While Obama will be investigated by one committee over a 2010 uranium deal, two other committees will probe the FBI decision to not press charges on Clinton over her email row.
The Democrats have however called it "a massive diversion" from issues plaguing the US presently.
The alleged uranium deal was acquired seven years ago by Russian state-owned company Rosatom, which was approved by the then Secretary of the State Hillary Clinton.
According to reports by The Hill and New York Times, Russian nuclear officials and Uranium One's chairman donated millions of dollars to the Clinton charitable foundation in order to gain influence.
Devin Nunes, the Republican chairman of the House Intelligence Committee, said, "One of the things we are concerned about is whether or not there was an FBI investigation, was there a DOJ [Department of Justice] investigation and if so, why was Congress not informed of this matter."
Earlier on Oct 19, President Donald Trump lashed out at the 'fake media' for not following the Hillary, Obama story with interest.
Uranium deal to Russia, with Clinton help and Obama Administration knowledge, is the biggest story that Fake Media doesn't want to follow!
— Donald J. Trump (@realDonaldTrump) October 19, 2017
"Uranium deal to Russia, with Clinton help and Obama Administration knowledge, is the biggest story that Fake Media doesn't want to follow!" Trump had tweeted.
Refuting such claims, Democrat Elijah Cummings and John Conyers said in a statement, "This new investigation is a massive diversion to distract from the lack of Republican oversight of the Trump administration and the national security threat that Russia poses."