Senator Burr steps down as chair of Senate Intelligence committee, amid stock trading issue

North Caroline Republican Sen. Richard Burr on Thursday announced that he would be stepping down as the chairman of the Senate Intelligence committee. His resignation from the post comes as the FBI investigation into stock market trades he made at the outset of the coronavirus pandemic is ramping up.

"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 the investigation," said Senate Majority Leader Mitch 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." 

On Wednesday, Burr surrendered his cell phone to FBI agents who served a warrant at the senator's D.C.-area residence. 

Burr's trading actions are under investigation after he sold a significant percentage of his portfolio on Feb. 13, as his committee received daily coronavirus briefings containing not-yet-public information. The trades took place several weeks before the market tanked.