Chair of Senate Intelligence Committee steps down

FBI agents are investigating whether Richard Burr used intelligence information for financial gain by selling stocks before the market tanked in February.
1:57 | 05/15/20

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Transcript for Chair of Senate Intelligence Committee steps down
Tonight, top Republican senator Richard burr has now stepped aside from his post heading the intelligence committee, after the FBI served a warrant. They now have his cell phone, over stock market trades, as this was all beginning to unfold. Here's Pierre Thomas. Reporter: With the FBI intensifying its investigation into possible insider trading, Richard burr today stepping aside as chair of the senate intelligence committee. This is a distraction to the hard work of the committee and the members and I think the security of the country is too important. Reporter: Overnight, agents serving burr with warrant, then confiscating his cell phone from his Washington home. It's part of the investigation and everybody ought to let this investigation play out. Reporter: The FBI wants to know if burr used intelligence information about the coronavirus for financial gain by selling stocks just before the market cratered. The senator selling up to $1.7 million in travel and hotel investments just a day after a closed-door briefing on the impact of the virus. Burr has denied any wrongdoing and insists he made those decisions based on public news reports. Allegations are troubling. Reporter: But burr is not the only senator facing scrutiny for stock market trades as the crisis unfolded. Dianne Feinstein today saying she answered questions and turned over documents she says show "She had no involvement in her husband's transactions." Senator Loeffler, were you contacted by the FBI over your stock trades? Reporter: Senator Kelly Loeffler today not taking questions but again denying any improper trading after selling off stocks the same day she was briefed on the virus back in January. Loeffler, whose husband is the chair of the New York stock exchange, insisting their investments are handled by a third party, and says she's been not been served with any search warrant. Burr had called for an ethics investigation and today, he told us he's cooperated since the beginning. But make no mistake, this is a serious investigation involving the highest levels of the justice department. David? All right, Pierre, thank you again on this.

This transcript has been automatically generated and may not be 100% accurate.

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