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U.S. senator steps aside as committee chair as FBI probes stock trades

Byindianadmin

May 15, 2020 #probes, #stock
U.S. senator steps aside as committee chair as FBI probes stock trades

WASHINGTON (Reuters) – U.S. Senator Richard Burr will step aside as chairman of the powerful Senate Intelligence Committee, after the FBI seized his mobile telephone in a major escalation of a probe of his stock trades before the downturn sparked by the coronavirus pandemic.

Republican Senate Majority Leader Mitch McConnell said Burr contacted him on Thursday morning to inform of his decision to step aside temporarily during the investigation.

“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,” McConnell said in a statement.

Burr has denied wrongdoing and said he relied solely on news reports to guide decisions on stock sales, amid reports he and other senators sold shares after private briefings on the risks of the coronavirus crisis.

He told reporters at the U.S. Capitol on Thursday he decided to step aside because he did not want the investigation to distract the intelligence committee from its work.

“I thought this was the best thing to do,” Burr said.

Known for bipartisanship, the Senate panel is about to release an extensive report led by Burr on Russia’s involvement in the 2016 U.S. presidential el

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