New Mexico Gov. Bill Richardson, tapped in December by President-elect Barack Obama to serve as secretary of Commerce, withdrew his bid because of an federal investigation into his political activities.
"Let me say unequivocally that I and my Administration have acted properly in all matters and that this investigation will bear out that fact," he said Sunday in a report by NBC News' Andrea Mitchell. "But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process."
A federal grand jury is investigating how a company that contributed to Richardson won a lucrative New Mexico state contract.
Democratic officials said Obama accepted the withdrawal with regret.
A source close to Richardson told Politico, "There are too many unanswered questions and while he thinks the results of the grand jury will turn out in his favor, he doesn't want to distract attention from the administration."
A federal grand jury is leading the investigation and looking into possible "pay-to-play" dealings between CDR Financial Products and someone in a position to push the contract through with the state of New Mexico.
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