.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
Can POTUS Pump Up the Markets?
John Petrides from Point View Wealth Management discusses the recent stock market slump and explores whether President Trump's first State of the Union speech will have an impact.
Breaking Down the State of the Union Address
President Trump struck a more positive tone in his first ever State of the Union address to Congress Tuesday night, but did he succeed in uniting a divided Washington? Cheddar's J.D. Durkin and Baker Machado break down all the biggest moments from the president's speech.
Closing Bell: January 30, 2018
Vimeo coming off a big year of changes in 2017. The company's CEO Anjali Sud explains how these changes are driving growth for the company. A look at the business of marijuana on Cheddar's Cannabiz. The New York Times released an investigative piece on the dark world of buying followers and bots for social media fame and recognition. Facebook faces calls to remove its messenger app for kids. The Dow closed today down more than 300 points. The major dip occurred on the same day as President Trump's first State of the Union address.
Between Bells: January 30, 2018
Amazon is joining forces with Berkshire Hathaway and JPMorgan Chase to bring their employees better and cheaper healthcare. EasyJet's CEO is giving himself a pay cut to match the salary of his female predecessor. Actor Jeff Hiller joins us to discuss stepping into a critically-acclaimed off-Broadway solo show already in progress. Plus, we talk to Chat Sports about the Cleveland Indians' decision to do away with their controversial logo.
Load More