It's unclear whether Cohen's testimony contains evidence that could lead to the impeachment of the United States president, but given the fact that Trump's casually-tweeted comments (such as criticisms of the Federal Reserve chairman Jerome Powell) have been correlated with major turbulence in the stock markets, the last thing the economy needs at the moment is another wild card.
The president has denied the affairs but has deployed shifting explanations about when he learned about the payments to the women.
Giuliani's comments were recorded by Fox News producer Pat Ward. He added, "As a lawyer, Mr. Cohen should have known better".
Cohen acknowledged in the Mueller investigation that he lied to Congress by saying negotiations over a Trump Tower in Moscow had ended in January 2016 when he actually pursued the project into that June, well into Trump's 2016 presidential campaign.
Elijah Cummings, the committee's chair, said the panel would avoid interfering with Mueller's investigation.
"I thank Michael Cohen for agreeing to testify before the Oversight Committee voluntarily", he said in a statement about the upcoming hearing".
"We don't want to do anything to interfere with the Mueller investigation - absolutely nothing", Cummings said.
Cummings said that Oversight Committee, which is also slated to take on increases in prescription drug prices later this month, would announce more information about the hearing in the coming weeks.
He went on: "I look forward to having the privilege of being afforded a platform with which to give a full and credible account of the events which have transpired".
"COHEN asked Individual 1 about the possibility of Individual 1 traveling to Russian Federation in connection with the Moscow Project, and asked a senior campaign official about potential business travel to Russian Federation", the documents said.
At the time of Cohen's sentencing, federal authorities announced a deal not to prosecute American Media Inc.
He promised to continue to cooperate with the special counsel's investigation of Trump's campaign.
"There will be limitations", Cummings said.
Soon after his appearance in front of House Oversight was announced, House Intelligence Chairman Adam Schiff (D-CA) released a statement welcoming the testimony but also stressing the need for Cohen "to answer questions pertaining to the Russian Federation investigation".
Like it or not, Cohen will be airing the administration's dirty laundry under oath in front of a government committee in February, something which is likely to cost traders, economists, and of course, President Trump himself, a few nights' sleep at the very least.
Sen. Richard Burr, R-N.C., the chairman of the Senate Intelligence Committee, said Cohen "Cohen has had in his possession for months a request to return to the Senate Intelligence Committee for additional closed-door testimony, made all the more necessary by Mr. Cohen's indictment and guilty plea for making false statements to Committee investigators".