Sen. Richard Burr steps down as Intelligence Committee chairman

Senator Richard Burr (R-NC) listens to testimony during the Senate Committee for Health, Education, Labor, and Pensions hearing to examine COVID-19 and Safely Getting Back to Work and Back to School on May 12, 2020 in Washington, DC./Getty Images

Republican Senator Richard Burr of North Carolina is stepping aside as chairman of the influential Senate Intelligence Committee while he's under investigation for stock trades he made ahead of the market downturn sparked by the coronavirus pandemic, CNN has reported.

Senate Majority Leader Mitch McConnell said in a statement Thursday that 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 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.

The FBI served Burr with a search warrant and seized a cell phone belonging to the North Carolina Republican on Wednesday, The Los Angeles Times reported, as part of the FBI's investigation into lawmaker stock trades.

Source: CNN