Intelligence chair steps aside after FBI seized millionaire Senator’s phone over virus ‘stock dump’
SENATOR Richard Burr will step down from his position as chairman of the Senate Intelligence Committee, Senate Majority Leader Mitch McConnell said Thursday.
The North Carolina senator reportedly informed McConnell of his decision this morning, with both agreeing his departure would be in the committee's "best interests."
Burr will no longer lead the 15-member committee effective end-of-day Friday, McConnell said in a statement to CNN.
"Senator Burr contacted me this morning to inform me of his decision to step aside as Chairman of the Intelligence Committee during the pendency of the investigation," said McConnell.
"We agreed that this decision would be in the best interests of the committee and will be effective at the end of the day tomorrow."
CNN reported Thursday that the FBI has also asked Sen. Dianne Feinstein for documents regarding her husband's stock trades.
Law enforcement officers asked the California senator "basic questions" about the transactions, which she answered "voluntarily', according to a spokesperson for the senator.
The news comes a day after the Federal Bureau of Investigation seized the millionaire politician's cell phone as part of a probe into possible insider trading.
It was revealed Wednesday that Burr handed over his phone to federal agents after he was served with a warrant at his home in Washington D.C.
The Republican senator sold off large amounts of stock in February, ahead of the market crash that was spurred by coronavirus fears.
A financial disclosure first published by ProPublica revealed Burr sold up to $1.72 million just before the market dropped by 30 percent.
He and other senators on the intelligence committee received daily briefings from public health officials before he offloaded the stock in 33 different transactions on February 13, according to Reuters.
Burr's brother-in-law, Gerald Fauth, sold between $97,000 and $280,000 worth of shares in six companies on the same day as Burr.
Several of those business were hit hard by the coronavirus crisis, according to ProPublica.
In March, Burr faced criticism after NPR obtained leaked audio of him warning a VIP group at an exclusive social club about the dire economic impact of the pandemic.
The audio recording revealed he had cautioned the group that the virus could halt travel, close schools, and overwhelm the US healthcare system.
His comments directly contradict what he had previously told the public in a February 7 opinion piece for Fox News, in which he said the US is "better prepared than ever" to face global health threats like COVID-19.
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Burr has since denied any wrongdoing and even asked the Senate Ethics Committee to open an investigation into his stock trades in March, Axios reported.
Senators James Inhofe and Kelly Loeffler have also been scrutinized for their stock trades - both have also denied wrongdoing.
Loeffler wouldn't answer questions from reporters Thursday on whether or not she has been contacted by the FBI, according to CNN.
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