Richardson Withdraws Name as Commerce Secretary-Designee

New Mexico Gov. Bill Richardson has withdrawn his name from consideration as commerce secretary for President-elect Barack Obama, citing an ongoing investigation about business dealings in his state.

Richardson, 61, who competed unsuccessfully for the Democratic presidential nomination, was secretary of energy and U.N. ambassador during Bill Clinton's presidency, and also the first high-profile Latino named to Obama's Cabinet.

But a grand jury in New Mexico is currently looking into charges of "pay-to-play" in the awarding of a state contract to a company that contributed to Richardson.

The importance of the inquiry was apparently dismissed when Richardson was first nominated. But it may have taken on more weight in light of the "pay-to-play" allegations involving Illinois Gov. Rod Blagojevich.

"It is with deep regret that I accept Governor Bill Richardson's decision to withdraw his name for nomination as the next Secretary of Commerce," the president-elect said in a statement released early this afternoon. "Governor Richardson is an outstanding public servant and would have brought to the job of Commerce Secretary and our economic team great insights accumulated through an extraordinary career in federal and state office.

"It is a measure of his willingness to put the nation first that he has removed himself as a candidate for the Cabinet in order to avoid any delay in filling this important economic post at this critical time."