Amid Republicans’ warnings about targeting the president, Maxine Waters said the new Democrat-controlled US House looking into Donald Trump’s finances should be considered “ordinary”.

Ms Waters is likely to be the chair of the House Financial Services Committee in the next Congress, giving her oversight power of the banking industry and the ability conduct investigations into Mr Trump’s dealings with Deutsche Bank in particular.

House Republican Patrick McHenry, who is set to be the ranking Republican on the committee, said if Ms Waters goes after Mr Trump’s personal finances he would stop her, warning Democrats they cannot use the committee “as the launch pad for endless, partisan investigations”.

She told The Hill newspaper: “Deutsche Bank is key to understanding the relationship between the president and members of the president’s family and money laundering and all of that. We hope that we can move forward in a responsible way.”

Deutsche Bank has had to pay penalties imposed by the Department of Commerce for laundering money from Russia.

Ms Waters and other Democrats have repeatedly requested documents from Deutsche Bank and the Treasury Department regarding Mr Trump and his family’s personal financial records because they think it could prove the president has deeper ties to Russia.

Congresswoman Maxine Waters was shamed by Fox News. Everyone should see her response

Thus far the requests have been rebuffed but once Ms Waters becomes chair of the committee, she would have the power to subpoena the records.

Mr Trump has said if Democrats do pursue this investigation, he would refuse to cooperate on crucial matters like infrastructure funding.

This includes his tax returns, which Mr Trump has also refused to have reviewed repeatedly saying he cannot because he is being audited by the Internal Revenue Service (IRS).

He went as far as saying should Democrats use that subpoena for his tax records, he would have them investigated.

US midterm results: more diverse, more female and more progressive Show all 20 1 /20 US midterm results: more diverse, more female and more progressive US midterm results: more diverse, more female and more progressive Democratic candidate Ilhan Omar is celebrates with her husband's mother after she won a congress place, becoming the first Muslim woman to be elected into congress alongside Rashida Tlaib Reuters US midterm results: more diverse, more female and more progressive Democratic House candidate, from Kansas, Sharice Davids (left) and her mom Crystal celebrate after she won. Davids is the first lesbian Native American Congresswoman by beating Republican incumbent Kevin Yoder. Davids is one of several first-time female candidates that helped the Democratic Party takeover in the House of Representatives EPA US midterm results: more diverse, more female and more progressive Republican Marsha Blackburn celebrates after winning the race for senate in Tennessee. In doing so she became that state’s first female senator AP US midterm results: more diverse, more female and more progressive Supporters of Democratic House candidate Sharice Davids cheer and cry after learning she won EPA US midterm results: more diverse, more female and more progressive Ayanna Pressley beaome Massachusetts’ first black congresswoman by defeating 10-term Republican Michael Capuano AFP/Getty US midterm results: more diverse, more female and more progressive Republican candidate Young Kim has become the first Korean-American woman elected to Congress AP US midterm results: more diverse, more female and more progressive Democrat Jared Polis won his seat and became the US’s first ever openly gay governor AAron Ontiveroz/The Denver Post via AP US midterm results: more diverse, more female and more progressive Jean Kasselman (left) and Teresa Booker, supporters of Democratic candidate for Kansas' 3rd Congressional District Sharice Davids, react to election results Getty US midterm results: more diverse, more female and more progressive Republican Kristi Noem hugs a supporter after being announced as the new governor of South Dakota. Noem made history by being the first female governor of the state AP US midterm results: more diverse, more female and more progressive Gabierla Martinez and Cesar Delgado cheer on Democratic gubernatorial candidate Jared Polis REUTERS US midterm results: more diverse, more female and more progressive Alexandria Ocasio-Cortez became the youngest women ever elected to Congress, representing New York’s 14th congressional district AFP/Getty US midterm results: more diverse, more female and more progressive Democratic congressional candidate Rashida Tlaib celebrates with family and friends at her midterm election night party in Detroit after won and also became the nation’s first Muslim woman to congress alongside Ilhan Omar who was also elected Reuters US midterm results: more diverse, more female and more progressive Supporters of Democratic candidate for Kansas' 3rd Congressional District Sharice Davids react to election results Getty US midterm results: more diverse, more female and more progressive Already having become the first Native American woman to chair a state political party, Deb Haaland has now become the joint-first Native American woman to be elected to congress, alongside Sharice Davids Reuters US midterm results: more diverse, more female and more progressive Supporters of Alexandria Ocasio-Cortez cheer during her election night party in the Queens Borough AFP/Getty US midterm results: more diverse, more female and more progressive Young Kim hugs her son Alvin after she won a seat in congress AP US midterm results: more diverse, more female and more progressive Supporters of Alexandria Ocasio-Cortez cheer AFP/Getty Images US midterm results: more diverse, more female and more progressive Asma Mohammed and Ashley Fairbanks celebrate as results come in at Democratic congressional candidate Ilhan Omar's election night headquarters AP US midterm results: more diverse, more female and more progressive Democrat Deb Haaland hugs a voter REUTERS US midterm results: more diverse, more female and more progressive Supporters of Democratic House candidate from Kansas Sharice Davids cheer and cry after learning she won her race EPA

“There’s ample justification” for the Ways and Means Committee to go after Mr Trump’s personal and business tax returns, Texas Democratic Congressman Lloyd Doggett has said. He added: “We need to act on this promptly.”

Mr Trump has all but dared the new Congress to try to impeach him, saying he would adopt a “warlike posture” against any new investigations.

He added: “They can play that game, but we can play it better because we have a thing called the United States Senate...I could see it being extremely good for me politically because I think I’m better at that game than they are, actually, but we’ll find out.”

Support free-thinking journalism and attend Independent events

Ms Waters, though, maintained nothing the new committee will do should be considered outside the course of normal operations.

“We don’t want that determined as investigation so that we create the kind of retaliation the president is talking about. We think it is improper for anybody to be talking about retaliation,” she said of Mr Trump’s threat of non-cooperation.

Ms Waters and other House Democrats will likely have to play it cool on her previous calls for impeachment and even the investigations in order to make deals with the Republican-controlled Senate.

Leader Nancy Pelosi said told PBS Newshour: “For those who want impeachment, that’s not what our caucus is about.”

Ms Pelosi added that she will wait for the outcome of Special Counsel Robert Mueller’s federal investigation into the election meddling and possible collusion before deciding what move to make. She noted that a call for impeachment “would have to be bipartisan, and the evidence would have to be so conclusive”.