Trey Gowdy is one of the authors of the Nunes Memo that Trump said was going to be a smoking gun that would vindicate him. He says that the memo has no impact on the Russian probe, and lists at least three things that he believes need to be investigated: (1) the meeting at Trump Tower between Trump campaign staff (Jared Kushner, Paul Manafort, Donald Trump Jr.) and Russian lobbyists close to Putin (Natalia Veselnitskaya, Rinat Akhmetshin - also suspected of being a spy), (2) the meeting in London where George Papadopoulous met with the Australian ambassador and bragged that the Russians had dirt on Clinton, and (3) issues related to the obstruction of justice.
Trey Gowdy is the guy Devin Nunes trusted to do the research for the memo, and clearly a conservative Republican. He didn't think it was the "smoking gun" that Trump tweeted about. The whole "accountability of leftists" meme just doesn't work here - Bob Mueller and Rod Rosenstein were both appointed by the Trump Administration, Jim Comey was a life-long Republican, the FBI is overwhelmingly conservative (like most law enforcement and defense agencies). They are all calling for the investigation to continue, saying that the president is not above the rule of law. The memo clearly says that the Papadopoulos information was what triggered the original FBI counterintelligence investigation in July 2016, that's not dependent on the Steele Dossier. It is also quite clear that the warrant on Carter Page was sought after he left the Trump campaign.
Trey Gowdy wrote:REP. GOWDY: I actually don't think it has any impact on the Russia probe for this reason --
MARGARET BRENNAN: The memo has no impact on the Russia probe?
REP. GOWDY: No-- not to me, it doesn't -- and I was pretty integrally involved in the drafting of it. There is a Russia investigation without a dossier. So to the extent the memo deals with the dossier and the FISA process, the dossier has nothing to do with the meeting at Trump Tower. The dossier has nothing to do with an email sent by Cambridge Analytica. The dossier really has nothing to do with George Papadopoulos' meeting in Great Britain. It also doesn't have anything to do with obstruction of justice. So there's going to be a Russia probe, even without a dossier.