A White House official told AFP that Trump has read the memo, and Fox News and other media reported Wednesday he has decided to allow the release of the highly classified document before the weekend.
The four-page memo was written by Republican lawmaker Devin Nunes, chairman of the House Intelligence Committee, and purports to show the Justice Department and the FBI as deeply politicized, anti-Trump agencies.
"We have grave concerns about material omissions of fact that fundamentally impact the memo's accuracy," the FBI said.
A decision to release the four-page document put the White House on a direct collision course with Trump's own Justice Department, the broader intelligence community, Congressional Democrats and many Republicans.
Wray and Deputy Attorney General Rod Rosenstein have both pressed the leaders of Congress and the White House to hold back the memo, to no avail.
Nunes alleges that the basis of the warrant application was the "Russia dossier," information on contacts between the Trump campaign and Moscow compiled by former British intelligence agent Christopher Steele.
The dossier remains contentious and unproven, and was financed in part by Democrat Hillary Clinton's presidential campaign -- a fact that Nunes says shows the FBI and Justice Department's anti-Trump bias and abuse of power.
Leading Democrats Senator Chuck Schumer and Representative Nancy Pelosi on Wednesday both called for Nunes to be removed from his position as head of the Intelligence Committee.
Nunes has "drafted and seeks to release a conspiracy- themed memo that selectively cherry-picks classified information intended to discredit the past work of the Federal Bureau of Investigation and ultimately Special Counsel Mueller," Schumer said in a letter to House leader Paul Ryan.
Former CIA director John Brennan blasted Nunes in a tweet Wednesday.
"I had many fights with Congressional Dems over the years on national security matters. But I never witnessed the type of reckless partisan behavior I am now seeing from Nunes and House Republicans. Absence of moral and ethical leadership in WH is fueling this government crisis."
The memo controversy has brought to a peak Trump's war with the Justice Department, which oversees the FBI, over Mueller's ongoing Russia collusion investigation.
In May 2017, Trump fired Wray's predecessor, James Comey. After that he put public pressure on FBI Deputy Director Andrew McCabe, alleging he was biased toward Clinton and opposed to Trump. On Monday McCabe agreed to step down from his position, two months ahead of his scheduled retirement.
The tensions come as Mueller's investigation increasingly focuses on the allegations that Trump and the White House have sought to obstruct the Russia collusion investigation. Mueller's team is in talks with the White House to interview Trump himself in the case.
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