Congress will launch an investigation into the U.S. Chamber of Commerce's financing, the third-ranking House Democrat said Thursday night.

House Majority Whip James Clyburn (D-S.C.) opened the door to a congressional inquiry into the Chamber and whether it's used foreign dollars to fund its political activities.

"Oh, sure," Clyburn said of the possibility of an investigation into the Chamber, during an appearance on MSNBC. "But not between now and Nov. 2."

Democrats have pounced on a report suggesting the Chamber has taken some of the money it receives from foreign corporations to fund its political activities, a practice that is illegal, and which the Chamber has vehemently denied.

The report, published by the liberal blog ThinkProgress, has been the impetus for a coordinated attack by Democrats against the business group, which the Chamber has said smacks of desperation.

Clyburn's and Democrats' ability to formally investigate the Chamber is largely contingent on the results of the midterm election. If Democrats lose a majority in the House, they would also lose control of the committees with the power to compel testimony and evidence from the group.

"All of this damage will be done over the next four weeks," Clyburn said. "Then we'll come back in January with a new Congress. Yes, there will be some kind of investigation."