GOP Senator Burr steps down amid ongoing investigation
GOP Senator Burr steps down.
Republican Senator Richard Burr has temporarily stepped aside as chairman of the Senate Intelligence Committee amid an investigation into his stock sales during the early stages of the coronavirus outbreak.
Why did Republican Senator Richard Burr of North Carolina resign from his position as chairman of the Senate Intelligence Committee?
In a surprising move, Republican Senator Richard Burr of North Carolina has announced that he will step down from his position as chairman of the Senate Intelligence Committee amid an ongoing investigation into his stock trades.
Burr’s resignation will take effect on May 15th, ending his tenure as the Senate panel’s leader. While Burr claims that his decision to step down is voluntary, many speculate that mounting public pressure and the recent FBI probe into his stock transactions may have influenced his decision.
Burr allegedly sold off a substantial amount of stock holdings just before the market took a sharp downturn in the wake of the COVID-19 outbreak. The timing of the stock sell-off, coupled with reports that Burr had been briefed on the potential impact of the virus on the economy, raised suspicions that the senator may have acted on non-public information for financial gain.
While Burr has denied any wrongdoing, the FBI has seized his cell phone as part of an ongoing investigation into whether he violated insider trading laws. Burr has insisted that he made his stock trades based on publicly available information and public health warnings, and that he did not use non-public information or insider knowledge to inform his decisions.
Despite Burr’s protestations of innocence, his decision to step down from the Senate Intelligence Committee has been met with approval by many in the Democratic Party. Senate Minority Leader Chuck Schumer has called on Burr to resign his Senate seat altogether, saying that the ongoing investigation undermines his credibility and ability to serve in Congress.
Burr’s decision to step down as chairman of the Senate Intelligence Committee is a significant development in the ongoing investigation into his stock trades. It remains to be seen whether the allegations of insider trading will lead to further legal action against the senator, or whether Burr will be able to restore his reputation and regain the trust of his constituents.