It promises to be a contentious hearing. Cohen earlier pleaded guilty in special counsel Robert Mueller's ongoing probe of alleged collusion between Trump's 2016 presidential campaign and Russian Federation to making false statements to Congress about an abandoned Trump Tower project in Moscow.
Cohen also pleaded guilty in August 2018 to several counts of fraud and campaign finance violations.
In December, he was sentenced to a total of three years in prison, with the jail term to begin in March.
Former U.S. federal prosecutor Roland Riopelle called it "a very frightening development" for Trump. Trump has denied that he directed Cohen to make the payments.
Cohen addressed his relationship with Trump at his sentencing, saying he had "blind loyalty to this man that led me to choose a path of darkness over light". "That's all now going to come out in the wide open air".
Adult film star Stormy Daniels, whose legal name is Stephanie Clifford, was paid $130,000 and former Playboy model Karen McDougal was paid $150,000 by Cohen.
Others in Trump's personal orbit are also facing scrutiny, and House Democrats, having retaken the majority earlier this month, now have subpoena power.
It's unclear whether Cohen's testimony contains evidence that could lead to the impeachment of the U.S. 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.
Tim Tebow is engaged to former Miss Universe
But I wasn't nervous to actually ask her'. "I'm just looking for someone who has a good heart", he added at the time. The University of Florida alum said he's also excited to plan the wedding, with Demi-Leigh echoing his sentiments.
Cohen has agreed to go before the House Oversight Committee on February 7.
Trump was directly implicated by Cohen's campaign finance guilty plea, as Cohen and prosecutors have told the court that the payments were made in coordination with the then-candidate.
"I want to make clear that we have no interest in inappropriately interfering with any ongoing criminal investigations, and to that end, we are in the process of consulting with Special Counsel Mueller's office", 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.
The special counsel's questioning of Cohen, one of the president's closest associates over the past decade, has since focused primarily on all aspects of Trump's dealings with Russian Federation - business and otherwise - sources familiar with the matter told ABC News, as well as whether Trump or any of his associates discussed with Cohen the possibility of a pardon.
One issue is Trump Tower Moscow. But the voters weren't fully aware of its existence.
Committee chairman Rep. Elijah E. Cummings (D-Md.) in a statement on Thursday thanked Cohen for agreeing to testify amid special counsel Robert Mueller's ongoing investigation.
The oversight hearing may not be Cohen's only appearance. It's unclear what Cohen will be allowed to talk about in the hearing and what Robert Mueller, or prosecutors in NY, will want him to keep to himself.
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