Len Berman and Michael Riedel in the Morning

Len Berman and Michael Riedel in the Morning

Len Berman and Michael Riedel in the Morning.Full Bio


Senator Burr Steps Down As Intel Committee Chair During FBI Investigation

North Carolina Republican Senator Richard Burr is stepping down as chairman of the Senate Intelligence Committee, pending the results of an FBI investigation. As we told you yesterday, the FBI conducted a search warrant yesterday.

In the wake of that reality, Senate Majority Leader Mitch McConnell confirms Barr’s move and calls it “the right decision.” The FBI probe centers on whether Burr was involved in insider trading based on information he obtained as a member of Congress.

As we previously reported, Burr is one of several lawmakers who sold off stock as the pandemic started taking shape.

Burr dropped more than one-point-five-million-dollars of stock amid early concerns about the dire economic impacts of the coronavirus. Burr has denied wrongdoing.

Georgia Republican Kelly Loeffler dumped as much as three-million-dollars worth of stocks starting in late January. Those shares were owned jointly with her husband...the chairman of the New York Stock Exchange.

And then there’s California Senator Dianne Feinstein, one of the longest serving Democrats on Capitol Hill. The New York Times is reporting that Feinstein sold between $1.5-million and $6-million in stock in a biotech company between January 31st and February 18th.

Rounding out the group – Oklahoma Republican Sen. James Inhofe. The “Times” reports that he sold as much as $400-grand on January 27th. The holdings included PayPal, Apple and Brookfield Asset Management.

Of the group, Burr has gotten the most attention...because he specifically reached out to donors and constituents reassuring them about the governmental response to the COVID-19 situation. He’s also the only one to be served with a warrant.

On that note, California Senator Dianne Feinstein says she’s answered questions from the FBI about stock trades her husband made. A spokesperson from the Congresswoman's office said she provided documents to the bureau. In March, a Feinstein spokesman said the senator did not sell any stock and that "the transactions you're referencing were made by her spouse." The spokesman noted all of Feinstein's assets are in a blind trust, and it's been that way since she came to the Senate in 1992. Feinstein also serves as a member on the Senate Intelligence Committee.

Source: The Hill

Photo Credit: Getty Images

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