It is unclear who will replace Burr as chairman, but according to sources Senator Marco Rubio may be poised to take over his position until the investigation has been completed.
Senate Majority Leader Mitch McConnell (R-Ky.) said Burr informed him he would step aside at the end of the day on Friday, news that followed the FBI serving him a search warrant and seizing his cell phone Wednesday evening as part of its investigation into his financial transactions.
The North Carolina Republican told reporters he stepped aside because the investigation is a “distraction to the hard work of the committee, and the members and I think that the security of the country is too important to have a distraction.” He will remain on the committee, a source familiar with the situation said, and his decision to step down for now is not required by the Senate Republican Conference.
Senate Intelligence Committee Ranking Member Mark Warner (D-Va.) said Thursday he got a heads up from Burr and said that the North Carolina Republican "did the right thing.”
"It’s in the best interest of the conference until this plays out. But he deserves his day in court, and deserves his due process" said Senate Majority Whip John Thune (R-S.D.).