers who protected the Capitol on Jan. 6, 2021, as Trump sought to rewrite the history of that day.
• 17 House Republicans sided with Democrats to resurrect the Affordable Care Act’s premium tax credits.
• And a significant number of House Republicans also voted to override Trump’s vetoes of two GOP-sponsored bills, even though they ultimately fell short of the necessary two-thirds support.

➡️ Related: Fed’s fight with DOJ could hurt prospects for further interest rate cuts, by Allie Canal, Shannon Pettypiece and Steve Kopack

Meet the new megadonors to Trump’s super PAC

By Ben Kamisar

A few wealthy donors took a step in the past year that they had never taken before: making major contributions to the president Donald TrumpIt’s great PAC.

More than a dozen donors who gave at least $1 million to the Trump-affiliated super PAC MAGA Inc. after the president won the 2024 election had never made federal political donations to anyone even approaching 10% of that size, according to an NBC News analysis of Federal Election Commission records. For some, it was the first time they had sent a disclosed donation to a Trump-aligned political group.

These contributions came at a time when Trump’s super PAC was not spending on elections, but while he was governing or preparing to take office more than a year after his victory. And while Trump maintains a broad and loyal base of longtime supporters and donors, some of the newest backers have specific business interests with the federal government, major contracts with federal agencies, or companies in industries that could undergo sweeping changes due to federal policies. Others had loved ones facing years in federal prison.

It’s unclear whether these individuals or others donated to other political groups in 2025. While MAGA Inc. filed a new report early due to its involvement in a December special election, other super PACs do not need to detail their donors from the second half of 2025 through Jan. 31.

The list of people who gave $1 million or more to Trump for the first time in 2025 or late 2024 also includes a handful of America’s most prominent business leaders, including the owner of the Dallas Cowboys. Jerry JonesCEO of Palantir Alexander Karppresident of OpenAI Greg Brockman And Todd Boehlywho co-owns many of the most popular sports teams in the world.