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Senator Richard Burr has denied wrongdoing amid insider investigation
The Republican chairman of the intelligence committee of the US Senate. USA You will resign while an insider investigation is being conducted.
Richard Burr of North Carolina said he had decided to do so because he did not want the investigation to distract the committee from its work.
Mr. Burr’s phone was confiscated by the FBI as part of the investigation.
The senator, who denies wrongdoing, allegedly used inside information to prevent market losses from the coronavirus.
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He declined a request for comment.
Burr and his wife sold up to $ 1.7m (£ 1.4m) of stock in February, just before the markets fell for fear of an economic crisis.
It is illegal for members of Congress to negotiate based on non-public information collected during their official duties.
Republican Senators Kelly Loeffler of Georgia and James Inhofe of Oklahoma, as well as Democratic Senator Dianne Feinstein of California, also sold properties before the recession, but they are not confirmed to be under investigation.
However, Feinstein said she had answered questions from the FBI about the exchanges her husband made.
Why is Burr backing down?
Republican Senate Majority Leader Mitch McConnell said Burr had contacted him to inform him of his decision to temporarily withdraw.
“We agreed that this decision would be in the best interest of the committee and will be effective at the end of the day tomorrow. [Friday]McConnell said in a statement.
Mr. Burr said, “The work that the Intelligence Committee and its members do is too important to risk in any way. I think this step is necessary to allow the Committee to continue its essential work without external distractions.”
He turned over his cell phone to authorities after federal agents issued and executed a search warrant at his home in Washington, DC.
What are the allegations exactly?
The justice department began investigating Mr. Burr, 64, in March.
Public disclosures first investigated by ProPublica show that the senator sold more than 30 shares between late January and mid-February. Some of the actions were in sectors now devastated by the coronavirus outbreak, such as the hotel, restaurant and shipping industry.
As chairman of the Senate intelligence committee, Burr receives near-daily reports of threats to the national security of the United States. He defended the transactions and said that “he had relied solely on public news reports” to inform his decision to sell.
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However, he was criticized for publicly minimizing the severity of the virus, even when he sold shares in private and warned a private business group in North Carolina of the risks it posed.
Burr’s attorney, Alice Fisher, said in March that the senator welcomed the justice department investigation because “it would establish that his actions were appropriate.”
“The law is clear that any American, including a senator, can participate in the stock market based on public information, as Senator Burr did,” he said.
Most of Burr’s sales came on February 13, just before his speech to the wealthy constituent business group about the serious economic impact of the coronavirus, at a time when the Trump administration was publicly downplaying the threat.
In an audio recording, obtained by the American broadcaster National Public Radio (NPR), he also told the group to cut down on their trip. Burr accused NPR of “misrepresenting” his speech.
Who Is Richard Burr?
First elected to the Senate in 2004, he chaired the Senate Intelligence Committee when he investigated Russian electoral interference in the 2016 presidential election.
The committee approved the intelligence community’s findings that Russia had interfered on behalf of Donald Trump.
Burr’s six-year term ends in 2023 and he does not plan to run for reelection, reports the Associated Press.
