Presumptive incoming House Intelligence Committee Chairman Adam Schiff (D-Calif.) said on CBS Tuesday that the outgoing GOP majority has "done nothing" to provide oversight of President Trump's alleged unethical and illegal behavior.

"What we've seen in the last few weeks, it's actually quite shocking," Schiff said.

Schiff said that ex-Trump attorney Michael Cohen's cooperation with prosecutors and the arraignment that followed show that Trump was "secretly negotiating" with the Kremlin about a real estate deal "all the way into the middle of [the campaign season]."

The Framingham, Mass. native added that "the Kremlin was helping with the coverup."

Host Stephen Colbert asked Schiff what he plans to do when he takes the committee gavel from Rep. Devin Nunes (R-Calif.) in 2019.

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"Republicans have done nothing to oversee any of the allegations of malfeasance and that stops now," Schiff said.

He said that Trump's relationship with German financial giant DeutscheBank is suspect, claiming that major American banks wouldn't do business with the Trump organization, but the Frankfurt-based bank did.

Schiff said the New York State government fined DeutscheBank hundreds of millions of dollars for "laundering Russian money."

Schiff said Trump can no longer demand that his personal finances be kept secret, noting that Trump Organization CFO Allen Weisselberg is cooperating with special counsel Robert Mueller.

"He is not in a position to draw red lines," Schiff warned.

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