Senator Richard Burr (R., N.C.) stepped down as chairman of the Senate Intelligence Committee on Thursday during an investigation into allegations that Burr was guilty of insider trading.
“Senator Burr contacted me this morning to inform me of his decision to resign as chairman of the intelligence commission during the ongoing investigations,” said Mitch McConnell, majority of the Senate, to reporters. “We agreed that this decision would be in the interest of the committee.”
According to the GOP Conference rules, members must step down as executives if they are charged with a crime so that Burr can remain on the intelligence committee.
FBI agents filed an order for Burr to search his Washington, D.C. home and seize his cell phone as part of the Justice Department investigation.
Burr sold between $ 628,000 and $ 1.7 million in shares on February 13, after receiving a secret briefing about the emerging corona virus in China in January. The senator has claimed to have conducted the transactions on the basis of publicly available information.
On February 27, Burr described the coronavirus outbreak in gloomy terms at a meeting of the Tar Heel Association, a non-partisan group of businessmen from North Carolina.
“There is one thing I can tell you about this: it is much more aggressive in its transfer than anything we have seen in recent history,” Burr said in comments obtained by NPR. “It probably looks more like the pandemic of 1918.