The GOP's conclusion comes as Special Counsel Robert Mueller's probe is ramping up its investigation of the Trump team's alleged effort to coordinate activities with Russian officials, even gathering evidence that an early 2017 meeting in they Seychelles was an effort to establish a backchannel to the Kremlin.
It also contradicts the preliminary findings of committee Democrats like ranking member Adam Schiff, D, who told reporters last month that based on what he had seen, there was "ample evidence" of collusion between Russia and the Trump campaign.
Democrats and Republicans on the committee have interviewed the same 73 witnesses and viewed the same 300,000-plus documents, according to the tally Conaway gave reporters. But Democrats say there are thousands more pages of documents the committee never procured, and dozens more witnesses they need to call in to interview.
Committee Democrats have also clamoured for the panel to issue several subpoenas for witnesses who either have ignored the committee's requests to appear or given incomplete answers during their interviews with the panel.
Democrats have also warned Republicans against shutting down the panel investigation before Mueller's investigation is completed.
But Conaway dismissed the idea of keeping the investigation over any longer, telling reporters that if Democrats expected him to "sit around and wait with the expectation that something might happen," his answer was "no."
He also argued against using subpoenas or stronger measures - such as contempt citations - to compel any more testimony from witnesses who have appeared before the panel but refused to answer questions related to their time in the administration, arguing that Trump might eventually want to invoke executive privilege.
Democrats were not part of the drafting of the GOP's report, and were not presented with a copy of the findings before Conaway addressed the press. Conaway told reporters that he would give committee Democrats the report tomorrow for their comments, suggestions and proposed changes, which he would take under advisement before presenting it to the intelligence community for redactions. He said that the report would likely not be released to the public before April.