Powerful Chicago alderman steps down from finance post

Longtime Chicago Alderman Ed Burke has resigned from the City Council's finance committee a day after he was charged with attempted extortion

CHICAGO -- Longtime Chicago Alderman Ed Burke is resigning from the City Council's finance committee a day after he was charged with attempted extortion.

Investigators allege the 75-year-old Burke tried to shake down a major fast-food restaurant chain seeking city remodeling permits. Burke has denied any wrongdoing.

Mayor Rahm Emanuel released a statement Friday saying Burke agrees that "the best course of action is for him to resign" from the finance post he's held for 30 years.

Burke is one of Chicago's most powerful and longest-serving City Council members.

Investigators allege he conveyed to fast-food company executives in 2017 that they'd get the permits only if they signed on as clients at his private property-tax law firm.

Burke was charged Thursday with one count of attempted extortion.