One day after the FBI served Senator Richard Burr with a warrant related to questionable stock trades, the North Carolina Republican has stepped aside as chairman of the Intelligence Committee.

In a statement, Senate Majority Leader Mitch McConnell said:

“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. 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.”

In March, it was revealed that Burr and a handful of other members of Congress sold stock right before the coronavirus crisis struck the country. Wednesday night, The Los Angeles Times broke news that Burr “turned over his phone to agents after they served a search warrant on the lawmaker at his residence in the Washington area, the official said, speaking on condition of anonymity to discuss a law enforcement action.”

The newspaper goes on to write that “The seizure represents a significant escalation in the investigation into whether Burr violated a law preventing members of Congress from trading on insider information they have gleaned from their official work.”