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Sen. Burr Stepping Down as Senate Intelligence Committee Chairman Amid Federal Probe of Stock Sell-Off

Sen. Richard Burr

By Steve Neavling

ticklethewire.com

Sen. Richard Burr is stepping down as the Senate Intelligence Committee chairman after FBI agents seized his cell phone as part of a federal investigation of his mass sell-off of stocks.

Justice Department and SEC investigators are investigating whether Bur violated a law that bars members of Congress from trading on insider information obtained from their privileged position.

“This is a distraction to the hard work of the committee and the members, and I think the security of the country’s too important to have a distraction,” Burr told reporters at the Capitol in an interview recorded by C-SPAN.

It’s not yet clear who would replace Burr, a Republican from North Carolina.

Burr sold a significant chunk of his stock portfolio on Feb. 13, when his committee was receiving daily updates on the coronavirus.

A week later, the stock market declined sharply.


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