WATCH: Pelosi announces formal impeachment inquiry

Speaker Nancy Pelosi has announced the House is moving forward with an official impeachment inquiry of President Donald Trump.

Pelosi made the announcement Tuesday from the speaker's office at the Capitol saying "no one is above the law."

The move puts the Democratic speaker's stamp on the investigations that have been underway in the House.

Calls for an impeachment inquiry have intensified following reports that Trump may have sought a foreign government's help in his reelection bid.

Pelosi said the president "must be held accountable."

President Trump reacted swiftly to Pelosi's announcement.

Trump noted that Pelosi's announcement comes as he meets Tuesday with world leaders at the United Nations. He tweeted that "the Democrats purposely had to ruin and demean it with more breaking news Witch Hunt garbage. So bad for our Country!"

Trump tweeted: "They never even saw the transcript of the call. A total Witch Hunt!"

Senator Bill Cassidy issued the following statement in response to Pelosi’s announcement:

“Democrats have called for impeachment since President Trump won the election. The Mueller investigation went nowhere, so they’re trying something new. President Trump said he will release the transcript of the call with Ukraine on Wednesday, and the readout will speak for itself. In the meantime, I hope they focus on passing legislation that will raise military pay, stop surprise medical billing and other issues important to the well-being of Americans.”