Senate Minority Leader Charles Schumer Chuck SchumerDemocrats scramble on COVID-19 relief amid division, Trump surprise Pelosi, Schumer 'encouraged' by Trump call for bigger coronavirus relief package Schumer, Sanders call for Senate panel to address election security MORE (D-N.Y.) predicted Tuesday that backlash over concerns about Rep. Tom Price’s (R-Ga.) previous investments could sink his nomination to lead the Department of Health and Human Services.

"I think there's a very good chance he will not be confirmed," Schumer told CNN.

CNN reported on Monday that Price invested in a medical device company shortly before introducing legislation that benefited the company.

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President-elect Donald Trump Donald John TrumpBarr criticizes DOJ in speech declaring all agency power 'is invested in the attorney general' Military leaders asked about using heat ray on protesters outside White House: report Powell warns failure to reach COVID-19 deal could 'scar and damage' economy MORE's transition team has dismissed the CNN report, noting that a broker made the investment and Price wasn't aware of it until after he introduced the legislation.

But Schumer floated Tuesday that Price may have broken the law if he knew about the investment.

"That cries out for an investigation," Schumer told CNN. "If he knew about it, it could very well be a violation of the law."

Democrats would need Republican support to block Price's nomination. He'll need 50 votes to clear the upper chamber, and Republicans hold a 52-seat majority.

Price is scheduled to testify Wednesday before the Senate Health, Education, Labor and Pensions Committee. He will also face the Senate Finance Committee, though a date for that hearing has not yet been set.

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