.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."
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Federal Reserve chairman Jerome Powell on Friday said the U.S. central bank was prepared to take action in the event of a global economic downturn. Powell, however, was tightlipped on whether the Fed would initiate another quarter-point interest rate cut as many investors had hoped.
Read Federal Reserve Chair Jerome Powell's prepared remarks from his speech Friday at the Economic Symposium held in Jackson Hole, Wyo.
These are the headlines you Need 2 Know for Friday, Aug. 23, 2019.
The Democratic presidential candidate from Vermont drew praise from activists and advocates after revealing his $16.3 trillion plan to combat climate change.
Planned Parenthood is standing by its decision to withdraw from the federal government’s family planning program rather than comply with the Trump administration’s new rule barring referrals to doctors who provide abortions.
These are the headlines you Need 2 Know for Thursday, Aug. 22, 2019.
President Trump on Wednesday reversed his position on lowering payroll taxes to bolster economic growth, telling reporters that “we don’t need it.” The reversal comes as a growing number of economists have warned that a recession in the U.S. is on the horizon.
The new rule, ending the so-called Flores agreement, will allow officials to hold families in detention indefinitely for the duration of immigration cases, which could be much longer than the current 20-day limit.
The minutes released from the July Federal Reserve meeting showed that the interest rate cut was a "mid-cycle adjustment to policy."
