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By ERIC TUCKER, MICHAEL BALSAMO and MARY CLARE JALONICK

Associated Press

WASHINGTON (AP) -- Sen. Richard Burr stepped aside as chairman of the Senate Intelligence Committee after the FBI served a search warrant for his phone as part of an ongoing insider-trading investigation tied to the coronavirus pandemic.

Senate Majority Leader Mitch McConnell announced the move, saying he and Burr had agreed it was in the Senate's best interests.

FBI officials showed up at Burr's home with the warrant on Wednesday.

That marks a significant escalation into the Justice Department's investigation into whether Burr broke the law with a well-timed sale of stocks before the coronavirus caused markets to plummet.

The Justice Department declined to comment.

His attorney did not respond to phone and email messages.