Rubio To Replace Burr On Senate Intel Committee Amid Insider Trading Probe

TOPLINE

Sen. Marco Rubio (R-Fla.) has been named as the acting Senate intelligence committee chairman to replace Sen. Richard Burr (R-N.C.), the embattled lawmaker who is currently under federal investigation for alleged insider trading.

KEY FACTS

The announcement came Monday in a statement from Senate Majority Leader Mitch McConnell (R-Ky.), who touted Rubio as a “leader with expertise in foreign affairs and national security matters.”

Burr announced last week he would step aside as chairman of the committee while the U.S. Justice Department conducted his investigation.

The senior senator from North Carolina allegedly sold millions of dollars worth of securities after attending private briefings with top officials that warned of the potential impacts of the coronavirus.

Burr, whose phone was seized last week by the FBI, reportedly started making trades weeks before the major economic downturn struck the U.S. and most areas of the global economy in March.

The FBI has also questioned Sen. Diane Feinstein (D-Calif.) for potential insider trading, with Sen. Jim Inhofe (R-Okla.) and Sen. Kelly Loeffler (R-Ga.) also reportedly potential targets for investigation.

The senators have denied personal wrongdoing when it came to the trades.

KEY BACKGROUND

Burr was first elected to his Senate position in 2004, succeeding Democrat and former vice presidential nominee John Edwards.

He had served as the head of the Senate Select Committee on Intelligence since 2015, with the committee tasked to “oversee and make continuing studies of the intelligence activities and programs of the United States Government.” Rubio is also a member of the committee.

Burr has said he is cooperating with investigators, and McConnell has remarked that Burr stepping aside “would be in the best interests of the committee.” 

The investigation into Burr and Feinstein has prompted calls to limit what securities members of congress are allowed to own.

CRITICAL QUOTE

“Maybe the bottom line is, if you’re going to be in the Senate you can’t own any stock. Or at least own mutual funds. Who knows, people could say you’re gaming an index fund,” Sen. John Cornyn (R-Texas) told POLITICO last week.

WHAT TO WATCH FOR

Whether Burr being under investigation has any effect on the reelection of Sen. Thom Tillis (R-N.C.). Polls show a neck-in-neck race between Tillis and Democratic challenger Cal Cunningham, with the result of the race in the swing state potentially being critical to decide which party will control the Senate going forward.

FURTHER READING

Senator Burr Steps Down As Intel Committee Chairman Amid Escalating Stock Sale Probe (Forbes)

Insider Trading Explained: Why Senator Burr Is Being Investigated And How Certain Stock Trades Are Illegal (Forbes)

Senator Richard Burr’s phone seized in FBI insider trading investigation (CBS News)

Richard Burr and other senators sold lots of stock as virus fears started (CBS News)

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Ford is set to report results after the bell....

Incoming Ford CEO Jim Farley (left) and Ford Executive Chairman Bill Ford Jr. pose...

Russell Westbrook, Houston Rockets Benefit Most From NBA Boycott...

Sidelined for the first four games of the first...

As Airbnb files to go public, traders break down...

Airbnb has made it official. The company announced this week it has filed to go...

How To Quickly Capture Today’s Untapped Business Opportunities

You know there’s a promising business opportunity when you...