Bill Richardson Withdraws Bid For Commerce Secretary

Gov. Bill Richardson has officially withdrawn himself from consideration to be commerce secretary in the new Obama administration due to the ongoing investigation into how some of his political donors won a lucrative state contract in New Mexico.

A federal grand jury is investigating how a California company that contributed to Richardson’s political activities won a New Mexico transportation contract worth more than $1 million. Richardson said in a statement issued by the Obama transition office that the investigation could take weeks or months but expressed confidence it will show he and his administration acted properly.

President-Elect Obama said he accepted Richardson’s withdrawal with “deep regret.”

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