Burr says DOJ ‘closed’ insider trading probe without charges

The New York Times first reported that Burr would not be facing federal charges.

Burr dumped hundreds of thousands of dollars in stocks earlier this year while he was receiving briefings about the virus due to his perch on the Senate’s health committee. When the full extent of the economic devastation caused by the virus began to set in, the stock market plummeted. Last May, federal authorities served a warrant on Burr’s home in Washington and seized his cell phone. Burr had maintained that he never broke any laws.

The Justice Department’s move likely clears the way for Burr to assume the position as the top Republican on that same Senate committee — Health, Education, Labor and Pensions. Burr last won re-election in 2016, and has said he will not seek re-election to his seat in 2022.

Burr wasn’t the only senator accused of insider trading. Sens. Kelly Loeffler (R-Ga.), Dianne Feinstein (D-Calif.) and Jim Inhofe (R-Okla.) came under similar scrutiny from the federal government, but those investigations were quickly dropped.

The scandals prompted a broader reckoning among senators over their ability to hold and trade stocks as members of Congress, given the highly sensitive information to which they routinely have access. The STOCK Act bars lawmakers and congressional aides from buying or selling stocks based on that type of information learned as part of their professional duties.