Jerry Nadler, who chairs the committee, told ABC that the panel wanted to obtain documents from more than 60 people and entities as part of the investigation.
Documents from Donald Trump Jr, the president’s son and Allen Weisselberg, the Trump Organization’s chief financial officer, are among those wanted by the panel.
“We are going to initiate investigations into abuses of power, into corruption ... and into obstruction of justice,” Mr Nadler said.
“It’s our job to protect the rule of law.”
“It’s very clear that the president obstructed justice,” he said.
But the congressman added that it was too soon to consider the possibility of impeachment.
“Before you impeach somebody, you have to persuade the American public that it ought to happen,” he said.
The politician said the committee would release the full list of people and organisations it would be seeking information from on Monday.
He said that the president’s firing of James Comey, who at the time was leading an investigation into Russia’s alleged interference in the 2016 US election, was evidence of Mr Trump’s obstruction.
The congressman also cited what he described as Mr Trump’s attempts to intimidate witnesses involved in the probe.
“I am an innocent man being persecuted by some very bad, conflicted & corrupt people in a Witch Hunt that is illegal & should never have been allowed to start,” Donald Trump said on Twitter, in response to the announcement.
“Despite this, great success!”
Additional reporting by agencies
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