The chairman of the House intelligence committee on Wednesday announced that the body is reinvigorating and expanding its investigation into Russian interference in the 2016 presidential election and potential links between Moscow and President Donald Trump.

Rep. Adam Schiff told reporters that the inquiry would go "beyond Russia," adding in a statement that the probe would examine not only the Kremlin's meddling in the election but also "credible reports of money laundering and financial compromise related to the business interests of President Trump, his family and his associates."

"The President's actions and posture towards Russia during the campaign, transition, and administration have only heightened fears of foreign financial or other leverage over President Trump and underscore the need to determine whether he or those in his Administration have acted in service of foreign interests since taking office," the California Democrat said.

The committee was one of several bodies in 2017 that began investigations into Russian election interference. However, Republicans who held the majority on the committee until last year's midterm elections were seen as slowing the inquiry, and it eventually stalled amid bitter partisan division.

Republicans on the committee last April released a report acknowledging that the Russian government had sought to disrupt the U.S. political process but otherwise largely focused on "significant intelligence tradecraft failings" by the intelligence community, adding that the committee's majority had found "no evidence that the Trump campaign colluded, coordinated, or conspired with the Russian government." Democrats issued a rebuttal, refuting many of the report's conclusions.

Trump, following Schiff's announcement about expanding the probe, said that the Democrat has "no basis to do that."

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"He's just a political hack trying to build a name for himself," the president said. "It's called presidential harassment and it is unfortunate."

The committee's investigation will proceed in parallel with the investigations being led by Justice Department special counsel Robert Mueller, and it may involve collaboration with other congressional committees.

The committee, in its first action in the investigation, voted to send dozens of transcripts from its investigation to Mueller's team. The transcripts could be used to bring perjury charges against any interview subjects who lied to congressional investigators.