.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.
Amazon is reportedly having second thoughts about setting up in New York, after growing backlash from local politicians. "They haven't changed their mind, but they are thinking of at least holding open the possibility that they might pull out and basically put the jobs somewhere else," Robert McCartney, senior regional correspondent at The Washington Post, told Cheddar Friday.
Gavin de Becker has been operating in elite, high-profile circles for nearly four decades, but very few knew his name before Jeff Bezos mentioned it on Thursday in his explosive allegations that a tabloid publisher attempted to blackmail him over explicit photos. De Becker, Bezos' longtime private security consigliere, has a star-studded pedigree that spans 40 years.
A new bill in Illinois would require potential gun buyers to reveal their public social media accounts to state police. The ACLU is now speaking out against the idea, citing privacy and bias concerns. "The things that social media would show are one's political views, perhaps one's religion, and even in some instances someone's race," Edwin Yohnka, director of communications and public policy at ACLU of Illinois, told Cheddar.
For veteran congresswoman and cancer survivor Gwen Moore of Wisconsin, the issue of healthcare is both political and personal. She discussed President Trump's vow "to protect patients with pre-existing conditions" with Cheddar.
These are the headlines you Need 2 Know for Friday, Feb. 8, 2019.
President Trump's economic adviser Larry Kudlow slammed Democratic tax and banking proposals as un-American in an interview with Cheddar's J.D. Durkin on Thursday. "I'm afraid some of my Democratic friends are going back to a war on business," Kudlow said.
It's a topic that has evaded recent political campaigns, but thanks to a superstar representative from New York, tax and bank reform could be one of the biggest campaign issues leading into 2020. Rep. Alexandria Ocasio-Cortez (D-NY) has used her Twitter feed to call out the big banks. Pete Schroeder, who covers finance for Reuters, talked to Cheddar about how the big banks are getting ready.
These are the headlines you Need 2 Know for Thursday, Feb. 7, 2019.
If there's one issue on which President Trump and Congress can work together, it's infrastructure. That's according to Henry Cisneros, a veteran private equity investor and former HUD Secretary under President Bill Clinton.
