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Burr to step down from Senate Intel panel amid stock sale probe

Sen. Richard BurrRichard Mauze BurrOfficials discussing 25th Amendment for Trump following violence at Capitol GOP senator says Trump 'bears responsibility' for Capitol riot Republican infighting on election intensifies MORE (R-N.C.) is stepping aside as chairman of the Senate Intelligence Committee amid an investigation into his stock sales from earlier this year shortly before markets crashed.

“Senator 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," Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellBoebert communications director resigns amid Capitol riot: report Urgency mounts for new voting rights bill Senate Democrats leery of nixing filibuster MORE (R-Ky.) said in a statement Thursday.

“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,” he added.

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Burr later told reporters that "this is a distraction to the hard work of the committee and the members, and I think that the security of the country is too important to have a distraction."

He subsequently released a statement confirming that he told McConnell he would step aside "until this investigation is resolved."

"I believe this step is necessary to allow the Committee to continue its essential work free of external distractions," Burr added.

His decision to temporarily step down comes just a day after federal investigators seized Burr’s cellphone as part of an investigation into alleged insider trading.

The Department of Justice has been conducting a probe since March over Burr's sale of up to $1.72 million in stocks earlier this year. The stocks were sold in early February after senators received closed-door briefings on the national threat posed by the coronavirus, before most Americans were warned about the potential economic fallout of the pandemic.

Asked Thursday if he exercised poor judgement with the stock sale, Burr told reporters "no."

Burr has denied using any information he learned in his capacity as a senator to guide his decisions regarding selling his stocks.

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Earlier this month, ProPublica reported that Burr’s brother-in-law Gerald Fauth also sold a large portion of stock holdings in February before the stock market plunged.

Alice Fisher, who is advising Burr, told The Hill at the time that the North Carolina Republican “participated in the stock market based on public information and he did not coordinate his decision to trade on February 13 with Mr. Fauth."

Burr’s decision to step aside as committee chairman caught Republicans on the Intelligence panel by surprise.

“Wow,” said Sen. Susan CollinsSusan Margaret CollinsImpeachment trial tests Trump's grip on Senate GOP 'Almost Heaven, West Virginia' — Joe Manchin and a 50-50 Senate McConnell about to school Trump on political power for the last time MORE (Maine). “I don’t know what to say. I truly didn’t know.”

Collins and Sen. Mark WarnerMark Robert WarnerSocial media posts, cellphone data aid law enforcement investigations into riots 'Almost Heaven, West Virginia' — Joe Manchin and a 50-50 Senate Confirmation hearing for Biden's DNI pick postponed MORE (D-Va.), the vice chairman of the Intelligence Committee, were later spotted having an animated discussion on the Senate floor.

Collins then spoke with Burr and Senate Republican Whip John ThuneJohn Randolph ThuneImpeachment trial tests Trump's grip on Senate GOP For platform regulation Congress should use a European cheat sheet Streamlining the process of prior authorization for medical and surgical procedures MORE (S.D.) near the well of the Senate.

Others were also surprised to hear about the move.

Asked about Burr temporarily stepping down, Sen. Roy BluntRoy Dean BluntUS Chamber of Commerce to stop supporting some lawmakers following the Capitol riots Senate to be briefed on inauguration security after Capitol attack This week: Democrats barrel toward Trump impeachment after Capitol attack MORE (R-Mo.) asked, “Has he done that?”

Sen. Marco RubioMarco Antonio RubioFlorida Republicans close ranks with Trump after Capitol siege Confirmation hearing for Biden's DNI pick postponed McConnell about to school Trump on political power for the last time MORE (R-Fla.), who is second in line to become chairman, appeared to be caught off guard as well.

Asked if he was interested in becoming interim chairman of the Intelligence Committee, Rubio responded, “Why?”

Rubio said he hadn’t heard about Burr’s decision.

Later, after a Senate floor vote, Rubio quipped to reporters: “I wish they would time these things better.”

He noted that McConnell has the power to appoint the interim chairman.

Rubio predicted that Burr would keep his seat on the committee, even though he will no longer serve as chairman.

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It wasn’t immediately clear who would take over the committee in the interim.

Senate Foreign Relations Committee Chairman Jim RischJim Elroy RischOvernight Defense: US sanctions NATO ally Turkey over Russian defense system | Veterans groups, top Democrats call for Wilkie's resignation | Gingrich, other Trump loyalists named to Pentagon board Will Biden choose a values-based or transactional foreign policy? GOP senator congratulates Biden, says Trump should accept results MORE (R-Idaho), who is first in line to chair the Intelligence Committee but would have to give up his gavel on the Foreign Relations panel, declined to comment on his plans.

Senate Republicans earlier on Thursday had withheld judgment on Burr’s future as Intelligence Committee chairman, arguing he deserves a fair investigation.

Asked if Burr should relinquish his gavel, Thune told reporters: “Ultimately, those are all decisions he would have to make. He’s been a very capable chairman of the Intelligence Committee.”

“There’s a due process that he deserves like everybody does and that he’ll be going through,” Thune added. “Ultimately, that’s a conversation between him and the leader.” 

Thune noted there’s no requirement under Senate Republican Conference rules for a chairman to step down unless there’s a formal indictment.

McConnell ignored a question from a reporter earlier Thursday on whether Burr should continue to serve in his sensitive post while the investigation goes on.

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Sen. John CornynJohn CornynCruz, Cornyn to attend Biden inauguration McConnell about to school Trump on political power for the last time Rick Scott will 'likely' join challenge to election results MORE (R-Texas), a member of the Intelligence Committee, said Burr is “entitled to the same presumption of innocence as Joe BidenJoe BidenMissouri woman seen with Pelosi sign charged in connection with Capitol riots Facebook temporarily bans ads for weapons accessories following Capitol riots Sasse, in fiery op-ed, says QAnon is destroying GOP MORE,” an apparent reference to allegations of sexual assault against the former vice president by ex-Senate staffer Tara Reade.

Sen. Rand PaulRandal (Rand) Howard PaulMcConnell about to school Trump on political power for the last time Legislatures boost security after insurrection, FBI warnings Former Missouri senator says backing Hawley was 'worst mistake of my life' MORE (R-Ky.), a prominent critic of the U.S. intelligence community’s practices, also declined to call for Burr’s removal as chairman.

“I don’t have enough information to make any kind of judgment,” he said earlier on Thursday.

Sen. John KennedyJohn Neely KennedyMORE (R-La.) said “just because you’re accused of something doesn’t mean you’re guilty of it.”

“He’s entitled to due process,” Kennedy added.

Burr in March said he asked the Senate Ethics Committee to review his stock transactions after he came under public criticism.

Kennedy said he trusts the Department of Justice and the Ethics panel “to get the facts.”

“We just have to let the process run its course,” he said.

Updated at 2:53 p.m.