McConnell says in best interest of committee
North Carolina (R) Sen. Richard Burr as resigned as chair of Intel committee. Senate Majority Leader McConnell says that the decision is in the best interest of the committee.
The FBI served a warrant on the senator as it investigates stock sales link to coronavirus. As such they seized a cell phone belonging to the Senator. The seizing of the phone is a significant escalation in the FBI's investigation for insider trading.
Burr sold a significant percentage of a stock portfolio and 33 different transactions on February 13. On that day his committee was receiving daily coronavirus briefings. Burr and other senators received briefings from US public health officials before the stock sale.
On the same day that Burr sold his shares, his brother-in-law Gerald Fauth, sold between $97,000 and $280,000 worth of 6 stocks. Burr denied coordinating trading with his brother-in-law.
Although lawmakers are allowed to own stock – even in industries they might oversee – they are required to disclose their stock market activity. Ironically the so-called Stock Act passed the Senate in 2012 on a vote of 96 – 3. Among the 3 senders to oppose the bill was Burr.
