The Republican chairman of the US Senate intelligence committee has resigned amid an insider trading investigation.
Richard Burr of North Carolina would step down on 15 May, Senate Majority Leader Mitch McConnell said.
It has emerged that Mr Burr’s phone has been seized by the FBI.
Mr Burr is alleged to have used inside information to avoid market losses from coronavirus.
He and his wife sold as much as $1.7m (£1.4m) of equities before markets plunged on fears of an economic crisis.
It is illegal for Congress members to trade based on non-public information gathered during their official duties.
Mr Burr’s office did not respond to a request for comment.