NC Sen. Burr temporarily steps aside as Senate Intelligence chairman, cites FBI probe of stock trading

Sen. Richard Burr, R-N.C., listens to testimony before the Senate Committee for Health, Education, Labor, and Pensions hearing, Tuesday, May 12, 2020 on Capitol Hill in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

Posted: May 14, 2020 / 12:26 PM EDT

Updated: May 14, 2020 / 12:34 PM EDT

WASHINGTON (AP/WBTW) – North Carolina Sen. Richard Burr (R) stepped aside as chairman of the Senate Intelligence Committee 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. That marks 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.