Richard Burr steps down as Senate Intel chairman after cell phone seized by FBI

Sen. Richard Burr (R-NC) is stepping down as chairman of the Senate Intelligence Committee.

The North Carolina Republican gave up those duties a day after FBI agents seized his cell phone as part of an investigation into possible insider trading, reported Politico's Kyle Cheney.

"Senator Burr contacted me earlier this morning to inform me of his decision to step aside as Chairman of the Intelligence Committee during the pendency of the investigation," said Senate Majority Leader Mitch McConnell (R-KY) in a statement. "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."

The committee Burr chaired was expected to soon release the fifth and final volume in its comprehensive report on Russia's 2016 election interference.

Burr is accused of selling of stock shares after a Senate briefing on the coronavirus pandemic in January, along with Sen. Kelly Loeffler (R-GA), who so far has not been targeted by investigators.