Richardson withdraws bid to be commerce secretary

New Mexico Governor Bill Richardson today announced he is withdrawing his nomination to be US President-elect Barack Obama’s commerce secretary amid a grand jury investigation.

Obama said in a statement that he accepted Richardson’s withdrawal “with deep regret” but that the governor was putting the nation first to avoid any delay in filling the Cabinet post.

A federal grand jury is investigating how a California company that contributed to Richardson’s political activities won a New Mexico state contract worth more than $1bn.

Richardson said in a statement issued by Obama’s transition office that the investigation could take weeks or months. The governor said the investigation will show that he “acted properly in all matters.”