.By Mary Clare Jalonick and Eric Tucker

Sen. Richard Burr, R-N.C., stepped aside as chairman of the Senate Intelligence Committee on Thursday after the FBI served a search warrant for his phone as part of an ongoing insider-trading investigation tied to the coronavirus pandemic.

Senate Majority Leader Mitch McConnell announced the move, saying he and Burr had agreed it was in the Senate's best interests.

FBI officials showed up at Burr's home with the warrant on Wednesday, marking a significant escalation into the Justice Department's investigation into whether Burr broke the law with a well-timed sale of stocks before the coronavirus caused markets to plummet,

The Justice Department declined to comment. His attorney did not respond to phone and email messages, but said last month that the law is clear that any senator can participate in stock market trading based on public information "as Sen. Burr did."

Share:
More In Politics
Trump Hails Progress on Vaccine in First Remarks Since Loss
President Donald Trump has hailed developments in the race for a vaccine for the resurgent coronavirus. He delivered his first public remarks Friday since his defeat by President-elect Joe Biden, even as he refuses to concede the election.
Wall Street Shrugs, Stocks Rise Even as Trump Won't Concede
The reason for such calm is that Wall Street doesn't see Trump's anger, tweets or legal actions changing the results. And encouraging data about a potential COVID-19 vaccine has renewed investors' optimism even though virus cases are on the rise.
Load More