BREAKING:

Richardson to withdraw as Commerce secretary

The New Mexico governor cites pending investigation of business dealings

New Mexico Gov. Bill Richardson, tapped in December by President-elect Barack Obama to serve as secretary of Commerce, has withdrawn his name for the position, citing a pending investigation into a company that has done business with his state.

“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. “But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process.”