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Sen. Richard Burr steps down as Senate Intel Committee chair amid stock sale investigation

Sen. Richard Burr steps down as Senate Intel Committee chair amid stock sale investigation
Posted at 10:28 AM, May 14, 2020
and last updated 2020-05-14 12:35:54-04

Sen. Richard Burr (R-North Carolina) is leaving his post as chair of the Senate Intelligence Committee amid an investigation into his sale of stock ahead of the coronavirus pandemic, CNN and The Washington Post report.

FBI agents seized Burr's phone on Wednesday and searched his Washington home as the Department of Justice's investigation took a dramatic step forward.

In March, reports emerged that Burr had sold more than $1 million in stocks ahead of a market slump brought on by the coronavirus pandemic. In February, Burr publicly told constituents that they should not worry about the coronavirus, but privately told well-connected donors that he expected the virus to be a major disruption in the lives of Americans.

Burr claims he did not use information he received in Senate Intel Committee briefings when deciding to sell his stock. He said he made his decisions solely on publicly available media reports.

This story is breaking and will be updated.