.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."
Stocks turned lower Friday on Wall Street after New York became the latest major state to mandate nearly all workers stay home to limit the spread of the new coronavirus.
Senator Richard Burr (R-N.C.) is under intense scrutiny after an NPR report showed that he revealed the severity of the impending coronavirus crisis to a group of North Carolinians in private and warned of major life disruptions weeks before the federal government did the same. And, as the coronavirus outbreak continues to wreak havoc on supply chains, hospitals and markets, new financial disclosures show that Burr made big money moves before the indices showed the historic declines seen in recent weeks.
More than 60 percent of Americans also think a recession will come in the next year, according to a new study by YouGov.
Trump’s coronavirus task force on Thursday afternoon visited the Federal Emergency Management Agency to hear from several governors about the challenges facing their states.
In the morning conference, the governor also waived mortgage payments for 90 days and revealed the spike in new cases bringing the full total to 4,152, the most in the nation.
The drug, hydroxychloroquine, was developed more than a half-century ago and is approved for treating malaria, arthritis, and other ailments. Reports out of China and Italy suggest the drug may help, but there is no hard data yet.
Coronavirus has hit Capitol Hill, as the first members of Congress have tested positive for the virus. Reps. Mario Diaz-Balart (R-Fla.) and Ben McAdams (D-Utah) announced diagnoses late Wednesday.
The palace of Monaco says its head of state, Prince Albert II, has tested positive for the new coronavirus. In a statement Thursday, the palace of the tiny Mediterranean principality said that his health is not worrying.
GM and Tesla are among the top U.S. automakers that are looking to potentially switch over stalled auto production into the manufacturing of badly needed medical ventilators amid the coronavirus crisis.
Rep. Gabbard drops out of the Democratic presidential primary race and endorses former Vice President Joe Biden.
